One thing I have been trying to improve upon and do better is market structure analysis and structure trading to make my system more efficient.
Trade safe and prosper.
I have started keeping positions open for an even shorter amount of time and I only rely on signals I am absolutely sure about. I realized I am not a very patient person and I am better off this way.
One key thing a trader should look out for about their system is how it helps them stay disciplined. More than making you money, imho, your system should keep you from being impulsive.
Trade safe and prosper.
Donāt all system do that by default? Itās on the trader to follow them?
Nope! Itās a discretionary thing. The trader must understand and master their system and be disciplined about how to handle impulsive trading.
Trade safe and prosper.
Impulsive trading is, in my opionion, one of the worst things a trader can do and it often has consequences developing in the long term.
This is a common problem among traders and has been captured under the FOMO syndrome.
Trade safe and prosper.
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What is the FOMO syndrome, if you donāt mind my asking?
The trading behavioral pattern associated with āfear of missing out.ā[quote=ādianajs, post:504, topic:79836, full:trueā]
What is the FOMO syndrome, if you donāt mind my asking?
[/quote]
The trading behavioral pattern associated with āfear of missing out.ā Traders exhibit this syndrome by jumping in and out of markets, chasing the price/market, and jumping on market moves based on news releases. A disciplined trader trades based on well-defined trade plans.
Trade safe and prosper.
Hereās a video that shows a simple approach to trading channels with greater success. Please note that I have no commercial interest in the presenter.
Trade safe and prosper.
Thank you for explaining that. Now that I think about it, I think Iāve heard that term somewhere, but not the explanation for it,
Youāre welcomed. I see you on another trading forum.
Trade safe and prosper.
Just sharing
Always remember: If you are in doubt, stay on the sidelines. If there is no clarity of price action and your charts look ambivalent or confusing, avoid entering the market.
Learn latest new things every day and work on your plan to trade successfully. It may be very effective.
Learn new things that can help you become a better and more successful trader; not just any new things or latest new things imo.
Trade safe and prosper.
They do say that one should learn something new every day, and that doesnāt just apply to Forex trading. However, I think it is also important not to attempt to fix strategies that arenāt broken.
Well said, mate.
Trade safe and prosper
The saddest thing is to know that there are people, who donāt understand what mistakes they make while trading and just blame it all on strategy fault or bad signals.
Is this really a sad thing? The sad thing, imo, will be that the person doesnāt know the mistakes they are making or the things they need to correct.
Trade safe and prosper
Just sharing
One of the things which I do to keep me out of trouble in Forex trading is weekly screening and analysis of pairs on my watchlist leading to a selection of 2-3 pairs to track and possibly trade during the week. I donāt normally trade a pair which I had not screened and planned for during the weekly analysis.
Trade safe and prosper.