Look… i would say most of what you learned is wrong. Sounds like you are only using charts. And probably tight stops… and probably multiple currency pairs.
1st thing Use only one pair get married to it.
2nd Never Place a trade against the daily trend moving avrage. I use a ema 40 Always always if current daily candle is a bull only place a buy. Of course a bear candle on place sells
3rd use the hourly chart to find an entry point hourly and daily ema 40 must match
4th use a pivot point on the hourly chart to help confirm the direction. You can use the support and resistance levels for tp and sl but remember we are trading the daily trend so… your sl will likely be about 50 to 100 pips not points. So use a small lot size don’t get greedy.
5th use a news release indicator that at least shows what time the news release will come out. Trades should be after the release not before No one can predict the future.
DON’T USE EA’S , and never leave your trade unattended unless you’ve moved your stop loss into a profitable position, don’t try to scalp your way out of a bad entry point.
@hayse
i agree with all of this except for one point
No… I Disagree
Even though i agree that a Move to Break Even is a very good thing and one should do it as quickly as possible.
if you have planned your risk correctly, it makes no difference if it hits your S/L or not because if you have done it correctly it means OVERALL you are profitable
meaning if you know that out of 10 trades, you lose 3 and you get stopped out. that should be a good thing because then you know that you can expect to get stopped out 2 more times and you’ll win after that
a person should have the confidence to place a trade and walk away from it
i can’t count how many times i’ve spoken to account managers at various brokers and they tell me “Martin, it’s amazing, some of my customers tell me they are afraid to go to sleep out of fear of waking up with a blown account”
this is just nuts
i mean… ok, i’ve been here and i did this thing for like 3 days, but then i saw it was stupid and crazy and i changed it.
if you get to a point where you can’t walk away from a trade or can’t sleep, you need to stop trading.
but yeah. Move to Break Even when you can
but don’t make it a rule where you won’t walk away from the chart if something is in negative
or if it’s in positive but the stop loss is still at -50 pips let’s say
you still have to live your life at the end of the day
Using may pair at the same times always create a volatile situation and make us confuse in particularly when trading in real account , for that reason it is more appropriate to use demo account to see the performance how the pairs work.
OK, I agree with the second part of what Martin says here, I set SL and TP and usually that is it.
However I am Not a great advocate of moving SL’s unless it is part of your tested trading strategy - as in “Trend following” for example.
The reason I dislike moving Sl’s is because much of the time, price will retest a previous high or low and a stop moved to “Break even” puts a stop at a random place in the wave-forms. I believe this will cut a bet dead quite frequently. It is not something I would advocate as a “general principle”.
and i completely understand that way of thinking and i can respect it and this point has merit, i’m not even going to question it.
i like however how you said…
and that’s right, … if it forms part of your strategy , then it’s your strategy.
in my case… it is
There are multiple oportunities across many instruments, including commodities and indices. Generally we each favour a few strategies, which operate under certain market conditions. I believe that it is important to have an understanding of which instruments are behaving in line with the market conditions one favours and would certainly take trades on any instrument I had some knowledge of.
I did some backtesting recently on AUDJPY and found my “budding strategy” worked well on the time period I was looking at. whereas NZDGBP simply would not behave in the way I expected.
There are also “Pairs” which behave in quite a correlated way - GBPUSD / EURUSD are one such correlation I keep an eye on.
However GBPUSD rose into the close on Friday and had an “Open Interest” @ 38% short at market close, Whereas UEURUSD fell into the close and had “Open Interest” @ 58% short ! - A quite signifucant Divergance which can alert a trader to a potential change of conditions which may require one to take another look at a current trade, or an anticipated entry or exit !
Focus on one thing at a time gives you better decisions, one can analyze well than watching many pairs at a time i t is confusing , complex and makes trader much volatile he can feel greedy want to work on more than one pairs at a time , There is a chance that he will loose his control on trading.
@Kyle
thanks mate i do appreciate it
however, I’m not his mentor
he’s not my student
i have not taken him under my wing, Nor am i putting that much time into it
i do feel for him , and i did (in a manner of speaking) take him under my wing for around 3 - 4 hours (until i started to get tired) and i gave him some very good advice and managed to calm him down
i think he should be ok
he seems pretty intelligent
i will touch base with him to see how he’s going in a little while, but i think he should be ok to learn how to be safe at the least
but i have not committed to being his mentor for a few years, i don’t have the time to do that.
but i did help him if nothing else
i don’t want to give you the wrong impression of what happened.
hmmm… sorry to hear
you know why many of us so call traders fail to profit
1, we lack money management
2, greed and fearand so on
let me ASK, do you have a trading plan?
if you are always losing…then you have the best trading method ever…just do the opposite…if your system tells you to buy, then sell instead and vise versa…sorry I know this sounds mean…but why not try it.
the fancy colours are there to look cool
on this chart we can see MA’s
we can see Pivots
and i believe that rainbow is a hypercoloured STANDARD DEVIATION indiator… nothing more or some sort of MA
fancy useless BS in my opinion, the colours serve no other purpose other than , if someone see’s the screen that they know Not to F%$K / Mess with @Ayinde322 because He/She is doing some Hardcore Trading, so Stay the Hell Away hehe because clearly Millions are being made on this one trade… I MEAN… JUST LOOK AT THE COLOURS
Anyone using this many colours has to know something we don’t
Weekdays are more perfect let’s say…
