I see Redneck and NoDoji has gotten a hold on you. Follow them and you will be fine.
I'd like to become a better trader
- Thread starter PO
- Start date
I am a trader not a gambler:
Gambler vs Trader:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=215740
More than 90% of newbies and amateurs lose, and they never make it. As for you, you are part of the more than 90% and u are trap meaning u are a gambler addicted. You will keep trying and continue to lose. I'am 99.9% sure u will never make it in this game.
My advise is to give up and save your money.
Hope this help
Never read that, but that post from Cornixforex is printed out and sits right in front of me. I read it out loud every morning before I activate my platform.
It's been a great inspiration for me to keep trading all setups, period. No hemming and hawing; if it walks like a setup and it quacks like a setup, it's a setup. It doesn't matter if there's huge size nearby on the DOM, or the news was bullish/bearish, or it's run "too far"; just trade it with correct technique, following the rules. That's all that matters.
I covered a short trade late today because it moved through my target zone and pivoted. I locked in my target profit, price bounced just a bit, then turned down again and continued to run a mile without me. My first thought was, "Damn, covered to soon!" (it's always "too soon" when price continues further after the fact). But I quickly reminded myself that I covered according to my plan. I attained full target on the trade. I traded with the "correct technique". That's what counts.
Great stuff (including the quote from the blog)!
1. good long - traded what I see, not what I think. My initial target was 68, but 72 -75 possible, I closed it after there was resistance at 68. Which was Ok.
2/3/4. Made a mistake in the next 3 shorts. We were in uptrend still. Need to think continuation, not reversal. I should have waited for either confirmed reversal, or at least my 72-75 target before shorting.
5. Missed the short on rejection of 75, but took the second opportunity after 72 didn\\\'t hold. Target 65-66. Covered at b/e because no selling follow through and 68 acted as support again.
6. Long - DB @68, was taking too long, covered a bit above b/e. Plus FMOC announcement was coming up, didn\\\'t want to have a position before it today.
7. short after FOMC, it was too soon after the announcement and we didn\\\'t break 68, so It was an anticipation trade but at a bad spot.
8. Took another short and covered at b/e right away because I realized that it wasn\\\'t my signal trade, but stupid counter trend trade.
9. Another countertrend short prematurely, my target of 81 wasn\\\'t tagged yet.
3 correct trades out of 9 (#1,#5,#6). The rest are stupid counter-trend shorts all over the place.
Will print out and put on my desk for tomorrow -
NO COUNTER-TREND TRADES, UNLESS I GET A CONFIRMED REVERSAL AT IMPORTANT PRICE LEVEL.
INSTEAD I NEED TO GO WITH THE TREND TO HIT MY TARGETS.
THINK CONTINUATION and FOCUS ON THE RULES
IT\'S OK TO MISS A TRADE, THERE ARE PLENTY OTHERS
2/3/4. Made a mistake in the next 3 shorts. We were in uptrend still. Need to think continuation, not reversal. I should have waited for either confirmed reversal, or at least my 72-75 target before shorting.
5. Missed the short on rejection of 75, but took the second opportunity after 72 didn\\\'t hold. Target 65-66. Covered at b/e because no selling follow through and 68 acted as support again.
6. Long - DB @68, was taking too long, covered a bit above b/e. Plus FMOC announcement was coming up, didn\\\'t want to have a position before it today.
7. short after FOMC, it was too soon after the announcement and we didn\\\'t break 68, so It was an anticipation trade but at a bad spot.
8. Took another short and covered at b/e right away because I realized that it wasn\\\'t my signal trade, but stupid counter trend trade.
9. Another countertrend short prematurely, my target of 81 wasn\\\'t tagged yet.
3 correct trades out of 9 (#1,#5,#6). The rest are stupid counter-trend shorts all over the place.
Will print out and put on my desk for tomorrow -
NO COUNTER-TREND TRADES, UNLESS I GET A CONFIRMED REVERSAL AT IMPORTANT PRICE LEVEL.
INSTEAD I NEED TO GO WITH THE TREND TO HIT MY TARGETS.
THINK CONTINUATION and FOCUS ON THE RULES
IT\'S OK TO MISS A TRADE, THERE ARE PLENTY OTHERS
PO
A respectful suggestion if I may
Instead of focusing on what not to do
Focus on what to do⦠iow The process⦠Your process
Create your process, then follow your process (canât over stress this enough)
If it includes counter trend trades, then write down their entry criteriaâ¦, if it doesnât â no harm
Same with â with trend trades
Same for setting a stop
Same for setting a target
Same for sitting on hands
Following our process â is all that matters⦠andâ¦, all that is necessaryâ¦
And remember KISS when creating your process â why â because every tradeâs outcome is what??
=============================================
A test;
What is the most important part of trading??
And who creates this most important part??
And how complicated should that part be??
What is every tradeâs outcome??
What do we know with every trade (2 part answer)
What do we do - over..., and over..., and over..., and over... ad nauseum??
Simple questions, simple answers, because that is what it takes â over, and over, and overâ¦.
============================================
And yes it is perfectly acceptable to miss trades.., because we never know we've missed it until after the fact..., Any idiot can trade a chart...
We trade the right edge... We accept the win, the loss, or the miss..., Then we move on to the next one.... Big difference.
RN
today was tough ,the dvol/uvol was 8/1 negative most of the day,was a cloaked day,walk away day,after 9 failed short trades,couple of small winners there but none reached target,gave up,said to myself,you're off, and walked away..no reason to trade when your stuff is not working,after giving back last nites gains and then a bit more,i threw in the towel,bad day,know enough not to revenge trade,had i staid,i would've lost more,sometimes when setups don't work ,you have to ask yourself,were they setups or am i off..piclk your battles,when your losing ,ask how much of a beating do i want to take,you won't win em all,live to fight another day..keeping humility one up over opinion will work in your favor 99% of the time