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.

Mysticforex

Become a Better Trader

Recommended Posts

This is really meant to be a "Mindset" or in the Psychology Thread, but I was not sure if any beginners would see it there.

 

I am hoping other experienced traders will weigh in with a tip or two.

 

Never trade when you are sick, tired, or in an emotional funk.

Always, always, always use a stop.

Don't stress about trades you missed. You can't lose what you never had.

Share this post


Link to post
Share on other sites

Relentless review.

 

Be honest in your review and try to put yourself back in the past. Visualize it as if its real-time. Review every day at the end of the day. Review every week on the weekend (trade log and your charts). Review your accurate trade log at the end of the month. Be sure to note what you did right as well as where you could improve.

 

With kind regards,

MK

Share this post


Link to post
Share on other sites

Find your niche.

 

Steenbarger talked about this lots in his "Enhancing Trader Performance" book and I think its important. Different markets are more favourable to different timeframes and methodologies. You need to blend them into an approach that suits you. Exploring this will take time but will be worth it in the long term. Be patient in your exploration.

 

With kind regards,

MK

Share this post


Link to post
Share on other sites
Find your niche.

 

Steenbarger talked about this lots in his "Enhancing Trader Performance" book and I think its important. Different markets are more favourable to different timeframes and methodologies. You need to blend them into an approach that suits you. Exploring this will take time but will be worth it in the long term. Be patient in your exploration.

 

With kind regards,

MK

 

Sorry to get off topic here, but there is a lot of truth in what you say. A friend of mine recently showed me his spreadsheets. Exact same method but 3 different target approaches.

1. had a 60/60 TP and S/l, another had a 30/30 TP and S/L, and the last had a 15/15 TP/SL.

The best was a combination of all 3 depending on market conditions ie: trending, ranging, and before a news event.

Share this post


Link to post
Share on other sites

Develop a plan.

 

As one goes on their trading development journey and they are exploring a variety of markets, timeframes, and methodolgies - you'll need to develop a plan. The plan doesn't have to be some objective extremely specific set of rules. It can be a loose set of guidelines that makes sense to you that gets refined over time with your experience. The goal is to start acting consistently so you can get consistent results.

 

There will probably be times that you violate the plan for whatever reason and I think that is normal, especially for more discretionary plans. But the key is to consciously violate it rather than getting lost in the throws of the market or in ones emotions. If you are consciously violating the plan you will note it in your daily review and over time you will collect enough data that may or may not indicate that the violation improves your plan.

 

Develop a plan today.

Share this post


Link to post
Share on other sites

Give yourself TIME.

 

Exploring markets, timeframes, methodologies, developing and refining a plan are all going to take time. Keep your expectations on how long it will take realistic and it will reduce the pressure you put on yourself. I've never met a self taught retail trader yet that didn't take some years before starting to turn profitable. Myself took 4 years. Everyone is different.

 

Be patient with yourself, and give yourself enough TIME.

Share this post


Link to post
Share on other sites
Guest epic research

The risk involved in each transaction remain within this measurement precisely and accurate assessment of the size of the deal Position Size and stops Stop Loss.

Share this post


Link to post
Share on other sites
Give yourself TIME.

 

Exploring markets, timeframes, methodologies, developing and refining a plan are all going to take time. Keep your expectations on how long it will take realistic and it will reduce the pressure you put on yourself. I've never met a self taught retail trader yet that didn't take some years before starting to turn profitable. Myself took 4 years. Everyone is different.

 

Be patient with yourself, and give yourself enough TIME.

 

Agree 100%. but the problem is a lot of people are drawn to it as a get "Rich Quick" scheme.

It is a Craft ( I was going to say trade, but that would be like a play on words), that must be studied and honed.

Share this post


Link to post
Share on other sites

Focus on what you are doing right, and do more of it.

