Ideas for increasing trader performance

I had a few ideas about how some of you can increase your performance.

I decided to upload these ideas in PDF format as the feedback I've had from people is that it stops threads getting cluttered and makes the points easier to read.

There is nothing groundbreaking in this small e-book that I haven't said before - it's just a chance to sum up some things I think others might find useful. Hopefully it's pretty clear but go easy on me as I started writing it at Midnight when I couldn't sleep.

I’ve tried to stay away from the usual statements of “have a plan” and “manage your risk”. If you don’t already do these things, you stand little chance of long term success.

Instead, I’ve tried to identify a few strategies that have improved my performance. I hope they make a positive difference for you too.

I wish everyone all the best with their trading in 2010.

Tom

P.S. I have made a few minimal changes to the PDF and re-uploaded it. If you downloaded your copy before the last update, you should save this one over the top of it.

trader_dante said:

I had a few ideas about how some of you can increase your performance.

I decided to upload these ideas in PDF format as the feedback I've had from people is that it stops threads getting cluttered and makes the points easier to read.

There is nothing groundbreaking in this small e-book that I haven't said before - it's just a chance to sum up some things I think others might find useful. Hopefully it's pretty clear but go easy on me as I started writing it at Midnight when I couldn't sleep.

I’ve tried to stay away from the usual statements of “have a plan” and “manage your risk”. If you don’t already do these things, you stand little chance of long term success.

Instead, I’ve tried to identify a few strategies that have improved my performance. I hope they make a positive difference for you too.

I wish everyone all the best with their trading in 2010.

Tom

Click to expand...

Hey thanks for this - finally someone with something of value to say who is not trying to sell stuff. - cheers!

Please note that the section on the gap shows a 5m chart for illustration purposes only.

I have used it because you can see the gap, the s/r and how the gap fills more clearly.

When I traded this, I did so on the hourly time frame.

I do not use the 5m time frame in my trading.

dealer911 said:

Hey thanks for this - finally someone with something of value to say who is not trying to sell stuff. - cheers!

Click to expand...

dealer911
Senior Member


Join Date: Nov 2009
Posts: 165

"No but I am going to be offering something similar for free (and I have 17 years experience as a trader not 14 like this guy)... I am in the development and testing phase and will launch Q1 2010.
Lot of money to part with.. you would learn much more by just using the £2500 as trading capital.. i will have trading capability directly on my site and that is how I will make some revenue..BUT i will not insist that people use my platform.. they can use whichever they choose..(which means i wont get paid though).. These guys might be legit but it seems expensive.

http://www.trade2win.com/boards/tra...ny-experience-website-mentor.html#post1028168

trader_dante said:

I had a few ideas about how some of you can increase your performance.

Click to expand...

Good stuff Tom.








I also have an idea of how most would improve their performance. STOP TRADING.

people might find this blog of a forex trader useful since, like TD, he has a logical approach to trading on the longer time frame.

http://www.forexfactory.com/showthread.php?t=187619

http://www.forexfactory.com/showthread.php?t=143593

I've asked Timsk (wherever he is to post my bit on a sticky for noobs, therefore apologies if you see this post elsewhere on T2W.

Thanks TD for adding to peoples knowledge and giving your free time at no cost to them.

~

everyonerich said:

~

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Yes but you need to be very careful as there is a daily level just above that area.


Infact, although I've only drawn one, you should be able to spot several levels on that chart that could cause serious problems or at the least temporary setbacks to any upside move.

I don't see any problem with TD using tests of intermediate levels showing up intraday, major levels on longer timeframes and price to govern entries and exits for trades. If people want to ignore confirmation and throw the dice then that's their choice.

I've saved the template of my chart for the EUR/USD as it currently looks.

I've never thought of this before but this must be the easiest way to convey my market map to you.

Download the attachment in this message and save it to your desktop. (You can virus check it first if you feel the need).

Open a new, blank, EUR/USD chart in MetaTrader.

Once you have got the chart up right click anywhere on it and choose Template > Load Template.

Scroll to your desktop, find euro.tpl and click Open.

You will now see the chart as I do each day.

Red levels = W1
Orange levels = D1
Lime levels = H1

When you put it on D1 time frame the map clearly shows you we are ranging and caught between two Daily levels that cap the upside and downside.

A break above 1.4457 is likely to run into trouble marginally higher at 1.4500. So if you play a break and retest you need to be aware that it may only have 40 odd pips to the upside.

If you switch to the H1 you can see the hourly levels that stand in the way of the daily ones. I have made them visible only on this time frame to stop the chart looking cluttered. I don't normally do this.

Once I have determined what level we are heading to on D1 then I can fine tune an entry around the H1 levels.

This is at the very foundation of my Making Money Trading thread.

NB: I change my hourly levels perhaps twice per week. Daily levels are checked once per week and Weekly levels perhaps once every three months or so.

Enjoy.

Tom

thanks trader_dante, omg... if someone completely new with your strategy.. they have high chances that their 'map' is definitely gonna be different from yours..

so people still might lose money following your strategy. i propose you start a pamm account and would you do it? i know theres a broker facility able to pool account without client/trader need to do it illegally.

your support resistance really dynamic

Hi Tom,

thank you for starting this thread. When I look at your EURUSD template and compare it to mine, I don't have half of your levels. MMT talks about only marking levels which can be seen from a mile away. Many of the orange levels are not precisely aligned with any High/Low points and I just can't, I can't see them from even three feet away. I felt stupid at first, but then I thought that you've made a quantum leap in your trading since you started MMT and Potential Setups, and there is a big disconnect between that material and this EURUSD template. Without a narrative, this is a quick, easy death for a newbie.

Update: I have been staring at these levels for a while now, and it is starting to make sense. I am actually learning quite a bit, I think. So keep starting and you'll see them LOL.

Thanks, comrade.

Thanks for putting your thoughts to paper or in this case PDF , it really helps us beginner traders. I hope the next time you do it, it will be a lot more than just 18 pages (>200 is what I'm thinking).

It is amazing how you give and give, one day when I grow up I want to be just like you.

Yes, the PDF is great. I am sorry I did not mention this in my previous post.

Do you always use the weekly levels and are there any times you add the 4 hour levels?

ps: you have really been a great help

Thanks
Wade

trader_dante care to comment?

everyonerich said:

trader_dante care to comment?

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I'm new on forex, however let me take a look...

hi pavelsg, sorry .. pls ignore my pic for now. however thx for your chart

everyonerich said:

hi pavelsg, sorry .. pls ignore my pic for now. however thx for your chart

Click to expand...

never mind