I have long been documenting my trades after making them, but I haven’t had a checklist. I think it will be helpful for me to have one, because I often forget and overlook things.
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I agree with you on this mate. We all need to take necessary steps that can make us become more successful traders.
Trade safe and prosper.
Today, for example, I learned how important it is not to allow to get distracted with side issues while trading. When you trade it’s vital to focus on your trading.
Agreed! Focusing on the trade at hand is important. Perhaps, more important is developing the skill for precise trade entry so that we minimize draw down or reduce the stop loss we place.
Trade safe and prosper.
I use a checklist type approach too. Each of the 26 pair charts that I look at plus 8 stock indices plus 3 commodities, gets a bear point or a bull point for each of 10 criteria - the charts with the high points should be worth trading. Its the only way I could keep track of 3 dozen charts without spending half of each day re-analysing each session’s new price action.
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I agree. It is just as important to learn how and when to close one’s trade. It requires both patience and confidence, as closing it too early or too late is wasteful.
Just Sharing
‘Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.’ - Michael Carr
Trade safe and prosper.
That is a great quote and an advice a trader should always follow, I think.
Today I reminded myself how important it is to trade well-rested. Sometimes one may see a good trading signal in the middle of the night, but if they’re half-asleep they may not be able to make full use of it. It is better to get a good night’s sleep and then trade.
As I thought, the results of trading after getting a good night’s sleep are much more positive than when I stayed up all night watching the charts.
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I can very much agree with you.
Trade safe and prosper.
Ever heard of the 2618 trading strategy? It’s a simple strategy but requires patience. Watch this video on how to trade it.
Trade safe and prosper.
Just Sharing
One of the factors a swing trader can adopt to gain a profitable edge in the markets is using the analysis of the relative strengths of major currencies. The trader who adopts the principle of trading strongest currency or asset against the weakest would gain the edge if they know what to look for and what to do. For example, if a trader simply goes long on GBPUSD having seen that GBP is the strongest of the majors and USD is the weakest would fail if they do not wait for the right setup and the right location.
What do you think about this? Any experience about trading this principle? What did you learn recently about trading better that you would like to share with fellow traders? Share it here!
Trade safe and prosper.
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.