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

    • Date: 29th March 2024. GBPUSD Analysis: The Pound Trades Higher But For How Long? The global Stocks Markets are closed due to Easter Friday (Good Friday). The NASDAQ continued to follow the sideways trend while other indices again rose. The SNP500 reaches an all-time high, but the NASDAQ remains under pressure from Tesla, Meta and Apple. The Euro continues to trade lower against all major currencies including the US Dollar, Euro and Japanese Yen. The British Pound is the best performing currency during this morning’s Asian session. However, investors are largely fixing their attention on this afternoon’s Core PCE Price Index. GBPUSD – The Pound Trades Higher but For How Long? The GBPUSD is slightly higher than the day’s open and is primary due to the Pound’s strong performance. At the moment, the British Pound is increasing in value against all major currencies. However, the US Dollar Index is also trading 0.10% higher and for this reason there is a slight conflict here. If investors wish to avoid this conflict, the EURUSD is a better option. This is because, the Euro depreciating against the whole currency market avoiding the “tug-of-war” scenario. The GBPUSD is trading slightly lower than the 2-month’s average price and is trading at 49.10 on the RSI. For this reason, the price of the exchange is at a “neutral” level and is signalling neither a buy nor a sell. The day’s price action and future signals are possibly likely to be triggered by this afternoon’s Core PCE Price Index. Analysts expect the Core PCE Price Index to read 0.3% which is slightly lower than the previous month but will result in the annual figure remaining at 2.85%. The PCE rate is different to the inflation rate and the Fed aims for a rate between 1.5% to 2.00%. Therefore, even if the annual rate remains at 2.85%, as analysts expect, it would be too high for the Fed. If the rate increases, even if only slightly, the US Dollar can again renew bullish momentum and the stock market can come under pressure. This includes the SNP500. Investors are focused on the publication of data on the UK’s gross domestic product (GDP) for the last quarter of 2023: the quarterly figures decreased by 0.3%, and 0.2% over the past 12-months. This confirms the state of a shallow recession and the need for stimulation. The data, combined with a cooling labor market and a steady decline in inflation, increase the likelihood that the Bank of England will soon begin interest rate cuts. In the latest meeting the Bank of England representatives did not see any members vote for a hike. USA500 – The SNP500 Rises to New Highs, But Cannot Hold Onto Gains! The price of the SNP500 rises to an all-time high, before correcting 0.33% and ending the day slightly lower than the open price. Nonetheless, the index performs better than the NASDAQ which came under pressure from Tesla, Meta and Apple which hold a higher weight compared to the SNP500. For the SNP500, these 3 stocks hold a weight of 9.25%, whereas the 3 stocks make up 14.63% of the NASDAQ. The SNP500 is also supported by ExxonMobil’s gains due to higher energy prices. The market will remain closed on Friday due to Easter. However, the market will reopen on Monday for the US and investors can expect high volatility. Investors will also need to take into consideration how the PCE Price Index and the changed value of the US Dollar is likely to affect the stock market next week. 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 HFM 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. Michalis Efthymiou Market Analyst HFMarkets 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.
    • MT4 is good and will be good until their parent company keep updating the software, later mt4 users will have to switch to mt5.
    • $SOUN SoundHound AI stock at 5.91 support area , see https://stockconsultant.com/?SOUN
    • $ELEV Elevation Oncology stock bull flag breakout watch , see https://stockconsultant.com/?ELEV
    • $AVDX AvidXchange stock narrow range breakout watch above 13.32 , see https://stockconsultant.com/?AVDX
×
×
  • Create New...

Important Information

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