Singhstyle
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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
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
