I plan my trade and trade my system always no emotions!!!
If you do not have a plan, you should not be trading. It can be your own plan or someone else’s plan. It doesn’t matter. What matters is that you have a plan and stay with it. The plan can be as complex or simple as you want. There is no right way or wrong way to make money. There is no right trading plan or wrong trading plan; rather there is a plan that makes more money for you then it loses for you. That is the test of successful traders. You hear it a lot. You hear a lot of things. But the most important attribute of consistent trading success is making a plan and practicing it it’s called planning your trade and trading your system always no emotions.
Easy? Absolutely not!
No matter how educated, intelligent or experienced you are in the world outside of trading you will not succeed as a trader because you have no control of the outcome unless you plan your trade and trade your system. That is the only control you really have if you think about it you have no more control over the market then that, that’s your only weapon. Once you take a position in the markets, you are in the territory of risk and it is your responsibility to embrace and manage the risk. Now you have what you always wanted one of the reasons you came to the forex market, complete control to do whatever you want. But really? like I said you have no control over nothing that happens in the market. Your only control is your freedom to plan your trade and trade your system nothing more. Novice traders may not entirely appreciate this concept but it is critical to plan your trade and trade your system to be successful.
The following 4 users say Thank You to Leonardo for this post:
If you are intelligent, educated and experienced, you have no control over outcome, but you appreciate that randomness does not lead to success. Therefore, the approach of many intelligent people is methodical and systematic.
PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
The following user says Thank You to mattz for this post:
Most successful traders use a mechanical trading system this is no coincidence. A good mechanical trading system automates the entire process of trading.
The system provides answers for each of the decisions a trader must make while trading. It is easier for a trader to trade consistently because there are a set of rules which specifically define what should be done therefore the mechanics of trading is not left up to the judgment of the trader your system will control your emotions you need to find a system once you do you need to become a master (planning your trade and trading your system) follow it rigorously your trading will improve and you will start to gain confidence, and discipline and your emotions we'll start two evaporate your system will dictate what to do in trading will become simple and that's a good feeling and a business where every once is guessing…
The following user says Thank You to Leonardo for this post:
Buy low sell high always from support or resistance, I watch a 4 hour chart and a weekly charts just to see support and resistance I try to stay away from the news as much as possible when it comes to the news less is better for me I also concentrate all my effort on one currency EUR/USD this is the only currency I trade : more or less I know how many pips it moves per day per week per month and per year I think I've developed a good feeling for this currency for instance I'd notice that EUR/USD move 40 PIPS AT A TIME OR 60 PIPS AT A TIME ONE OR THE OTHER. this is mostly how I look at EUR/ USD...
For instance today 13080 + 40 = 13120 the high was 13117
To the downside 13080
13080 - 40 = 13040 - 60 = 12980 my target for today is 12980 will see...
For most traders that are new or have less experience trading this is a very bad scenario a winning position becoming a losing position your mind starts playing tricks on you and then you start contradicting yourself and your plan and even worse you begin to think is a conspiracy and some even think their demons involved...LOL So you say to yourself i should have taken the profit i was too greedy all these thoughts couldn't be further from the truth. Remember all you did was make a decision based on your trading plan and your trading plan was 13080 to the downside profits 12980 is that simple for me this scenario is fine as long as i stick to my plan is the only way you'll have the courage to make big profits.
Based on my plan and the way I'd trade my system
13080 + 40 = 13120 + 60 = 13180 this will be the height of the day i will be adding to my losing position at 13180 to the downside I don't recommend adding to losing positions but to each his own and this is the way i trade.
So it hit my target 13180 not that I wanted it to hit it but nevertheless it did.
less recap this scenario
13080 +40 =13120 +60 =13180 (13180 + 40 = 13220
very unlikely that will make it to 13220 will see?
13180 - 40 = 13140 or 13180 - 60 13120 decision time either I close 13180 at 13140 for 40 pips or at 13120 for 60 pips or the full run for 100 pips at 13080 will see how it plays out was really important for me is that I plan my trade and trade my system no emotions.