Agreed, trading discipline is key. Also, once the market meets the trader’s criteria for a profitable set up, he/she should pull the trigger and let the stop loss have his/her back. Traders should not let fear paralyze their trading. Fear comes from poor preparation, lack of confidence in your trading system/strategy, lack of readiness to suffer some losses and inappropriate trading lot/position, among others. Trade safe.
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- focus on the sunday work. Spend hours working in my trading plans before monday morning
- do exactly what I’ve written in my trading plan
- don’t trade if I feel bad
- don’t hesitate to put a trade if my plan says so
- don’t increase my risk putting several trades without decreasing the risk per trade
- don’t do “what if” trades (like “I will put long, what if this go up?” when there is nothing telling me it is going up)
Specially the sunday work is the most important part for me.
I wouldn’t stay up watching the market until 4 am, because trading while you’re as sleepy as I am now is a bad, bad idea.
Very good trading principles. In particular, I totally agree that the planning and preparation work you do on Sunday is the most important. Just follow this up with a mid-week update. Trade safe, trade well.
Good point, bro…No trading when you are not agile or vital!
After a bit of a drawdown I finally realized what was meant by use a strategy that fits your personality. I was trading a system for really large reward to risk that a forex “guru” used online (with a few tweaks) and it just didn’t work for me. I switched to a system where the primary focus was on risk management and it’s helped to keep my emotions in check because now I have stops with room to cut losers early and ways to maximize gains when I’m in the green.
Always withdraw 50% of the profit when it reach $1,000 otherwise it will go back to the market (from last month experience).
to not trade when youre on vacations. the fact of beeing outside of your everyday routine with observing the movements and no constant internet access is tempting to trade fast and see things that dont exist.
the fact that youre trading and worried about losses is aswell ruining your vacation.
Agreed. For example, proper pre-trade analysis is key to trading success. But how much of this can you do while on vacation?
I have found thorough weekly analysis very important for successful trading. Such an analysis involves rating the pairs on my watch list against a few criteria integral to my trading style and strategy. What about you, did you learn anything recently that could help you trade differently for better results?
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If I got profit yesterday than I will try to maintain my position in loss I will try to review how to do better in trading. Forex trader never gets same results however he can manage and plan his trading to do best . My next trading will certainly good because I will try to overcome my weakness.
Good point. Daily/weekly post trade-analysis and review is important. Why did particular trades work or not? What can you learn from your trading during the day/week? Where can you improve, what can you do better? Questions as the foregoing are important for any serious trader to be perform consistently better and prosper in his/her trading career. Trade safe.
I agree. It’s very important to regularly analyze one’s own trading and figure out what one’s mistakes were. That’s the best way to grow as a trader.
Agreed, keeping a trading journal is one of the tools for improvement in our trading career. Green pips to you.
One thing I learnt recently was to cancel any pending order as soon as I realize that the condition is not favorable to my trading strategy. For example, I placed a buy stop order on GBPUSD about 19 hours ago. When I realized that price has remained rather ambivalent since then which, for me, is not healthy for swing trading, I cancelled the buy stop order. What about you? Did you learn any thing recently that you want to share with forum members or is the example indicated in this post something you find helpful? Trade safe.
Today I got a reminder not to open positions prematurely. Wait for the candlestick to close, examine the chart for any signals for a reversal, then open a position.
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Waiting for confirmation is key. Sadly, not many of us have the discipline or emotional stamina to cautiously wait for the trade to come to us.
[B]Principle:[/B] Having enough money in your trading account to trade tomorrow and when the best opportunities present themselves is more important than just chasing profits and being reckless in your trading.
Do you agree with this principle? How has this helped you in your trading career? Is there anything you learnt last week that could help you trade better this week?
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[B]Remember this nugget:[/B]
‘I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have.’ – Tudor Jones, Market Wizard
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One of the things I learnt recently is to reduce the number of indicators I use to the barest minimum; the fewer the better, so to say. Therefore, in the last few weeks I have been re-analyzing the indicators I use so that I can have only two strongly complementary ones. What about you? Do you find using a few complementary indicators more helpful than using many indicators?