rjm354 posted: Patients is the key to trading. And getting the concept of winners and losers. I found these 2 articles helpful because these used to be a problem for me. I have trained myself to be patient and wait for what I am looking for. All these tools from all these posts will help you trade full time.
Dennis146855 posted: above all be patient and eventually you will control your emotion in a trade so your judgement will be clearer
Having patience to let your trades play out in order to see the true probability of your trading edge is something most traders don’t do because they voluntarily lower the probability of their trading edge by meddling with their trades too much.
If you trade for a living like myself, you may want to think about this.
If you have a massive account then most traders are looking for scalps as it suites the lot sizing.
ok most of us will be trading with between 10 k to 100 k. You will try intraday trading but you find it hard to make money, make 50 pips on this one and loose 20 on that, well that will work. But if you start not sticking to your out at -20 then that trade that always seems to go back to profit on occasion end up wiping out all of your profits.
Alright, so, theres nothing better then a clean chart nothing on it for your analysis, Mark of the true SR 4 hour , Daily Weekly Monthly and those are your true support and resistance and the higher the time frame SR the higher the probability of a good trade AND FOR THIS you will have to trust your analysis and set market orders. If you charts look like this one you are making money. Remeber any entry point should be based on a minimum of a 4hour chart. off course you can dial down to a 1 minute 5 or 15 to get the best entry but the Level your watch on the 15 is gonna be from the 4H or the daily or above.
Thank you Dennies, yes I know well the strategy you show. Sometime happens that price is near support, so you are approaching a lot of Stop orders, this is the job of Interbank Traders, they play stop game. They have enough liquidity to push the market versus the stop and they cause the domino effect. After that they close the position in profit and this cause a false breakout. I love this setup because allow you a really SMALL stop and so a Low risk trade, is a classic risk 10 to make 100 because this is a REVERSE SETUP.
thats right and the chart I posted is yesterdays EJ (Eur Jpy) and if you see EJ today we playing inside that range as within channel on chart. market wants 137 30. but cant go there as the people who bought 137 30 our now in loss and the people that sold 136 on in loss to. market will move once a sufficient amount of traders have closed there losses..............Market will continue making tops and bottoms within that range until one big position holder says screw this im closing out. Thats why news is so important, people freak out close of loss as others doing swaps and loading on the fundamentals. Zero sum game.
remember that loss you held and held and held, then you say screw this im closing it I can get a better price. Soon as you close market shoot up 100 pips and you would have been in profit. Its no fluke market waits. When it is you who gets spotted by that move, it simply you were in that last bunch holding loss at that level, someone probably took a mill loss and it only needed another few hundred bucks to tip the balance. Why entry is so crucial
Yes Dennis and better trade is when fundies traders agree with techies, I hope you sold EurUsd in last new... I did, now some resistance at 1.3320, but not a big bounce so maybe we go down, I keep open my sold for now
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