I exercise every tool in my arsenal to make profits where ever possible, we are all limiting ourselves if we stick to one discipline. We should all be constantly learning new skills, and honing existing ones, to maximize opportunities in every condition.
I am a fundamental trader - I use charts, but I could trade without them. I dont understand why we are so few fundamental traders. Most traders use charts, and most traders lose, so what so great about trading only on charts?
I couldn't agree w/ you more.. edges are only "self-defined" keeping in mind of course an "edge" is only a "probability" and nothing more that an indication of a higher probability of one thing happening over another.. credit-Douglas
Mostly a day trader ... holding positions from 10min to about 2-3 hours. Will occassionaly swing trade if price approaches certain levels I feel are high prob -low risk.
* we all take losses...as small as possible.
* low pips and high leverage....
* market that is volatile, liquid with a very high average daily range....which we refer to as the "hook"...
*You can have your own version of an average...
(daily range....with something like 30 or 40 days).
*The hook=ADR/bid-offer spread.
* spread of EUR/USD is the only give you at least a better chance.
* Many newer traders don't realize how 50pips/day can help blow the can up.
* importance of time/price opportunities
* 5% to 10% of the average daily range...a 6-12 pips a day on EUR/USD
(one year you will make a 1000% yield )
* inefficiencies would be discovered and exploited by the market faster than you could blink your eye.
* the market is smarter than any one of us
* shortening the TP level skews the odds against you exponentially....
* the spreads chews up the small edge any short term strategy
I am usually cuting the profits at 3 pips (due to nervosity) and let instead the losses run (due tu naivety) and I force myself to be in the market allmost all the time, when I exit a trade I stupidly have to enter in the other direction. Nevertheless for some reason I am still alive (from time to time I catch one of those huge moves)
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