Many traders find that, most dificult part of trading is discipline.And actually there are too many traders that makes too many trades with no real reason(overtrading/gambling). I noticed that resently I have been more and more doing that as well. And it do not improve my trading results.It is a bad habit folks and needs to be replased with a good habit, right? Overall I am from intra day trader to long and very long term trader. There are some trades that last for longer then half year and there are no problems with that kind of trades. But angoing intraday trades I will be making a quiet chalenging desision to limit quantity of trades to 2 trades per day.And no matter what is outcome of them(emotions do not rule my actions right?), two trades and basta, I am locking my offise(closing my laptop). And even more important it doesen`t mean I have to take two trades, it is ok with one trade or no trade. There has to be some reasonable good looking oportunity before trigering the button. I will be using only one strategy for trading wich is something from Craig Harris method `natural market flow`.(I am using it from free material aviable from internet and I have no any means to promote anything. There are also a thread on FF about this) And surely I will trade it as I understand it. I will be using no bigger then 20 pips SL and there will be 20-35 pips TP. Sure it is natural that volatility may have influence for the size of it and it may variate. I will only trade eur/usd. Time frame 15min.I will post my results in pips whatever they are. It is not a signal servise so I will most likely post it after the fact or when I already am in a trade.After the trade is open I will wash my hands and leave it up to the market,except that if tp is more then 20 pips I will move the stop to breakeven plus 2 pips once in profit with 20 pips.It will be done by multi purpose trade manager ea.Wish me luck.
several important things for myself/anyone interested to pay atention before any trade
1 Aware of the news. Do not open a trade at least 30 minutes before any important news reliese.FF calendar marked in red.
2 Tokio chanel. Trades must go away of the Tokio chanel resistance/support lines not in to them, meaning that there has to be some room for the trade and not to jump into the wall.
3 Opening price close as posible to swing low/high. Better entry.
4 Price chould go out of consolidation, power of break out
5 Stoch indicator agreement. It has to have some angle not to be flat.Simply must have yellow color not red.
6 Trading time.From 06gmt- 16gmt.No trades at time out of this period
Some clarification.
Tokio chanel is time period from 22gmt-04gmt. High and low of this period is resistance and support for the day to pay atention for.The range of the chanel chould be at least 40 pips to be important.
Stoch indi is set to 8.3.3
Rules in red is important, in black just recomendation.
EDIT I have mooved to higher time frames and do not trade this way anymore
several important things for myself/anyone interested to pay atention before any trade
1 Aware of the news. Do not open a trade at least 30 minutes before any important news reliese.FF calendar marked in red.
2 Tokio chanel. Trades must go away of the Tokio chanel resistance/support lines not in to them, meaning that there has to be some room for the trade and not to jump into the wall.
3 Opening price close as posible to swing low/high. Better entry.
4 Price chould go out of consolidation, power of break out
5 Stoch indicator agreement. It has to have some angle not to be flat.Simply must have yellow color not red.
6 Trading time.From 06gmt- 16gmt.No trades at time out of this period
Some clarification.
Tokio chanel is time period from 22gmt-04gmt. High and low of this period is resistance and support for the day to pay atention for.The range of the chanel chould be at least 40 pips to be important.
Stoch indi is set to 8.3.3
Rules in red is important, in black just recomendation.
EDIT I have mooved to higher time frames and do not trade this way anymore