help !...now conscious incompetent !

Singhstyle

Junior member
17 0
Dear fellow traders

I just wanted to ask the forum for advise on a few elements . I am using the rmo system and am getting good selections (buy/sell). however .....I am ...now conscious incompetent !!!! I've been proper cash trading for about 8mths and 50/50 at moment !

I know that I a trader not an investor and work using EOD daily data. I am managing my emotions and really focusing on the discipline aspect but loads to learn and am in this for the long haul.

I have read probably like you fellow traders to let the profits run and kill the bad deals philosophy but ..I would welcome some great advice on the following specific elements. I tried researching using the internet but really need some clarity and laser like guidance on:

1) in-trade management. is this all psychological/emotion management or do you use any indicators? Do you try to unpick intraday movements and eod of day . I done and kicked myself for the "let me just take a peek and see how it is doing" and then the gut reactions that follow..I am getting better and try to walk away after putting on a trade or enter the order. Getting there slowly!

2) entry and Stops. I use chandlier trailing stop at 2.5 ....too tight or too wide ??? appreciate it depends on volatility ... but i also use it to define an entry point ( using 2) - good idea or not? ..perhaps not as my orders got executed and then dropped.... i did a deep breath and don't blame the IG platform ...but 4 times... oh well i live and learn. I did this as I was always entering a trade and then was getting hit by the spread . I use this way to at least getting into a trade if a trend starts

3) exit indicators. I have read a lot of books and tried using a few RSI, MACD but they don't feel natural to me...I want one which is visual and simple. Any suggestions on what you use or found in your experience?

I appreciate it is horses for courses but I believe your collective knowledge will give me a start to investigate further on these issues.

Kind regards
 

Pat494

Legendary member
14,573 1,553
Like a never ending road there is always a way to improve at your own pace and in the direction you choose. Like the pilgrims of yester year on the trail of the Grail.

I expect you will be sucked in to shorter and shorter time frames until you take the plunge and trade full time.

Good luck
 

fxrookie24

Junior member
23 0
Am reading a book called Trading in the Zone which has been recommended to me byone of my mentors...great read!!
 

NVP

Legendary member
37,584 2,008
Dear fellow traders

I just wanted to ask the forum for advise on a few elements . I am using the rmo system and am getting good selections (buy/sell). however .....I am ...now conscious incompetent !!!! I've been proper cash trading for about 8mths and 50/50 at moment !

I know that I a trader not an investor and work using EOD daily data. I am managing my emotions and really focusing on the discipline aspect but loads to learn and am in this for the long haul.

I have read probably like you fellow traders to let the profits run and kill the bad deals philosophy but ..I would welcome some great advice on the following specific elements. I tried researching using the internet but really need some clarity and laser like guidance on:

1) in-trade management. is this all psychological/emotion management or do you use any indicators? Do you try to unpick intraday movements and eod of day . I done and kicked myself for the "let me just take a peek and see how it is doing" and then the gut reactions that follow..I am getting better and try to walk away after putting on a trade or enter the order. Getting there slowly!

2) entry and Stops. I use chandlier trailing stop at 2.5 ....too tight or too wide ??? appreciate it depends on volatility ... but i also use it to define an entry point ( using 2) - good idea or not? ..perhaps not as my orders got executed and then dropped.... i did a deep breath and don't blame the IG platform ...but 4 times... oh well i live and learn. I did this as I was always entering a trade and then was getting hit by the spread . I use this way to at least getting into a trade if a trend starts

3) exit indicators. I have read a lot of books and tried using a few RSI, MACD but they don't feel natural to me...I want one which is visual and simple. Any suggestions on what you use or found in your experience?

I appreciate it is horses for courses but I believe your collective knowledge will give me a start to investigate further on these issues.

Kind regards

keep it simpler.............

an exit indicator needs to be based on asking "if the price comes back beyond here the move is then over"

the stop is the initial Exit indicator and should answer the question above

everytime you move the stop (automated or manually) the same questoin is being asked ......

traditionally this adjustment is done when the price has retraced , held and then moved on again below the recent highs or lows adding profit to the trade .....

just bring the stop to the new retracement area with a little wriggle room

N :smart:
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock