Well I’ve been trading for 5+ years now and now I believe I’m finally getting it. I’ve been trading the last week just using pivots, rsi and watching the price. It’s extremely simple and I haven’t lost a trade this way. I use pivot points because they let me know where to enter and exit. Without them I am lost. Price lets you know where it is going around these points. I use RSI to show overbought/oversold areas…candle formations help as well.
Today I captured over 100 pips. Hopefully this system can stand the test of time.
To be a successful trader, I don’t think it’s the system you have in place. I think it 95% money management. If you management your trades properly you should be fine.
Thank you sweet pip. Yes, you’re right it does take patience and a ton of discipline. Hopefully and can report similar results next week. Traders must learn to take things one day at a time and one trade at a time. The biggest thing for me in my 5 years was greed. I’d try to get rich in one day. Consequently, I found out it’s not that simple. I stayed in losing trades too long. I added to losing trades to try to recoup what I lost…I broke all the rules. I jumped in and out of trades just for the sake of trading. You will never win that way.
Trading is a marathon not a 40 yard dash. Be stingy with your money when it comes to the market…lol. That’s what I’ve learned. The market will have no mercy on you so don’t have any mercy on it. When you earn pips, protect and keep them.
your strategy and mind set now is spot on. i trade in a similar way - and find it the most successful and uncommplicated - you really just have a trading strategy not a silly trading system (strategies encompass everyhting, systems pigeon hole you) - i have a money management system.
The key is to then realise ok, i am successful like your said no losing trades this week - so it is ok when a losing trade does occurs to go - ok i am wrong this time - lets cut the loss - i will make it back in my next few trades as i am successful with my strategy 80% or more of the time.
and then every new trade is a new battle all you can bring forward is experience - nothing else - just cause you won the last trade - really that has no bearing on your next trade.
