When I find a chance to trade but I am not sure,what should I do?

[xushan8]

From technical analysis,I found a chance to open a position,but ,I am not sure whether the chance is big or small.No body can meet the best chance to trade.But I dont want to
trade the common trading chances.How to improve your trading accuracy and distinguish
good chances from common chances.

xushan

 

[Sang Froid]

Look for areas that are unlikely to have a mass of orders placed around them if you want to find 'uncommon' chances. plot some support and resistance levels on your chart, I'll bet my life on it that there a hundreds of thousands of orders waiting to be triggered at those levels.

But.... maybe that's telling you something... maybe you should be looking at these areas too... maybe that's the areas where price will move the most once stop losses are triggered and people take profits, then more orders are placed, maybe you should look at those areas

 

[Rhody Trader]

In the end, it's going to be experience that tells you which are the better set-ups. That comes from testing and trading. Start very small and don't rush things. Journalize your work so you can learn from both your wins and losses.

 

[xushan8]

Look for areas that are unlikely to have a mass of orders placed around them if you want to find 'uncommon' chances. plot some support and resistance levels on your chart, I'll bet my life on it that there a hundreds of thousands of orders waiting to be triggered at those levels.

But.... maybe that's telling you something... maybe you should be looking at these areas too... maybe that's the areas where price will move the most once stop losses are triggered and people take profits, then more orders are placed, maybe you should look at those areas

Thank you for your advice.I know that you can see many levels on your chart.But in my country's market,you just only see 2 levels on your chart. so you dont know how many orders at next levels.I see what you mean is how the market reacting when the price arrive at the key levels.But I think there should be something more important than that though it is important too.

 

[xushan8]

In the end, it's going to be experience that tells you which are the better set-ups. That comes from testing and trading. Start very small and don't rush things. Journalize your work so you can learn from both your wins and losses.

yes,capital management is very important .But my account is very small.If I open a position whatever commodities, it is nearly full.Thank you .

 

[Rhody Trader]

yes,capital management is very important .But my account is very small.If I open a position whatever commodities, it is nearly full.Thank you .

If that's the case, either wait until you have more capital (and demo trade until then) or switch to a market you can trade without straining your account balance. Underfunded trading has to be one of the biggest reasons new traders crash and burn. One mistake and you're done.

 

[xushan8]

If that's the case, either wait until you have more capital (and demo trade until then) or switch to a market you can trade without straining your account balance. Underfunded trading has to be one of the biggest reasons new traders crash and burn. One mistake and you're done.

You are right,actually I wanna transfer small to big one,but you know it is very hard,what is your opinion for rolling small capital to big one quickly.

 

[tomorton]

You are right,actually I wanna transfer small to big one,but you know it is very hard,what is your opinion for rolling small capital to big one quickly.

It is only possible to make small capital into large capital in a short time by taking high risks. Most people (about 95%?) who try to do this get wiped out and their account is reduced to zero very quickly. Do not do this.

You are looking for other indications of support for the market - can you see volume and would that be useful?

 

[gmarx]

Try not to look for too much confirmation that a level is a level or a trend is a trend, as usually that means you have missed the boat or will break when it reaches there.

 

[kingfisher3210]

I will say stop trading Live. You are going to loose money if you have not fully accepted risk in your cognitive thinking. The problem right now is you are fearful of loosing, you have not accepted the risk fully in your thinking structure.

Give it a year to learn, remember, revise your trading set ups. Make a journal in word (its must). Revise it. Remember it. Neurons and synapses are getting strengthened inside your brain with constant revision.

Pick up trading in zone by Mark Douglas. Read it word by word, understand it, jot down main points and integrate the tips out there in your thinking structure.

Reading Mark Douglas- Trading in Zone will change your trading career for good. You will be completely transformed the way you think. If you ask me why few traders are mega successful, the simple reason is they think differently.