Exactly.
Everywhere you look on here & other similar forums the majority of newcomers are always in a great hurry to give all their money away.
Whatever approach you use there will be regular occasions on certain currencies & instruments where the higher probability opportunities simply aren’t in play.
It’s imperative you quickly recognize those situations & adjust accordingly otherwise your capital, enthusiasm & positive outlook isn’t going to last very long at all.
It’s usually those scenarios where newcomers abandon strategies or methods altogether, complaining they don’t work & get lured into wasting more of their time chasing rainbows by flitting from one approach to another.
Most of the above is usually the by-product of experience.
Unfortunately, those same individuals don’t possess the personality traits, patience, discipline, common sense or enough money to accumulate that experience.
DOUBLE LIKE for Master Tang, a great bit of trading wisdom.
[I]“No Trend, No Trade”[/I] what does that leave out ??? (nothing).
[B]Actions speak louder than words …[/B]
Every Trend Trader would do well to print off these bits of trading wisdom. Don’t forget to [I][B]apply[/B][/I] them rather than just [B][I]saying[/I][/B] them.
[B]Actions and Attitudes,[/B] even if you are new to trading and trading a demo account, trade for REAL!. Stop taking random pot shots, you’re going nowhere.
[B]A better approach for a newbie[/B] would be to have a plan every week like: I’m going to take a maximum of 5 trades this week. This will force you into thinking about your next move and your next trade. Great for those newbie traders who want to progress into better traders.
Always reminds me of Poker, newcomers betting on every single hand, rarely passing, folding or sitting out a round.
Just remember you won’t need to play every hand or round to win a Poker Tourney … You won’t need to trade every set up or trade every day to win at trading either.
Thanks a lot guys for your words of wisdom and nice suggestions
The problem is that a newbie is not good in judging strong trends. I like the suggestion “No Trend, No Trade” and Andy also mentioned this rule in his book too but what someone will do when there is no trend at all for days? I lose three trades today because of these shifting small trends. I entered when all 3 ducks lined up and price was way above/below the 60 sma on 4 and 1 hour charts and price has also crossed high/low on the 5 minute chart but just because Market is moving up and down quickly I lose. I widened my stop losses to give trades some room but no use.
Just an example. Look at the size of this candle! Huh! :49:
[B][U]Today’s Performance:[/U]
[/B]
-88 Pips on three trades
Sorry for your loss. But you should be aware of FOMC/Bank Rate Decision Events. Better if you are not trading on these days and wait for next direction of trends. In case of yesterday’s Euro/Usd trade, I would place buy on 1.3410 area with Stop Loss at 1.3380. Whatever trend is changing after 2 weeks. Lets wait for next week. If current price action continues for next 2 days, hope we will able go long on Usd.
For Duck Hunters Next Week, Aud.Usd is still trending down and Eur.Usd and Gbp.Usd pairs are heading south also.
Usd.Jpy looks steady enough going north (see chart) with a decent up trend on the 4hr chart. Duck Hunters will favor longs (buys) on Usd.Jpy and shorts (sells) on Aud.Usd, Eur.Usd and Gbp.Usd.
But stall the ball … a shed load of news is due to be released next week like;
1. Aussie Interest Rate Statement is due to be released on Tue, July 2nd. 2. British Interest Rate Statement is due to be released on Thur, July 4th. 3. Eurozone Interest Rate Statement is due to be released on Thur, July 4th. 4. Non Farm Payrolls is due to be released on Fri, July 5th.
And a Double Don’t Forget, 4th of July is a Holiday in the USA so the market could be thin.
A Little Side Tip
If you fish or golf, next week could be your week to shine away from the markets.
Andy,
Captain Currency.
These are not trade recommendations. The 3 Ducks Trading System is best used as a set of guidelines with discretion in addition with your own market analysis and trading ideas. I do not accept liability for any loss or damage, including without limitation to any loss of profit which may arise directly or indirectly from use or reliance on such information.
No comments about today’s drop!!!
Massive drop. Didn’t take any trade but remain long on UJ. Pending order was activated 100.10 and tight SL as tomorrow’s NFP. No more tomorrow. Will be massive move and we need clear trend for the next week.
Well done. About my trade, entered long on UJ 99.86 in July 2nd closed next day just before correction. Again entered on UJ yesterday (100.10) and will be continued till NFP. :16:
But definitely I’ll lock my profit , at least breakeven will be considered. My suggestion is fairly simple. Lock your profit. DO NOT keep open. No need to be emotional. At least you can put SL where profit covered 150 pips. Then keep watching NFP. :60:
