Best Thread Featured Quick reference for real trading profit. Tips that work

[TickerHeads]

Before executing your first trade of the day, visualize what a successful trade looks like for you.

 

[Technically Fundamental]

Pick a time frame and DO NOT overtrade.

 

[rathcoole_exile]

Pick a time frame and DO NOT overtrade.

or don't have any specific timeframe at all; pick a trigger point(s) and take every trade that hits your trigger(s)

 

[rathcoole_exile]

love the trend and trade the trend trend all the time !!!

and if there is no trend present ?

 

[rathcoole_exile]

mmm this hardly makes sense to me .... how can you make money without having a clue which way a particular market is going (trend)....and without relying on good sources of information for fundamentals analysis. Trading without analysis is pure gambling, and most gambler lose money in the long run.

pick a trigger price at random (a pivot or round number for example)

your plan is to buy/sell whenever price hits the trigger

your automatic safety stop is lets say 1 unit, your minimum profit target is say 2 units

if you accept that the markets are truly random and that price could move in any one of 3 directions, the split second you initiate your trade then in theory you should be correct 50% of the time.
Even if the law of averages decides to screw you and you're only correct 1 in 3 trades, you would still breakeven (not allowing here for comms, fees etc)

if your plan allows you to move your stop to 1.75 as it approaches 2 points profit, sometimes you'll get stopped out for 1.75 profit. other times your trade will take flight and earn you 5,10, 20 units......and that is where the real money is earned, where you become financially successful as a trader

what does this illustrate ?
money management is key
having a plan is key
sticking to your plan is key
fundamentals, indicators, timeframes and trend are irrelevant and redundant

Ok, I exaggerate, you could use fundies, trend etc to determine what your plan will be at any particular trigger, ie to go long or short, but once the plan is in place, they all become unnecessary to you.

imho, the willingness to commit to a plan, the willingness to take losses and the strength to keep repeating those trade set-ups are what will make you a successful trader.

if you can't accept that only 2 or 3 trades out of 10 will be small winners, and that 2 or 3 will be scratched for even and that 3 or 4, even 5 will be losers, with possibly only 1 in 10 trades being "payday" then you shouldn't even consider trading

r_e

 

[rathcoole_exile]

The more tips we follow for the forex trading from forums only. So that they can able to gain more profits in the forex trading.For every forex trader need the best ideas to make a trading in the forex.So that trader can able to make maximum profits in the forex trading...

alternatively, don't have any ideas at all.
none.
i reckon a lot of traders would be just as successful, if not more so, by just choosing an entry at random, and then managing that trade

success as a trader is not about entries, it's not even about exits.
it's certainly not about indicators and to a lesser degree not about timeframes.

the only true path to success as a trader lies in correctly managing a trade

more than half the time I don't even have my charts on screen. but i know in advance what i'm going to do at a certain price and i know what i'm going to do
a) if I'm wrong
b) if I'm correct
c) if the market flatlines


and another point.
if you have decided on a trade and it goes against you, don't be afraid to get stuck back in if you get stopped out early.
i've no time for babies who whine that they got the direction right but the market noise or the devils disguised as market-makers deliberately hunted out there stops, only to see the market zoom off in the anticipated direction but leaving them behind.

have respect for your own judgement and get back in ! and again and again and again ....

 

[moneybot88888888]

check yo trend lines.
trade what you see, not what you think.
everybody except YOU is a idiot.
if you got an idea, then trade it with conviction.
dont kill your good trades.
understand support and resistance and not get stopped out.
trading is often like poker as your convictions will always be tested.
a range break out is not a good time to play a reversion to the mean.
is your stop a entry?
yesterdays mid? todays mid? opening range? daily/weekly/monthly pivot? daily ma's? daily volume? fibbys?check. (be prepared in advance)

 

[moneybot88888888]

step back and see the bigger picture

 

[moneybot88888888]

being a good trader is being a good loser.

 

[Hershy]

You cannot argue with the charts.

 

[TWOHATS]

I've been dabbling with "trading" for several years, couldn't get it to work, always losing small amounts, with some wins here and there.

Lately I've been trying to see where I've been going wrong. This week I had a couple of truly bad days, lost about 25% of my pot. but on Wednesday I had a Eureka moment. On Thursday, I was away again and right back into my bad habits and wrong headed ways. Realising I was going wrong, I refocused and by Friday I'd got back almost all of my previous losses.

When I say that I lost 25% of my pot, the pot is made up of roughly 50% starting stake that I opened the account with and the rest is winnings I've accumulated over the last 4 years. But as I say I've been stumbling in the dark, until now. I feel I am now ready to launch out a bit deeper, and test the waters. Any tips would be more than welcome.

