Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Recommended Posts

Good Morning All;

 

New traders often find themselves very challenged to have the discipline to follow the trading plans that they have created. The truth of it is, few have created any real plans and even fewer have a comprehensive working plan. Those that do, often find it difficult to follow their plan in the heat of the day. One of the reasons this can happen is because traders often do not spend their time properly, before, during, and after the market.

 

Organize Your Time

 

Of all the time a trader can devote to their occupation, most new traders usually fall into the schedule of spending 90% of their time actually trading the market. They spend 5-10% of their time preparing for the market, either the night before, or the morning prior. They spend 0-5% of their time following up on their trades after the market. Unfortunately, for new traders, this can be a big down fall. Being caught up in the excitement and overtrading, without stopping to evaluate trades, is a bad combination that can lead to failure.

 

It is fine to be with the market all day. Just make sure your trading plan identifies what times you should be trading. It is a great idea when you start out to use about one third or your time preparing for every day, about a third of your time following up on your plays and reviewing them, and only one third actually trading. This is very different from where most new traders are.

 

This does NOT mean that if you spend 6.5 hours trading, you must devote another 13 hours to your trading. You should have strategies identified that only take place at certain parts of the day. There should be parts of everyday where you will not be trading. You can use this time to review the morning trades, or the prior day's trades, and to update your record keeping and journals, and even paper trade new strategies.

 

Closing Comments

 

 

 

Many newer traders feel like they are missing something if they are not part of every possible trade. Patience will pay off for those who are selective and take the time to review each of their trades and learn from the ones that did not work out. The concept of following up on trades and how to do it is immensely important, and beyond the scope of this commentary. Make sure you understand it well, before trading.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Similar Content

    • By Jonh Smith
      I searched in google with keywords best forex robot 2019 and in the end I found fxflightproEA from their website fxflightpro.com . if anyone has ever bought, I was interested in their ea. I saw a very small drawdown, and monthly profit looks great.and I see myfxbook profit reaching 50% in 50 days. if there are buy please review here and I say thank you if anyone would like to share here.

      thanks
    • By StraussX
      Hi GUYS, Happy Wednesday!
      I'd like to share daily forex analysis from Followme, hope this information helps your trading.
      Today, Let's focus on AUD and NZD.
      AUDUSD is trading at 0.6761; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6765 and then resume moving downwards to reach 0.6635. Another signal to confirm further descending movement is the price’s rebounding from the descending channel’s upside border. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6825. In this case, the pair may continue growing towards 0.6905.
       
      NZDUSD is trading at 0.6447; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6455 and then resume moving downwards to reach 0.6315. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6525. In this case, the pair may continue growing towards 0.6645.
    • By Georgebro8
      So I've been 18 for about 4 months, since I turned 18 I started up an account, and basically thought I was doing amazing because of beginners luck, put in some of my savings and managed to do well, some days I would make £200, one day I even made £900, after time I lost my profits and made a loss as well. I've realised I need to spend the time analysing the market and making technical judgments. I'm trying to read more and spend a lot of my time looking at the charts. is there any advice people can give me. and is making 5% a week a realistic goal to set myself? before anyone assumes that im looking for a get rich quick scheme, im certainly not, I see every loss ive made as a lesson and ensure that I learn from each mistake I make. 
      any advice about indicators, strategies, how to analyse the market, or even analysing earning reports would help me.
    • By edakad
      Firebird is an indicator to identify the price spikes in the market. Firebird indicator first calculates a 10-period moving average, then shifts this moving average a certain percentage above and below the 10-period moving average. The shifted averages are drawn on chart as the red and green line. When price touches these lines, price spike is identified. Usually after a price spike, the trend reverses for some time. The indicator can be used to take advantage of this price behaviors. In daily chart usually the 10 period MA is shifted by 2 percent to form the price bands. On lower time frames like Hourly, Four Hour a smaller percentage price shift is used like 0.5% . The important consideration here is most of the price bars must be contained within the upper and lower bands.
      When price reaches above the upper red band, a sell position is opened. When price reaches the lower green band, buy position is opened. Trades can be managed with proper stop loss and take profit. In the picture, Firebird indicator is attached to daily chart of EUR/USD with 2% shift on MA. Note that almost all price bars are within the price bands. And when price extends beyond these bands, price trend reverses and comes back into the bands.

