Hello everyone, my name is Zero Jeremy. I would like to ask for your help in creating a trading plan and system, which sessions and days to do market analysis.
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Google for the simplest trading plan you can find. Avoid daytrading - aim to protect your capital with risk management while you learn the game slowly rather than make huge profits quickly. The point of the first strategy is to find out why it works and how it could work better.
Then you can select the next strategy and go on to make profits. But don’t be in a hurry.
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Thank you, No scalping?
Especially not scalping.
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But swing trading requires huge capital, and i am only starting with less capital, lets say $1000
How do you know much capital swing trading requires? Have you any information on this and where did you get it?
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due to huge stop losses?
"Larger time frames require bigger stops, thus a bigger account, so you can handle the market swings without facing a margin call"
from babypips
Wider stop-losses require smaller position sizes. Positions should be sized according to the percentage of your account capital which you choose to put at risk of loss. Many people will say you should risk no more than 2% of your account capital per trade: therefore the distance between the entry price and the stop-loss does not affect the $ you might lose, the $ at risk is the same whether the stop is 10 pips away or 100 pips away. But it does mean that the size of the position needs to be adjusted - smaller for a greater distance, larger for a smaller distance.
A stop that is far from the entry is less likely to be hit than a stop that is tight and close to the entry. A far stop also gives you time to react to a worsening chart picture so that you might choose to take action when the trade starts to turn against you but before the stop has been reached. A stop that is very very close to the entry might even be hit by “noise”, meaningless volatility of the price.
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Thank you very much for this, i sure have learned a perspective and idea of very much importance. I would really appreciate if you could me my mentor as i progress as a trader. If we could speak outside the chat room.
Thank you
Just post whatever problems you meet, other members might have a good idea, and could be different from my opinions too.
Good luck.
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Alright, Thank you
Good advice from Tommor
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Whatever, just make sure your trading plan is not based on Price action. If you want to grow fast, beging by looking at market Momentum.
What do you mean by Market Momentum, Are you saying i should not create a system that is based on technical analysis and candlestick chart patterns and movement
Technical analysis is a system on its own, there is nothing like a “system based on technical analysis”. what i mean is create a system based on Market momentum and never on price action.You may have to do more research about Market momentum. and one last advice; never you use RSI. Never!
Is momentum and volatility the same thing. And any reference to a site where I can study more about market momentum.
Also, are different sessions characterized by either high or low momentum?
Thank you
Please don’t listen to this clown. Dunno what’s up with all of these posts but I’m guessing we’re going to find out soon enough.
Yeh. I’m watching you @G.O.Kodson.
I see a lot of posts of yours and they’re nothing but gibberish. If you’re that hot: then do us all a favor and explain your “market momentum” theories in detail because your posts are helping nobody. Never use RSI. Yeh. I hear you.
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Here:
Market Momentum:
https://lmgtfy.com/?q=what+is+market+momentum
Market Volatility:
https://lmgtfy.com/?q=what+is+market+volatility
Personally, I don’t use indicators trading, I only use the zones. But I need further guidance since I have not started trading live.
I would gladly appreciate a person to support an argument with enough reasons about creating av trading system and plan