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

[jezza888]

Its better to have 100 break evens than a single loss...

 

[flmaxey]

Adding to cassiopeia's note:

The most dangerous thing that can happen to a trader is to make a lot of money, and not know how it was made.

 

[badtrader]

Cut you losses quick

 

[fudgestain]

Cut you losses quick

No.
Hold to your positions since they should have been correctly placed to start with. If for example it is a 'Buy' it may frequently go against you before it sets off north for the number of points you have in mind above your purchase price. Of course it may immediately head north like a sprung cat .. always nice when that happens.

 

[bodebliss]

"Every buy is a selling opportunity, and every sell is a buying opportunity."

Exit strategizing is really important!

 

[fxmarkets]

Quote:
Originally Posted by badtrader
Cut you losses quick

Fudgestain...
No.
Hold to your positions since they should have been correctly placed to start with. If for example it is a 'Buy' it may frequently go against you before it sets off north for the number of points you have in mind above your purchase price. Of course it may immediately head north like a sprung cat .. always nice when that happens.



intra session, hmmm, maybe be vary wary of the price trading for 3 bars (in your time frame) against and one that is 5-8 times the spread of your market. manipulation or just simply wrong on this trade... discretion of course.

 

[des44]

If you have taken a profit, you have done a good thing.

 

[des44]

Understand trend reversals

 

[des44]

Find a mentor--not just any mentor, but one who actually trades for a living.

d-

 

[paddington46]

none

Find an Edge. Use your Edge. Stick to your Edge.
Preserve your Capital.

Great advice now tell me how to implement it.
Everyday I tell myself I will take only "my" trades and everyday I fail.

 

[fudgestain]

There is no edge; there are no edges. All they represent, if anything, is part or minor understandings of the market you trade in.

Know your market .. back to front, upside down, absolutely thoroughly. There is no alternative .. TINA.

 

[bodebliss]

Before you can take the 5ver out of the market , you must take the 100 out of your back pocket.

or

It takes gold to make gold.

 

[paddington46]

Before you can take the 5ver out of the market , you must take the 100 out of your back pocket.

or

It takes gold to make gold.

I'm not sure I understand.
Got any other quotes?

 

[harpmandoodle]

Can I suggest you use someone elses money rather than your own and always have a BA open ticket to Brazil in your back pocket for when things get a little dicey, like they want their money back. Most people that get rich on the market are a little crooked at some time in their lives. That's jow coca-cola got started.

 

[paddington46]

Once upon a time I did use other peoples money and for a while I did better than with my own money.
But that only worked for a short time.

What do you think of selling half after an intermediate run?

 

[bodebliss]

Once upon a time I did use other peoples money and for a while I did better than with my own money.
But that only worked for a short time.

What do you think of selling half after an intermediate run?

You were more careful and consciencious for awhile. The successful trader will treat his trading like a business. Business owners at the outset put in long days (12-16 hours) till they are successful. If wannabes were to take that tack they would have fewer problems.

 

[jimmy1jag]

.... The successful trader will treat his trading like a business. Business owners at the outset put in long days (12-16 hours) till they are successful. If wannabes were to take that tack they would have fewer problems.

True, in my view. But you also have to do the right things otherwise you can end up wasting the time and losing your money.

I could carry on but then it wouldn't be quick reference anymore!

 

[Pip Stalker]

The Longer the Time frame the wider the stop!

The lower your funds the lower the time frame, thus the narrower your stops. If market runs in your favor move stop accordingly. This will keep you in the game longer, then grind it back up to you can return to larger time frames. My biggest problem is having so much faith in the daily trend that I use wide stops, and there goes all my previous grinding attemps. I say use longer term frames to find the major trend but use lower time frames such as 15 minute charts to enter maybe a 3 hr trend which is going same direction as daily but set stops using 15 min charts. then you face the whipsaws. Id rather lose 4 or 5 whipsaws then 200 pip stop loss on daily charts. But Im no pro! Any thoughts on this?

 

[Pip Stalker]

bad traders taking bad traders money.

almost ....... "stop losses save money for bad traders, good traders, however ,save/make money on bad trades."

bad? learning,rookie etc.. not foul people etc.
hmm, unless you use it as an auto function in your plan.

Also good traders are not taking all the bad traders money. Bad traders are taking other bad traders money also. It was just their day against you. Most traderswipe them selves out by believing in the major trendand getting to lax on your stops, believing you can make them wide cause the major trend will continue, whoops, guess what thats when it turns on you. Then you change direction and also using wide stops, whoops turned on you again didn't it. Your getting major whipsawed. Keep it a grind on a smaller scale. Let the big boys with the millions ride out the major trends.

 

[grac]

stick to the pivots