You are spending alot of time and energy looking at everything that is trading related. Although this will not hurt your overall knowledge of trading, it will not necessarily move you to trading sooner.. Afterall, the name of the game is to make money doing this; not to know as much as possible(I am so guilty of this).
Choose a method or framework you like that fits your persona.. Tune EVERY OTHER METHOD OUT. Work to make this method robust through testing , review, and simulation.. Once you can trade the edge consistently in SIM, you will be ready to go live. AT that time you will no doubt face some psychology issues that will demand your attention.
Best of luck to you.. Sometimes less is more and simple is better than complex..
Last edited by Traderwolf; December 14th, 2013 at 10:38 AM.
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Another suggestion that can help you to find some consistent methodology is look at your risk and reward. Risk 5 tics for take 4 is a negative ratio, and you need to have a very big % of good trades. Ratios biggers than one are better, 1:2 or major than that is the best. If you are trying to scalp my recomendation is the same. I have been trading days with 7 trades, 5 losers and 2 winners and end the day positive. Risk and reward control.
Last edited by ofatrader; December 14th, 2013 at 10:44 AM.
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when i have 3 tick stop the w% was80%
now i am testing for 4 tick in sim that could be 3 in live
that is the minimum target, because i try to collect more than that if we have room and momentum
one question: why do not start journaling your advanced trader strategy?, i suppose is it live and could be very help full for all the members
and we can learn from your real experiencies ,how you manage the high risk reword, w%, entries, manage, etc
La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
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I think you are on the wrong track. Right now you are focused on how to loss the less amount off money per trade!
This is called GREED in trading terms!
Must read: the daily trading coach, Brett Steenbarger and The Inner Voice Of Trading, Michael Martin.
I do not now how long you are trading but you have a long way to go.
First you have to have a trading plan
you have to have a system that you can trade, time frame, indicators (I´am not a fan of indicators!), etc..
Are you a swing trader, day trader, scalper etc...
Look for Al Brooks videos
Look for Vince Virgil
Look for Mack price action (or pat´s price action)
Look for Forexmentor.com on the internet (this is very good stuff for beginners)
I think price action is the most important stuff you have to learn. You have to be able to identify support and resistance levels in real time! And trust me, there is no indicator that will do it for you!
This sup/res levels are the best places to enter a trade!
The best market to trade for a beginner is the 6E. I love CL but it is not for a beginner so leave this alone for now.
If you are a day trader your stop loss will be anything between 10 and 20 ticks. Trust me 3-4-5 ticks is just not enough, you will get stopped out over and over again. Just focus yourself on 1 to 4 good setups per day.
Do not think that day trading is turning on the computer and doing 10-20-30 trades in one hour!
I can give you some stuff to work on if you can give me your skype name.
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