Trading without indicators
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reason behind trades
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Just reading that statement above ‘useful as a strength in certain circumstances’
What I mean by that is that it set me up to make me determined to make it in the markets. After loosing a few bob It hacked me off realising that there people can do it and I couldn’t. I got angry thinking of them sitting eating burgers using my funds as the tip so I turned the anger into determination that It would not happen again, it got me focused on trying everything to make sure I wasn’t going to fund there burgers again. It seemed to have worked, it gave me the motivation to put time in and learn what I had to learn. Its like any job, put time in and it will pay off eventually!
In here I’m trying to provide shortcuts to the end goal, if, what I say falls on deaf ears with some people then I can’t help. If however those deaf ears have an open mind attached to them or they can relate to what I’m saying that’s good and I have at least done my best to either remind them of things they already know or enlighten them to new ideas they may or may not have thought of yet.
I’m no expert, I would say I have made every mistake in the book and that’s probably a good thing as far as teaching someone else what not to do. Sometimes its more important to know what not to do as it is knowing what to do.
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There’s been more than a few times I’ve been mad at my Algos losing money that I’ve said right … I’m going to manual trade that loss back again now!
It worked, but I agree, overall it’s best not to trade to get ‘revenge on the market’ ! 🙂
What can be worse though is trading when bored or very tired and even worse if the boredom is due to the market going sideways with little up and down movement. It’s best to set 2 Pending Orders (long & Short breakout from the range) with an Alert and go and do something else! It’s good to hear the Alert pop on the IG moile App and go check and the trade is already in profit.
Above is better than not setting Pending Orders and then when you next check the screen there’s been a big move up or down! What’s even worse is if the up / down started almost the same time I left the screen to go and do something else! 😀
At least if mad and want revenge we may still make profitable trades! But boredom due to the market not being right to trade is almost bound to end in losses.
I’m like you … I’ve made every mistake in the book, but … what didn’t kill me made me stronger! 🙂
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One of my friends who trades multiple currency pairs at the same time, I asked him what do you when your not trading and he said .. I put lines and indicators on my charts and check announcements that are coming up the next few days.
I couldn’t trade the way he does. Too much going on, for each currency pair he has multiple timeframes, 4 large screens with too much going on. He does ok with his trading but it goes to show that everyone finds there own method of trading or there own style. My brain runs quick I thought and I like 2 screens but multiple charts different pairs etc for me would cause total confusion and indecision.
He bases most of his decisions on fundamental analysis and support resistance lines as well as 50/100/200 ema’s.
Must be a billion ways to trade, no wonder there is so much confusion out there!
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