reminiscence of(yet) a (novice)trader

[aag100]

cut your losses and let your winners run.
you will have heard this mantra by every analyst/trainer and his dog but what does it even fking mean.to the newbie,he places a trade sets his stop loss and gets stopped out.again and again and again.hes sticking to the mantra and cutting his losses.he seldom has the chance to even contemplate letting his winners run and when he does get the odd chance the winners reverse and become a loss.
what i think they fail to mention first and foremost is cut your losses and let your winners run WITHIN YOUR TRADING PLAN.
DEVELOP YOUR TRADING PLAN/STRATEGY and in accordance to that you will know whether to cut your loss or let a winner run.

 

[Aspen Trading Group]

cut your losses and let your winners run.
you will have heard this mantra by every analyst/trainer and his dog but what does it even fking mean.to the newbie,he places a trade sets his stop loss and gets stopped out.again and again and again.hes sticking to the mantra and cutting his losses.he seldom has the chance to even contemplate letting his winners run and when he does get the odd chance the winners reverse and become a loss.
what i think they fail to mention first and foremost is cut your losses and let your winners run WITHIN YOUR TRADING PLAN.
DEVELOP YOUR TRADING PLAN/STRATEGY and in accordance to that you will know whether to cut your loss or let a winner run.

Well stated. While it is easy to tell traders 'get off the shorter time frames' I realize it is much harder to do early on in your 'career'. Having a plan versus reacting to price action allows you to move that time frame out and not agonize over every pip - that is so counter-productive.

Plan Your Trade; Trade Your Plan

 

[aag100]

Well stated. While it is easy to tell traders 'get off the shorter time frames' I realize it is much harder to do early on in your 'career'. Having a plan versus reacting to price action allows you to move that time frame out and not agonize over every pip - that is so counter-productive.

Plan Your Trade; Trade Your Plan

short time frames you end up chasing your tail and if you manage to get out of the cycle to stand back and look at what you have been doing you realise you would have been better doing nothing or alot less than than what you have been doing.so then you move out to bigger time frames.now theres fewer trades to take,you have to wait longer and the candles are bigger which requires more risk.impatience and fear take their toll and you end up back on the smaller time frames chasing your tail again.i think every trader must zoom in and out a few times,each time increasing their patience and risk tolerance before arriving at their own happy medium.

 

[aag100]

what is a trading system?
is it something you get from reading the infinite number of books out there,is it something you get from following a guru of which theres as many,is it a black/grey box you can buy and then watch the money roll in even as you sleep?
a trading system is something you have to develop by watching the price over countless hours.throw in an indicator or 2 and see how the price reacts at certain levels in relation to them.ive been told indicators are lagging,well fk me if theres a leading indicator which tells you where price will be beforehand.theres others who say they only use price action.i dont believe that.to me thats seems disorientating

 

[Shakone]

what is a trading system?
is it something you get from reading the infinite number of books out there,is it something you get from following a guru of which theres as many,is it a black/grey box you can buy and then watch the money roll in even as you sleep?
a trading system is something you have to develop by watching the price over countless hours.throw in an indicator or 2 and see how the price reacts at certain levels in relation to them.ive been told indicators are lagging,well fk me if theres a leading indicator which tells you where price will be beforehand.theres others who say they only use price action.i dont believe that.to me thats seems disorientating

In what way would looking at the key thing that determines whether your (and all other traders) trades are winning or losing be disorientating?

 

[aag100]

In what way would looking at the key thing that determines whether your (and all other traders) trades are winning or losing be disorientating?

disorientating when your only looking at that one key thing,the price.the price in relation to what?
use abit of artistic flair,some imagination whilst your sitting watching trades or are you one of the better traders whos mastered the art and can set your orders with stops and limits while you go for a round of golf and recieve a message on your phone telling you how much profit you have just made.

 

[Shakone]

disorientating when your only looking at that one key thing,the price.the price in relation to what?
use abit of artistic flair,some imagination whilst your sitting watching trades or are you one of the better traders whos mastered the art and can set your orders with stops and limits while you go for a round of golf and recieve a message on your phone telling you how much profit you have just made.

