A useful proposal

[uazpeitia]

Hello, Traders

 

My name is Unai, from the northern part of Spain. I entered the obscure world of trading a year ago, looking for (as everyone, I think) a good system to trade. I passed from candle patterns, to EA, then to moving whatevers, then to supperia tapeplotter, the to No bullshit trading, daemon goldsmith ebook, etc... Confused with the thousands of methods to research, I had an little idea.

 

My proposal is simple. ¿What if we make a list of those indis, methods or programs that we think that are logical or legit? Those that we think that would work. With that list, we could help new traders in avoiding scams and helping them to go in the right path.

 

I´ll start: 1. OFA, GOMI, NOFT, Marketdelta, Orderflows and all those indis that let you view the ladder.

2. Bookmap. I think that could be a useful tool to pick trades and view certain traps, and strange market movements.

 

Thank you all!

[⭐ kesk]

I can understand your feel for trading. I also started like you, without any knowledge made some money, then thought if I can earn a little bit without knowing anything, how about learning it fully. That's where I lost the 'feel' for trading. Studied candle patterns, chart patterns, dived into Metastock programming, learnt artificial intelligence, Astro finance.. In the end, I couldn't even break up on trading and lost heavily.

 

I think, indicators and the like, can give only 'indication'. Its more to do with luck and 'feel' or 'knack' for the trading, that people make most gains. Rest everything is marketing.

 

This is my opinion.

[BobGill]

you are right, but there's no correct way to paint a painting. which is an art, so is trading.

 

I mean there is 1000 (thousand) variables in your trading, like, time frame,capital,mindset,risk-hunger,goals etc etc.

 

There are more trading ways than the faces on the earth. But still its governed by few simple rules. we can call them basics. If someone got his/her basics right, not matter which method one choose, meaningful earnings are possible.

 

recently I found this book, its small and pretty clear.

 

Traders MUST read.

http://nitroflare.com/view/B831B040E77CF36/Trading_Habits__39_of_the_World_-_Steve_Burns.epub

 

edit: let me add

 

I must add one important thing, when a person face problem, there are two particular ways to look for solution, Inwards or outwards.

 

Inwards, what's wrong with me, what I need to improve and learn.

 

Outwards, Indicators, signals, people, places, tools, circumstances etc etc, you got the idea.

 

 

I would say most of the problems are within. so look withing for answers.

Read more philosophy, psychology, anything ancient when they don't have fancy science to explain everything, everything they came up with, only from deeeeeeep self understanding.

 

No matter what signals says, right or wrong, but if there is a single doubt/problem withing yourself, destruction is eminent. but on other side if you are at peace, calm, serene, catching the bad signals become easy before they turn into bad trades or even big losses.

 

http://tinybuddha.com/blog/3-questions-worth-asking-to-find-the-right-answer-for-you/

 

Its more like, you only catch fever and flu when your own immune system is weak !! right ????

 

you catch bad signals, when your system is overloaded with fear,greed,ego,doubts,beliefs etc etc.

 

again, I feel trading is not about earning money, its about managing the Risk. get your basics right do the later part right or religiously, money will come as a result of that hard work, which the directly proportional of price you paid in terms of patience,self control, fearless, greedless etc etc

 

In My very own personal opinion, note its very core personal. sharing it out in public for first time.

 

You are in wrong trade, if you are worrying about stop-loss trigger, praying for target price, continuously watching every tick.

 

ideal trade should be,

enter in trade,

stoploss is there,

target is there,

trailing stop is there.

 

then leave it, go for a walk, take shower, go for nice poop, feel light, play with your dog or child, help your wife in kitchen, bake some cookies for yourself.

 

its not worse than your stoploss or good than your target. one thing is for sure. so why worry.

 

peace.

Edited March 17, 2016 by BobGill

[uazpeitia]

Thank you both for sharing your point of view. ill read that book, I promes.

[iksak]

 

again, I feel trading is not about earning money, its about managing the Risk.

 

peace.

 

All right for me what you say. I want to add just 1 thing: managing the risk = good trade location + let profit run more than your stops (I usually use 2:1 for the first target). This is for me all the secret about trading!

[BobGill]

All right for me what you say. I want to add just 1 thing: managing the risk = good trade location + let profit run more than your stops (I usually use 2:1 for the first target). This is for me all the secret about trading!

 

yes true,

 

highest Probability (break outs, cross overs, testing supports/resistance, third wave, fib ratios ) +

Position size +

Target:Loss ratio (2:1 or 3:1) +

Account size ratio (1% or 2% for singe trade) +

Time took by trade (to hit target or stop) +

Time frame use to take trade ( 1min or 15min Chart) +

Swing (2-3 days to a week) or intraday trade

 

reduce position size while on loosing spreee and DO NOT increase position sizes on winning spree.

must consider your theory/style after straight 5 to 10 loss trades or at least stop the non sense you are doing!!!

 

there's alot more.

[Banner]

BobGill, well said! Look inward and improve. After working on inward factors, even the simplest technical system would show its power.