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new trader - HELLO! and help

ForexScam
Jan 25 2012 at 09:01
1008 posts
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.


callenaw (callenaw)
Jan 29 2012 at 20:14
25 posts

   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
callenaw (callenaw)
Jan 29 2012 at 20:16
25 posts

   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
MRfrancis84
Jan 30 2012 at 09:31
7 posts
Set your trading rules and stick to them. Never rush a trade or jump in the market on a whim.

paulng (paulng)
Feb 19 2012 at 11:56
43 posts
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)
pipmistress
Feb 20 2012 at 12:44
2 posts
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
callenaw (callenaw)
Feb 20 2012 at 12:55
25 posts

   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
callenaw (callenaw)
Feb 24 2012 at 21:33
25 posts
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
akatom2u
Feb 25 2012 at 11:06
9 posts

   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!

Better is little with the reverent, worshipful fear of the Lord than great and rich treasure and trouble with it. (Proverbs 15:16 Amplified Version)
polder
Feb 25 2012 at 11:17
12 posts
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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