 

Spend more time learning from your best trades than focusing so heavily on your mistakes. We all lament our errors and sometimes wallow in our regret to continue our theme of self abuse. Move past that. Acknowledge your errors and study them, but put more emphasis on what you are doing right. Over time, you will develop a sense of what your best trades look like and how they should/could look after entry.

 

Kiwi was persisting with me in our small private chatroom to read the book 'The Playbook' by Mike Bellafiore. Having read heaps of trading books and being a stubborn mule, I was making up excuses not to read it. "Is there anything new in it???" "Give me a summary :)" etc etc. In essence, the author is very wordy and babbles a bit but if you can get past that, the book has great content on reviewing trades and focusing on what you are doing right. Highly recommend it.

 

Do more of what you are doing right.

 

Agree 100%. but the problem is a lot of people are drawn to it as a get "Rich Quick" scheme.

It is a Craft ( I was going to say trade, but that would be like a play on words), that must be studied and honed.

 

Yep, exactly. All trading is a craft that takes time to develop. Even system traders, learning how to develop systems is a craft that involves discretion.

Share this post


Link to post
Share on other sites

Keep a trading journal and rate yourself on how you feel each morning before you start trading. Evaluate your state of mind: what has affected you recently, how much sleep did you get, did you drink the night before, etc. Then keep track of that rating to see the correlation of your trading and your emotional state score. Don't trade when your emotional state is below a certain score. That has helped me.

Share this post


Link to post
Share on other sites

Understand the Forex strategy/technique in business systematically. Just learn the Currency Pairs, Forex Technical Analysis, chose your Trading Plan, Multi-Asset Trading- between Forex and equities trading.

Share this post


Link to post
Share on other sites
Keep a trading journal and rate yourself on how you feel each morning before you start trading. Evaluate your state of mind: what has affected you recently, how much sleep did you get, did you drink the night before, etc. Then keep track of that rating to see the correlation of your trading and your emotional state score. Don't trade when your emotional state is below a certain score. That has helped me.
i don't like journals...i don't need to rate myself..i already know i am going to feel bad when i get my carcass out of bed...my state of mind is almost continually pessimistic..rarely do i get much sleep...i am not a heavy drinker...so basically everyday is the same for me. I pull my boots or shoes on and make the best of it enjoying life as much as i can. In others words...one journal entry would suffice me for 5 years.

Share this post


Link to post
Share on other sites

I would say to become a better trader study the concepts of price action (good source may be brooks:rofl:..IF you can handle it:haha:) and volume as it relates to price (volume spread analysis ...mr wyckoff and disciples...) tape reading concepts...mr george taylor ..iffin you can wade thru it :helloooo:, THEN pick one or two instruments and watch PA for a year so seeing how learned concepts apply...THEN sim it for 6 months...THEN if profitable simming live trading may be next. If not profitable simming then rinse and repeat until profitable simming. :rofl: IT IS A PROCESS. AGAIN, IT IS A PROCESS, FINALLY, IT IS A PROCESS and THAT process must become second nature to oneself. :helloooo:

Share this post


Link to post
Share on other sites

Every trader should keep their emotions in control during the trade and also if a trader is tired or in stress and difficult to control his emotions then he should stop the trading and should relax a bit.

Share this post


Link to post
Share on other sites

Hello Guys..

Firstly you should start trading with your own and analyze what is happening because if you not put yourselves into trading you can't be able to understand. Then analyze the market. you can also take advice from advisory firm to become great trader and make huge profit as well.

Share this post


Link to post
Share on other sites

I agree with what most people have said, Ive been in the industry for about 10 years now and its been a pain for most of the time because its never easy.

 

I recommend you trade things which you have insight about or at least understand. If you trade anything you dont know anything about it is always more likely you will loose control and money.

