How do you manage to win and stay profitable?

[timsk]

The ultimate success is to swing trade but with a daytrading stop .

That's an interesting comment. Is that in effect saying: if the trade is not going the way you anticipated from the start then it's time to get out? I find it's a bad sign when the trade starts going the wrong way and the natural temptation is to hang on – but that's not the correct thing to do.

Hi 0007,
I suspect your interpretation of tar's comment is right. However, another possibility might be to enter a trade using day trading criteria (inc. tight stops) and, if it goes into profit, to then try and roll it up into a swing trade. One way to do that is to move up timeframes. For example, if you enter a long position using a one minute chart, you move up to a five minute chart if you've not been stopped out and the trade is still in profit once the 5th one minute candle has printed. After 3 five minute candles, move up to a fifteen minute candle etc. If you remember Naz (Alan Rich) - he claimed to do this and, on occasion, a trade that started life as a day trade on a one minute chart would end up being a swing trade lasting several days or more. Very cool if you can pull it off. Like most things in trading though, the principle sounds simple enough - but putting it into practice is a tad harder. Well, for me it is anyway!
Tim.

 

[0007]

Hi 0007,
I suspect your interpretation of tar's comment is right. However, another possibility might be to enter a trade using day trading criteria (inc. tight stops) and, if it goes into profit, to then try and roll it up into a swing trade. One way to do that is to move up timeframes. For example, if you enter a long position using a one minute chart, you move up to a five minute chart if you've not been stopped out and the trade is still in profit once the 5th one minute candle has printed. After 3 five minute candles, move up to a fifteen minute candle etc. If you remember Naz (Alan Rich) - he claimed to do this and, on occasion, a trade that started life as a day trade on a one minute chart would end up being a swing trade lasting several days or more. Very cool if you can pull it off. Like most things in trading though, the principle sounds simple enough - but putting it into practice is a tad harder. Well, for me it is anyway!
Tim.

That also sounds very interesting but could I could keep up with that? Nevertheless I might have a go on the demo. If it worked for the famous Naz then I'm game. Your post illustrates for me just how easy it is to get locked into a particular mindset eg. - "I'm a swing trader so I couldn't possibly start off in a day trade mode could I?" (ironic comment). Funnily enough, although I'm a swing trader and plan everything based on the trade lasting at least a few days, I do always go down from daily to 1 minute frame via 15 & 5 to get the best possible entry. A bit of messing and watching but usually well worth it.

 

[timsk]

. . . Funnily enough, although I'm a swing trader and plan everything based on the trade lasting at least a few days, I do always go down from daily to 1 minute frame via 15 & 5 to get the best possible entry. A bit of messing and watching but usually well worth it.

Sounds to me like you're doing it already 0007!

 

[Fugazsy]

As you probably know, even when we get our entry right in the smallest TF, it does not necessary turn into a swing, the actual condition of the market needs to be taken in consideration: is it swinging into a tight or large waves? It is trending from the opening? and so on.....

Look at this trade I took the other day, if I was not taken my profit at the previous swing low instead of making many times my risk it would end up in a loss.

So general market condition needs to be taken in consideration, only my view.

 

[0007]

......................................................................

So general market condition needs to be taken in consideration, only my view.

Absolutely vital I would say.

 

[Fugazsy]

one another thing we should take in consideration: the high/low of the day often happens in the first 2 hours...............

 

[NVP]

Hi,

I make a deposit, start trading and get $50 to $100 or so and then it's loss after loss from there.

How do you keep a logical mind and the patience to carefully decide when it's time to quit?

Please share your experience on how do you manage to win and stay profitable.

Thanks

Peter

discipline / experience / screentime / focus / knowledge/ self awareness

I do pretty well these days scalping but am not in the league of Forexperian or major magnum re the traits needed above

I have the attention span of a fly.......... useful in my research work and experimentation .........but very very damaging when grinding out scalp pips

BUT........I cannot emphasise the need for years of screentime and practice practice practice..............get yourself a half decent system and the experience will make you profitable in the end :smart:

N

 

[NVP]

Everybody gets a run of losers from time to time, no matter how good your long-term win rate.

I try to stay focused on method and discipline. This game is 80% attitude, but only 10% knowledge and 10% technique. I give myself as much credit for money not risked and for strict accordance with my own method rules as £ in the bank per week because my attitude is under my sole control. As long as you've a sound method proven by backtesting and practice, which has some sensitivity to market sentiment, keep trading through the rough patches.

great advice Tom................

 

[NVP]

one another thing we should take in consideration: the high/low of the day often happens in the first 2 hours...............

so that's 2 hours from GMT midnight ?...........interesting comment

 

[Fugazsy]

so that's 2 hours from GMT midnight ?...........interesting comment

from Frankie or LO (forex), its is a bit grey just as is in trading.....nothing black and white..

 

[NVP]

from Frankie.

how is he these days ?

 

[Fugazsy]

from Frankie or LO (forex), its is a bit grey just as is in trading.....nothing black and white..

EU today, the vertical line is just prior to Frankie, that could be the high of the day, nothing sure........ if we look for certainties this is not the proper job.

 

[Fugazsy]

discipline / experience / screentime / focus / knowledge/ self awareness

I do pretty well these days scalping but am not in the league of Forexperian or major magnum re the traits needed above

I have the attention span of a fly.......... useful in my research work and experimentation .........but very very damaging when grinding out scalp pips

BUT........I cannot emphasise the need for years of screentime and practice practice practice..............get yourself a half decent system and the experience will make you profitable in the end :smart:

N

N

Did you work in the advertising industry?

 

[progix]

I would suggest sticking with the right strategy and effective money management can lead to win and staying profitable most of the time. Sometimes a trader losses amount but we have to let go off it, but don't go for chasing your lost money as you will lose more. I have scheduled my trading and if i win extra i stop trading and vice versa if i losses my trades, and most importantly i haven't implemented martingale strategy ever in my business.. i guess that woks, try it!