Trading without indicators
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On the topic of money, it means a whole lot of difference to a lot of different people, I learned way back one of life’s lessons, physical objects give you something to worry about and the same thing holds true for most things in life, the more you have the more you have to worry about, its a simple little lesson but holds truth.
Just as an example, I purchased a wee van for the business to carry the papers, before this was an old bashed thing with loads of miles on it, I was quite content leaving the old van anywhere, not a care in the world, the new van was over 18 grand (something to worry about) now I have to worry about things bashing it or denting it with cars in car parks I have to worry about driving it on ice and snow etc etc
The less you have the less you have to worry about!
On the other hand, money you require to live comfortably and it eliminates a lot of worry of bills, food heating etc
I’m good at stating the obvious but took me a while to understand that stuff when I was younger, because I didn’t have a lot I wanted everything everyone else had, I didn’t realise it came at a price and that price was worry!
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Haha, maybe that combines with our self-built half-finished “lathe” over here which can place electronic components (of less than 1x1mm and such).
Could be good for mass production of perpetuum mobile components in anti-gravity shells.1 user thanked author for this post.
So this is what I meant. Know or have trust (adrenaline) that this won’t collapse.
For that past 90 minutes or so I am without paying attention cooking a dinner. I mean : I possibly don’t watch any screen for 15 minutes in a row because I have this trust (and allow myself to be busy with other stuff, trades open).
Everybody will know where this breakout heads to, right ?See you later.
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Now the trick is not to worry about people starting to sell. Just hang on to it. It may go into a small drawdown, but give in to that and you will lose on it tomorrow (Monday in this case).
Of course this is all about knowing how the market *is* in the first place. A most difficult task these days.
Firm talk, right ? Yes, I know.
I’ll be back after market (11pm my time).1 user thanked author for this post.
Heading for Monday.
This didn’t show any position. So the 2nd screenshot does. But up to our imagination. Anyway, some drawdown indeed and I don’t worry about it (or else I would have been out). No News scheduled on Monday and so there is no reason that this general line (trend) does not continue. Until the market proves me otherwise …1 user thanked author for this post.
Another wee tip that might come in handy for some.
No matter what time frame you trade.
Awhile back I noticed that my stops were getting took out about 80% of the time then the price would reverse and go in the direction I had initially thought it was going, very annoying this was to say the least, I’m sure most if not all of you guys had the same thing happen.
Any way my tip is this, If its happening to you do not move your stop further away to combat it!
Instead move your entry point to were your stop loss is getting hit and eliminate that 80% of bad trades.
Sure you might miss the move but its better to miss the move and not lose anything than to take a loss on your account!
Again common sense prevails
There is a lot of small nuggets of information like the above that’s easy to miss I missed it myself for a while.
If what your doing isn’t working, do something else, anything else but turn it about so it works in your favour instead of getting frustrated with the market or yourself
I think you have to just look at things from a different perspective sometimes to see it from a different angle.
Its also worth noting or paying attention to how the price moves on your screen, what causes the market to go up and down, how does these orders move the bars on your screen,
they have buy and sell orders in a drawer and have to get them out the drawer and into our screens its not someone doing it manually its code, algo’s computer language, random or not so random,
ask yourself how you would do it? Think about it for a moment, If you had 100 buy orders and 300 sell orders what would you do?
Knowing these things should give you a small edge in the market but start to pay attention because there are lots more to notice and the sooner you clear the screen it might become clearer to you.
Just a note here, I use indicators on the higher timeframe chart, it means I can glance quickly without spending too much time on it and see the main direction, I also have my support/resistance on that timeframe, not the 5 minute, I keep that clean as possible (just candles).
I’m not against indicators at all as long as people remember they come secondary and not to use them to enter because if they do there not getting on the trade first and chances are price will reverse on them soon as they enter the trade unless there lucky and no one should rely on luck to trade.
There used as a conformation, if you have to wait for conformation then while your waiting I’ll probably already be on the trade and I’ll be off again just as you enter.
The name of the game is to get in early and get out early or hang on tight and stick with it and accept drawdown, which is easier said than done for most.
Anyway just my thoughts and if they help my jobs done.
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Listen guys, I’m no expert trader I don’t make millions doing this, far from it but I have learned a few things in my time doing it and by speaking about it maybe, hopefully, it might save some people the nightmare I had to go through. If I can at least send some people on the right track then I feel good about it and hopefully when there on the right track it will be a shorter journey for them to get were they want to go.
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