[Dexxy]

Hello everyone
there are just so many indicators. Its quite overwhelming! I just opened an account with etradepro. What do you think of my setup:
1minute/5day chart
Using Fibonacci fan and RSI

Are there any suggestions? Should i use a 5minute chart instead?
Thanks

[brownsfan019]

1) Post charts. This link shows you how. Use SnagIt to take screenshots and easily annotate them.

2) Post your ENTIRE trade process, not just the entry. Any idea can be an entry system, it's how you EXIT that makes or breaks it.

[waveslider]

Those are both powerful tools.
A good trader can make money with crappy tools.
A bad trader can lose money with good tools.
Brown's right, there has to be a plan for every situation.

[Dexxy]

Thank you for the reply guys.
Im a bit confused tho. What do you mean its the EXIT that makes or breaks it? Shouldn't the entry be the most important? Especially for a newb since im trying to build my confidence? Im sure im misunderstanding your meaning, but if you can break it down for me.
Anyway. I just wonder what do most traders have as a setup in terms of:
timeline (ie 1min,2min, 5min etc.), candlestick vs lines vs bars, and techincal, how much do they value the direction of the market.
Thank You again

[brownsfan019]

dexxy,
Just read the forums here and elitetrader to get a feel for what it's like to trade. You are asking a very loaded question, even though you may not realize it.

Exits are just as important, if not more, than entries. You'll see that sooner or later.

[sdoma]

Originally Posted by Dexxy »

Thank you for the reply guys.
Im a bit confused tho. What do you mean its the EXIT that makes or breaks it? Shouldn't the entry be the most important?

Neither is technically more important than the other, but people tend to have more trouble with their exits than they do with entries. When I was a new trader I found it easy to pull the trigger to get in, but once I was in I was fearful of profits evaporating and got out early. Over time this really impacts your results. Practice helped me to overcome that, but practice can be expensive.

[Dexxy]

sdoma,
I think you made my point as well as yours. Im sure you've all paid your dues. Well, im paying my dues now. My entries are either too early or just wrong all together. Thats why im looking for a change. I do understand the concepts of my indicators and they make sense as i back test. But I would LOVE to have the same problem you have or had (exiting too early). Atleast youre in the black.
And thank you for your input.

[brownsfan019]

dexxy - get some charts posted like I suggested above if you want any feeback on what you are doing. Other than that, not much more anyone can suggest other than read the forums and see what you can find.