On Friday I was up over £100 on the DOW, NO STOP LOSS..!!, went for a walk, basking in my new profit....came home, £100, had disappeared down to £2. Help..!! I looked at the charts hung on for grim death and made a profit of £104. Never again will I not set a stop loss.

What you could start doing is once up £100 like you were close out 50% of your position and bank 50quid then either move your stop to break even for a free trade then you cant lose or move ya stop to your entry then if you get stopped out at least you dont lose the full 100 cos youve locked in 50quid.
I know if it carries on in your direction you only have half your stake running and not your full stake but i've lost count the amount of times in the past(like probably everyone on here) when a winner has turned into a loser and i havent locked in profit.
Hope this is of some help.
Andy

 

[Technically Fundamental]

What you could start doing is once up £100 like you were close out 50% of your position and bank 50quid then either move your stop to break even for a free trade then you cant lose or move ya stop to your entry then if you get stopped out at least you dont lose the full 100 cos youve locked in 50quid.
I know if it carries on in your direction you only have half your stake running and not your full stake but i've lost count the amount of times in the past(like probably everyone on here) when a winner has turned into a loser and i havent locked in profit.
Hope this is of some help.
Andy

or set a realistic target instead and think about how the price might act at levels between your entry and target based on previous price actiona and support/resistance levels

 

[Dinos]

I've been dabbling with "trading" for several years, couldn't get it to work, always losing small amounts, with some wins here and there.

Lately I've been trying to see where I've been going wrong. This week I had a couple of truly bad days, lost about 25% of my pot. but on Wednesday I had a Eureka moment. On Thursday, I was away again and right back into my bad habits and wrong headed ways. Realising I was going wrong, I refocused and by Friday I'd got back almost all of my previous losses.

When I say that I lost 25% of my pot, the pot is made up of roughly 50% starting stake that I opened the account with and the rest is winnings I've accumulated over the last 4 years. But as I say I've been stumbling in the dark, until now. I feel I am now ready to launch out a bit deeper, and test the waters. Any tips would be more than welcome.

On Friday I was up over £100 on the DOW, NO STOP LOSS..!!, went for a walk, basking in my new profit....came home, £100, had disappeared down to £2. Help..!! I looked at the charts hung on for grim death and made a profit of £104. Never again will I not set a stop loss.

Hmmmm, don't want to preach, but sounds like you don't have a trading plan, I have a trading plan, every trade is thought out before I place the trade, I know exactly what my profit will be and what my loss will be if it a bum trade, I do that for every trade I take, gives me consistancy and enables me to have a relaxed persona, after placing the place, then I can go out and let it do what it will, only 2 outcomes, win or lose, but within my trading plan are my stats of every trade so I know what the % win/loss ratio is and am happy to take both winners and except losers as the % are in my favour, just a thought.

 

[mrsoul]

The rule I try to remember each time I have to take a stop.

'Every big loss starts as a small stop.'

being a good trader is being a good loser.

never give up.
never stop learning.

 

[Chartergas]

not sure if this has been previously put up but::

Are you playing to win or playing not to loose???

 

[fayalac]

Well, i dont consider to be anyone to tell you what to do, but i guess you still have a lot to learn.
Chartergas just made you a question, a wise one, most of the people try just not to loose and with that in mind the best way to invest is simply withdrawing your funds and find a job for yourself.
Markets are made to win, anyone can have a bad day but if today you loose what you made yesterday, and tomorrow you will recover back just to loose again the day after tomorrow, then, as Dinos told you, you dont have a trading plan.
To have a trading plan can be as hard or as easy as you want if you know what you are doing.
My advice is simple:
- Use STOP LOSS and LIMIT if you are not attending your positions
- Make your plan, always have a plan to trade
- If you loose today analize what happened, you did something wrong, or maybe you simply took the best of the worst, but anyway your loss came from somewhere, analyze and learn, understand why you learn or loose
- Consider your investment a bussines, not a bet, you are not playing, you win or loose real money!.

 

[Chartergas]

- If you loose today analyze what happened, you did something wrong, or maybe you simply took the best of the worst, but anyway your loss came from somewhere, analyze and learn, understand why you learn or loose

but do it the next day when you are in a better frame of mind. IE sleep on on it then review it

 

[mrsoul]

I have found this to be the key to successful trading:

In at the right time; out at the right time; out most of the time.

That is what trading should feel like.

 

[mrsoul]

Lose your opinion- not your money!!!

 

[Chartergas]

Make excuses or make money,
You can't do both !