thank you indo-investasi... now i become a better trader...
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15 Rules of a Successful Trader
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Re: 15 Rules of a Successful Trader
Just like to add one more, if I may:
Clean up your charts. Too many indicators will drive you crazy.
After 5 years of trading, I've come back to the basic, HH HL, HL, LL and trend lines. I've also appreciate people telling me to learn candle stick and price action.
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Re: 15 Rules of a Successful Trader
Originally posted by MentosJust like to add one more, if I may:
Clean up your charts. Too many indicators will drive you crazy.
After 5 years of trading, I've come back to the basic, HH HL, HL, LL and trend lines. I've also appreciate people telling me to learn candle stick and price action.
I could not agree less with you. Keep it simple. Indicators come and go but the simple things has always stand the test of time. If you have too much food at home you might still be hungry, why? Because you are confused on what to eat and same-thing with plenty of indicators, you might still find yourself making wrong trades because you have too much people to listing to now and you can't think straight. It is called Analysis Paralysis. The cure? Purge yourself of all the fancy indicators, less is better.
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keep charts so simple,
follow one or two indicators ,
finding reliable patterns,where it occurs is important,
finding trends and not trade against them,
consider daily high & lows ,pivots & support resistance,trend lines,
a brake out trade must be conformed after the pull back completes,
make use of 38.2% fibo retracement rather than 61.8%,
dont forget golden rule buy at low sell at high,
all above mentioned can become useless when tsunami ( ecnomic data) occures,
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Trading Mistakes
Found it in another forum.
Trading Mistakes
The following list contains the most common trading mistakes that we will cover in this article.
1. Not using a “trading plan”
2. Not having a money management game plan
3. Not using protective stop loss orders
4. Closing winning trades early and letting losing trades run
5. Overstaying your position
6. Averaging a losing trade
7. Increasing your risk with success
8. Overtrading your account
9. Failure to take profits from your account
10. Changing your trade plan in mid-trade
11. Not having patience
12. Not having discipline
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Chankl78
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Are you a good Trader?
Are you a good Trader ?
These days everyone interested in Trading the FOREX MARKET wants to be a Forex Trader.
To determine if you will be a good trader, ask yourself the following questions...
A Person who has a good chance at being a successful trader has the following attributes.
Is properly capitalized - enough money to trade and survive.
Treats Trading as a Business.
Has a low tolerance for risk.
Trades only when the market provides an opportunity.
Can control your emotions.
Has a Trading Plan.
Has a risk management plan.
Is incredibly disciplined.
Is focused.
Has back tested his trading methodology.
A Person who has a good chance at failure has any of the the following attributes.
Is undercapitalized.
Lacks discipline.
Overtrades.
Does not understand the markets.
Rushes into trades.
Chases the market.
Is afraid of missing a move.
Is stubborn and marries a position or idea.
Misinterprets the market news.
Is always looking for home runs.
Lets losers get too big.
Takes winners prematurely.
Takes trading too lightly.
Takes large risks.
Has little control of his emotions.
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Chankl78
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Originally posted by Mentos View PostJust like to add one more, if I may:
Clean up your charts. Too many indicators will drive you crazy.
After 5 years of trading, I've come back to the basic, HH HL, HL, LL and trend lines. I've also appreciate people telling me to learn candle stick and price action.
Likewise Blogs/forums like this one are usually good resources too.
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Indicators are just for scalping at M1 and M5. Other than that for naked price action with some moving averages as support and resistance + trendlines + fibo + candle pattern (pin bar) + previous S&R is more than enough.
First the price moves then the indicator moves where the price moves the indicators follows, just that our eyes are not trained to see that. Hopefully i am able to see that in times to come. =)
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