in the vein of blog posts venturing away from predictions, analysis, and trade entries, a trend i m quite pleased to see, i thought i would throw out the topic of drawdown tolerance for discussion.
it is important to understand ones draw down tolerance , and taylor a plan that does not exceed these limits.
early on in my forex adventure ( about 5 years ago ) i wanted to get my feet wet with live trading so i started trading a very simple strategy using atr. in 4 months i…Continue
A number of good people mentioned gu buys around this level without giving specific stops and entries. since it falls within my criteria for a buy as well i ll take it a step further and illustrate the trade. this trade could easily ( as always ) still turn into a loss. i like to try to post them fairly quickly after entering so its obvious i m not cherry picking. lets see what happens with this very smple s/r trade…Continue
this post is intended for new traders who want a simple approach they can expand on and make thier as time goes on. it is not intended to to give triple digit monthly returns. just because you re not wayne gretzky doesnt mean you cant play hockey.
dont try to predict, just roll with whatever is happening. as you become comfortable with seeing the signs that a market may bounce off a level start to experiment with managing the process as it moves in your favor.
not sure where…Continue
i thought i'd throw this example of trading pullbacks with the trend ( as i see it ) . once i determine something is trending i look for a pulback that is no less than 1/3 of the last move and know more than 100 percent of the last move. once it passes the 1/3 mark i start to look for a sign that it will continue on in the direction it was going. a signal can be something like a pin bar or two bars in a row closing higher ( lower ) . the target area is usually quite conservative. i usually…Continue