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Your opinion needed - regarding my choice of indicators

Lance (BlueMental)
Nov 29 2009 at 00:22
27 zpráv(a,y)
Hi Shankar.

A couple of things to think about.

1. When you open a position, ANY position, you need to know that if all goes wrong, that you can fully afford to lose the amount you have your stop loss set to.

This sounds like obvious logic, and it is, but often one tends to try risk more than what is safe to get that extra dollar. So it often gets pushed into the background. Don't allow your greed gland to overide the obvious.

2. On daily charts, the movement that the price ranges between means that you can only safely trade with fractions of a percent of your balance, and you are looking at trading long term rather than catching the short term money. So if you intend to trade on the daily charts you need to look first at the monthly charts to get a longer term view.

3. As far as indicators go, they are all hindsight instruments. They are delayed by their very nature, and can only represent patterns based on past movements. The bars themselves are the closest you can get to real time indicators, and even they are past tense.

4. If you are trading short term trades, do not EVER forget to be aware of when the various News events are due to occur. It often happens that a perfectly good trend for a quick 20 pip trade gets turned on it's ear by a news situation. If you are in a trade and a news event is about to happen, it is always good to tighten up your stop losses.

5. Most important of it all..... If you rush, you crush.

  On this Friday just past, I was in a long trade on AudUsd and it was going way south. So I was hedge scalping with NzdUsd shorts to keep it alive till the retrace. All was fine. About 20 minutes before market close, I began to calculate exactly how many lots of NzdUsd I would need to go short with to keep an even keel till Sunday opening. I then put in my short, only to discover that I overlooked WHICH pair I was opening the trade with. It ended up being AudUsd. I trade with Navigator (not MT4) so going short with an live long in the same currency closes the long, while on MT4 it would have said 'Hedging not allowed'. So basically by one 'small' oversight, I trashed my account.

The two things I did not pay attention to which are paramount. I traded with more than I could afford to lose. I rushed what should have been a simple trade.

Lance.

"Whatever you focus your attention on, your consciousness becomes." - Lex Lungold.
mettall
Nov 30 2009 at 20:30
27 zpráv(a,y)

streepips posted:
 ...but the most important thing in trading are not even on the charts, it's called money management/risk management, if you can't master those two tactics and have them written down and follow them in every trade you will always fail in the long run, and that is something that I have not seen alot on this site.......managing your denero is the most important substance in trading, thats why you have people that have alot of drawdowns....


yes, this is the most important...

Only with constant rules for money management and risk management you can survive in the most volatile market.

Street Pips (streepips)
Dec 02 2009 at 22:18
20 zpráv(a,y)
yes mettall they are rules, that one should follow, I've seen it time and time again, even when I first start trading I was using more than 2% of my account balance blowing it out badly, naturally the markets are driven by fear and greed so you are right in your first emotions whether it be to buy or to sell but sometimes we don't go by our instints, no more than 2% on any trade is the best policy!!!

Early Birds get the worms!!!
wasskii
Jan 31 2010 at 16:51
4 zpráv(a,y)
i think the very best way is to trade with NO indicators :) Look at https://www.nobrainertrades.com/ i use this technics.

Remember

trading is simple but not easy !!!

on this acc i'm trading very agressive. Hard progress.

https://www.myfxbook.com/portfolio/agresive-one-topfxsignalscompl/14166

will schaarrand
pipinvestment0
Mar 27 2010 at 11:50
59 zpráv(a,y)
Indicators can be useful for an experienced trader that already understands the markets cycles, but A beginner will never achieve their goals by relying on indicators. Your best bet, is focus on a clean chart and multiple time frame analysis. Good Luck.

pc8multifx (pc8multifx)
Mar 27 2010 at 14:30
879 zpráv(a,y)

pipinvestment0 posted:
    Indicators can be useful for an experienced trader that already understands the markets cycles, but A beginner will never achieve their goals by relying on indicators. Your best bet, is focus on a clean chart and multiple time frame analysis. Good Luck.


Since u seem to be such an experienced adviser show us plz your myfxbook account.....😉

bwizard (bwizard)
Apr 11 2010 at 18:31
54 zpráv(a,y)
use no indicators

You will never go broke by taking profits
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