Best Thread Quick reference for real trading profit. Tips that work

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Pat494

Legendary member
14,617 1,579
If you are really clever, hardworking etc. you should be able to figure out a winning system in 2 years

If you are averagely intelligent it will take approx 6-10 years

If you are not blessed with brains and motivation then as at school hunt around for a swot/geek type of know-it-all and crib off them. ( Could involve a lot of brown-nosing - ugh !! )

So unless you have an IQ of under 50 and the habits of a slug then YOU have no excuses for not being a success at day trading

QED :smart:
 
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slicker2009

Junior member
15 0
In a Bull market...Be Long or Neutral - in a Bear market...Be Short or Neutral
A lot of people forget this rule and trade against the trend by calling for short term changes in market conditions. This usually causes psychological imbalance and frequently leads to losses.
 

slicker2009

Junior member
15 0
We will never trade perfectly but must attempt to at least minimize our natural self destructive impulses. Keep a journal of your trades. Don't just mimic the information contained in your brokerage statement. Instead keep a log of you felt emotionally about each trade.
 

fayalac

Established member
560 16
Yes!

I hope a lot of people would pay attention to the tip you just gave, but since it is very easy to go against the trend looking for short therm variations many people gets trapped and loose money.
What i do, in a bull market (and vice versa) is if the price has gone too high i wait it to come back down and then i enter into a long position despite how attractive could be to get into a short one, not many people has paid attention to these tip and they are after me some two or three weeks later asking me how to do it.
Good one. :smart:
 

slicker2009

Junior member
15 0
You should always try to end your day on a positive note. Try to end your trading day with a small positive trade or a small stop loss. This will keep your confidence levels fresh and ready for the next day . When you see more black entries (profits) than red entries ( losses ) for the day you will sleep better and your confidence will grow .
 

slicker2009

Junior member
15 0
The "normal" people are too lazy to look back and ask themselves why things are going wrong . They are not willing to sacrifice the time to write down a diary of their trades and they think they can ignore advice given to them time and time again by experienced traders . Advice like :

GET OVER CONFIDENT AND THE MARKET WILL ABSOLUTELY & WITHOUT DOUBT PUT YOU RIGHT BACK IN YOUR PLACE .
 
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wwwin1

Junior member
29 0
I find that indicators do not help me and that support and resistance points are all you need to be successful
 

Demiwan

Newbie
2 1
After a show of strength, buy above a low volume pullback (especially a perfect doji).

Buy above a successful low-volume test of the day's high.

Use a screener at the day's open looking for stocks that gap up 10% or more on 50k Volume+ above 0.75$. Weed out the one's with too much volume, because they will often only gap and range. Many times, the top couple of the open are your best candidates. Wait for the three bar swing to establish the highs and lows of the open, then look for a good entry.

If nothing pops out at the open, lower the % gain requirement on your screener and try to catch stocks that gapped only a few % points but that are trending a few hours in.
 
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adamhargreaves

Newbie
9 1
The golden rule

cut your losses short, let your profits run - golden rule often hard to adhere to when your starting out. The need to be right and the hope that your losing position will turn around is often the cause of destruction for most new account holders.

Large when your up small when your down - increasing your postion size when your winning reducing when your losing,


The edge is on top of the fence - My own sentiment, many traders feel like that they have to constantly be active in the market to make money, even if they cannot see clear reasons to enter a position they will feel pressured to be engaged in the market one way or another. The ability not to take a up a position and "sit on the fence" can be your "egde" as a trader. Why try to guess where a top and bottom might be? let the market prove your thoery rigth before you enter.
 
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Pat494

Legendary member
14,617 1,579
Confucius say :-
Have
Patience of a saint
Heart of a lion
Strike speed of a cobra
and brain of genius

( if ya got that lot all rolled up in one package you prolly need medical attention mighty quick time ):cheesy:
 

tenbobtrader

Guest
450 140
"It amazes me that the biggest advantage that the public has is this ability not to have to trade and to wait for only the best opportunities before making there commitment and yet they squander this by over trading in order to make money faster. With the net result that they lose money faster.

Its interesting that we have mentioned time because my favourite quote is from Jesse Livermore: "Time is not money. Time is time and money is money".

We are ingrained from an early age that the more time you spend working at something the more money you make. The more hours you work the more you get paid etc.

When I teach new traders they are always dismayed at how few and far between the really good signals are. "What?!", they say, "you mean I have to sit here for a few days just waiting?! But there are massive moves every day...just look at gbp/jpy it's gone up 200 pips and then back down 200 while we've been talking..."

This concept is totally wrong in trading. Yes you do have to put many hours in at the beginning but once you know what you are doing, you can make a years salary in 10 minutes. Then sit back and do nothing for days, weeks, months until the next opportunity strikes.

Time is just the interval until the next trade. It has nothing to do with how much you will earn."

By TD
 

Davidee

Member
80 2
"Trading is actually remarkably simple, but it can be as complicated as you want to make it; personally I try to keep it as simple as possible."

The first line in my article about the most important lessons I've learned in Forex trading and how I trade as a result of these beliefs. My Lessons Learned Trading
 
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