I had never seen that principle formulated, but I think I have been doing so, or at least I have been trying to so subconsciously for years, with varying succes.
Good to hear about your experience. It will require doing a simple analysis, e.g. based on location of price action in relation to an SMA maybe on daily or weekly time frame depending on your trading span; I use weekly because I swing trade and I do a weekly analysis of pairs on my watch list.
Trade safe and prosper.
For better trading, I think continuous study and chart analysis is the best option. This is what I do. I do not depend on indicators. I watch charts a lot. I do it to figure out different characteristics of a certain pair. Every pair has some unique characteristics. I try to find them.
Agreed, traders need to understand the uniqueness of each pair they trade.
Trade safe and prosper.
I agree. Currency pairs can be very similar in the way they develop, but there are always some marked differences which may not be obvious right away when one first starts trading them. Sometimes some observation is required to see those differences.
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Yes every pair also has various average movement, usually I am often trading on gold, although this instrument trading has high spread broker but I like with high average movement, if can follow the trend this instrument trading is profitable
That’s what the ATR measures. Could you tell us what you learned differently recently that could make you a better trader?
Trade safe and prosper.
ATR is only tool as one indicator to measure average movement on certain timeframe, each pair has own risk and characteristic, like as usdjpy, although not always usually this pair will active on asian session, but sometime also influenced by news its reason on newyork session may occur this pair move high volatile
I admit it has never occurred to me to use ATR. Just how practical is it?
Hey bro! I don’t use ATR. I was only responding to @bearish post. I try to minimize the use of indicators on my charts; not that they are bad if you know what you are doing and what you are using them for. I only want to keep things as simple as I can.
Trade safe and prosper.
Oh, I see. I do use some indicators occasionally, so I was curious.Thanks.
Today I was reminded once again how important it is to close one’s positions on time. Being impatient and closing too early is a bad idea, but closing too late is just as bad.
Stop focusing on the demo. I was always wondering why I am losing money live when I am so good on my demo account!
Closing positions on time is also crucial, yeah.
@dianajs, it all boils down to trading with a plan. It is important to have a brief trading plan for each pair/asset you want to trade; and stick with it. Mine is often not more than three sentences per identified pair.
Trade safe and prosper.
KP
Do you want to share your trading experience or knowledge based on what you have learned recently? Share it here!
Trade safe and prosper.
The ability to properly identify and map quality turning zones should be cultivated beyond using indicators for trading. Do you agree with this?
Trade safe and prosper.
Structure-based trading is central to the trader’s ability to keep things superbly simple. But ‘keeping it superbly simple’ (KISS) comes with experience. Here’s a video that you may find helpful.
Trade safe and prosper.
I do have a trading plan, the problem is that I don’t always have the discipline to follow it. That is a work in progress.
The NFP for this month will be anounced in less than 30 minutes. I think now is a good time to remind that major econimic events often produce a lot of volatility and it’s best to avoid them if one doesn’t know how to trade them.
I have learnt that scenario trading is key to long-term trading success. You anticipate alternative market scenarios and look for a feasible trade setup as the market meets one of the scenarios. What about you? What have you learnt recently that you would like to share with other fellow traders?
Trade safe and prosper.