The price in relation to what other traders have done, are aiming for, and will do. And that's all you need.

 

[Solas0077]

Indicators are for losers is what .I have found out so far and nobody tell me that I don't know how to use them properly...

 

[sethmo]

Indicators are for losers is what .I have found out so far and nobody tell me that I don't know how to use them properly...

I beg to differ. A tool's usefulness is determined by the user, not the tool. If you use a hammer to paint, it's not the hammer's fault you chose it and did a bad job.

I use indicators, for example, but in a way that suits my personality and trading style in a way I haven't seen on the net.

Moral of the story: there's no real right or wrong way to use indicators, use them in a way that makes sense to you.

 

[Solas0077]

I beg to differ. A tool's usefulness is determined by the user, not the tool. If you use a hammer to paint, it's not the hammer's fault you chose it and did a bad job.

False analogy....99.99999999% of those using hammers produce something. 99% of those who use indicators lose money. Even if you think they are 50%, still it is a false analogy.

 

[aag100]

i want to hear a winning trader call a loser a loser,not a loser a loser.winning traders know indicators may work for some and not for others and that each trader needs to find their own edge.

 

[malaguti]

i want to hear a winning trader call a loser a loser,not a loser a loser.winning traders know indicators may work for some and not for others and that each trader needs to find their own edge.

it took me a long time to realise that there is no indicator worth having on a chart.

 

[Shakone]

i want to hear a winning trader call a loser a loser,not a loser a loser.winning traders know indicators may work for some and not for others and that each trader needs to find their own edge.

It's fine if you want to use an indicator. Just didn't see how using price is disorientating, but using price and indicators is not

 

[NVP]

Indicators are for losers is what .I have found out so far and nobody tell me that I don't know how to use them properly...

most losers have a habit of ballsing things up they dont understand ....

 

[NVP]

i want to hear a winning trader call a loser a loser,not a loser a loser.winning traders know indicators may work for some and not for others and that each trader needs to find their own edge.

Vendors tend to call

Winners = Winners
break even = Winners
Losing trades = Break-even
Huge Drawdown = winning Trade still in progress

learn the language of vendors and you wont go wrong :smart:

N

 

[sethmo]

most losers have a habit of ballsing things up they dont understand ....

:clap:

I, like every other trader, have searched for the holy grail of indicators and indicator combos. I'm for the price action approach, I'm for the indicator approach. One thing I've noticed in both approaches, is that simpler tends to work better. So long gone are the days of the Triple Inverse Reverse Filtered Polynomial Professional Gauge, I just have a moving average and a trailing stop.

I figure, when you produce a strategy that suits your personality and trading style, you'll make money because you'll have made something YOU understand and something you understand WHY it works.

 

[Dinos]

Indicators are for losers is what .I have found out so far and nobody tell me that I don't know how to use them properly...

Completely disagree, I've being trading full time 15 years. I use one indicator and 2 t/f's, Macro and micro, when in confluence l enter a trade. Break of confluence l exit a trade if still in.

IMHO, don't over complicate things by using multiple indicators etc

 

[aag100]

Vendors tend to call

Winners = Winners
break even = Winners
Losing trades = Break-even
Huge Drawdown = winning Trade still in progress

learn the language of vendors and you wont go wrong :smart:

N

everyones a winner.

 

[aag100]

:clap:

I, like every other trader, have searched for the holy grail of indicators and indicator combos. I'm for the price action approach, I'm for the indicator approach. One thing I've noticed in both approaches, is that simpler tends to work better. So long gone are the days of the Triple Inverse Reverse Filtered Polynomial Professional Gauge, I just have a moving average and a trailing stop.

I figure, when you produce a strategy that suits your personality and trading style, you'll make money because you'll have made something YOU understand and something you understand WHY it works.

precisely.

 

[aag100]

It's fine if you want to use an indicator. Just didn't see how using price is disorientating, but using price and indicators is not

imagine being in zero gravity with your eyes covered.would you know which way is up or down.....