 

As mentioned by others it is crucial to stay patient, just because today you might be in the red does not mean that tomorrow it wont look better again. However do not confuse this for the fact that you gotta stick in, you should know when to cut a loss and move on as else you will have dead money in your portfolio which only knows a downwards trend. :angry:

 

Overall at the beginning of my trading career I found that it was helpful for me to work with programmes which help me evaluate and analyze things that I was planning on trading. If you guys aren't to sure what to use this one helped me out a lot and still keeps raking in the profits for me on a daily basis:2c:, its as simple as it can get and will bring you a long way with its analytic s tools: AutoBinarySignals.com | Binary Options Trading Solution

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.


  • Topics

  • Posts

    • EURUSD Is Dominated By The Bull Market Throughout As The Pair Seek To Recover EURUSD Price Analysis – November 18 The bulls had full control today, moving the market up during the entire European session as the FX pair confirmed its breakout past the high of the prior session after trading up to 1.1068 above during the day. Key Levels Resistance Levels: 1.1501, 1.1412, 1.1278 Support Levels: 1.0989, 1.0879, 1.0780 EURUSD Long term Trend: Bearish EURUSD at the moment, the rebound from the 1.0879 level is initially seen as a remedy and, in the case of a further increase, the increase may be contained by the level at 1.1412 retracements from the level at 1.0879. Although the downward trend from the 1.1501 (high) level may resume later. However, the sustained plunge from the 1.1412 level may change this bearish position and lead to a greater increase in the retracement to the level at 1.1501. EURUSD Short term Trend: Ranging The EURUSD intraday bias stays neutral for the initial position and a further plunge is anticipated as long as the resistance remains at the level at 1.1073. Also, the corrective rebound from the level at 1.0879 is expected to end at 1.1501. Meanwhile, past the low of the level at 1.0989, the bias will be revised downward to repeat the low of the level at 1.0879. However, the breakout of the level at 1.1073 may soften this bearish trend and push up the bias for the level at 1.1175. Instrument: EURUSD Order: Buy Entry price: 1.1073 Stop: 1.0989 Target: 1.1412 Source: https://learn2.trade 
    • 0X (ZRX) Continues To Disappoint Investors Key Resistance levels: $0.30, $0.35, $0.40 Key Support Levels: $0.20, $0.15,$0.10 ZRX/USD Price Long-term Trend: Bearish The ZRX/USD pair is in a downward move after the market retests the $0.30 price level. In October, the coin was in a bullish move and tested the $0.35 resistance level. The bulls tested the $0.35 price level again and formed a bearish double top. With the formation of the bearish double top, the coin fell to the support line of the channel. The bulls may a retest at the $0.30 price level and resumed the downward move. The market has fallen to a low of $0.27 and it is consolidating above that level. This was the previous low in May. However, if the price breaks below $0.27, the pair will drop to a low at $0.20. Nevertheless, if the $0.27 support holds, the price will move up. Daily Chart Indicators Reading: The price has fallen to the support of the 50-day SMA and if the 50-day SMA holds, the 0x will move up to retest the resistance level. The RSI period 14 level44 indicates that the price is in the range-bound zone. ZRX/USD Medium-term bias: Ranging The bulls move up to test the resistance at $0.35 on two occasions and commenced a sideways move. The coin is fluctuating between the levels of $0.27 and $0.35. Nevertheless, the bears tested the support line and rebounded. The pair is likely to continue with the sideways move. 4-hour Chart Indicators Reading The 21-day SMA and 50-day SMA are trending horizontally indicating that price is in a sideways move. The stochastic indicator is above the 40% range indicating that price is in bullish momentum. General Outlook for 0x The ZRX/USD pair is in a downward move but the price is ranging above the $0.27 support level. After the sideways move above $0.27 and if the bears break below the support level, the selling pressure will resume. 0x Trade Signal Instrument: ZRXUSD Order: Buy Limit Entry price: $0.25 Stop: $0.20 Target: $0.35 Source: https://learn2.trade 
