I tell you what my friend...all of that stuff you named is just smoke and mirrors...if you want a winnning strategy concentrate on high probability areas to enter and take profits when ever possible small or large. It comes down to risk management and trade management and your exits. The entry is somewhat secondary to the rest. Patience waiting for the market to come to your price is what is key...most of my short coming is trading too often and too early. That's all psychology and has nothing to do with the charts. If you try to trade the way I do you are going to lose. You have to come up with something that you believe in and have tried and tested over time. It takes a while to be successful. It's only through a lot of hard work and consistancy that you will ever be any good at this game. I've been at it for 4/5 years now and I'm still learning every day. I do tons of backtesting and drawing. Sometimes you can get too close to something to where you don't see the obvious easy stuff...taking a break to release your mind is key. Good luck in your journey. I hope I can help you get there but the only way you learn to hit that golf ball or put that soccer ball in the net is by practice practice practice. I've found this style suits me and I see it pretty well, so take everything in and filter it through your own ideas, so that after 4 or 5 losses in a row the setup comes around and you take again because you believe and have seen it work time and time again. It will cover your losses and then some in the long run. I run 20 to 40 pip stops and I'm shooting for 50 to 100 pips. I try to only trade highertime frame support and resistance and enter on lower time frame to reduce my risk. I use forks, volume, momentum/ support and resistance, market structure, elliot wave structure, Volume spread analysis, etc. a lot of stuff, maybe too much stuff....keep it simple and work on your execution. Make a trading plan and stick to it, back test it to make sure it's profitable...it all boils down to execution, precise by the rules execution. If you don't have a rule set or a trading plan you're just chasing your tail. Hope this helps.
The following 3 users say Thank You to bayfisherman for this post:
thought I'd post this chart to get some discussion on where the dollar is headed. Always like to here other people's point of view. Any commets about these lines are welcome. Any charts you have of dx that you would like to post feel free. Thanks. Should be an interesting upcoming week.
In the spirit of our March Trading Journal contest, I am asking everyone to spend a few minutes and share their journaling experience.
A) What are the top five benefits you have seen as a result of regularly posting in this journal?
B) What are the top five problem areas you have identified as a result of regularly posting in this journal?
C) Were you initially reluctant to start this trading journal? If yes, why?
D) How do you feel, overall, about your journaling experience?
E) Would you recommend to others that they should also start a trading journal?
Thank you for taking the time to answer my questions. I appreciate your posts, and I hope you have benefited from your journal. I also know that others will benefit as well, just by reading about your own experiences.
Enjoy your weekend,
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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