If you want to fail as a trader, study TA

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Quote from blox87:

That seems like a good idea but for now I have to KISS or I'll really be clusterfucked lol
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Ha ha, I have a way of making things sound overcomplicated.

I'm not entirely sure that there is a perfect exit strategy.
 
Quote from Dackster:

Hey mate, fair enough.

I don't expect you to explain every detail. You seem quite defensive about your usage of indicators, maybe there is an online stigma attached to them, but if you are making money....

I'll tell you why i do not like indicators.

The markets have an inherent frequency, but this frequency can change, hour to hour, day to day, week to week and so on.

Indicators can not cope with the change.

Indicator systems are by logic more prone to drawdowns than PA only systems. The reason for this is that any trader using an indicator system will rely on the indicator(s) more than the price, otherwise they would not be using the indicator(s) in the first place.
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Hmm, I agree to an extent and yet disagree. I base the majority of my entry on price action, usually trend pull backs. I just use the indicators as extra safeguards. Maybe you could call my way a hybrid system?

My main bug bear is having the bl**dy patience and discipline to wait for my set ups and not trying to force the trades out of boredom. LOL
 
You guys really have me wondering how I would do trading with NOTHING on my chart except price bars. Maybe all this time I'm thinking the 20 EMA and 1.0 dev Keltners are my keys to the kingdom and in reality I'd be making 5 times as much income without them.
 
Quote from NoDoji:

Once you realize you have a real runner on, I think the optimal exit strategy is to trail a stop just outside the high or low of each preceding bar until you're ready to take profits at a specific level or you're stopped out. Had I done that with my confirmed 20 MA breakdown short on CL Friday @ 74.60 (10:53:55am), I would've been in the trade until I exited at the previous pivot low of 73.88 (9:35am bar) or was stopped out @ 74.08 (11:20am bar); either way with a lot more $$ than I took by making assumptions.
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In my experience it's very difficult to hang in through a pull back if you're looking at a nice chunk of bankable profit...

...the old psychological gremlins at work, I really must find a way round it as I seem to be consistently coming out too early.

you're dead right about assumptions, not good to try and impose your own bias.
 
Quote from Fibbin-Archie:

Hmm, I agree to an extent and yet disagree. I base the majority of my entry on price action, usually trend pull backs. I just use the indicators as extra safeguards. Maybe you could call my way a hybrid system?

My main bug bear is having the bl**dy patience and discipline to wait for my set ups and not trying to force the trades out of boredom. LOL
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Haha! It's true bud, we are 'doing' animals, most of the time trading is about not doing, a very important trading concept.
 
Quote from Dackster:

Haha! It's true bud, we are 'doing' animals, most of the time trading is about not doing, a very important trading concept.
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I guess in trading patience really is a virtue...

...Cheers.
 
Quote from Dackster:

Not a virtue, but a skill.
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You're dead right Dackster, rather than discussing methods and systems perhaps we'd be better off discussing how to better cultivate this essential skill.
 
Quote from Fibbin-Archie:

You're dead right Dackster, rather than discussing methods and systems perhaps we'd be better off discussing how to better cultivate this essential skill.
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There's not a lot to discuss, FA, you've just got to know what you want.
 
Quote from trader198:

look into ourselves, our inner deep inside (no one knows, that is your edge)? that is psychology, right?

trading is like driving a car, look at road signs, monitor your speed limit to obey the law, plan/think about how to get to your target place (which way to save time and avoid traffic), take proper measure to avoid accident (drive defensively, keep alert of DUI/rogue aggressive drivers/careless drivers)...

look at something is just a fraction of your effort. do not put all your focus on "look at what?", keep a balance above all those things, you need exactly know when & what to put your focus on.

the market always has its own focus at each time, that is the market's theme. pay attention to its theme, you are in the right way toward successful trading. last month the theme is Euro zone problem, then what the theme this month? ask questions, and line your trade with it!

EMA, you need look at? not at all. if things are so simple, just like nodoji's edge, everyone will be rich already. your mind, your focus, your study,... all put togetther, then you may be rewarded. EMA may be a good tool, just like road sign, that just makes you obey the law, but that still could not gurantee your safe trip (some rogue drivers still have chance to crash into your car!)
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If you take a bird's eye view, you WILL get there a lot quicker, and, avoid all the silly drivers that might well crash into you:D

TE
 
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