Mtl JP 21:00 GMT August 3, 2005
Spotforex NY 20:11 / Bang on the nail's head.
Staying consistently faitful to a set of signals is probably the single most important determining factor of (non) successful trading, regardless of what the signal mix one uses. Consistency has the all important feature of not only telling when to get in, but also when to get out or stand aside. Once one selects their ponies, resisting the urge to hind-sight fit signals is as a waste of time and frustration saver as "revolve-dooring" your dealer. Time probably better spent on one's selfcare of both body and mind (good diet, exercise, massages, zen or the like) so that yes/no, in-out kind of decion-making comes realy easily and naturaly. Without rationalization.
Spotforex NY 20:11 GMT August 3, 2005
Mtl JP 20:04
Having NO position is a position in my view of things.
Standing aside and doing nothing to one's P/L (neither increasing nor decreasing equity) is a better approach then to trade out of boredom or frustration.....
I tend to find that self-directed traders on the retail platforms fait to identify their approach to the market.....They change time frames in whiich to base trading decisions, change indicators they follow and use leverage at the most inopportune time (which the retail platform profivers LOVE!!!!!)
Mtl JP 20:04 GMT August 3, 2005
Spotforex NY 18:17 / are u assuming that you need to be in the market at all times ? Equities Players predominantly think in one-dimension "what do I buy, hold or sell( aka get out)" and active shorting is, to put it mildly, a strange notion. In contrast the Spot Market Players are the kind of player breed to whom not just buying and selling are as natural states of a trade position as daydreaming while making zigzag patterns while at the urinal. And that is usualy the other (3rd) kind of position (i.e. standing aside) when market signals are conflicting. Market usualy does not keep up the suspence much longer than it takes one to shake a stick to bubble back message signals of a newly resuming trend.
Spotforex NY 18:17 GMT August 3, 2005
agree with NY on the overall view.
Basic premise is to use longer term charts to identify the overall trends and use shorter time frames for entry/exits of trades (fine tuning).
The trouble with using so many time frames as paralizes can set in.....what if the 5 min and hourly have diverging signals?????which do you use? what criteria can one override a specific time frame.....???
The art of trading.....
NY NY 14:15 GMT August 3, 2005
LA - I start with the weekly and daily charts to set my overall view, then look at 4 hour for confirmation, then 1 hour for the short term trend and trade off 15 minute and 5 minute charts. This is just my approach.
LA SW 00:21 GMT August 3, 2005
Could someone suggest the best time frame charts to use for day trading?