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help !...now conscious incompetent !
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help !...now conscious incompetent !

  #1 (permalink)
Elite Member
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Futures Experience: Beginner
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help !...now conscious incompetent !

Dear fellow traders

I just wanted to ask the forum for advise on a few elements . I am using the rmo system and am getting good selections (buy/sell). however .....I am ...now conscious incompetent !!!! I've been proper cash trading for about 8mths and 50/50 at moment !

I know that I a trader not an investor and work using EOD daily data. I am managing my emotions and really focusing on the discipline aspect but loads to learn and am in this for the long haul.

I have read probably like you fellow traders to let the profits run and kill the bad deals philosophy but ..I would welcome some great advice on the following specific elements. I tried researching using the internet but really need some clarity and laser like guidance on:

1) in-trade management. is this all psychological/emotion management or do you use any indicators? Do you try to unpick intraday movements and eod of day . I done and kicked myself for the "let me just take a peek and see how it is doing" and then the gut reactions that follow..I am getting better and try to walk away after putting on a trade or enter the order. Getting there slowly!

2) entry and Stops. I use chandlier trailing stop at 2.5 ....too tight or too wide ??? appreciate it depends on volatility ... but i also use it to define an entry point ( using 2) - good idea or not? ..perhaps not as my orders got executed and then dropped.... i did a deep breath and don't blame the IG platform ...but 4 times... oh well i live and learn. I did this as I was always entering a trade and then was getting hit by the spread . I use this way to at least getting into a trade if a trend starts

3) exit indicators. I have read a lot of books and tried using a few RSI, MACD but they don't feel natural to me...I want one which is visual and simple. Any suggestions on what you use or found in your experience?

I appreciate it is horses for courses but I believe your collective knowledge will give me a start to investigate further on these issues.

Kind regards

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  #3 (permalink)
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desert CA
 
Futures Experience: Intermediate
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Maybe try learning material of price action. It can help to build a feel for overall context. Either Al Brook's books, videos, or Mack's PATS. (price action trading system(?))

https://www.youtube.com/user/PATsTrading?feature=watch

https://futures.io/wiki/trading-wiki/Al-Brooks

https://futures.io/wiki/trading-wiki/Price-Action


An overall intro book I've noticed recently with some trading psychology discussion, maybe good for newcomers and a refresher:
http://www.amazon.com/The-Trading-Book-Mastering-Psychology/dp/0071766499/ref=sr...+trading+book+anne-marie


Last edited by Cloudy; January 7th, 2014 at 12:35 AM.
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  #4 (permalink)
 Vendor: diversifyportfolio.com 
PTA, Gauteng
 
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singhstyle View Post
I've been proper cash trading for about 8mths and 50/50 at moment !

If you mean your win percentage is 50%, then you're certainly on the right track. For discretionary traders over the long term you generally dont see much higher than a 50% win rate. So what does that tell you? It says that how often you are right is not what makes you money. What matters is how much you make on your winning trades in relation to your losers. Give this some thought.


singhstyle View Post
1) in-trade management. is this all psychological/emotion management or do you use any indicators? Do you try to unpick intraday movements and eod of day . I done and kicked myself for the "let me just take a peek and see how it is doing" and then the gut reactions that follow..I am getting better and try to walk away after putting on a trade or enter the order. Getting there slowly!

You should have your trade management plan defined ahead of time. Before you get into the trade, you need to know what you will do in every possible scenario. What if price moves immediately against you. What if price stays at your entry. What if price gets to within 90% of your target and retraces. What if, what if, what if. Know ahead of time so that when you're in the trade, all you're doing is following your plan.

As to whether or not to use indicators, again that should be a part of your plan. Personally I don't find any value in traditional lagging indicators and so I dont use them. But if they're part of your predefined plan, then you need to follow it.

Do you have a trading plan printed out? If not, time to do one.


singhstyle View Post
2) entry and Stops. I use chandlier trailing stop at 2.5 ....too tight or too wide ??? appreciate it depends on volatility ... but i also use it to define an entry point ( using 2) - good idea or not? ..perhaps not as my orders got executed and then dropped.... i did a deep breath and don't blame the IG platform ...but 4 times... oh well i live and learn. I did this as I was always entering a trade and then was getting hit by the spread . I use this way to at least getting into a trade if a trend starts

If you're using some form of mechanical trailing stop like the chandelier then personally I would only use that as my catastrophic stop. You may then want to move your stop manually based on market development (again, according to predefined rules), for example trailing behind major swings or consolidation areas.


singhstyle View Post
3) exit indicators. I have read a lot of books and tried using a few RSI, MACD but they don't feel natural to me...I want one which is visual and simple. Any suggestions on what you use or found in your experience?

You seem to be going down the indicator rabbit hole. I would advise reading the following thread from beginning to end:
The elusive price action: How to trade

Even if you don't choose to be a price action trader and return to using indicators, it is well worth your time putting the effort into learning to actually read the market instead of just learning to read indicators.

Keep in mind, reading the market and reading indicators is not the same. Indicators are a derivative of price, volume and time. These are all things which can be observed on a naked chart.

Add indicators back into the mix later if you so choose to once you've put in the effort to actually learn to read the market. (you'll likely find at that point you will have no need for them)

Good luck.

Diversification is the only free lunch
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