Ratman's beginner's set up and analysis

This is a discussion on Ratman's beginner's set up and analysis within the First Steps forums, part of the Reception category; any ideas guys...

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Old Mar 20, 2009, 4:52pm   #31
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Eur/usd

Technically Fundamental started this thread any ideas guys
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Old Mar 20, 2009, 5:11pm   #32
 
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Originally Posted by Aaronmalins View Post
any ideas guys
We are sitting on a SR line here at 1.3530 ish and it needs to break.
I would draw some more SR lines on my chart and as it breaks down through each one trade it and then wait for price action to see where we go next.
Getting the SR lines / areas for the time frame you are trading and the above up helps me.
Remember everyone trades differently and this is just how I see it.
Nicola
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Old Mar 20, 2009, 5:14pm   #33
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Technically Fundamental started this thread methinks candles say its safe

but them i'm only trading demo...
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Old Mar 20, 2009, 5:28pm   #34
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Technically Fundamental started this thread I just put 10k into my demo account with that short.
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Old Mar 20, 2009, 5:30pm   #35
 
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we can all draw trendlines,but trading is mainly about managing risk.so when you think you have a good entry,expect to lose until the market proves you right.so therefore when you enter try to lose as little as possible,and size your position appropriately.
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Old Mar 20, 2009, 5:39pm   #36
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we can all draw trendlines,but trading is mainly about managing risk.so when you think you have a good entry,expect to lose until the market proves you right.so therefore when you enter try to lose as little as possible,and size your position appropriately.
I need to work on placing stops really.

Sometimes if I make a wrong call my losses are larger than they should be because my stops are shizer and I don't exit in case it turns around... attatched to the trade.

Do any of you exit a trade to minimise losses if it doesnt pan out the way you planned?
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Old Mar 20, 2009, 6:19pm   #37
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I need to work on placing stops really.

Sometimes if I make a wrong call my losses are larger than they should be because my stops are shizer and I don't exit in case it turns around... attatched to the trade.

Do any of you exit a trade to minimise losses if it doesnt pan out the way you planned?



I'll try and make up for taking the pee last night


3 parts to a trade, entry, target and stop. Stops are arguably the hardest part of the whole to get to grips with, for a beginner. Try this, work on your market direction, get an eye for this and don't bother with stops for now


Some will not agree with this, but some also do not agree with the phrase....


"Everything is known in advance"




Take care.
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Old Mar 20, 2009, 6:36pm   #38
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Technically Fundamental started this thread Merci
I've already trades without stops... I was more profitable lol. I was using manual stops and minimising losses during fluxuations.

I have entry and targets but I need to work on stops. Gonna buy a few books when I find out which ones are worth their salt.


I've called gold, UK banks (see HSBC) and china this week. Lets see what macro-magic I can work next week.

I don't know why people say you cant trade the news.
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Old Mar 20, 2009, 8:05pm   #39
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Originally Posted by Aaronmalins View Post
Merci
I've already trades without stops... I was more profitable lol. I was using manual stops and minimising losses during fluxuations.

I have entry and targets but I need to work on stops. Gonna buy a few books when I find out which ones are worth their salt.


I've called gold, UK banks (see HSBC) and china this week. Lets see what macro-magic I can work next week.

I don't know why people say you cant trade the news.


you are joking right? Trade the news? OK then here's a task for you; try and figure out the misdirection/deception/collusion involved with OPEC before, during and after its meetings.
Never trade the news, be v.careful of even trading the reaction to the news.
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Old Mar 20, 2009, 11:44pm   #40
 
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Originally Posted by Aaronmalins View Post
I need to work on placing stops really.

Sometimes if I make a wrong call my losses are larger than they should be because my stops are shizer and I don't exit in case it turns around... attatched to the trade.

Do any of you exit a trade to minimise losses if it doesnt pan out the way you planned?
Yes sometimes i exit early, sometimes it's right, sometimes wrong.

Remember there's always another trade but not another account.

Before you enter a trade, think, where will i enter, where will my stop be, how many points/ pips is that so how much can i trade.

Then if it all works then trade.

I often trade inside bars so if the stock is down on the day and an IB forms i will trade it if it goes down further, i will enter a few ticks below the IB and my stop is a few ticks above, if it goes below then bounces back up chances are it ain't going down further, end of story.

You win some you lose some, but maybe thats a bad way to think. Income and expenditure.


Small expense, big income....
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Last edited by foredog; Mar 20, 2009 at 11:44pm. Reason: typos
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