    • Read about Spectre.ai New asset class EPIC – Make 90% Every 1 Second!Low Minimum Deposit - https://binaryoptionsnodeposit.com/spectre-ai-new-asset-class-epic-make-90-every-1-second/
    • Date : 18th November 2019. Events to Look Out For Next Week 18th November 2019.Welcome to our weekly agenda, our briefing on all the key financial events globally. The week ahead is expected to reveal a healthy housing sector in the US, while Canadian data could clear the way for BoC. Eurozone’s PMI are also on tab.Monday – 18 November 2019 ECB Financial Stability Review (EUR, GMT 09:00) – The Financial Stability Review provides an overview of potential risks to financial stability in the Euro Area. Tuesday – 19 November 2019 Monetary Policy Meeting Minutes (AUD, GMT 00:30) – The RBA minutes, similar to the ECB Reports, provide a detailed assessment of the bank’s most recent policy-setting meeting, containing in-depth insights into the economic conditions that influenced the rate decision. They are usually a cause for FX turbulence. Housing starts and Building Permits (USD, GMT 13:30) – The September decline in starts reflected weakness in multi-family components, mainly led in the Northeast and Midwest, alongside small declines in the south and west. Permits have shown a solid growth path through Q3 alongside strength in starts, suggesting a likely solid path for both measures through Q4. Housing starts should rebound to a 1.285 mln pace in October, after the dip in September. Permits similarly are expected to rebound to 1.370 mln in October. Wednesday – 20 November 2019 Interest Rate Decision (CNY, GMT 01:30) – The PBoC is not expected to change its interest rates, at 4.2%. Inflation Report Hearings (GBP, GMT N/A) –The BOE Governor and several MPC members testify on inflation and the economic outlook before the Parliament’s Treasury Committee. Consumer Price Index and Core (CAD, GMT 13:30) – The Canadian CPI for October is expected to have come out higher than last month, at 2.1% from 1.9% in September, after the 0.1% dip in August, as declines in gasoline prices and tuition costs weighed. The CPI added to the backing for no change in rates from the BoC in October. Monetary Policy Meeting Minutes (USD, GMT 19:00) – The FOMC Minutes report provides the FOMC Members’ opinions regarding the US economic outlook and any views regarding future rate changes. Thursday – 21 November 2019 ECB Monetary Policy Meeting Accounts (EUR, GMT 1:30) –The ECB Monetary Policy Meeting Accounts, similar to the FOMC minutes, provide information with regards to the policymakers’ rationale behind their decisions. In the last ECB meeting, ECB kept policy settings on hold at Draghi’s last meeting, as widely expected after the comprehensive easing package announced in September. Philly Fed Index (USD, GMT 13:30) – The Philly Fed index is seen rising to 7.0 from 5.6 in October, versus a 1-year high of 21.8 in July and a 33-month low of -4.1 in February. The “soft data” measures have largely stabilized since June around moderate levels, though with a headline from the UAW-GM strike in recent months that seemed to have impacted some surveys but not others. The trade war headwind may subside somewhat in November, though the markets still face a wide array of troubles abroad. Friday – 22 November 2019 Gross Domestic Product (EUR, GMT 07:00) – German Q3 GDP expanded 0.1% q/q – boosted by consumption. Germany not just missed a technical recession, the economy actually expanded slightly in the third quarter, as Q2 was revised down. However, we expect no turnaround yet for the final Q3 GDP, despite the higher headline rate, as the balance of risks remains tilted to the downside. Markit Services and Composite PMIs (EUR, GMT 08:30-09:00) – The prelim. EU Markit PMI Indices are expected to continue above 50, but slightly decline to 51.9 and 50.3 respectively, according to consensus expectations. As for Manufacturing PMI, in November a slight improvement is expected at 46.0, even though the headline rate remains in contraction territory. Retail Sales (CAD, GMT 13:30) – Retail Sales are forecasted to have registered a flat outcome in Canada, after mild declines of 0.1% in August. 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. Andria Pichidi 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.
×
×
  • Create New...

Important Information

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