Today, I should have stayed in bed, and kept the trading platform off. Recovering from a horrible cold, dug myself a nice hole, and gave back some easy, juicy profits from a trade I took last night, based on Dennis’s strong weak analysis. So there I messed up.
The Ever Imperfect VIPER
I have just deleted an email from my inbox. It was from a Forex news feed. It harped: ‘EUR declines on German elections…’ Do you trade based on such heralding? Would you be trading based on such a feed? If you trade based on such news, you would be losing a load of money as a trader. For example, the EURUSD and EURJPY were already at significant resistance zones technically and they had been overextended for weeks. In my books, it is never the German elections that caused the decline. The money makers did, sensing that they have reached their targeted turning points. I never realized this a few years ago, but watching and stalking price action at significant turning zones is now the centerpiece of my trading. What about you? What have you learned recently that affects how you now trade? Share it here!
Trade safe and prosper.
For more profitable trading, I’d increase the deposit amount and make around half as many deals with the same volume.
How would increasing your trading account make you more profitable? Your trading skills should be more important than the size of your trading account. Just my opinion.
Trade safe and prosper.
It is important to develop and have a profitable trading edge in the market. This is one of the things I have been focusing on in the past two years. Do you have a profitable trading edge? Have you developed, or are you developing, a profitable trading edge?
Trade safe and prosper.
What could you learn from this video on structure-based trading? Share it here.
Trade safe and prosper.
I have just completed the weekly top-down technical analysis of the pairs on my watch list. Doing this has been particularly helpful in screening the pairs and to better understand the markets and develop a trading plan for each pair I plan to trade during the week. What about you? Have you developed a screening system or do you use top-down, pre-market analysis?
Trade safe and prosper.
Have you tried determining S/R zones using line charts? You will find a combination of line and candlestick charts effective for determining an S/R zone. Use line chart first and fine tune with candlestick chart.
Trade safe and prosper.
technicals only work when there is no news. unfortunate, there is almost always news. looking at that video, perhaps it works 1m charts at a quiet moment, but not months/years. too much noise.
It depends on how and what you trade. My technical analysis works and the way I approach the market gives me an effective trading edge.
Trade safe and prosper.
Here’s a video on a simple technical analysis to aid your trading.
Trade safe and prosper.
KP
Just sharing
Do a thorough analysis of each market you plan to trade long before you enter the market.
Trade safe and prosper
What does your trading plan involve? What do you look for?
I do a weekly analysis and create market scenarios on each pair that meets my criteria. Based on that I develop a trade plan for each.
Trade safe and prosper.
That is a good plan. For the most part I make a daily analysis and a daily plan, I rarely trade based on the longer time frames although it does happen occasionally.
I’m a swing trader and trade just a few times weekly.
Trade safe and prosper.
I make a daily plan but that does not necessarily mean I trade that day. Sometimes I refrain from trading, sometimes I keep my position open for over a day.
That approach is far better than trading on a daily basis, even when the trader trades full time.
Trade safe and prosper.
Regarding the original question, today I learned that I really need to think thoroughly about my trading decisions before I actually open a position. Impulsiveness and rashness lead to mistakes.
It really does. I think you have found a way out. A thorough analysis of the market/pair you want to trade and creating scenarios and criteria for trading it based on your analysis.
Trade safe and prosper.