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

    • Date : 18th January 2022. Market Update – January 18 – BOJ Stands Pat.Asian markets weaker as BOJ stays put (-0.1% interest rate) with stimulus package intact, raises inflation target to 1.1% and growth to 3.8% for 2022. Kuroda: “Will ease monetary policy without hesitation as needed, there has been a notable improvement in the economy.” USD firmer, Yields moved up with US 2-yr over key 1.0%, 10-yr over 1.8%. Oil higher – Saudi’s retaliate, attacking Yemen and Gold holds at $1815.   USD (USDIndex 95.25) holds on to gains from Friday, pushing to 953.8 earlier. US Yields 10-yr moved higher again and trades at 1.818%. Equities – US closed yesterday. Nikkei -0.27% – USA500 FUTS lower again at 4633. USOil – Spiked over $84.70 as very tight supply, Saudi’s retaliation on Sanaa and NK continued firing of missiles unsettles sentiment. Gold – holds at $1815 from a test of $1823. Bitcoin another down day, tested to $41,600, back to 42,200 now. FX markets – EURUSD back to 1.1400, USDJPY now 114.80 tested 115.00 earlier, Cable back to test 200hr MA 1.3620, +20 pips after UK jobs data. Overnight – UK Earnings in line at 4.2%, Unemployment (4.1%) and Claims better than expected. PBOC deputy governor says will keep yuan exchange rate basically stable.European Open – The March 10-year Bund future is down -19 ticks, Treasury futures are underperforming. Stocks across Asia struggled with the renewed rise in yields and DAX and FTSE 100 futures are also down -0.3% and -0.2% respectively. Inflation risks and central bank outlook will be dominating the discussion in coming months.Today – German ZEW, Empire State Manu. Index & Earnings from Goldman Sachs. Day 2 of DAVOS (on-line).Biggest FX Mover @ (07:30 GMT) CADJPY (again) (+0.34% again) Rallied all day over 91.73 (Thursdays high) and onto test 92.00. MAs aligned higher, MACD signal line & histogram higher & above 0 line. RSI 68 rising, H1 ATR 0.131 Daily ATR 0.804.Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Date : 17th January 2022. Market Update – January 17 – USD Holds onto gains.Big bank Earnings disappointed on Friday, the USD recovered from 8-week lows and Fedspeakers continued to worry about inflation as hawkish tones increased. Stocks recovered early losses, Yields moved up to close the week as Oil moved up and Gold moved down. China’s PBOC delivered the first rate cut in a while as signs of slow down persist and Covid cases once again spread.   USD (USDIndex 95.20) holds on to gains from Friday. Bouncing from 8-week lows under 94.60. US Yields 10-yr moved higher again to close at 1.772%. Equities – USA500 +3.82 (+0.08%) at 4662 as Financials weighed following Earnings from JPM (-6.15%) Blackrock (-2.19%) and WFC (+3.68) Tech & Energies lead recovery into long weekend. USA500 FUTS lower at 4652. USOil – Spiked over $84.00 as markets look beyond Covid spikes with very tight supply. Gold – settled at $1816 from a test of 1830 again. Now at $1822. Bitcoin support once again at $42,000, Friday, back to 42,800 now. FX markets – EURUSD back to 1.1465, USDJPY now 114.40 at 115.85, Cable back to 1.33680. Overnight – Chinese GDP and industrial production exceeded expectations, whilst retail sales disappointed. UK house price data from the Nationwide was strong. The Chairman of Credit Suisse has resigned due to Covid breaches.Week Ahead A Bank of Japan meeting which concludes on Tuesday, UK inflation data on Wednesday and Australian jobs figures on Thursday. Earnings from GS, BAC, MS, P&G, NetflixEuropean Open – The March 10-year Bund future is down -36 ticks, alongside broad losses in US futures, which points to a further rise in yields across Europe. Stock market futures are trading mixed, with DAX and FTSE 100 futures posting gains of 0.4% and 0.2% respectively, while an 0.4% decline in the NASDAQ is leading US futures lower. Central bank outlooks and inflation expectations remain in focus, the Fed is gearing up for a round of central bank hikes this year that will also impact the outlook for BoE and ECB amid hopes that the pandemic phase of Covid-19 will start to fade.Today – Little data from Europe & All US markets closed for MLK Day.Biggest FX Mover @ (07:30 GMT) CADJPY (+0.34%) Rallied from 90.50 lows on Friday to 91.37 (Fridays high) now. MAs aligned higher, MACD signal line & histogram higher & above 0 line. RSI 64 & rising, H1 ATR 0.121 Daily ATR 0.794.Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • GOLD FLUCTUATES BELOW $1,830 OVERHEAD RESISTANCE, MAY SLUMP TO $1,800 LO Key Resistance Levels: $1,900, $1,950, $2000 Key Support Levels: $1,750, $1, 700,$1,650 Gold (XAUUSD) Long-term Trend: Bullish Gold (XAUUSD) is in a sideways move but may slump to $1,800 low. Gold is retracing as it faces rejection at the high of $1,830. However, if price breaks the resistance level, the market will rise and retest the previous high of $1,860. Meanwhile, on January 14 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that Gold will rise but reverse at level 1.272 Fibonacci extension or $1,840.86. XAUUSD – Daily Chart Daily Chart Indicators Reading: Gold is at level 55 of the Relative Strength Index for period 14. The market has reached the uptrend zone and further upside is likely. