shugParticipant
Average
Incidently when doing that challege thing i did not look at any other timeframes i stayed on a 5 min chart, now i have learned to look at a higher timeframe to see overall what direction price is trending. If im on a 30 sec chart i’ll look at the 5 min, if im on a 5 min ill look at the 15 min if im on the hour chart i’ll look at the 4 hour and if im on the 4 hour ill look at the daily chart.
Another realisation i had was that time is very important, we only have so much of it, can’t buy it back so thinking about that i realised that if i had a lot of money as some traders do then i’d be on the lower timeframes there is no way id be wasting my precious time sitting looking at screens so that realisation probably strengthens my scalping beliefs.
Obviously people are living diffrent and some peoples time is used up working so they have to trade higher timeframes and they cant give up there job until they know that what there doing is working for them, been there and got the t-shirt. its not an easy decision and sometimes a happy medium is required.
I’m just rambling any way good luck !
shugParticipant
Average
I used to think, if i could see the screen of one of those good traders screen as they traded i might be able to duplicate that screen and make as much money as they did. I was wrong, id need that information but also id need the information in his/her head along with there confidence and beliefs as well as a good chunk of cash to get the same results or simular. Any trading system is only as good as the time and effort you put into it to convince yourself its worth risking money on or not. The way I do my trials and errors with trading systems is that I go as little a point for as long as it takes to strengthen my beliefs in that system before raising the stakes, if it takes a month it takes a month if it takes a year its a year well spent. I might be able to test the same thing by programming it and letting that go over past data or present data but there could be a posibility that it might get it wrong and give me a faulse sense of security which in turn could be costly. There might be hiden varables the program didnt take into consideration or fees or something else that effects it. The same things apply when using a demo account, no emotion needed, its not real money, its not your hard earned money thats at stake so diffrent decisions will be made. they are good however for learning the trading platform your intent on using. Sounds easy when looking at trading when getting into it, hell, use my index finger to click a mouse while sitting on a nice comfortable chair and make more money in a day than i made carring bricks up a ladder all week. The market has a way of humbling everyone who gets into it esspecially stuborn people who refuse to cut losses and refuse to put a lot of effort into 1 thing long enough.
Just a thought or 2
shug wrote: I go as little a point for as long as it takes to strengthen my beliefs in that system before raising the stakes
I did exactly the same Shug!
Also after nearly getting wiped out (a few times!) going back on minimum position size requires loads of patience after trading on much bigger sizes.
shugParticipant
Average
Its a bit like boxing, you take a few hits but get back up and learn how not to get hit so hard next time LOL
shugParticipant
Average
I have been taking some trades on those 30 second charts you have traded on, didnt take much time for me to get into it fast and furious but to me tunning into the 30 second chart isnt that bad, in the past i wouldnt have dreamed about trading 30 second charts but i see the advantages with really tight stops ect
shugParticipant
Average
Not sure if things are changing via A.I I have noticed on a few charts big bars appearing random, a lot more random than usual at strange times, i did look at announcements etc to see what was going on but couldnt find anything. Is it manipulation to ‘get retail traders’ i have no idea but i have been trading a lot of years and it just feels like there is a change of some sort, anyone who watches the charts as i do has to have noticed it as well
shugParticipant
Average
A question that comes up quite a lot is, how many trades does it take to get enough confidence in ‘the system’. Its not as clear cut to give a direct answer to. There is a number of factors involved in answering that question. 60 trades on a 1 min chart, 5 trades on a 4 hour chart, trading 2 months on a daily timeframe. It isnt clear cut, depends on a lot of factors i have just mentioned a couple. Someone might get confidence quicker than someone else so this is why its a good idea to go lower on your trades to start with and the longer you can do that the better. In order to experience all market conditions it takes time but a lot of people want to make money quickly as possible, a lot of people don’t want to put the effort required in to the game to master it and even when you think you mastered it there is still suprises so it takes effort to adapt to re evaluate, sometimes your better sitting on your hands. Watch it for a time and when you get your confidence back re enter again.
A number of times I thought thats it i have cracked the code i’m going to be a millionare in no time then the market showed me whos boss LOL
shugParticipant
Average
1 more thing id like to mention is expectation, reason i’m saying this is I can recall saying to myself I’d be happy if i made £200 a week, then that changed to 400 a week then a thowsand a week after that id be happy with £5000 a week, I think you people will relate to that. Id suggest not to do it, because unconsciously you are setting yourself up to only get £200 a week, you put an unconscious restriction in your mind and thats all you will end up getting. On the other hand if you start with wanting £5000 a week, depending on your account size and risk appatite, you have an unrealistic goal, esspecially if you have a small account.
Id suggest to be ambiguios and be thankful if you come out without a loss at the end of the week.
