Taking pauses destroying my trading completely because I get lost in traders sentiments (i.e. where the crowd goes and what expects), as every piece new data may drive the market literally in any direction. And its hard to catch up with latest news quickly it takes time, maybe several days of watch Hotforex calendar and analyzing events.
Well, I’m getting lazy.
What i would do differently today for better trading results would be to
- collect statistical data everyday.
- backtest and analyse my data everyday.
- read the news everyday
If only i have all the time in the world!!!
and infinite stamina…
Good preparation, thorough market analysis, preparing a trading plan for each trade you intend to take and waiting for the right moment to strike will help you minimize the problem.
Trade safe and prosper.
You don’t need all the time in the world. Just focus on the few data that help you understand and trap the markets to gain the edge.
Trade safe and prosper.
I know, problem is i’m too greedy and ambitious. I aim to be the best trader the world has ever seen. Perhaps, i have compete in forex contest for too long a duration. I’m becoming overly zealous in my forex endeavours.
That is because you may be taking very long pauses, it is better to have a break for a week or so, if your trading plan is not working, but taking break doesn’t mean that you have to totally ignore the Forex, you need to see that how others are trading and formulate the strategies accordingly.
Imho a better approach, mate, is to stay relaxed, patient, play safe and avoid competition. Let your wins speak for you and let your treasury continue to pile up with dollars.
Trade safe and you will prosper.
Almost all traders use a significant part of their early trading years looking for the ‘Holy Grail’ of trading. Much of this search is about getting the one trading system that will provide a windfall for all trading seasons, the ‘Holy Grail.’ Does it really matter which trading system you use? Is there really that one trading system that can answer all trading needs?
I personally value trading strategies over trading systems. What about you? But do we all have the same definition for what a ‘trading strategy’ is? How would you define a ‘trading strategy’?
Trade safe and prosper.
Let me clarify that when I talk about trading strategies, I am not talking about ‘automated trading strategies’ or EAs. For me, EAs are part of trading systems.
Trade safe and prosper.
Just Sharing
Here’s why stepping aside on USDCAD for now is advisable from a technical perspective.
The pair has been on the downside for some time. However, on the weekly time frame, buyers strongly intervened to push price higher four weeks ago. Nevertheless, lack of follow-through three weeks ago opened an opportunity for bearish price action a week later, resulting in a rejection pinbar around a significant S/R zone breaching the monthly central pivot southward.
On the H4 time frame, price action is respecting a resistance trendline (magenta colour) from the high of June 9, 2017. Although all technicals point to a bearish continuation, the last session on Friday saw the buyers influential. As price action is in an area of strong support, we may see some sideways operation for the early part of this week; any movement either upward or downward may be limited. It may be advisable to step aside for clarity in price action.
I may be wrong. Trade safe and prosper.
Learning daily and making your home work count is key to success in this business. One route I have been taking recently is structure-based trading. Here’s a video you may find useful. Anything you learn from it to become a better trader? Share your view with other traders here.
Trade safe and prosper.
Me thinks if your market analysis is 75% correct on average and you have a solid trading plan based on the analysis, together with a simple, functional system, a whole lot of your success will lie on the quality of your strategies; particularly your patience to wait for the right conditions to materialize before entering and exiting your trades. Any trader with similar sentiment or difference in perspective? Share your viewpoints or experience here.
Trade safe and prosper.
I won’t really do anything massively different, but I will just try to practice more, as the more we practice, its better chance we have and it’s better chance that we will correct our mistakes. If we are not practicing enough then we will not be able to gain too much. So, it is absolutely must to practice a lot because that is the way forward for us to really get going and to be achieving positive results as well.
Practicing is good. However, practicing without specific things or targets to achieve will achieve little.
Trade safe and prosper.
Screen time is less important than focused practice. The screen time should be used on learning specific things for mastering the markets and succeeding consistently as a trader. Here’s a video on focused practice. What could you learn from it? Share it on this thread.
Trade safe and prosper.
Absolutely correct, I agree that it is very crucial that we have prior knowledge and only then we go to demo. Starting up on demo first up is absolutely useless and will not take us anywhere at all. So, it is very crucial to learn first and after that moved towards demo account, its only way we will be able to move forward to gain and obviously to achieve more and to do it at absolutely ease and comfort.
You practice, e.g. on demo, what you are learning, say by reading. Demo is important but you have to have the specifics on things to improve upon while on demo or even on live trading, perhaps on a micro account.
Trade safe and prosper.
i will trade mre wise and fast get out in target and stop loss never waste my time or efforts i was waiting in my trades until i take big lossess now no i get out fast with a stop loss or take profit
**[quote=“Dr.orabi, post:354, topic:79836, full:true”]
i will trade mre wise and fast get out in target and stop loss never waste my time or efforts i was waiting in my trades until i take big lossess now no i get out fast with a stop loss or take profit
[/quote]
Very good. That’s a route to efficient and profitable trading.
Trade safe and prosper.
Just sharing
Avoid basing your trades on hope. When you trade based on hope, you expose yourself to a whole load of frustration. Trading based on thorough market analysis and a planned targeted approach to the market is a better proposition.
Trade safe and prosper.
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