Archive for November 29th, 2011
The one thing that is certain in financial trading is LOSS. There are no way that you can avoid this and you have to learn to work with losses with your trading.
Newbie traders move from system to system looking for the 'Holy Grail', that's the trading system that yields no loss and unfortunately, that's not possible.
What you need to do is to find and work with a system where the wins completely outweigh the losses. That doesn't mean that you physically need to have more winning trade
November 29, 2011
No Comments Full Story
I went for a scalp trade today, going long Crude Oil when it went back up the pivot line. I got a price of 98.60 which wasn't a bad entry. I thought that the first resistance would be around 99.00 due to it being a round number and also, just previously you can see how it affected the price.
I got out at 99.97 taking 37 points and felt rather proud of myself as it started to retrace. However, it hit the pivot line again and bounced upwards. It actually hit 100.00 which would have been anoth
November 29, 2011
No Comments Full Story
The difference between consistently profitable traders and those who are not is the subject of this post "sometimes the best trade is no trade". Successful traders understand this, it is about being patient and ensuring that the conditions are exactly right for a trade, ie a valid signal to take an entry. Traders who are not so successful feel that they need to be in a trade all the time to be successful and will think that a setup is 'almost right' and therefore happy to jump in early.
B
November 29, 2011
No Comments Full Story
« Older Entries