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend. Gold (XAUUSD) Medium-term bias: Ranging On the 4 hour chart, the Gold price is in a sideways trend. The gold price fluctuates below the $1,828 overhead resistance. The sideways trend has been ongoing since December 21. Each time the market retest the overhead resistance, the selling pressure will resume. The current downtrend is likely to extend to the low of $1,804 before upward. XAUUSD – 4 Hour Chart 4-hour Chart Indicators Reading XAUUSD is below the 80% range of the daily stochastic. The market is in the bearish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. General Outlook for Gold (XAUUSD) Gold’s (XAUUSD) price is declining as it may slump to $1,800 low. The market is fluctuating below the $1,828 resistance zone. The Gold price is falling to the downside. The upward move will resume if price finds support above the $1,800.   Source: https://learn2.trade 
    • USOIL REACHES AN OVERBOUGHT REGION, MAY FACE REJECTION AT $85.39 Key Resistance Levels: $80.00, $84.00, $88.00 Key Support Levels: $66.00,$62.200,$58.00 USOIL (WTI) Long-term Trend: Bullish USOIL has been in an uptrend but it may face rejection at $85.39. The index is retesting the previous high of $85.39. In previous price action in October and November, the bulls failed to break above the overhead resistance. Meanwhile, on December 9 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that WTI will rise to level 2.0 Fibonacci extension or $81.61. From the price action, buyers have broken above the Fibonacci extension and have reached a high of $84. USOIL – Daily Chart Daily Chart Indicators Reading: USOIL is at level 70 of the Relative Strength Index period 14. It indicates that the index is in the overbought region of the market. The current uptrend is likely to face rejection at the recent high. Besides, sellers will emerge to push prices down. The index price is above the 21-day SMA and 50 –day SMA which indicates a further upward move. USOIL (WTI) Medium-term bias: Bullish On the 4-hour chart, the index is in an uptrend. WTI price has broken above the resistance at level 83.00. Meanwhile, on December 12 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that WTI will rise but reverse at level 1.278 Fibonacci extension or $84.22. USOIL – 4 Hour Chart 4-hour Chart Indicators Reading The index is above the 80% range of the daily stochastic. The market has reached the overbought region. Sellers are likely to emerge to push prices down. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The uptrend will continue to the upside as long as price bars are above the moving averages. General Outlook for USOIL (WTI) USDOL has reached the overbought region of the market but may face rejection at $85.39. The current uptrend is likely to terminate at the previous price level of the market. WTI is trading at $84.39 at press time. Source: https://learn2.trade 
    • ANNUAL FORECAST FOR EURJPY (2022) EURJPY Annual Forecast – Price Is Set to Scale New Heights With a Bullish Flag Formation The annual forecast for EURJPY is for it to scale new heights, having conformed to a bullish flag formation. The bullish flag formation, an offshoot of the triangle pattern, began towards the tail end of 2020 as bulls began to exercise dominance in the market. The market began to recover from the 116.910 support level in May 2020. It pulled back when it first hit the upper border of its triangle pattern and surged through it at the second time of asking, thereby leading to the creation of the flag pattern. EURJPYJPY Significant Zones Supply Zones: 134.150, 140.650, 149.010 Demand Zones: 113.920, 116.910, 127.630 EURJPY Long Term Plan: Bullish A bearish impact is visible annually in the market, notably since 2013. Every time EURJPY makes a bullish move, the move is cut off prematurely and it always leads to a plunge back around the 113.920 demand level. This happened from 2013 to 2016, and then from 2017 to 2020. The result is a triangle-tapered market structure. By June 2020, the price hit the 116.910 demand level and began another ascent, but this time, it eventually broke the triangle pattern on 2021 New Year’s Day. The flag pole was formed as the price surged from 120.920 and was stopped abruptly at 134.150. Subsequently, EURJPY began cranking through a downward channel. This continued into the year 2022. The market forecast is for an upward liquidity flow. The upward signal of the MA Cross is still very valid. Meanwhile, the Moving Average Convergence Divergence indicator is showing dwindling bullish bars. This is due to the downward ranging in the market. Its signal lines remain above the zero level. EURJPY Medium Term Plan: Bearish In early 2022, prices are set to drop after hitting the upper border of the ranging channel. The MA Cross is directed down-sideways to show the undulating nature of the current market. The same can be said for the MACD indicator. The annual forecast is towards the end of the year 2022 into early 2023 when the bullish flag pattern is anticipated to drive the market upward towards 140.650. Source: https://learn2.trade 
×
×
  • Create New...

Important Information

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