I recieved an email from a member who liked my original post asking me to post more. In reality, I'm busy trading, when I 'm not trading I'm attending to personal matters. His questions were good. I had a few minutes today becuase I had some extremely good setups this morning and I'm done for the day.
After I got fed up with mediocre results more often than not losing results, I decided that if I was going to become a trading professional I needed to have my own revelations about market action. I tossed out my indicators except for maybe 1 or 2 for my longer time frame analysis and studied price action, the market ebb and flows and how the prices acted and re-acted to market stimuli. Day after day, and burning the midnight oil night after night.
After studying my personal trade patterns I eliminated certain things from my routine that seemed harmful to my results. The number one thing was thinking I had to be in a position whenever I sat down at my trading station.
Now, I wait for only what I have deemed as high probability setups.
Indicators are just that, indications of price. They try to smooth out what otherwise might be hard to extrapolate from price action alone. I don't use hardly any inidicators, but if you do, instead of using them as triggers, use them as a guage to get a feel for price action. Is price moving away from or toward them? How does price typcially react to my indicators after a big move? Do they seem to work better in the london session or NY session. Pick a few idicators and just watch and study them and you may find yourself getting a feel for the price action. Stay away from trying one system for a few trades, then something for the next few. Pick something and master it.
After I got fed up with mediocre results more often than not losing results, I decided that if I was going to become a trading professional I needed to have my own revelations about market action. I tossed out my indicators except for maybe 1 or 2 for my longer time frame analysis and studied price action, the market ebb and flows and how the prices acted and re-acted to market stimuli. Day after day, and burning the midnight oil night after night.
After studying my personal trade patterns I eliminated certain things from my routine that seemed harmful to my results. The number one thing was thinking I had to be in a position whenever I sat down at my trading station.
Now, I wait for only what I have deemed as high probability setups.
Indicators are just that, indications of price. They try to smooth out what otherwise might be hard to extrapolate from price action alone. I don't use hardly any inidicators, but if you do, instead of using them as triggers, use them as a guage to get a feel for price action. Is price moving away from or toward them? How does price typcially react to my indicators after a big move? Do they seem to work better in the london session or NY session. Pick a few idicators and just watch and study them and you may find yourself getting a feel for the price action. Stay away from trying one system for a few trades, then something for the next few. Pick something and master it.