I want to deal with this thread as logically as possible so that it can be clear to new traders wherever throughout. I am not prepared to take any bullshit from anybody. If at anytime I feel that the negative, noise and cuss cuss is taking over this thread, I will be tempted to happily withdraw into my eden and trade for myself() - which is something I am currently excelled at doing.
Who am I does not matter? Does that matter, lol! What I do in the markets to make money? That is a valid question, and it is the main reason for this thread. Am not here to sell anything, just to share my not so perfectly infallible experience and strategy trading. This is more like a tale of where am at in the trading game! Am comfortably successful - but not heavenly so!
Trading is bullshit! You must understand! If you are not prepared to take bullshit - trading is not for you. The markets can be time consuming, it takes your money just as quickly as you put it in your account(if you allow that to happen). And it tells you fuck off. It owes you nothing, its tells you nothing(well in some sense it does), it does not love or hate, it promises to go neither up or down. So my friends, if the market was a girl, you would do better not to invest any and I mean any emotion in it or torment yourself psychologically by it. Ok!
The markets respond to one and one thing only - Probability; and probability here means this - high chances of multiple occurrences. Therefore having a high probability METHOD and STICKING with it is half of being successful as a trader. And you must understand that even your method does not identify the trades that will be profitable. It only tell you that by sticking with me, there is a high chance that several of my occurrences will be profitable. This simplified: A high probability method does not tell which trades will be winners, its tells you that by sticking with it over time several of your trades will be winners(more than least). And that my friends is just half of the bit.
The next half is Money Management: This of both bits is most important. I really see money management having two parts. Risk Management and Trade Management. These I will elaborate on later as more meat is added to this thread.
I would like to make steady progress on this thread. Most of the knowledge I will share, I have accumulated from free sources - I have never paid a dime for a instructional course or seminar. When I started trading two years ago, I did not have access to a mentor - and I still do not. I messed up my first account - $250 dollars. Demo traded for one month. Somehow sweating it out live works better for me, but before taking this route - I tried to learn all there was to learn. After blowing up my first $250 dollars account, I researched the internet from then until now for the best knowledge and no bullshit. And all the best knowledge I found led me to discover my trading self. The method you choose to trade must depend on you the person trading it. It must fit with your available capital. It must fit with your schedule and lifestyle. And thrust me on this: no method is perfect. A trader has to get to know his strategy, get to know its strengths and weaknesses. Also in this business, no one can hold your hand forever. A trader must show maturity, common sense and flexibility. A trader must be responsible for all the trades he makes. It is also important that one who pursues trading be very patient.
When it comes to the markets: I trade Forex. I trade only EUR/USD. I do not look at distractions while I trade - news reports, calendars etc. I do not want anything to be messing with my mind and emotions. The chart will move the way it wants to move. I look at what the chart is telling me. All the news I want is in the charts; all the speculations I want is on the charts. I stick to one Timeframe for trading - 1hr. I do not look below. I take a peep at the 4hr for a general sense of where the market is - but that is that. I do not use indicators nor moving averages. Nothing but my trend line tool in MT4.
What I do trade in some sense may be price action, I do not know, I do not care - This works for me, and I hope It may work for you too.
Who am I does not matter? Does that matter, lol! What I do in the markets to make money? That is a valid question, and it is the main reason for this thread. Am not here to sell anything, just to share my not so perfectly infallible experience and strategy trading. This is more like a tale of where am at in the trading game! Am comfortably successful - but not heavenly so!
Trading is bullshit! You must understand! If you are not prepared to take bullshit - trading is not for you. The markets can be time consuming, it takes your money just as quickly as you put it in your account(if you allow that to happen). And it tells you fuck off. It owes you nothing, its tells you nothing(well in some sense it does), it does not love or hate, it promises to go neither up or down. So my friends, if the market was a girl, you would do better not to invest any and I mean any emotion in it or torment yourself psychologically by it. Ok!
The markets respond to one and one thing only - Probability; and probability here means this - high chances of multiple occurrences. Therefore having a high probability METHOD and STICKING with it is half of being successful as a trader. And you must understand that even your method does not identify the trades that will be profitable. It only tell you that by sticking with me, there is a high chance that several of my occurrences will be profitable. This simplified: A high probability method does not tell which trades will be winners, its tells you that by sticking with it over time several of your trades will be winners(more than least). And that my friends is just half of the bit.
The next half is Money Management: This of both bits is most important. I really see money management having two parts. Risk Management and Trade Management. These I will elaborate on later as more meat is added to this thread.
I would like to make steady progress on this thread. Most of the knowledge I will share, I have accumulated from free sources - I have never paid a dime for a instructional course or seminar. When I started trading two years ago, I did not have access to a mentor - and I still do not. I messed up my first account - $250 dollars. Demo traded for one month. Somehow sweating it out live works better for me, but before taking this route - I tried to learn all there was to learn. After blowing up my first $250 dollars account, I researched the internet from then until now for the best knowledge and no bullshit. And all the best knowledge I found led me to discover my trading self. The method you choose to trade must depend on you the person trading it. It must fit with your available capital. It must fit with your schedule and lifestyle. And thrust me on this: no method is perfect. A trader has to get to know his strategy, get to know its strengths and weaknesses. Also in this business, no one can hold your hand forever. A trader must show maturity, common sense and flexibility. A trader must be responsible for all the trades he makes. It is also important that one who pursues trading be very patient.
When it comes to the markets: I trade Forex. I trade only EUR/USD. I do not look at distractions while I trade - news reports, calendars etc. I do not want anything to be messing with my mind and emotions. The chart will move the way it wants to move. I look at what the chart is telling me. All the news I want is in the charts; all the speculations I want is on the charts. I stick to one Timeframe for trading - 1hr. I do not look below. I take a peep at the 4hr for a general sense of where the market is - but that is that. I do not use indicators nor moving averages. Nothing but my trend line tool in MT4.
What I do trade in some sense may be price action, I do not know, I do not care - This works for me, and I hope It may work for you too.