No there is positive slippage, too. If it had hit your take profit.
That is not how it works. As a poker player you dont play every hand do you? Today is a fold. Your chances are not high enough.
I think a great way to determine an overall trend is to use a couple moving averages, first check the D1 to obtain the trend, then confirm the trend on the H1 and then reconfirm on the M15. If all 3 charts aren’t showing the same trend it’s better to stay clear.
Maybe use moving averages set at 5 and 20.
While you are right with your statement, i was just inquiring as to what great minds like yourself would do.
Well i my great mind doesn’t trade today But if i had to i would wait for a breakout like this:
Maybe i should reconsider about not to trade NFP days.
Hi, and welcome to BabyPips. Look for the School of Pipsology at the top of the page under Learn Forex and you will find an excellent series of self-teach schooling exercises from Kindergarten to Graduate.
As a professional poker player, you already possess certain skills and attributes that can be beneficial in your journey as a trader. While trading and poker are different disciplines, there are some key principles and habits that can translate from one to the other. Here are some important facts and considerations for you as a novice trader with a poker background:
1. Risk Management: Just as in poker, managing risk is crucial in trading. Understand the concept of bankroll management and apply it to your trading capital. Set appropriate risk limits for each trade and avoid taking excessive risks that could jeopardize your overall trading performance.
2. Discipline and Emotional Control: Poker players often need to make rational decisions under pressure. Similarly, in trading, it’s vital to stay disciplined and avoid letting emotions dictate your actions. Stick to your trading plan, maintain a cool mindset, and don’t let losses or wins affect your decision-making process.
3. Probability and Expected Value: In both poker and trading, understanding probability and expected value is essential. Analyze the odds, potential returns, and risks associated with each trade. Make informed decisions based on the expected value rather than relying on mere gut feelings.
4. Adaptability and Flexibility: Poker players often adjust their strategies based on opponents’ behavior and changing circumstances. Similarly, in trading, you need to adapt to market conditions, learn from mistakes, and refine your approach. Be open to new strategies, tools, and methodologies to enhance your trading skills.
5. Continuous Learning: As a professional poker player, you already understand the importance of constant learning and improvement. Apply the same mindset to trading. Read books, follow market news, study successful traders, and keep expanding your knowledge base. Stay curious and strive to enhance your trading edge.
6. Record-Keeping and Analysis: Just as in poker, keeping records of your trades is vital. Maintain a trading journal to track your trades, record your thought process, and analyze your performance. This will help you identify patterns, strengths, and weaknesses, allowing you to refine your trading strategies over time.
7. Patience and Long-term Focus: In poker, short-term results can be influenced by luck, but long-term success is determined by skill. Similarly, in trading, it’s crucial to have a long-term perspective and not get swayed by temporary market fluctuations. Stick to your trading plan, remain patient, and focus on consistent, sustainable profitability.
Remember, transitioning from poker to trading involves learning a new set of skills and understanding the unique dynamics of financial markets. Take the time to gain practical experience, seek guidance from experienced traders, and be prepared for a continuous learning process. Best of luck in your trading journey!
Markets closed. What will i do with my life?
When the markets are closed I focus on drinking beer
Do you guys have any course you’d recommend, one that maybe has made you profitable?
Study D1 price charts and learn technical analysis. Plan you strategy. Focus your risk management rules. Rest well. Exercise well. Eat well.
Aim to spend more time on these things than on live trading.
Studying 1D price charts, i assume you recommend swing trading? Thanks for the good advice!
Not just swing trading. In fact all TA, chart patterns, indicators, chart types, candlestick patterns - all of it - was developed using D1 charts. That’s why all these things seem to daytraders to work less well in daytrading - they’re right, its true - they do work less well in daytrading.
Be aware also that almost all original TA work and research was done to build the foundations of trading using stock market price charts, so a major disadvantage to many TA techniques when then applied in forex there is no overnight closed session, these are a different family of D1 charts.
Thank you for teaching me the ways
So, most people suggest focusing on one single stock/pair to trade, and I guess following that advice seems reasonable as the benefits are that I’ll get to be really familiar with the price development after a long-enough time trading it.
The issue I have with it, however, is that there will not always be tradable setups if I am limited to just one stock/pair, which would be especially true if I decide to focus solely on trading one time frame.
After listening to an interview with a successful trader, which said he is solely trading NASDAQ, I decided to take a look at it and saw a tradable pattern on the chart.
I’d buy around the 56.10 area (uptrend support zone?) and let the profits run till I have found a reasonable take-profit area.
How much does it matter that NASDAQ is on a downtrend on a longer time-frame, if i want to buy for the short-term? Does that make the trade more risky?
I am trying to wrap my head around some indicators. So far, i have been interested in using MacD, RSI, and WVAP - based on recommendations by a trader that goes by the name of StockMarketWolf on YouTube.
According to him, if the Dmac crosses above/below the candles, it’s either a sell or buy signal. The RSI indicates whether a stock is overbought or oversold - depending on how far it reaches either the ceiling or the bottom.
WVAP, if it’s below the candles, it’s a bullish signal, if we are above, its a bearish signal - don’t ask me why!
Hi, getting back to your post. How do you interpret pin bars in comparison to indecision candles?
according to your second question, it is overbought area How to Use RSI (Relative Strength Index) in Forex - BabyPips.com Trading View marked it for you for better view