IgazI wrote:The old Don is a thing of the past, welcome the new 4000R Don =)
Gonna need another Black Swan of some kind
.......or maybe that's why they cause it in the first place ~ tin foil hat mode with x-files theme on the background ~
Moderator: moderators
IgazI wrote:The old Don is a thing of the past, welcome the new 4000R Don =)
Don_xyZ wrote:THE GROUNDWORK FOR TRADING.
#1 USE YOUR BRAIN.
Humans use their brains selectively. Trading is a simple mechanism, all you must do is check the situation, pick a side and wait for the result. However, people tend to overcomplicate things during the 1st step (checking the situation). This is the step where you get your bias from. If you see that the price is making a drop then you go with it. Here's a sample of WIL you can take home...
A. Check the situation.
Q1: What is my strategy?
Q1.1: Scalping? Non-scalping?
Q2: What time frame am I going to use for bias?
Q2.1: Which time frame am I going to use for my entry?
Q3. What if my entry tf is going against my bias tf?
Q3.1: If I decide to enter anyway (when entry tf is against bias tf) how much should I risk?
Q3.2: How far can I trade this divergence?
Q3.3: Until when is the bias valid when the entry tf is going against it?
Q4: I'm supposed to trade at 08:00 but I was busy with something else and now it's already 09:15, what should I do?
.....and so on.
C. Wait for the result.
Q1: Can I enter a new trade while another trade is still running?
Q1.1: How many trades are allowed to run concurrently?
Q1.2: Should I use the same lot size?
Q1.3: How many trades are the optimum for this?
Q1.4: Do I target the same TP for all of these trades?
Q2: If the trade result is a loss, do I open a new trade to the opposite side immediately?
Q3: If the price hit my SL and then resume to the direction of my original trade what should I do?
Q3.1: Should I enter with a smaller size or the same as before?
.....and many more.
Here is the easiest and fastest way to expand your WIL.... read a lot, ask a lot and re-read a hundred times more. By reading other people's experience you'll definitely get something out of it. For sure. Sometimes you'll get a grain of salt worth, other times you'll get gold gems. If something is discussed a lot there is a high chance your question is already answered in one form or another somewhere along the discussion but if not, then ask. If something is worth mentioning, it is worth repeating. Repetition is the key to perfection. Re-read the stuff that you jot down a lot of times periodically. You'll be surprised to see a door that was there the whole time but you just couldn't see it in the past.
#2 DETACH YOURSELF FROM EMOTION.
Losing sucks. True. It drains a lot of your life energy. Also true. But you have the option on whether you're going to take this as something devastating or be indifferent about it. The fact is, YOU WILL ENCOUNTER LOSING TRADES. All this time I have never found one trader who constantly beat the average return that never had a single losing trade after 100,000 trades. A losing trade is defined by a loss incurred after you click that "close position" button or after the market take you out due to the price hitting your SL. Because of this, it is wise to just accept it as part of the business. If the loss incur due to your mistake then fix it so it won't happen again in the future. If the loss occurs but you've done everything accordingly then just move on. LOSS IS NOT SOMETHING YOU CAN CONTROL BUT THE AMOUNT OF LOSS IS SOMETHING YOU CAN CONTROL. Have in mind that you're not in the ring with JUST one opponent. THE MARKET IS A BATTLE ROYALE. So, numb yourself of any emotion from losing money AND strengthen yourself so you won't die too early in the game.
#3 HAVE A REALISTIC EXPECTATION.
In trading, you must be flexible and nimble. But if you're a brat then the market is not for you. Not everything will go your way because the market is alive, it is people, it is money. Today the market will behave like this but tomorrow's a different story. If the market repeats consecutively, then it's also good. Some of the things that you must be realistic and flexible with...
time to master a trading strategy
the amount of profit (daily, weekly, monthly, yearly etc)
jumping from one trading strategy to another doesn't mean you'll become profitable because each strategy have it's own Achilles heel
switching tf doesn't mean you'll increase your win ratio
trading more doesn't mean you'll make a linear profit
each currency pair behaves somewhat differently, don't think that you'll be able to master every pair
fixing your weakness takes time. If you're naturally impatient then you must work on it. If you hate to pay attention, fix it. And many more....
This is not a complete guide of some sort but I think these are the core things that everything else branches out of.
branch.jpg
Now lemme cool off, I see smoke coming out from my head.......
Don_xyZ wrote:As I browse the archived pix in my old laptop, I found this from the days when I must disclose my trades...
biggest win.jpg
That G/U trade is the single biggest profitable trade even until today. And then that broker started messing with my open trades.... well, I did what people always do "So I burn the bridge, bi7ch!"
Don_xyZ wrote:Done for the day May 2, 2023.png
Done for the day May 2, 2023 2.png
Yirbu wrote:Don_xyZ wrote:Done for the day May 2, 2023.png
Done for the day May 2, 2023 2.png
That first trade short is a nice little trade after taking out the highs!
I don't quite understand the second. Did you go long because price just doesn't go down? Sort of variation of a FTR?