C
cantagril
I stand corrected! Even if you aren't integrating an layer of sediment or fundamental analysis, I'd guess that your punts aren't entirely cavalier. The word "consistent" covers a multitude of virtues especially if you "come out ahead" over time.To be honest I do consider myself a bit of a "punter" - I trade my setups at my levels and let the market do what it wants to do. I have confidence based on thousands of trades over years of development that if I do the same consistent thing, I'll come out ahead. I'm not going to win every trade and I'm not going to make money every day, but over a decent enough sample I should do OK. So I tell myself anyway
@FXX. I woz wrong....again
WadeGrimm
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Yeah, they're not entirely cavalier as you say. I have faith in the combination of setups/levels to produce profits over time.
Main thing for me is keeping it simple. As I've said I used to tie myself in knots with rules. At one stage I was probably coming up with a new rule every time I lost a trade so that "that won't happen again". But eventually I had some many rules I was confusing myself and barely trading.
Then there was one day I remember clearly when I passed on four trades because of one rule or another which would all have been winners. On the same day I took two trades which did somehow make it through my millions of rules and filters, and they both lost. I sat there shaking my head and said to myself "there's no rhyme or reason to it..." and that was sort of the lightbulb moment.
I stopped trying to be cleverer than the market and stopped thinking my rules would allow me to second-guess what would happen. I decided to just react to what I was seeing in front of me right here, right now and let the rest take care of itself.
WadeGrimm
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Here's something that's happened in Brent Oil this morning and is an example of my other type of setup.
I didn't trade it because one of the rules I do have is that I don't like to buy any more than 20pts above the low (or sell any more than 20pts below the high). When this setup confirmed at 0917 I would have been looking at an entry that was more than 30pts above the low, so I put in a buy limit hoping for a pullback, but in this case it didn't happen.
By 0927 the market moved 30pts higher than the level where I'd placed my order, so at that point I considered that it might have done all the move it wanted to do off that signal.
Deleted my order choosing not to buy if/when the market did pull back, which it has now just done around 0951.
I didn't trade it because one of the rules I do have is that I don't like to buy any more than 20pts above the low (or sell any more than 20pts below the high). When this setup confirmed at 0917 I would have been looking at an entry that was more than 30pts above the low, so I put in a buy limit hoping for a pullback, but in this case it didn't happen.
By 0927 the market moved 30pts higher than the level where I'd placed my order, so at that point I considered that it might have done all the move it wanted to do off that signal.
Deleted my order choosing not to buy if/when the market did pull back, which it has now just done around 0951.
WadeGrimm
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Like the EURAUD trades on Monday, entry was closer to the low than I prefer but it's just a case of keeping a close eye on it.
Market made a new low quickly but need to see a decent move down through 18125 or there is potential for reversal back above 18150.
Market made a new low quickly but need to see a decent move down through 18125 or there is potential for reversal back above 18150.
