AHG - Profitable Strategy for Struggling Traders
- Thread starter Anekdoten
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While I agree with the idea of looking at a smaller timeframe for entry you have to be careful not to go too small. I kept going to smaller and smaller timeframes in order to get my stop as tight as possible but found myself getting stopped out far too often. Now I decide what is a reasonable stop in the present volatility and look to get in as long as I am within its limits but not within the lower half of this limit as it usually leads to getting stopped out.
Another tip for those who are trying to make it. This one comes with a certain contradiction but im sure more than one of the experienced traders will agree. Even though one of the perks of trading is the amount of money you can make, you will start to make it when you stop worrying about making money. I know this is a contradiction but it has its truths.
Thinking in terms of money blinds you from your setups, your entries your exits. Instead of focusing on the amount of money you make why not view it in points? Or even better (when you have a certain track record) dont keep track at all. Trading is a game to an extent, a game of calculated risk. The more calculated your risk the better you do, the more of a game it is the better you do as well.
Try this little experiment to view first hand what im talking about. You all know a kid around you who owns play station or a similar console. Ask them what is their record on a game. Offer them 100 dollars if they break it while you watch them. If not 100 dollars something they desire ( a bike, a game or whatever). This new dimension in their game (prize) adds pressure and this added pressure takes away from their abilities to play (Trade). Even more, tell them that for each attempt they dont make it to new records you will take away 100 dollars. Even more pressure. Im sure few would earn the initial 100 dollars after a few trials.
Good trading to all.
Thinking in terms of money blinds you from your setups, your entries your exits. Instead of focusing on the amount of money you make why not view it in points? Or even better (when you have a certain track record) dont keep track at all. Trading is a game to an extent, a game of calculated risk. The more calculated your risk the better you do, the more of a game it is the better you do as well.
Try this little experiment to view first hand what im talking about. You all know a kid around you who owns play station or a similar console. Ask them what is their record on a game. Offer them 100 dollars if they break it while you watch them. If not 100 dollars something they desire ( a bike, a game or whatever). This new dimension in their game (prize) adds pressure and this added pressure takes away from their abilities to play (Trade). Even more, tell them that for each attempt they dont make it to new records you will take away 100 dollars. Even more pressure. Im sure few would earn the initial 100 dollars after a few trials.
Good trading to all.
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