I am aware that some traders perceive the use of indicators rather derogatorily. In my opinion, it is the nonsensical use of many rather confusing indicators that is the problem. Even candlestick patterns are ‘indicators’ of a sort. A trader’s trading style and strategy determine how well he/she does with the ‘indicators’ they choose to use.
KP
I agree, there are some very useful indicators that can help with one’s trading. That said, one should pick and choose which ones exactly they trust the most. Using too many indicators at once can give contradicting signals that can only lead to confusion.
[B]Nuggets:[/B]
‘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
Are you applying this principle in your trading? How is it helping you to achieve profitable trading results?
If you are being influenced by the delusive idea that a trader must always win and should never lose, do your best to face reality. This business is about winning some and losing some; the key issue is to achieve consistent efficiency and sustainable profitability in the long run. Trade safe.
I learn daily. And one of the things I learnt recently was that even though I’m a swing trader based on the 4H setups it has proven really helpful for me in one of my strategies to explore lower time frames, in fact as low as 5 Min, to pinpoint entry particularly in a market that does not show much pull backs on the 4H time frame. What about you, have you learnt anything recently that could help you trade better? Trade safe.
Every week I learn something new whether it be self taught or picking up things from other Traders. Theres always someone better than yourself so you’re constantly learning new things. I’ve been trading for almost 10 years now and I still learn things that help me out every week. 
I’m with you m8. I learn daily. In fact to prosper in this business, as in any career or aspects of life, you must be in a continuous learning mode. Trade safe.
In the past three weeks I have been tinkering with the steps and criteria I use for the weekly scan and analysis of the pairs on my watch list. Last week I reviewed all the criteria I use and found that some of them could be combined or even expunged. I have now settled for a more efficient rating system that help me rate the 3-4 pairs I could trade on priority basis. What about you? What have you worked upon or learnt recently that could help you trade better this week?
Trade safe.
[B]Nuggets:[/B]
‘If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money.’ - Bill Lipschutz
One of the things I learnt recently is the strategic use of technicals and fundamentals. As I base my analysis mainly on technicals, I have seen the need to incorporate fundamentals to fine tune my perspective and time my trade. Another aspect is mastering the core behaviour of the pairs I trade. In this regard, I have now decided to reduce the number of pairs on my watch list and focus primarily on the pairs whose economic background I have a good mastery of. What about you, have you learnt anything recently that could make you a better trader?
[B]Just my 10 cents:
[/B]
Always remember that the strategic combination of technicals and fundamentals would offer the best trading results overall.
When I started doing a weekly scan and analysis of the pairs on my watch list some months back, I was primarily focused on my main bias from the standpoint of a short-term swing trader. However, this has led to me waiting too long to enter trades or missing out on very good opportunities because I discountenanced other scenarios. Much recently, I have learnt to create scenarios for long and short trades for each pair that meet the criteria I set. That is, to state under what conditions I may go long or short on each pair. This has been highly beneficial to my trading. What about you, is there anything you learnt recently that you would like to share with fellow traders?
[B]Just my 10 cents:[/B]
Do you pride yourself on trading primarily by technicals? You need the fuel of fundamentals to power your overall technical outlook for consistent profitability.
Trade safe.
Very good point of view, objective thinking, it deserves attention.
Thanks, M8. Green pips to you.
One of the pastimes of many a trader, my humble self included, is visiting the system threads of trading forums. Why? In search of the ‘Holy Grail.’ But after a few years of searching, I have found that there is no ‘Holy Grail’ anywhere. And if you are not well focused and careful enough, you will get befuddled, and perhaps vanquished, by the variegated systems out there. It is important to learn very early in one’s trading career one or two functional systems and try them out over a long period of time to see which of them is more efficient and could offer consistent profitability. Dump systems hopping! Trade safe.
I look for efficient ways to do my weekly scan and analysis to reduce the time I put in. One of the things I learnt and chose to do after two weeks of review is to rationalize the pairs I watch and also to streamline the weekly scanning process. After the review, I chose to drop two pairs from my watch list for this week and I was able to reduce my weekly scanning process from seven steps to five. Would you like to share what you learnt recently that could help you trade better? Share it here! Trade safe.
all I have to do is to be more patient!! That would resolve most of my problems…
I’m with you on this. Long-term success in this business requires painstaking waiting and patience. Green pips to you. Trade safe.