Getting back into trading - Page 2
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Thread: Getting back into trading

  1. #11
    Also, think about that creative money management is a thousand times more important than creative entrance and exit egies. You see everybody focusing on precise entrances and leaves with large probabilities and mostly failing miserably overall. I'm of the belief that cluttered exits and entries based on quite simple criteria coupled with intelligent MM will win every time.

  2. #12
    Are you serious?

    So is your'sloppy entries/exits' system a loser or a winner by itself? Or are you a shedding system could make profits from your bewitching MM?

    This is very shaking a statement....

    Quote Originally Posted by ;
    Additionally, consider that creative cash management is a million times more significant than creative entrance and exit egies. You see everybody focusing on exact entries and leaves with high probabilities and largely failing miserably overall. I am of the belief that cluttered exits and entries based on quite simple criteria coupled with smart MM will win every time.

  3. #13
    I am saying that money management is more important than entries and exits.

  4. #14
    Quote Originally Posted by ;
    Hey all, I used to exchange live for a couple months about a year and a half ago, to largely unsuccessful outcomes. I'd stopped to focus on other stuff and my life is in order I am considering getting back into Forex, at least giving it a bit of spare time and little money. My question is where should I begin? I have been through all the fundamentals and know how to use charts and indiors fairly well, so I am mainly looking for something in terms of egy. Fundamental vs technical, indiors to go with, stuff like that. I am looking forward...
    Read this and work on creating trading plan.Great book.
    You need to ask probing questions on your own.

    1. Are you spontaneous,always searching for action? (scalper)
    2. ) Thoughtful,patient,methodical searching for greater returns but demands great patience and at time powerful resolve to await transactions to profit or transactions to place.
    (daily,weekly charts)
    3. Time.Full time job?If so time and your character should mold what kind of trading you must do.
    Rest is constructing on experience.There is not any short cuts .
    Please read this book.

  5. #15
    My biggest advice to you is shed the indiors. They are useless when it comes to predicting price unless in a trending environment. I know some people who just use them as confirmation instead of trade ideas, but to be truthful I do not really see the need to use any indiors. As you say you have been trading for weeks, I assume you have a good idea of technical analysis and fundamental analysis. Great! This places you at just about precisely the same rate as 95 percent of losing retail traders. Now you have to concentrate on thinking more in detail about markets. The very first step you should take, as indied by other members is learn price action (support/resistance, pivots, etc.). Price action is a great advantage, but one thing you have to learn is that you can never stop learning when it comes to trading. After you have learned price action and lose, look into market microstructure. Learn about market participants, types of orders, how liquidity works, what moves price, how traders operate, etc.. This measure requires a lot of time, but once you master it you may start having the ability to read supply and demand on the charts with ease, and not only that, but you can use price action to get a good idea of the strength of bears vs. bulls at crucial levels. It's also advisable to learn reading sentiment. Get a good idea of international macroeconomic concepts because sentiment truly provides the best edge one can get. When you learn about causes of order flow, it'll be a lot easier to find a constantly winning advantage. As good of a forum this place isalso, it's littered with useless crap that has been keep traders losing. Loe the best threads on here which you can, and then stop wasting your own time. There are various great trading books on the market, but majority are a waste of money. So use common sense and always be careful. And be certain that you PRACTICE. You can learn all you want about trading, but it will not mean a damn thing on earth if you can not put your money where your mouth is and pull off constant wins.

    Btw I know this info is vague, but it's very valuable. The more time you put into practicing and learning, the more it pays off. If you would like to be like most people on here and do not put time into it, then it's your loss and you are a sitting duck. But none of this may regardless of if you do not have a good idea of risk management along with your plogy/emotions in check.

  6. #16
    The first time poster here....
    What I have learned over the years is that I need to tame impulsive trading - the anxiety of missing a potential homerun and hanging on to a loser for fear it'll turn around and I'll have obtained a needless loss. The latter rarely happens, only turns to a bigger loss.
    What I have done to help my compulsion to bet is to start taking a look at charts on a monthly, weekly and daily to ascertain directions. From those very same charts I draw my interpretation of support and resistance and then use either a 60 minute or 30 minute to start looking for a trigger to get in. Before I put the trade I determine the where I am wrong if the price action doesn't go my way, what my profit objective and the way I'll take profits.

    All this is now in a written business plan (which has been a work in progress). I couldn't bring myself to write it down for many years despite all the analogies akin to failure to plan is a plan to fail. Also by doing my assignments before choosing a trade that I expend a lot less energy in hopium and also have confidence that percentages of success will be in my favor.

    1 years experience 20 times over

  7. #17
    Thanks for the responses everyone, I did not expect to receive that much advice.

  8. #18
    I've been out of trading for a while. There is still a few things about trading that I do not understand. Here's a question I would like for someone to answer:

    If a economic release is made concerning the U.S., like the NFP report or whatever, and that news is positive news for the U.S., then what direction will the eur/usd probably move? Up or down?

    I understand that this is a rookie kind of question, but this is the reason why I posted it here. lol.

  9. #19
    Quote Originally Posted by ;
    Thank you for the answers everyone, I did not expect to receive that much information.
    You're welcome and that's 1 thing no one here is short of, advice on the go. .

  10. #20
    Learn trading was hard for me 3 year, I thought I can study within 3 month but this has been incorrect, there is many conspiracy indiors made by basket brokers rip customers money, big players misleading with fictitious indiors, that's what I learned then I understand price action and exist egy is important...

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