reminiscence of(yet) a (novice)trader

This is a discussion on reminiscence of(yet) a (novice)trader within the Trading Journals forums, part of the Reception category; scrap the 10min time frame.i dont yet have the patience or discipline to hold for hours waiting for the pattern ...

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Old May 14, 2013, 8:46pm   #17
Joined Jul 2010
Re: reminiscence of(yet) a (novice)trader

aag100 started this thread scrap the 10min time frame.i dont yet have the patience or discipline to hold for hours waiting for the pattern to complete.moving to 3mins with a 10-20 point stop loss,so i can cut it or get out sooner.
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Old May 14, 2013, 11:09pm   #18
 
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Re: reminiscence of(yet) a (novice)trader

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Originally Posted by aag100 View Post
scrap the 10min time frame.i dont yet have the patience or discipline to hold for hours waiting for the pattern to complete.moving to 3mins with a 10-20 point stop loss,so i can cut it or get out sooner.
Stop pontificating and post some live trades - then you have something to reminisc about .....ffs
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Old May 14, 2013, 11:25pm   #19
 
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Re: reminiscence of(yet) a (novice)trader

hello DR / Strutter
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Old May 15, 2013, 11:52pm   #20
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Re: reminiscence of(yet) a (novice)trader

aag100 started this thread
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Originally Posted by neil View Post
Stop pontificating and post some live trades - then you have something to reminisc about .....ffs
as constructive as your other posts.later perhaps i will once ive honed my skills.
for now i want to make pope.
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Old Jun 17, 2013, 8:46pm   #21
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Re: reminiscence of(yet) a (novice)trader

aag100 started this thread cut your losses and let your winners run.
you will have heard this mantra by every analyst/trainer and his dog but what does it even fking mean.to the newbie,he places a trade sets his stop loss and gets stopped out.again and again and again.hes sticking to the mantra and cutting his losses.he seldom has the chance to even contemplate letting his winners run and when he does get the odd chance the winners reverse and become a loss.
what i think they fail to mention first and foremost is cut your losses and let your winners run WITHIN YOUR TRADING PLAN.
DEVELOP YOUR TRADING PLAN/STRATEGY and in accordance to that you will know whether to cut your loss or let a winner run.
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Old Jun 17, 2013, 9:03pm   #22
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Re: reminiscence of(yet) a (novice)trader

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Originally Posted by aag100 View Post
cut your losses and let your winners run.
you will have heard this mantra by every analyst/trainer and his dog but what does it even fking mean.to the newbie,he places a trade sets his stop loss and gets stopped out.again and again and again.hes sticking to the mantra and cutting his losses.he seldom has the chance to even contemplate letting his winners run and when he does get the odd chance the winners reverse and become a loss.
what i think they fail to mention first and foremost is cut your losses and let your winners run WITHIN YOUR TRADING PLAN.
DEVELOP YOUR TRADING PLAN/STRATEGY and in accordance to that you will know whether to cut your loss or let a winner run.
Well stated. While it is easy to tell traders 'get off the shorter time frames' I realize it is much harder to do early on in your 'career'. Having a plan versus reacting to price action allows you to move that time frame out and not agonize over every pip - that is so counter-productive.

Plan Your Trade; Trade Your Plan
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Old Jun 28, 2013, 5:05pm   #23
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Re: reminiscence of(yet) a (novice)trader

aag100 started this thread
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Originally Posted by Aspen Trading Group View Post
Well stated. While it is easy to tell traders 'get off the shorter time frames' I realize it is much harder to do early on in your 'career'. Having a plan versus reacting to price action allows you to move that time frame out and not agonize over every pip - that is so counter-productive.

Plan Your Trade; Trade Your Plan
short time frames you end up chasing your tail and if you manage to get out of the cycle to stand back and look at what you have been doing you realise you would have been better doing nothing or alot less than than what you have been doing.so then you move out to bigger time frames.now theres fewer trades to take,you have to wait longer and the candles are bigger which requires more risk.impatience and fear take their toll and you end up back on the smaller time frames chasing your tail again.i think every trader must zoom in and out a few times,each time increasing their patience and risk tolerance before arriving at their own happy medium.
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Old Jun 29, 2013, 10:52pm   #24
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Re: reminiscence of(yet) a (novice)trader

aag100 started this thread what is a trading system?
is it something you get from reading the infinite number of books out there,is it something you get from following a guru of which theres as many,is it a black/grey box you can buy and then watch the money roll in even as you sleep?
a trading system is something you have to develop by watching the price over countless hours.throw in an indicator or 2 and see how the price reacts at certain levels in relation to them.ive been told indicators are lagging,well fk me if theres a leading indicator which tells you where price will be beforehand.theres others who say they only use price action.i dont believe that.to me thats seems disorientating
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