      FireBird.zip
  • Topics

  • Posts

    • Chart Update of the Small Companies Index, Which is not much paid attention to in this Tech and Pharma created Bounce Back and Hoping for Beyond Note the Divergence between Daily Prices and MACD in sub chart In current environment Investors may feel fear of missing out; Hesitation and Expectation both comes into play. Refer to PDF attached It will make you think and more often than not make you commit or omit untimely. As soon as any BIAS or false expectation builds up its time to lock in profits or exit or COP (Consciously Out Position) yourself out.  Here is something I wrote some time back 4 Nov 2008 (You may have stood in the que to vote, Obama ah!) Enjoy Minoo Psychological_Factors_in_Shaping_Investor_Expectat.pdf
    • “When the people find that they can vote themselves money that will herald the end of the republic.” Benjamin Franklin Since we always file stacks of paper forms by mail, our $2400 check was late coming.  It finally arrived on Monday so my wife and I are in high cotton ... for the six days it covers our minimum daily expenses, that is... In my opinion, all those checks are wasted money, but now most people want to receive  even more free money - not realizing that “whenever a new dollar is introduced into the system, it erodes the value of all dollars that currently exist.  Usually this is a relatively slow process, but now our politicians have gone absolutely nuts and very painful inflation is on the way.”  Free money aint free.  That check is borrowed from and owed back to 'the devil'.  I'm just sayin'           ...                 “If we don't listen to that scream—and if we don't respond to it—we may well wind up sitting amidst our own rubble, looking for the truck that hit us—or the bomb that pulverized us. Get the license number of whatever it was that destroyed the dream. And I think we will find that the vehicle was registered in our own name.”  Rod Serling   https://www.rutherford.org/publications_resources/john_whiteheads_commentary/the_slippery_slope_to_despotism_paved_with_lockdowns_raids_and_forced_vaccinations         ... Instead of just one $1200 time, did you know that certain parties can get a refill every night ????
    • how many corps in the SP500, NQ100, etc indexes "worth less than zero"?  ie they have negative net tangible assets ??  thx.  just askin'
    • Good news!  (and greatly under-reported, btw) -- Flu(s) and pneumonia(s) may have been eradicated.  No deaths from either in months and months.  Thanks god.
    • GOLD SUFFERS MILD DECLINE FOLLOWING GROWING US-CHINA TENSIONS Gold (XAU/USD) dipped in the early Asia trading session on Monday as growing US-China tensions continue to influence demand on the safe-haven asset. Gold futures shed about 0.47% reaching a low of $1,724 just a few hours ago. The precious metal failed to hold on to its gains from last week’s session. Stocks, which are generally expected to move in the opposite direction of gold, were trapped in a bout of uncertainty with Chinese stocks suffering serious losses at the open of the session. According to reports, investors’ risk sentiment declined following China’s decision to formally table national security laws for Hong Kong and Macau as the National People’s Congress opened on Friday. This announcement caused citizens of Hong Kong to take to the streets in protest on Sunday. The protesters were met with heavy resistance from the police who fired water cannons to disperse them. The tension between the world powers escalated after Chinese Foreign Minister, Wang Yi, said on Sunday night that the US was nearing a ”new Cold War” with China following President Trump’s threat of ‘strong action’ should the proposed law be enacted. This threat was followed by the US Commerce Department blacklisting 33 Chinese entities on Friday. XAUUSD – Daily Chart Gold (XAU) Value Forecast — May 25 XAU/USD Major Bias: Bullish Supply Levels: $1,745, $1,763, and $1,797 Demand Levels: $1,722, $1,717, and $1,700 The XAU/USD was met with a soft decline to the $1,720’s level as projected last week. Gold has resumed on its upwards move to the anticipated $1,740 level. However, gold has to stay above $1,722 to confirm its bullish momentum. A break below that level could send the price down to $1,700 – $1,695 levels rapidly. Overall such reality seems very unlikely for gold in the time being.   Source: https://learn2.trade 
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.