tips for become a good trader?

bd10 said:
In trading you're in the risk management business. So, keep the trade size small, say 1% of total equity. This ensured you can't blow up quickly and stay in the game in the long term (google 90/90/90 rule). But before you trade real money, develop a strategy and back-test it. No eye-balling but systematic back-test to see whether it works or not, what the drawdowns/risks are. Can be done with a few simple scripts and for cash FX if you should be so inclined, you have not to worry about futures rolls.
When your system/approach has proven to be profitable after costs, then you can start with real money, again keep the trade size small.
Detach yourself from the monetary aspect. Trading is a business, no place for emotions (nb: so the more you automate or give the computer the better for that reason, also small bet size keeps emotions at bay).
Lastly, keep your costs under control. This applies to commission and platform costs. Keep things simple and low cost. There is so much mumbo-jumbo sold as "essential" etc which is so unnecessary. You just line the provider's pockets. (for my own biz which is not FX, I pay $2/lot, no platform fee, no data fee which perfectly suits my style and objective. I could have easily signed up for an all bells and whistles platform for 100 bucks a month before the first penny P&L).
Otherwise, good luck!
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Thank you very much!
 
If you think reading all the trading books will help you become a profitable trader, you will be disappointed. All the normal rules are just conditioning you to fail - Period.
Lie Number 1 - Resistance ( a setup to take your stop loss )
Lie number 2 - Trade the trend ( again after your stop loss )

How do I trade - Let the Big Players make the big moves then take the reversal when Liquidity becomes very thin. Price will always collapse into thin Liquidity for a safe trade.
 
Leverage is your enemy. It's designed to part you from your money. While most don't want to hear it, trading 200 times leverage is a recipe for disaster. Also, don't sit and stare at the screens, there are more important things in life. Place a trade, set your stops and targets, and walk the fuck away.

LOW LEVERAGE....
 
Mauwebluefinger said:
Thank you Rick! Is it difficult to know when the Big Players do, and do the reversal?
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No, not difficult but you need to be on the one minute chart and use the TMA indicator. Basically price runs hard to take out stops. This looks like big spikes seen on the M1 and the task is to let it run till exhaustion. It will end with a pinbar or a large wide ranging candle. All we need to do is take the reversal now.
With practice, you can achieve 90% win rates. When you get in too early by mistake, hedge the move.
This is normally done in only the London session, quit before New York Opens.

Simple
 
If price that has been running upwards and looks like reversing due to a pinbar / wide ranging candle and it has also moved 80-100% of its ADR, place a SELL trade. Then at the same time place a BUY STOP limit trade 15 pips higher. This ensures the worst outcome sits at 15 pips.
If price now moves a lot higher than does sell off, just close Buy trade.

Simple
 
RickM said:
If price now moves a lot higher than does sell off, just close Buy trade.

Simple
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Simple as a regular stop? If price moves 15 pips against you, you simply lost 15 pips. That's not a hedge from being too early, unless I've misunderstood something.
 
RickM said:
No, not difficult but you need to be on the one minute chart and use the TMA indicator. Basically price runs hard to take out stops. This looks like big spikes seen on the M1 and the task is to let it run till exhaustion. It will end with a pinbar or a large wide ranging candle. All we need to do is take the reversal now.
With practice, you can achieve 90% win rates. When you get in too early by mistake, hedge the move.
This is normally done in only the London session, quit before New York Opens.

Simple
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Thanks a lot Rick!
 
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