Living needs faith!
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DislikedI echo what Trader88 has said.
You cannot rely entirely on a set of indicators. You have to know the characteristics of the pairs you trade.
You have to know the current bias or pressure on the pairs you trade. For me this comes as a GUT feeling after doing a lot of reading of articles and analysis everyday.
Your trading brain cannot be sharp for trading if it is not totally immersed in the stuff of trading - financial news, commmodities, eco data, country economics, cross market analysis, and yes a few basic techincal indicators (for me its stochastics and a couple of MAs)
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DislikedTrader888,
I'm wondering. Among your trading colleagues at the banks, isn't there anyone who strictly position trades? Place a trade and then do nothing for 1-2 weeks. If they trade this way they probably dont need to be under so much pressure (and thus avoid the drugs and marriage catastrophes). What do you think ?Ignored
DislikedDetonator, I am sorry all full...
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After months of reading and learning I started taking my positions on "gut-feel" and lo and behold it proved to be a better choice than technicals. Not all trades were positive - there were still losers but because I backed my trade with a long-term view it was easier to manage it and let the winners really win. So one day I was driving home wondering how much I made that day. I just couldn't remember no matter how much I racked my brain - I had no idea how much I made...I knew I made some cash but how much I didn't know. That was when it struck me - the money doesn't mean anything anymore so I am one with the market rather than one with the bankroll.
I had a good evening that day...The next day was the worst...I was thinking - ok so thats the secret to trading - now what am I going to do with the rest of my life? I lost a lot of my passion for trading after realising its a job like any other in the world.
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I hope this helped a bitIgnored
DislikedHi Trader888,
PS Having been married for 30 years, I immediately understood your statement about no females....... Been there, done that, not allowed anymore.
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DislikedI have read these news trading services and actually laugh at them making money because in the "real-world" it wont be possible to get fills at any respectable broker. They are just exploiting a shortcoming that does not exist anywhere else but with some slow brokers. This gap is being closed as time passes.Ignored