SharePosts by callenaw
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Yes I'm meaning AM for US timing.
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Great peak hours to trade
2-530am (eur opens)
8-11am (us opens)
EST
Be careful of NFP, FOMC and interest rates days, can get whipsawed.
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polder, I agree with you wholeheartedly.
Ever since I managed my risk I do see some consistency, at least protecting my capital and not having massive draw-downs. Each time I open a trade, the first thing that comes to my mind is how much I can afford to lose instead of "this will likely go up, just go!" mentality.
I am now trusting my system more as I followed rules but I can only focus on 1 currency - EUR/USD. This also encourages me to learn to trade in all market conditions - trending, non trending, range etc.
I come out with this new rule for my SL :
1-30 pips (1 mini)
31-4......
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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 :)
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[quote]
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......
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[quote]
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.
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Will, thanks and that is what I'm practising too. Pass a trade/ stay out, there's always opportuniti......
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[quote]
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.
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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 myse......
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If it's 2 consecutive loss, I take a break and wait for the next session. One way is if I decide to enter a trade with huge SL, I'd reduce my contract size. This way my losses are manageable. I would also plan on what possibilities and GOOD setups might occur and only trade them.
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Sure would be glad to be part of the community hawksbill. Thank you for sharing :)
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Hi Can someone give me a link to live accounts that I can invest in? In General Jan 17 2012 at 17:25
www.currensee.com ?
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