Trading is all about simplicity and the right mindset, anyone successful would believe that what I said is correct. The question is, would it still be necessary to stare at the charts all day then??
That depends on what type of trader you are. Simplicity and the right mindset are part of the equation to being a successful trader but lets face it you still have to look at the charts if you want to see tradable setups.
Simplicity in your strategy and the right mindset to objectivity look at the charts and make good trading decisions.
Anyone who doesn’t adhere to a well-thought-out strategy can have problems in trading. However, your well-built strategy and trading decision can be the lucrative game. and the charts will help you in your trading decisions and strategy.
I dont believe in “staring at charts” during an open position but I do believe at “staring at charts” to increase screen time during your free time.
Studing charts candle by candle builds an intuitive awareness and subsequent “understanding” of general price action behavior that you can’t gain any other way.
I “stare” at charts all freakin day lol. It’s my favorite past time☺
As a matter of fact, im doing it rite now.
I wish you much luck and lots of success on your journey. Happy trading!
I do agree. For me personally too much screen time and intra day charts are detrimental to my results.
There are some who are cut out for the shorter timeframes but I think they are a minority.
I learned from hard experience that simplicity is best.
So how would you manage a loss?
How do you manage a loss?
Losses are the cost of doing business. Every business has input costs - in trading those inputs costs are losses - they are not to be taken personally.
Easy. There really wouldnt be much to manage because my stop less and thus my pre determined risk would be well established prior to my entry order.
The only wild card would be if i happen to cut my losses short prior to my s/l being hit due to the rate of acceleration of price towards my pre determined s/l. And if your s/l had a solid technical foundation that really shouldnt happen too often.
I agree to a point. Losing is a part of te game and a cost of doing business. However how do you manage your trades?? Do you just let your stop loss get hit and say “yep just lost a hundred bucks.”
Personally whilst I ALWAYS place stop losses as soon as I see I am on the wrong side of the trade I am out. No sense losing more than I need to. I set a stop loss and I call it a parachute stop loss meaning it’s is there in case of an emergency. Power outage computer fail etc. I never want that stop loss to be hit.
There is also the idea of leaving a trade to hit your take profit target. Again there is no garrantee that price will reach your take profit. So in the interest of trade management if price action dictates that the trend is ending or reversing I lock in profits and manually close the trade. There are a number of traders who let a winner turn to a loser and that is a losing strategy.
That’s just my style.
I trail a stop - move it up after each closed session - usually daily but sometimes 8 hours.
Usually my losses are less than 1R - but not always
After I’m triggered in to a trade within 1 session it’s moved - sometimes price dictates that I can’t do that but mostly ok.
My system revolves around getting to break even as quick as possible in terms of stop loss.
So does mine but how do you do that without watching the charts?? Do you have an automated trailing system?? And what timeframe do you trade?/
I trade a 5 min chart so I could be in a trade for 10 mins or half a day depending on the trend.
I trade daily charts mainly - so I only have to move stops once a day.
I never said I don’t watch charts - in fact I am quite the chart watcher - but it is a hindrance - and it’s not like it affects the outcome of a trade anyway.
I honestly think that beginners should stay away from the minute to minute blips up and down, believing that’s where most of the discipline issues come from.
I’m only using my own experiences to determine that but I’m not unique and I’m sure if they spent less time focused on markets they’d probably do better.
Of course it’s essential to get experience - preferably on demo - but this constant focus of markets I think does more harm than good.
I move stops manually at the close of each day - I have never been successful with automated trailing stops.
I only ever trail stops at the last bars low if long or last bars highs if short - it’s an obvious place to put them but it has worked out real well for me.
I can catch the meat of most trades but I am out quick enough if markets turn.
And I never use profit targets.
Depends at what you are doing ,if scalping then yes , Day trading once an 1hour swing trading couple of times a day
Horses for courses really. Trading daily charts yes you can afford to look at them once a day.
I trade daily charts with options and yes I only check them a few times a day. Most of those options are only active during the US Session.
That is not necessary to stair at the chart all day. you can follow the news related to the trend of the market and other tools can help with market trend and you can do trading accordingly
Trading is a very difficult subject. But to make this difficult thing easier, you need proper education and a positive mindset. If a trader has a negative mindset about trading, he will never succeed in trading. And before trading lives, you must gain a lot of knowledge about trading.
You need to learn how to make a profit by managing the risk. And you have to work by maintaining discipline and plan all the time. If you always carry a negative mindset about trading, you will never make a profit from trading.
Yes, you have to look at charts but not all day. Once you find how to or when to see the setups you want, you don\t need to spend all day looking for it.