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torero
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Everything posted by torero
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Hi all, I just found a neat feature for those who are interested in reading, buying or collecting trading books (or others) but not sure of the materials covered. books.google.com The great thing about it is almost half of the book is viewable. I usually look for a specific strategy or specific chapter of a theme that is discussed and want to learn more about it before committing my money.
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Hi grease and welcome. Good luck and hopefully you can add some insight into options for the rest of us ignoramuses (?).
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Great! The chatroom is back? I have to stop by tomorrow!
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Wow! You've been trading since the product was born! Impressive. Hope you can contribute your knowledge on the forum. Welcome!
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I agree with the scalping. Forex tend to trend much better than other products so why scalp when you can trend and make more money. I have 2 accounts at MBT, one for swing and the other to use for short term counter-trend trades (not scalping though). As I mentioned in other threads, I never had problems with them so why fix it if it ain't broke?
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Welcome, grey. Take your time and enjoy.
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Hey, nice to see you back at the forum!
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I'll heed your advice and maybe it's time to start my tax returns already :crap:. What a way to end the year huh?!!!
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Yeah, we all just wishing to squeeze a few more $$ to get a few more presents before it all ends. (Either that or a few less presents! Yikes!). Good luck and happy new year!
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No wonder the forex threads have been quiet lately. Wish them happy holidays on my behalf. Milliard, you're not allowed to leave yet?
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Open up a Mbtrading account and feed it to Quotetracker. There is no penalty is you don't trade so all the charts you want live, but no backfill (historical data fill). All for $0.
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Fear of losing unbooked profit due to greed and perfectionism...
torero replied to MC's topic in Trading Psychology
Great post Hlm. I want to add that you might need to refocus your perfectionist ideals from win/loss stats to breakeven/target hit stats. I know it's not easy especially when you have to constantly review your trades and performance but try to overlook the win/loss columns. Instead, focus on the perfecting the profit target placement. Let's say you want to trade the breakout, set the target at the next resistance level that it's almost a sure thing the breakout will reach. So setting objectives are one of the peeves of perfectionists (always making plans and lists), use this as a starter. From there, you can go for targets farther out from your entry, baby steps... The other thing is to use 2 exits: the first half of your position take immediate profit. Move the 2nd to break-even (entry point) or breakeven from the entire position. This may help your tally to 0 loss and feed the instant gratification beast and let the 2nd one go. Being a perfectionist also does have its advantage. That is, you become very picky (and should be) with setups. This should put the stats in your favor. Of course, there will be problems with regret of letting a trade that was not perfect but later become a biggie. So remember, every event has a consequence. That is, with every new strategy, there are new beasts that will surprise and hurt your mental toughness, watch for it and good luck. -
I agree, one of the difficult things about forums is that the threads can be extensively long (several here) and you have to sift through them with all the off-topic posts, annoying as heck. It's refreshing and hope to keep it this way.
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Interesting concept but trading is not game. Concepts of spread and trends are not even considered.
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Hi ket, man of few words, I like him already.:o
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I use buy/sell stop for entries all the time for breakout plays. It's one of the best method in getting into the trend without missing it and not getting into a trade where there is no momentum. Sometimes you sacrifice a few ticks because of the burst of volume but the reward more than make up for it. The buy/sell stop above or below the last bar after a retracement is the sweetest spot to get in.
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Looking forward to hearing your observation and contribution, wanderer. I'm sure everyone has their unique perspective and experience to share that make up this unique community. It's one thing I enjoy is reading diverse backgrounds and how they get into trading.
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Welcome, tt. Have fun!
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Yeah, we're hearing India financial markets are proliferating like crazy. Glad to see the prosperity is going so well for the country.
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Is Art a comrad of yours at the firm? He seems to be a very knowledgeable fellow like you. This is beginning to be interesting turns of events for me. I'm getting finally seeing all the crosses relate and picture which currency is in consistent bias and stay with that currency. I've never done that before but it's actually taking me to higher ground of knowledge. Enlightening indeed.
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I actually find this babypips site very well organized and explained (not sure about the fees though) and usually recommend it to beginners. But I've found my source of studies and learning right here between these posts (hee hee). Nice to see jolly good and experienced company!
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I'm beginning to see the crosses and how they are adding up to get the big picture. Certainly Yen is clear as day how everyone is treating it. USD iffy still. But the move on the Yen today was sweet and swift... my favorite! Esp. EURJPY.
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It's Level II but without the market maker on MBT. I like it, what you see is what you get. I place an order and I can see the order on outside the bid or ask immediately (depending on where the price you placed) so I get transparency. Like I said, I haven't had problems with them for more than a year so. But test drive it yourself. Use these threads as a starting criteria to weed out the good from the bad, then create your own criteria for your own needs. Good luck.
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GBPUSD charts look very sloppy but GBPJPY and USDJPY very convincing in market S/R areas. I'm still short-biased on both until the lines are broken. The Yen pushed strongly at the Tokyo open last night. Let's see if there's conviction to follow through in London today.
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Thanks for the heads up. It did pick up afternoon didn't it. Yesterday was a monster rally for the Yen. Who would have thought it would go out the gate running.