Aliassmith Psychology 101 and other stuff
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- aliassmith
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In an attempt to control greed and fear. I observed some price action
that would give me some confidence. I am attempting to take profit at half
of the last range on my timeframe. Measuring from S/R.
If my risk/reward ratio is less than 1 then I will be inclined to take the
trade.
that would give me some confidence. I am attempting to take profit at half
of the last range on my timeframe. Measuring from S/R.
If my risk/reward ratio is less than 1 then I will be inclined to take the
trade.
Trade Your Way as Long as It Makes Money!
aliassmith wrote:In an attempt to control greed and fear. I observed some price action
that would give me some confidence. I am attempting to take profit at half
of the last range on my timeframe. Measuring from S/R.
If my risk/reward ratio is less than 1 then I will be inclined to take the
trade.
Buy a journal (err whatev) and write:
Analysis
a. this is how I see price
b. here are some things that I have noticed
c. this is how no part of my analysis conflicts with my other analytical ideas.
d. here are my ideas for how I can do things better.
e. here are some ideas of mine that might conflict with other ideas.
f. etc
Money Management
a. what is my goal?
b. how do I implode my risk?
c. what is a "safe" level of leverage that will get me to my goals?
d. etc
Entry Strategy
a. do I get in at one price or at several prices?
b. how much does timing matter?
c. etc
Exit Strategy.
a. What is my average gain and how much further does price usually go after I get out?
b. Can I safely hold for more?
c. How many times is my SL hit and price immediately goes back to my entry or half way back?
d. Can I use a mental stop and exit for a better price?
e. etc
Growth.
I am a better trader today because...
Turn the page the next day, start over, and then note your growth.
The more time that you spend thinking about what you are doing the more you know what you are doing
- bredin
- rank: 1000+ posts
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Psych Point
First day not trading in some time, since after xmas, no wait there was a couple of days over easter, anyway got twitches soon after arrival in oz.
Gonna be a few rough days by the looks of it....
Anyone else get this?
G.
First day not trading in some time, since after xmas, no wait there was a couple of days over easter, anyway got twitches soon after arrival in oz.
Gonna be a few rough days by the looks of it....
Anyone else get this?
G.
Welcome to the era of "Guns and Maskies" Trading!
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- Braathen
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Thanks for the journal idea.. sound slike just what i need too.
Also id like to say that im very happy i came to this site! All you guys are great. I really enjoy reading posts here and... ahhh... I LOVE THE LOT OF YA!! couldnt find small enough pink superman so its just the logo
Also id like to say that im very happy i came to this site! All you guys are great. I really enjoy reading posts here and... ahhh... I LOVE THE LOT OF YA!! couldnt find small enough pink superman so its just the logo
"Trading is the ability to see & to plan & to act; it is not crystal balls, precision entries, and ego stroking."
MO-
MO-
- aliassmith
- rank: 5000+ posts
- Posts: 5057
- Joined: Tue Jul 28, 2009 9:50 pm
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MightyOne wrote:aliassmith wrote:In an attempt to control greed and fear. I observed some price action
that would give me some confidence. I am attempting to take profit at half
of the last range on my timeframe. Measuring from S/R.
If my risk/reward ratio is less than 1 then I will be inclined to take the
trade.
Buy a journal (err whatev) and write:
Analysis
a. this is how I see price
b. here are some things that I have noticed
c. this is how no part of my analysis conflicts with my other analytical ideas.
d. here are my ideas for how I can do things better.
e. here are some ideas of mine that might conflict with other ideas.
f. etc
Money Management
a. what is my goal?
b. how do I implode my risk?
c. what is a "safe" level of leverage that will get me to my goals?
d. etc
Entry Strategy
a. do I get in at one price or at several prices?
b. how much does timing matter?
c. etc
Exit Strategy.
a. What is my average gain and how much further does price usually go after I get out?
b. Can I safely hold for more?
c. How many times is my SL hit and price immediately goes back to my entry or half way back?
d. Can I use a mental stop and exit for a better price?
e. etc
Growth.
I am a better trader today because...
Turn the page the next day, start over, and then note your growth.
The more time that you spend thinking about what you are doing the more you know what you are doing
Thanks for the idea of what to put in my journal.
I had a trade journal, but I think I would benefit more from your questions.
Trade Your Way as Long as It Makes Money!
- aliassmith
- rank: 5000+ posts
- Posts: 5057
- Joined: Tue Jul 28, 2009 9:50 pm
- Reputation: 2847
- Gender:
aliassmith wrote:Hmmm,
Say you are in profit by a decent amount. How much are you willing to
give back before your mind says no more?
A question that is part of my trader's logic research.
If up even hundreds of pips I am willing to give back ALL OF IT because if I am still holding as the market retraces that means that my plan for the trade is not yet complete.
"How much" is the wrong question to be asking anyways.
The question that you should be asking is what technical reason is there to exit ie is price closing over or not closing over a line.
Considering that there will be many lower lows or higher highs, you should always try to liquidate at the lowest low, highest high, or lowest/highest close.
Overcome fear with greed
Greed cannot see anything but the result it desires.
- aliassmith
- rank: 5000+ posts
- Posts: 5057
- Joined: Tue Jul 28, 2009 9:50 pm
- Reputation: 2847
- Gender:
MightyOne wrote:aliassmith wrote:Hmmm,
Say you are in profit by a decent amount. How much are you willing to
give back before your mind says no more?
A question that is part of my trader's logic research.
If up even hundreds of pips I am willing to give back ALL OF IT because if I am still holding as the market retraces that means that my plan for the trade is not yet complete.
"How much" is the wrong question to be asking anyways.
The question that you should be asking is what technical reason is there to exit ie is price closing over or not closing over a line.
Considering that there will be many lower lows or higher highs, you should always try to liquidate at the lowest low, highest high, or lowest/highest close.
Overcome fear with greed
Greed cannot see anything but the result it desires.
Actually it was not a question about if I should liquidate based on a specific
drawback.
It was more about range and when the herd will start sending in orders
to liquidate a position that is up.
Trade Your Way as Long as It Makes Money!
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