Some of my forecasts
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Raj, let me say that unless you have fully developed rules for entry and exit, then it may be more advisable for you to have a little more screen time. My lack of screen time is all based on my experience of seeing charts so much. My point in responding to your original question is that it is stressful for me laboring over the charts for an entry or exit. It is enjoyable just for the pleasure of chart watching, as in my hobby.
No need to worry about repetitive questions. This is also another question I seem to be evasive. This is another one of those personal aspects of trading and that can only be addressed on a demo account, as well as many other variables, such as what kind of makeup does the trader have, how much risk tolerance does he have, what kind of trading does he do.
I personally believe, but I do feel very strongly about it that I think people are wrong in telling others such rhetoric like, "You need to have 2:1 RR ratio", You should never risk more than 2% on any trade", "After you have 3 losing trades, then go back to demo trading."
The one personal talking point I have is, "If you are not in the top 10% of all traders, which means you are winning consistently, then go back and check either your methodology, your margin management skills, or your mental discipline."
I think this is one of the true tests. If after you enter the trade, you can just calmly walk away and go have a good time, then your margining is at a comfortable level.
No need to worry about repetitive questions. This is also another question I seem to be evasive. This is another one of those personal aspects of trading and that can only be addressed on a demo account, as well as many other variables, such as what kind of makeup does the trader have, how much risk tolerance does he have, what kind of trading does he do.
I personally believe, but I do feel very strongly about it that I think people are wrong in telling others such rhetoric like, "You need to have 2:1 RR ratio", You should never risk more than 2% on any trade", "After you have 3 losing trades, then go back to demo trading."
The one personal talking point I have is, "If you are not in the top 10% of all traders, which means you are winning consistently, then go back and check either your methodology, your margin management skills, or your mental discipline."
I think this is one of the true tests. If after you enter the trade, you can just calmly walk away and go have a good time, then your margining is at a comfortable level.
Thanks Paul for your suggestions.
I would take your point. In a longer term perspective, I would slowly move away on spending more time on planning the trades.
I completely agree with you about risk and tolerance level varies from person to person and type of trading. I just wanted to have a feel on how top traders do.
I dont think that I am anywhere near to the top 10% of all traders. I am trying to acheive it.
Yes I can calmly walk away and enjoy myself after I enter a trade. If I am at a confusion then I close my trades as I dont like to be affected. I am try to improve my process so I can benefit in the long term.
Regards
Raj
I would take your point. In a longer term perspective, I would slowly move away on spending more time on planning the trades.
I completely agree with you about risk and tolerance level varies from person to person and type of trading. I just wanted to have a feel on how top traders do.
I dont think that I am anywhere near to the top 10% of all traders. I am trying to acheive it.
Yes I can calmly walk away and enjoy myself after I enter a trade. If I am at a confusion then I close my trades as I dont like to be affected. I am try to improve my process so I can benefit in the long term.
Regards
Raj
As far as top traders are concerned, I prefer using 3rd parties as a comparative. I got a friend who is an institutional trader, who manages accounts for his clients with 250K or more in their accounts. He's a big shot. He has had waiting lines for people with "only" 250K. He makes 20 trades per day and 17 are winners. The margin he uses is laughable. With all those trades, he makes for his clients an average of only 5% per month, yet they are very happy.
I have another friend who is more of a position trader. He uses a higher percentage of margin than my institutional friend. Both are very good at what they do. I'm drawing that contrast to show why there is no right or wrong answer to positioning. I consider my trading practices to be conservative, but if I told you everything about my margining, it might scare you.
LOL, my institutional friend might be talking about me right now to one of his friends. He might begin the conversation with something like, "I got this friend in the US. He's a good trader, but Man!!! That guy is out of his mind. I think Tucker decides his margining practices for him.
I have another friend who is more of a position trader. He uses a higher percentage of margin than my institutional friend. Both are very good at what they do. I'm drawing that contrast to show why there is no right or wrong answer to positioning. I consider my trading practices to be conservative, but if I told you everything about my margining, it might scare you.
LOL, my institutional friend might be talking about me right now to one of his friends. He might begin the conversation with something like, "I got this friend in the US. He's a good trader, but Man!!! That guy is out of his mind. I think Tucker decides his margining practices for him.
I wanted to make another point, and I'll just share some introspection.
To me, progress has always been consistent gains. Do I leave pips on the table!?!? All the time!
Do I have ugly trades? A lot of the time! Bottom line is I like to know my equity is better off today than it was last month at this time.
I hone and further develop my skills as time progresses, and that should be natural in order to keep an edge on the market. After all, there are no degrees in the School of Forex, just constant learning.
You're doing an excellent job as long as you have consistent gains.
To me, progress has always been consistent gains. Do I leave pips on the table!?!? All the time!
Do I have ugly trades? A lot of the time! Bottom line is I like to know my equity is better off today than it was last month at this time.
I hone and further develop my skills as time progresses, and that should be natural in order to keep an edge on the market. After all, there are no degrees in the School of Forex, just constant learning.
You're doing an excellent job as long as you have consistent gains.
Haha.. 
I feel that money management and position sizing are two very important aspects in the trading. Discipline is really a key to success. I use to be reckless at the beginning and converted to very conservative. I am curious to know about ur margining.. hee hee..
I wish that someday someone will talk about my trading skills :thumb:
Regards
Raj
I feel that money management and position sizing are two very important aspects in the trading. Discipline is really a key to success. I use to be reckless at the beginning and converted to very conservative. I am curious to know about ur margining.. hee hee.. I wish that someday someone will talk about my trading skills :thumb:
Regards
Raj
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