How to be patient

[Piptaker]

The forex market was not geared to wrong side you. Your "ego issues" and impatience result in poor trading decisions and the negative results probably cause you to feel that the market is purposefully trying to wrong side you.

As a beginner I was a counter-trend trader (expecting a reversal because I believed price ran "too high" or dropped "too low"). This strategy could work quite well for quite some time, but if a trader is too attached to his/her beliefs about concepts like "too high", "too low", "it's due to reverse", "overbought", "oversold", it can result in huge losses, often right around the level where price actually does reverse significantly.

If you're not experienced enough to understand what's more likely to happen when certain price levels are crossed, or you have as you say "ego issues" and impatience in waiting for clarity in the market, it will absolutely feel like the market is "watching" you and doing its best to screw you.

Hi Nodoji

Thanks for your reply! To be a trader I've found most people have had some sort of issues to overcome to make it and come get to know themselves very well if they've any intentions of making it, some more so than others it takes all sorts to make a world and one of the reasons I think the success rate is so low, I've no problem now being honest with myself or anybody else and admitting past issues , I've no ego to protect anymore not that my ego was big in the first place but there none the less, which I see all over these boards all the time but it sounds like you've not had such problems to deal with which is great, do you trade full time? I just mentioned in another thread actually that I'm currently a full time trader

'Geared to wrong side you' Yes I was probably a bit naughty and vague and I understand your reply, but I'm not going to go into this to deeply as I've spent a long time studying and i'm not prepared to give too much away, there's many ways to skin a cat in this market whether its structure ratios and measures (which I still use) or MAs and I'm not going to knock anybody for trying just because they trade different than me...
My approach now is probably nothing like most here which is a positive for me,I'm talking about how a market actually works, briefly and without giving too much away I look for who's available at which prices and who is doing the buying or selling and whether its buying to open or buy to close , (many here don't even know about or understand this extremely important part of the process) what is the style of the participants, who is available and how are future moves to be fueled? What are the triggers to (persuade) own or disown etc etc what is the current price action trying to achieve ? you probably don't need to understand or think about any of this to make money but for me to gain this context just takes a minute...

 

[NoDoji]

...but it sounds like you've not had such problems to deal with which is great, do you trade full time?

The problems I've had regarding impatience, ego, beliefs, difficulty with accepting losses, and so on seemed insurmountable at times.

I no longer trade full time. Too many other irons in the fire.

 

[TKOSTA74]

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[TKOSTA74]

The problems I've had regarding impatience, ego, beliefs, difficulty with accepting losses, and so on seemed insurmountable at times.

I no longer trade full time. Too many other irons in the fire.

hello no doji
i enjoy coming on this site and reading your comments and a few others.
i understand that you trade the 5 minute chart and obviously you are very successful in doing it.
i am also trying to do the same but i would like to know (your personal opinion)as you have many more years experience.is it worth trading the 5 minute chart,can it be done,are you cutting back because the day in day out of pressure or other things.i personally believe it can be done(eventually).just a quick brief summary will do.
thanks

 

[NoDoji]

i understand that you trade the 5 minute chart and obviously you are very successful in doing it...is it worth trading the 5 minute chart,can it be done,are you cutting back because the day in day out of pressure or other things.i personally believe it can be done(eventually).just a quick brief summary will do.
thanks

The 5-min chart is my "go-to" chart. All my initial signals come from the 5-min chart. I only use the 1-min chart to choose entry prices to position myself in the direction of the latest valid signal that the 5-min chart provided me.

I cut back because my primary trading time window is during the first 2-3 hours of regular trading hours, and I have several non-trading projects I'm working on.

 

[ubo]

I only use the 1-min chart to choose entry prices to position myself in the direction of the latest valid signal that the 5-min chart provided me.

I cut back because my primary trading time window is during the first 2-3 hours of regular trading hours, and I have several non-trading projects I'm working on.

Hi NoDoji, I was wondering if you are still using the DOM (instead of the chart) for your trade orders? How does trading 2-3 hours affect the overall profitability as compared to before when you were trading the full RTH? Thanks.

 

[NoDoji]

Hi NoDoji, I was wondering if you are still using the DOM (instead of the chart) for your trade orders? How does trading 2-3 hours affect the overall profitability as compared to before when you were trading the full RTH? Thanks.

I still use the DOM. Tried trading directly on the chart and didn't like it at all. My most profitable trading always happened in the first 2-3 hours of the RTH session. I really lose focus after that.

 

[EPrado]

I still use the DOM. Tried trading directly on the chart and didn't like it at all. My most profitable trading always happened in the first 2-3 hours of the RTH session. I really lose focus after that.

I have been using the DOM forever. When trading on a chart started I stayed away. I had a buddy who made a mistake and ended up with buy orders everywhere. Not for me.

I agree with you 100% on trading the first 2-3 hours of RTH. Especially these days as most of the days volume occurring in the first few hours. Then once Europe shuts it can really slow down. If you look at most markets after you hit Noon edt it's range bound. I too noticed that my trades from noon on were not nearly as good as the early ones. Now I basically close shop at noon. Like I have said before, very good trading can sometimes be somewhat boring and not a ton of action.

 

[pinfire]

Yes 2- 3 hours daily market watch will tell you many things about different pair's movement.You should be patience to see how market is going on ,what should be your next step . If it is suitable for you open positions in with appropriate leverage and lot size. Avoid hurry in trading.

 

[vic84]

In the beginning its hard to be patient as we are in hurry to make money but as you keep on trading you tend to control your nerves and trade.