reminiscence of(yet) a (novice)trader

aag100

Established member
613 35
what time frame?
i have heard that question asked many a time and have also racked my brains for years looking for the answer.
each time frame paints a different picture and i think the answer is to be totally faithful to one time frame.enter when the pattern dictates on that time frame and exit when it dictates.moving from one time frame to another trying to get the best entry and exits only adds to the confusion.
bigger the time frame-fewer,longer trades.bigger risk/reward and conversely for shorter time frames.
big players no doubt use daily/weekly charts.this can mean having to wait days/weeks,even months for a trade set up.over the years they have developed the patience to sit out and do nothing. this is what smaller players(including myself) should aspire to.
for now i need to develop my skills and need more action.for this i'll be trying to stay completely faithful to the 10min chart.this i find gives me 3-5 trades a day.
 

aag100

Established member
613 35
scrap the 10min time frame.i dont yet have the patience or discipline to hold for hours waiting for the pattern to complete.moving to 3mins with a 10-20 point stop loss,so i can cut it or get out sooner.
 

neil

Legendary member
5,167 745
scrap the 10min time frame.i dont yet have the patience or discipline to hold for hours waiting for the pattern to complete.moving to 3mins with a 10-20 point stop loss,so i can cut it or get out sooner.
Stop pontificating and post some live trades - then you have something to reminisc about .....ffs
 

aag100

Established member
613 35
Stop pontificating and post some live trades - then you have something to reminisc about .....ffs
as constructive as your other posts.later perhaps i will once ive honed my skills.
for now i want to make pope.
 

aag100

Established member
613 35
cut your losses and let your winners run.
you will have heard this mantra by every analyst/trainer and his dog but what does it even fking mean.to the newbie,he places a trade sets his stop loss and gets stopped out.again and again and again.hes sticking to the mantra and cutting his losses.he seldom has the chance to even contemplate letting his winners run and when he does get the odd chance the winners reverse and become a loss.
what i think they fail to mention first and foremost is cut your losses and let your winners run WITHIN YOUR TRADING PLAN.
DEVELOP YOUR TRADING PLAN/STRATEGY and in accordance to that you will know whether to cut your loss or let a winner run.
 

Aspen Trading Group

Well-known member
427 1
cut your losses and let your winners run.
you will have heard this mantra by every analyst/trainer and his dog but what does it even fking mean.to the newbie,he places a trade sets his stop loss and gets stopped out.again and again and again.hes sticking to the mantra and cutting his losses.he seldom has the chance to even contemplate letting his winners run and when he does get the odd chance the winners reverse and become a loss.
what i think they fail to mention first and foremost is cut your losses and let your winners run WITHIN YOUR TRADING PLAN.
DEVELOP YOUR TRADING PLAN/STRATEGY and in accordance to that you will know whether to cut your loss or let a winner run.
Well stated. While it is easy to tell traders 'get off the shorter time frames' I realize it is much harder to do early on in your 'career'. Having a plan versus reacting to price action allows you to move that time frame out and not agonize over every pip - that is so counter-productive.

Plan Your Trade; Trade Your Plan
 

aag100

Established member
613 35
Well stated. While it is easy to tell traders 'get off the shorter time frames' I realize it is much harder to do early on in your 'career'. Having a plan versus reacting to price action allows you to move that time frame out and not agonize over every pip - that is so counter-productive.

Plan Your Trade; Trade Your Plan
short time frames you end up chasing your tail and if you manage to get out of the cycle to stand back and look at what you have been doing you realise you would have been better doing nothing or alot less than than what you have been doing.so then you move out to bigger time frames.now theres fewer trades to take,you have to wait longer and the candles are bigger which requires more risk.impatience and fear take their toll and you end up back on the smaller time frames chasing your tail again.i think every trader must zoom in and out a few times,each time increasing their patience and risk tolerance before arriving at their own happy medium.
 

aag100

Established member
613 35
what is a trading system?
is it something you get from reading the infinite number of books out there,is it something you get from following a guru of which theres as many,is it a black/grey box you can buy and then watch the money roll in even as you sleep?
a trading system is something you have to develop by watching the price over countless hours.throw in an indicator or 2 and see how the price reacts at certain levels in relation to them.ive been told indicators are lagging,well fk me if theres a leading indicator which tells you where price will be beforehand.theres others who say they only use price action.i dont believe that.to me thats seems disorientating
 

Shakone

Senior member
2,458 665
what is a trading system?
is it something you get from reading the infinite number of books out there,is it something you get from following a guru of which theres as many,is it a black/grey box you can buy and then watch the money roll in even as you sleep?
a trading system is something you have to develop by watching the price over countless hours.throw in an indicator or 2 and see how the price reacts at certain levels in relation to them.ive been told indicators are lagging,well fk me if theres a leading indicator which tells you where price will be beforehand.theres others who say they only use price action.i dont believe that.to me thats seems disorientating
In what way would looking at the key thing that determines whether your (and all other traders) trades are winning or losing be disorientating?
 

aag100

Established member
613 35
In what way would looking at the key thing that determines whether your (and all other traders) trades are winning or losing be disorientating?
disorientating when your only looking at that one key thing,the price.the price in relation to what?
use abit of artistic flair,some imagination whilst your sitting watching trades or are you one of the better traders whos mastered the art and can set your orders with stops and limits while you go for a round of golf and recieve a message on your phone telling you how much profit you have just made.
 

Shakone

Senior member
2,458 665
disorientating when your only looking at that one key thing,the price.the price in relation to what?
use abit of artistic flair,some imagination whilst your sitting watching trades or are you one of the better traders whos mastered the art and can set your orders with stops and limits while you go for a round of golf and recieve a message on your phone telling you how much profit you have just made.
The price in relation to what other traders have done, are aiming for, and will do. And that's all you need.
 

Solas0077

Active member
235 11
Indicators are for losers is what .I have found out so far and nobody tell me that I don't know how to use them properly...
 

sethmo

Junior member
23 3
Indicators are for losers is what .I have found out so far and nobody tell me that I don't know how to use them properly...
I beg to differ. A tool's usefulness is determined by the user, not the tool. If you use a hammer to paint, it's not the hammer's fault you chose it and did a bad job.

I use indicators, for example, but in a way that suits my personality and trading style in a way I haven't seen on the net.

Moral of the story: there's no real right or wrong way to use indicators, use them in a way that makes sense to you.
 

Solas0077

Active member
235 11
I beg to differ. A tool's usefulness is determined by the user, not the tool. If you use a hammer to paint, it's not the hammer's fault you chose it and did a bad job.
False analogy....99.99999999% of those using hammers produce something. 99% of those who use indicators lose money. Even if you think they are 50%, still it is a false analogy.
 

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