Could some traders detail their actions step by step from the point where they’ve decided their entry point?
It would help have a better idea of the action sequencing and it might be interesting to see if and why some traders do things differently than others.
The steps you would take to enter and exit a trade will depend on the system or plan that you are working according to.
Your system / trading plan will define your steps that you need to take to execute a trade.
Have a look at the systems section
301 Moved Permanently for step by step systems that is beaing traded…
I hope this helps?
Thanks I’m digging into all that great material in the free systems section. It’s a little overwhelming.
About the reward to risk ratio: am I right to think it’s the difference between how low you put your “stop loss” and how high you put your “take profit”?
Yes that is roughly it…
It will take you some time to figure out what system works best for you. You will need to test several and in the end modify it to become your own. The system you end up with will be one that will be compatible with your own goals, trading style and temperament.
Some guys like the action of short time frames, other like longer time frames, others like watching charts all day, others like trading only certain times of the day / week… this all you will have to figure out for yourself.
There realy is no “best” way… you will need to find the “best” way for YOU and this may not be best for someone else…
But it will take time and LOTS of testing to figure out what you like and what fits in with your goals and lifestyle…
completely agree…you might think you like long term trading, but venture into short term and you may be hooked and vice versa…among other little details that will seem to magically put itself together (much like putting together all the pieces to learning how to drive a car so it’s one seamless thought)…in trading, I can’t imagine having to think about all the minute details that matter so much now, but matter very little when you put it all together like one big jigsaw puzzle
Yeah, it’s just whatever my system ends up being, I’d better get the risk management thing clear if I want to survive past a few months. I think I’d learn faster and avoid many mistakes if I could trade with other guys in a club or a group of some kind, but I don’t think there is anything like that here in Geneva.
I don’t see anything specifically in Geneva for Forex, but you can always make your own group on the website.
Here is a link to all of the meetups within 5 miles of Geneva.
This is the wonderfull thing about the Internet, your trading group / team does not have to be located “physically” in your town or even country. Use MSN chat / Skype and you can communicate all over the world.
Your team may even end up comming out of this forum. Just hookup and start chatting, exchange skype / msn details and start trading.
None of my team members are located in my town, all are outside and we just login on skype and a for away!