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new trader - HELLO! and help
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Member Since Mar 28, 2011 666 posts
Trick or Treat (ForexScam)
Jan 25 at 09:01
a trader should look for all the reasons why NOT to take a trade. For me, if I don't feel 100% positive I don't trade. If you have anything on your mind, don't trade. If you feel rushed, don't trade. One approach you can take, is to trade with Limit orders and not market orders. This will take the time-patience- and the waiting game out of basket. You won't feel forced to put ON a trade. and this may decrease, the total orders you make a day.
just do it! |
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Member Since Jan 05, 2012 25 posts
Callen Aw (callenaw)
Jan 29 at 20:14
Splexin posted: In addition to wise money management, I would recommend looking up Mark Douglas, who produces trading psychology materials and coached professional traders for many years-- I have been studying both his books as well as a couple video seminars and they are full of gold. Very helpful stuff that can enlighten newbies and veterans alike. Just watched his videos about trading like a professional trader. Helped me to think in a series of trades rather than focus on the outcome on a single trade. Thanks Splexin. This community is great help and I'm seeing myself hitting my weekly targets :) Let the market come to you |
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Member Since Jan 05, 2012 25 posts
Callen Aw (callenaw)
Jan 29 at 20:16
ForexScam posted: a trader should look for all the reasons why NOT to take a trade. For me, if I don't feel 100% positive I don't trade. If you have anything on your mind, don't trade. If you feel rushed, don't trade. One approach you can take, is to trade with Limit orders and not market orders. This will take the time-patience- and the waiting game out of basket. You won't feel forced to put ON a trade. and this may decrease, the total orders you make a day. Will, thanks and that is what I'm practising too. Pass a trade/ stay out, there's always opportunities. If not today, tomorrow! Let the market come to you |
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Member Since Nov 01, 2011 7 posts
MRfrancis84
Jan 30 at 09:31
Set your trading rules and stick to them. Never rush a trade or jump in the market on a whim.
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Member Since Aug 13, 2010 43 posts
Paul Ng (paulng)
Feb 19 at 11:56
Warm greetings Callen. Nice to see a fellow Singaporean here. To be frank, none of us here are experts, and none of us here can forecast. What we do is simply reacting with discipline. Have a proper plan that suits your personality, then stick with it. You can evaluate your performance and plan say every 3 months, and decide if your plan requires any modifications.
Once your system rides on a winning streak, your confidence will be rebuilt, but don't lose your discipline. In theory, it is as simple as that, but in reality, a lot of 'human factors' get in the way. So learn to control yourself. :) Cheers, Paul "The first rule of forecasting should be that the unforeseen keeps making the future unforeseeable." - David McCasland (January 5,2012, Our Daily Bread) |
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Member Since Sep 05, 2011 2 posts
pipmistress
Feb 20 at 12:44
This is my advice, since you have a good trading system, maybe what you should change is your attitude toward trading.
Good set up will always come so do not rush to them. Apply this to build your patience 1.Trade once a day. 2.set small target pips 3.and come back tomorrow, and then, repeat. Always use common sense |
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Member Since Jan 05, 2012 25 posts
Callen Aw (callenaw)
Feb 20 at 12:55
paulng posted: Warm greetings Callen. Nice to see a fellow Singaporean here. To be frank, none of us here are experts, and none of us here can forecast. What we do is simply reacting with discipline. Have a proper plan that suits your personality, then stick with it. You can evaluate your performance and plan say every 3 months, and decide if your plan requires any modifications. Once your system rides on a winning streak, your confidence will be rebuilt, but don't lose your discipline. In theory, it is as simple as that, but in reality, a lot of 'human factors' get in the way. So learn to control yourself. :) Cheers, Paul Right I guess the human psychology part is one of the hardest to master in trading. Eg. I've told myself not to chase market and manage to cultivate it as a habit for a while. But every once in awhile it just happens and I find out mainly it's because of after consecutive losses that cause such behaviour due to wanting to gain back lost pips. Let the market come to you |
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Member Since Jan 05, 2012 25 posts
Callen Aw (callenaw)
Feb 24 at 21:33
Comparing to the the first 2 months of my live trading, I've seen my equity curve line running in a straight line meaning that I didn't lose much nor win much. Is that a good sign? What I;ve observed is I've been adhering very strict risk management rules regarding stop losses and also choose only good setups & cut down on silly mistakes like price chasing etc..
Thanks for looking through again :) Let the market come to you |
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Member Since Feb 21, 2012 8 posts
akatom2u
Feb 25 at 11:06
pipmistress posted: This is my advice, since you have a good trading system, maybe what you should change is your attitude toward trading. Good set up will always come so do not rush to them. Apply this to build your patience 1.Trade once a day. 2.set small target pips 3.and come back tomorrow, and then, repeat. I agree wholeheartedly, and if you get in a slump try this! |
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Member Since Aug 12, 2011 12 posts
polder
Feb 25 at 11:17
Hello!
My opinion, you need to come up with a simple algorithm of action for trade and learn to trust him. For example: 1) Choose 3-4 pairs that you like and which you know better than others. 2) Actually you have to come up with a simple algorithm to trade and to follow it. It should include three simple things: When to go to the deal, how to deal (to increase the position or not), and when out of it. 3) The most important thing. It is necessary to attach to the algorithm control system risk. My opinion: the risk to a deal shall not exceed 1%. It is best if it is equal to 0.5% of the deposit. It is necessary to make only those deals that have the potential make a profit three times more than the loss. At the very least! That is: If the risk is 1% of the deal, the potential profits must be 3% or higher. 4) Belive in ur system!!!111 when think up it xD -) My opinion: Any system built on a proper risk management will make money. Even the most simple or stupid. Sorry Google translate =_= warp to zero! blastorzz!! |
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