I want to be, the very best, like no one ever was

[forker]

dgtrading - this is you at the moment

People on here are trying to help you - but you seemed to be determined to fail and no-one's gonna stop you.

I think all of us have been here at some point.

 

[dgtrading]

Happy I did not short EUR/GBP

was very tempted to short this pair last night, however I wasn't liking the possibility of buyers swooping in so close to support

 

[Sonicscooter]

Wish someone would give me a £10 for every thread that starts like this on here then abruptly stops.......for some strange reason.

 

[dbphoenix]

thanks for the support it seems like others in this thread are hasty to provide the opposite

Handing a bottle to an alcoholic is not support. Develop a written trading plan. Formulate specific trading rules. Then you will at least have a reasonably firm foundation on which to build. Trading your feelings isn't going to cut it.

 

[Lúidín]

yes I am aware that price can explode in any direction at any point in time however I have studied enough charts to put the odds significantly in my favour, and I am not risking large chunks of my account on any one trade.

I have been trading for almost 2 years now so my experience is building up.

thanks for the support it seems like others in this thread are hasty to provide the opposite

don't mind the rest of them..you can easily see those who know what it is all about..just look at new_trader's post and compare the rest..talk about the same old story:cheesy:

keep on as you are..no rush..markets are going nowhere..just remember that a lost opportunity can cost you a lot more than a small loser..so..get to know the best times to trade..and use them to your advantage

like new_trader said..

"Once you understand how to read the price action of one instrument, you will be able to trade any market."

and he is 100% correct..forget about all else..as the textbook stuff will do nothing but cost you time and money

 

[forker]

don't mind the rest of them..you can easily see those who know what it is all about..just look at new_trader's post and compare the rest..talk about the same old story:cheesy:

keep on as you are..no rush..markets are going nowhere..just remember that a lost opportunity can cost you a lot more than a small loser..so..get to know the best times to trade..and use them to your advantage

like new_trader said..

"Once you understand how to read the price action of one instrument, you will be able to trade any market."

and he is 100% correct..forget about all else..as the textbook stuff will do nothing but cost you time and money

Clearly every institutional trader, who's employer pays possibly hundreds of thousands a year on the best news feeds, trades off charts alone.

 

[dbphoenix]

Once you understand how to read the price action of one instrument, you will be able to trade any market.

Not necessarily. Some markets are heavily arbed, some aren't. Some are mean-reverting, some aren't. And the PA of a penny stock is not going to be the same as the PA of a large cap. Different players.

If one learns how to read the PA of a particular instrument, he will be well-equipped to read the PA of similar instruments, but not all.

 

[Lúidín]

Clearly every institutional trader, who's employer pays possibly hundreds of thousands a year on the best news feeds, trades off charts alone.

we are not worried about those who trade with other people's money..we are only interested in trading our own money..and ignoring what anyone elses says or does..as it can only have a negative affect on our results..due to the realities of life..which for some silly reason..most are happy to ignore..even when their results show them they are just wasting their time

 

[new_trader]

Clearly every institutional trader, who's employer pays possibly hundreds of thousands a year on the best news feeds, trades off charts alone.

Your point being what? That a newbie should pay hundreds of thousands a year on the best news feeds?

 

[NVP]

we are not worried about those who trade with other people's money..we are only interested in trading our own money..and ignoring what anyone elses says or does..as it can only have a negative affect on our results..due to the realities of life..which for some silly reason..most are happy to ignore..even when their results show them they are just wasting their time

yes its his money - and by the way he hasn't got any to spare to trade so theres another reason he will fail at this juncture ......

N

 

[Sonicscooter]

don't mind the rest of them..you can easily see those who know what it is all about..just look at new_trader's post and compare the rest..talk about the same old story:cheesy:

keep on as you are..no rush..markets are going nowhere..just remember that a lost opportunity can cost you a lot more than a small loser..so..get to know the best times to trade..and use them to your advantage

like new_trader said..

"Once you understand how to read the price action of one instrument, you will be able to trade any market."

and he is 100% correct..forget about all else..as the textbook stuff will do nothing but cost you time and money

As i say so often, it's become boring, have you even bothered to read his opening post.........?

Lost £2200 and £500 left.........even a muppet can do the maths on that one...

 

[forker]

Your point being what? That a newbie should pay hundreds of thousands a year on the best news feeds?

That cost is for multiple licences not one :whistling

 

[new_trader]

That cost is for multiple licences not one :whistling

Fair enough. The way you wrote "the best news feeds" gave me the impression they were paying vast amounts for the quality of the news rather than quantity. I admit I don't know much about news feeds because I don't trade the 'news'.

 

[dbphoenix]

Neither do the institutions. They create the news. Which is why the retail trader always has and always will be playing catch-up.

 

[Lúidín]

As i say so often, it's become boring, have you even bothered to read his opening post.........?

Lost £2200 and £500 left.........even a muppet can do the maths on that one...

what is your point..silly statements like that are meaningless

 

[Lúidín]

dgtrading..if you really want some worthwhile feedback..then post your last 10 losing trades..showing instrument..trade dates and times..entry and exit levels..you might be amazed what feedback you might get

you can post some winners if you like also..but 10 losers is the minimum requirement

 

[dgtrading]

dgtrading..if you really want some worthwhile feedback..then post your last 10 losing trades..showing instrument..trade dates and times..entry and exit levels..you might be amazed what feedback you might get

you can post some winners if you like also..but 10 losers is the minimum requirement

I appreciate your encouragement.

and i appreciate the offer for feedback, but I don't want other minds interfering with my thought process, as stated before I have analysed every single losing trade of mine and found a mistake in my technical analysis every time, i'm not clutching at straws I am genuinely developing a feel for the market, and my instinct to keep me out of bad trades is improving every week.

ahh I sound so bigheaded

 

[dgtrading]

no trades taken this week, been tempted by a few instances of price action however not in optimal places therefore not deemed worth the risk.

been spending my time practising day-trading for a family friend, which I am finding to be quite explosive however thoroughly enjoyable.

 

[Sonicscooter]

what is your point..silly statements like that are meaningless

Tells anyone with an IQ above zero everything they needs to know....stop playing games with the bloke, if you had any decency you would be telling him to go back to demo while he still has some money left.

 

[2be]

I appreciate your encouragement.

and i appreciate the offer for feedback, but I don't want other minds interfering with my thought process, as stated before I have analysed every single losing trade of mine and found a mistake in my technical analysis every time, i'm not clutching at straws I am genuinely developing a feel for the market, and my instinct to keep me out of bad trades is improving every week.

ahh I sound so bigheaded

Have you found some mistakes with the winning trades also?
If your losses are as you have stated, I do congratulate you!
Continue to study markets, and yourself.
There are many good books and free materials available all over the internet.


Have a look at Mark Douglas:

The 5 Fundamental Truths of Trading:

1. Anything can happen.

2. You don’t need to know what is going to happen next to make money.

3. There is a random distribution between wins and losses for any given set of
variables that define an edge.

4. An edge is nothing more than an indication of a higher probability of one thing
happening over another.

5. Every moment in the market is unique.


The 7 Principles of Consistency:

1. I objectively identify my edges.

2. I predefine the risk of every trade.

3. I completely accept the risk or I am willing to let go of the trade.

4. I act on my edges without reservation or hesitation.

5. I pay myself as the market makes money available to me.

6. I continually monitor my susceptibility for making errors.

7. I understand the absolute necessity of these principles of consistent success
and, therefore, I never violate them.

Best wishes,
2be