I Can't Make a Friend of the Trend | Psychology and Money Management


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I Can't Make a Friend of the Trend

  #6 (permalink)

virginia
 
Trading Experience: Intermediate
Platform: ninja
Favorite Futures: NQ
 
cory's Avatar
 
Posts: 5,945 since Jun 2009
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Leon of Pizza View Post
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I welcome any comments on this or anything else related. Thank you. - LOP

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lots of wisdom in sayings 'trade with trend', 'trade what you see', 'Focus on the Process, Not the Results (monies) etc...
So you want to train yourself to trade with trend this time.
>I may have an unconscious fear of trends,
If you trade against trend you will be in a world of hurt! But if you trade with trend and you don't know when it ends you will be in the same situation.
Step 1, decide what is 'trend' for you, for me it is 2 daily candle bar of ES and NQ, if bars are not doji bars and they are of the same color then we have a trend day. You may decide on something else to be your 'trend', be it a 30m channel, be it bunch of renko bars of the same color etc.
Step 2, once you recognize your trend then you can mark your entry and watch the chart unfolds from that point forward. There are 3 scenarios, price hits your entry and take off, congrats; price hits your entry and goes down, so sad; price doesn't hit your entry and goes in the trend direction without you, give yourself a pat your back for getting it right, congrats. After a week or so you should know whether or not your trend is working or you need find a new way to detect a trend.
Step 3, now you find your trend, you need pull the trigger 1 car at a time then find out when you want to cut loss when you want to take gain, it will take a whole another discussion so lets stick to the trend subject for now.

>I've always generally dismissed sim and replay practice
I endorse sim trading 1 car at a time 100%, if you can't make it sim what is your chance to make live? nil, nada.

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