trader_dante
Veteren member
- Messages
- 4,535
- Likes
- 1,538
I first starting trialling the general principles in the Beat the Broker competition, and I can honestly say I haven't looked back since. Cheers mate.
You've just made my day.
I really wanted to try and help people with Making Money Trading (and this thread too) where I can because I know how much of a difference that applying patience to high probability setups can make to your trading.
Thanks Joey!
I rely on trendlines a lot and enter with limit orders most of the time, with more of a countertrend mentality at first, but the general principles of confluence and high probability setups are still there.
I always use limit orders too
What I've noticed with people who contribute to this thread is that they dare to take
100s of pips rather than the odd 10 or so here and there. That's the key for me - proficiency in the exits
Indeed! That's the element in which joining a prop firm was detrimental to me. For many there, a long term outlook is a few minutes. lol
After I joined, I suddenly started feeling bad letting 50 ticks come back to a loss and it wreaked havoc for me and so I began taking profit after the initial momentum and not letting the move play out.
I was saying to Omni only today that I find it fairly easy to pinpoint the exact point where the move is going to begin and so take the first 50 - 100 ticks relatively easily but now find it very hard to go that extra yard and say "actually my analysis shows this could be the start of a 1,000+ tick move and I need to stay in and perhaps even add".
Even worse, if I get in and it goes nowhere or offside a little I started trying to scratch. I did this only the other day on USD/CAD. Entered the market three times in a row and three times came out with a scratch. Then the move began and it went up just under 700 pips.
Some of my friends at work play for a tick or two and its easy to get suckered into thinking this is the way to do things.
Last edited: