good to know information for new traders
- Thread starter mute9003
- Start date
Consolidation days are well tradable for smaller p/l. So I trade them also. It is more the price action that is happening at the moment that concerns me. Just use the right setup and tactics for that price action.
Ideally you can see the different players actions. The big players, medium players, the Godzilla. That allows you to stay more in tune with the action. Best to go with the flow....
Speaking about Forex Trading
The things you mentioned as "generic stuff", once you meet that you're 80% up
20% Trade plan
10% Risk management
Technical aspects depends on what style and method you trade
lastly,
Trade what you see, not what you think.
The things you mentioned as "generic stuff", once you meet that you're 80% up
20% Trade plan
10% Risk management
- There is no holy grail in trading style, pick one style and master the hell out of it
- Narrow down focus to few pairs and not have 20-30 pairs on your watchlist
- Decide if you want to swing/intraday or scalp (not like you tryna scalp and a trade goes in red, then suddenly you decide to be swing trader haha)
Technical aspects depends on what style and method you trade
lastly,
Trade what you see, not what you think.
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Good points;
Jack Schwager Top Trading Books Help. Mostly trade with trend. IF you make frequent changes to plan, never had much of a plan.................................................................
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Best bits of information I could give might be:
These are not terribly technical, but there's not much to say technically without knowing what method/setup/pattern a trader is targeting. Also, though it may not be interesting to you, the "mindset" stuff is by far the most important and impactful part of trading. New traders seldom want to hear or accept the truth, though...
- Specialize - find one technique or setup and focus on that exclusively until you become an expert
- Wait for price to move in your direction before jumping in. Check shorter timeframes for confirmation
- Pick your loss exit point before you trade and always honor it. No averaging down!
These are not terribly technical, but there's not much to say technically without knowing what method/setup/pattern a trader is targeting. Also, though it may not be interesting to you, the "mindset" stuff is by far the most important and impactful part of trading. New traders seldom want to hear or accept the truth, though...
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I MUCH prefer stuff trending past previous days range with confirming increasing volume.
But planned+ careful attempts @ average 50dma volume can be just as good.
TZA has clearly broke down below 50 dma price;
TQQQ, SPXL, UPRO are nicely aboVe 50dm price.
I laughed the first time i read IBD founder's warning ''new traders expect to much with to little work'' LOL But it's still a good warning.
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I would start by following trading signals and try to analyze why the signals did what it did and play off or trade off of it. And eventually be able to make your personal trading rules to trade by!