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 donāt 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 oneās 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 traderās ability to keep things superbly simple. But ākeeping it superbly simpleā (KISS) comes with experience. Hereās a video that you may find helpful.
Trade safe and prosper.
I do have a trading plan, the problem is that I donāt 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 itās best to avoid them if one doesnāt 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.
I agree. One should anticipate as many scenarios as they can come up with about the instrument they are trading at that moment, not just the one they find the most favourable.
Traders often go into the market with a bias, at least a directional bias. But creating alternative scenarios; e.g. based on ranging, bullish and bearish market mode, is a largely safe-proof approach to the market. Based on the scenarios created, an āif-thenā strategy is developed to deal with whichever scenario the market eventually presents.
Trade safe and prosper.
Understanding market makersā perspectives can improve your trading. Hereās a video you may learn from.
Trade safe and prosper.
How do you select the pairs you trade? Do you have a system you adopt or do you just react to the markets?
Trade safe and prosper.
One of the things I do on the weekend is to do a thorough screening of the pairs on my watch list and then analyze them for probable quality trading during the ensuing week. I have found this to be helpful for my trading style as a short-term swing trader. Currently I have 10 pairs and GOLD (in USD) on my watch list. Based on the screening I have just completed, I will be tracking USDJPY, EURJPY and GBPAUD for trading opportunities next week.
What helped me a lot to get better at trading was the record book where I used to take notes about all my deals and analysed them afterwards. That raised my trade to a new level.
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Very good. Keeping a diary of trades, or doing post-trade analysis, does pay.
Trade safe and prosper