Quote from usman88:
my broker would be happy today
made 20 RTs
@spanish
bro you gotta give us more lessons
lol
lol
Welldone mate..
How much you made today in ticks?? and in £ if you ok to share...
And the most useful broad tip i can give about trading style is-
Instead of trying to 'follow the market around and trail it as it moves in a direction',
since that may work sometimes, but will very often cause problems as every pullback you never know if its about to change direction against you,
and especially if it runs into low movement like it is most of the day is you will have to just sit and pray. lol
Since no matter how fast you click or how good at seeing patterns/formations you are, you can never 'out-run the market'.
And by trying to follow and trail the markets 'slower longer moves' you will simply cause yourself alot more stress and probably endup with less money.
However in my style of trading you simply have to hold back and wait till the market the market over stretches itself in 1direction, and thats when its at its really most serious weakest...
And so thats when you go in hard and fast and attack it!!
(you can allow it to go into a loss for abit even, since providing you got in at enough of an over stretched level, all the market is is just a giant rubber band. So the further it then goes against you is simply making it weaker and causing more power builup for when it snaps back).
Thats why all the mid range movement is so soo dull n slow.
But when it over stretches why it snaps back so fast and hard...
(30ticks t 80ticks in under 45seconds).
And theres no worrying of having to 'work-out the markets direction' that day or hour everyday, or having to create a story with all the fundamentals news and then use that to trade, since that would make traidng very very complicated and hard'.
Instead you simply start everyday just relaxing back and watching and waiting.
This morning i sat down at 8am cos over slept, didng leave sofa for 4hours till 12, but when that came and market fell very steeply n sharply attacked it, and even though i made only half of what i could have, i took i £390 after spread for just holding the trade for 30seconds.
So patience really honestly does pay by the hour...
The main things to remeber are-
*You can only attack the market from the outside in.
(So if you are in from the middle floating around you are simply at the mercy of the market).
But while you are on the outside looking in waiting to attack you are holding all the power and control.
*If you want to be able to know when its very likely that a move has overdone and over stretched itself heres a checklist you can use.
(This applies to ever move apart from news reactions)
-The origin of the move has to be over $2s away from where you are looking to enter for its pullback.
(Sometimes i wait $3s - $5s moves, but as a safety rule dont go in unless its over $2s).
-The normal sign that the move is over is a head and shoulders formation.
(Once you gain more experience you can tell just by looking and S&Rs where to get your sell in)
Butto start you wait till it makes a low dip, the rises.
That rise will be steep and fast, and so you may think you missed the move, but NEVER chase that spike.
That spike will then pullback, but it wont go as low as the previous one did.
I dont tell anyone what size stoploss to use, but if you wnat to be safe you would then buy in as low down this spike as you can once you see it hasnt gone as low as the previous one, but you coud put your stoploss just below where the previous one went to.
That way you are risking very very few ticks, and the upside potential is not only huge but very very realistic too.
-If you want to be safe to make and keep profit cash that trade in at the top of the 2nd spike up.
(What will happen after you buy on the dip from that 1st pullback is it will then spike up maybe 25 t 30ticks, but then pullback about 10 maybe, but then very likely it will rise about 20 t 45 more from there in the next spike.
So now you have got about 50 to 60ticks profit, and so you cash in there as near to the top of the spike as possible. (Use S&R levels as guidance)
However if it spikes more than 50ticks in the 1st move itd be good to cash in there, and then buy back about 25 t 30ticks lower.
