stress free trading...

[Tataylo]

1. Find profitable price patterns/setups and devise entry/exit principles to exploit them (for me, that is the most difficult part). Be selective as is needed.

2. Keep testing until you're convinced that your egy is long-term (statistically) profitable. Confidence on your method is imperative.

3. Either commerce in demo, or perform just with money that you can afford to drop.

4. Determine maximum allowable risk before you input each trade. Size places consistently, and little enough so that losses are equally financially and emotionally emptied.

5. If watching price spooks you, simply set your exit parameters (targets( stops, etc) then walk away from the computer.

6. Avoid trading when you're feeling tired, anxious or unwell; or are not able to keep loyal, quality attention, for whatever reason.

David

[Srta.navarro__]

The key to stress free trading is the correct use of money management and more time frames.

I truly agree with you. However, as a beginner, when I ask a specialist to advise me on the best timeframe to use, they say that the one that I find most suitable.
I read some books that suggest having 15 minute time period. But in a thread, I was referred to group.com, and it advised beginners to only utilize daily and weekly timeframes.

Utilizing shorter timeframes has cost me to get rid of money. Also, I dropped huge pips weekly by not placing prevent loss, when a fundamental news was broken. This has really taught me a big lesson.

[Sandrasanzm]

My basic belief on Currency Market trading is that watching the market all the time won't force price to maneuver on my side so that's clearly a waste of time

what I've been doing is trading based on historic backtest and proceed forward with a established risk reward ratio per commerce and I know for certain I will make profit when I sleep

[Bio318]

Stops is like seatbelt. You don't think it's useful until you get to a BIG ACCIDENT. That accident can be anything from extreme market crash, a broker platform freeze. Then you would really wish you'd placed on the seatbelt...

It just takes ONE bad injury

Yep. I'd never trade without stops. Would rather get accidentally stop-hunted through bad positioning of stops have an account wiped out through bad discipline.

The enemy is inside.

[Remolinero07]

As a total rookie I see merit in S/L's but can somebody please explain the advantages of a Target
Certainly we're all in it for one reason only.... MAKE MONEY.
You cannot make money by stopping a good run. . Let it operate.... Perhaps with a trailing S/L
.... But a goal. . I really don't know?

[K]

Reasons to get a goal may be that you just don't have the time to track the market always sufficient to depart based on price structure. So a goal might be an S/R place or something in coincidence using a fashion line. I WILL say that an arbitrary target based on a range of pips or dollar amount is pretty ludicrous. Same goes with STOPS.

[okroxxu]

I really like David's approach to approaching the market together with the consideration of this big money. I had a huge problem with hard stops, when I started trading. Typically, my analysis of this market was for the most part correct, but the time of my entries was so awful. Getting stopped out and then seeing the market move in the way you've thought it would is not an enjoyable feeling. I really do have a few alternatives to offer for those interested that work equally well (if not a tiny bit better).

1. If you're beyond the certain brokers: Dollar. Hedging functions as a fantastic choice to stop loss if done properly and has the added advantage of perhaps turning a loss into two wins. Of course, I'm making the assumption that the trader has a rational explanation for holding onto a losing position.

2. Utilize order direction EAs. Steve Hopwood introduced a superb EA a while back that lets you set a concealed stop that brokers can't see. Basically, it's the same thing as a plogical stop, but the EA does the implementation for you. It includes the added bonus of a security stop, and it is a hard stop if the EA fails for whatever reason. I have never actually traded with a plogical stop, but if it is your cup of tea, Here Is a link to the thread:
https://www.cliqforex.com/general-fo...a-raschke.html

Greatest,
ForexZen

[pikar0]

The proposed solution doesn't fix the issue of sleeping

Nevertheless you mention in the beginning of the post that you don't urge traders to utilize input their stops on the platform encourage them to use mental stops. . .However, in your example, you're stating clearly to utilize a stop loion it along with the limit order. . .So where is your remedy to the issue of the plogical stop how to protect ones' capital??


Thanks,

Nader