HaloTrader
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Robster970 - I had a very similar moment in my trading in regards to indicators/price action and discretionary trading...
I knew i had the talent and skill to discretionary trade however i didn't quite know what to write for my methodology, i wasn't quite sure... I avoided writing it down so that i could allow myself to do what i want...
Monday - £5 risk, made £50
Tuesday - £15 risk, made £22
Wednesday - £15 risk, lost £15
Thursday - £15 risk, lost £75
Friday - £15 risk, lost £15
All psychology... I knew i could do it due to the first couple of days, however as soon as my first loss occured, i became very impatient, starting drawing support and resistance on lower time-frames so that i could trade sooner and get my money back... One loss lead to another - Lost 10 trades in a row. Monday morning and i was up £80... The process occured the rest of the week again...
I realised that what i was doing was through not writing my rules, i was avoiding responsability and reason and to some extent allowing myself to gamble, however with the skills i'd acquired i felt very confident in my decisions therefore i could win at this 'gambling'...
Eventually i decided to write up my actual rules, therefore it becomes less discretionary...
For example, Support and resistance only on 1hourly.
Then at the hourly support either wait for a close above and then a close below for entries (fake breakout play) ...
I was choosing my levels but i had an entry requirement... Rather than allowing myself to do what i want.
This may not be relevant to you, but i think its important for the development of discretionary trading, make sure you're not fooling yourself - You obviously have the skill. Now turn it into a business...
For instance, i have specific price action setups that i look for on the 60 minute chart, if i didn't... Well, may aswell check out 1-2-3 swing patterns on the 1-minute because i know and can do them too! May aswell check out the 5-minute and see if any breakouts are occuring etc etc etc etc
Hope this helps :S ?
I knew i had the talent and skill to discretionary trade however i didn't quite know what to write for my methodology, i wasn't quite sure... I avoided writing it down so that i could allow myself to do what i want...
Monday - £5 risk, made £50
Tuesday - £15 risk, made £22
Wednesday - £15 risk, lost £15
Thursday - £15 risk, lost £75
Friday - £15 risk, lost £15
All psychology... I knew i could do it due to the first couple of days, however as soon as my first loss occured, i became very impatient, starting drawing support and resistance on lower time-frames so that i could trade sooner and get my money back... One loss lead to another - Lost 10 trades in a row. Monday morning and i was up £80... The process occured the rest of the week again...
I realised that what i was doing was through not writing my rules, i was avoiding responsability and reason and to some extent allowing myself to gamble, however with the skills i'd acquired i felt very confident in my decisions therefore i could win at this 'gambling'...
Eventually i decided to write up my actual rules, therefore it becomes less discretionary...
For example, Support and resistance only on 1hourly.
Then at the hourly support either wait for a close above and then a close below for entries (fake breakout play) ...
I was choosing my levels but i had an entry requirement... Rather than allowing myself to do what i want.
This may not be relevant to you, but i think its important for the development of discretionary trading, make sure you're not fooling yourself - You obviously have the skill. Now turn it into a business...
For instance, i have specific price action setups that i look for on the 60 minute chart, if i didn't... Well, may aswell check out 1-2-3 swing patterns on the 1-minute because i know and can do them too! May aswell check out the 5-minute and see if any breakouts are occuring etc etc etc etc
Hope this helps :S ?