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Thread: Set Ur Own Rules B4 Trading

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    Set Ur Own Rules B4 Trading

    I have to set up my own rules coz im not that kind of very discipline trader, plz share with me should there is other stuff that i missed out.
    Anyway, here are my "rules" or the "conditions" that I'm speaking of:

    1) Don't trade when the 60ema and 200ema are really narrow. Wait for it to break out first.

    2) Don't trade when the market is slow (like right now). Right now the only market that is open is Sydney, and it doesn't really affect this currency. Ideally you want 2 markets to be open. The best time is when UK and Japan are open at the same time, or UK and US are open at the same time. You can trade at other times, but just make sure there is decent volatility / momentum.

    3) Don't trade 30 mins before or after news.

    4) If there's BIG news coming, it might not be good to trade for hours before because the market just stalls and goes nowhere (same problem as #2). This is because it's waiting for the news announcement. In this case, don't trade until after the news. Watch ************ Home page for News in Red - High Votality.

    5) Don't trade if you're up against a barrier. This includes the daily R1 R2 R3, daily S1 S2 S3, daily pivot, and weekly pivot. It's also good to look at the 15min 60ema and 200ema to see if you're close to them as well. I also recommend treating the "00's" (239.00, 238.00, etc.) as barriers. I call them psychological barriers, and it's really just common sense. Just think about when you have a $100 bill. You're less likely to spend it. Once you finally decide to break the $100 bill, you'll usually spend your smaller bills much more quickly. This is just human nature, and well, the forex market is driven by human beings.

    Instead of just thinking of the barriers as times not to trade, use them to your advantage. Wait for a currency to either break through the barrier or bounce off it. If it does this, you should still wait for the lags to give you a signal.

    So really, this doesn't leave much to trade. Some days are better than others, but today for example, there hasn't been a single good / safe time to trade since I woke up. Today was particularly bad in that regard. Like an idiot, I broke my rules and tried to trade anyway...and I lost.

    If you just follow those basic rules and only trade when all of the rules are met, the lags work every single time. I've never had a losing trade when I followed my rules. If I had better discipline I could be doing 90%+ successful trades. Today, my discipline was very lacking and it cost me. Rules keep you from making bad decisions, but emotions keep you from following your rules. Trading with emotion is never good, but in reality, 99% of us will never be able to trade without emotion. As long as you can keep your emotions in check enough to follow your rules, you can be a successful trader

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    in reality, 99% of us will never be able to trade without emotion
    True, mate. This is true. As a result 99% of us will lose

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    Quote Originally Posted by kingnilai View Post
    Trading with emotion is never good, but in reality, 99% of us will never be able to trade without emotion. As long as you can keep your emotions in check enough to follow your rules, you can be a successful trader
    I agree!

    In reality, people really are very sensitive in terms of emotions..

    That is why we have the difficulties on dealing with it..

    And that is the reason why emotions is one of the problem with traders..

    I think, self control is the key!

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    Default nice too meet you

    hi..my name is ryan..i am italian, sorry if my english is bad...i wanna ask you all about the timing to entry the market..There are many good strategies using the ema line, but i have tried it..when the market is sideway, this stretegies doesn`t work.i wanna ask you all...
    1.how we know, the market is going sideway or not? and when the market is going strong..?
    2. When is the best time to trade?

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    Default this makes sense!!!

    well rules are guidelines that makes us to achieve a certain goal in life.without rules you can't acieve any meaninful goal in life because you would have no discipline and as such you would act like an animal...
    hence any forex trader without rules can't make profit in short tem but in the long run he would certainly fail....

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    my name is amunu am a hausa man from katsina ,i think when i entered forex tarding i was not making any money cos i had no rules ,i traded any how without stop loss no take profit.my aim was just to trade and double my money.,...

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    In Profit omobaorun's Avatar
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    Quote Originally Posted by kingnilai View Post
    I have to set up my own rules coz im not that kind of very discipline trader, plz share with me should there is other stuff that i missed out.
    Anyway, here are my "rules" or the "conditions" that I'm speaking of:

    1) Don't trade when the 60ema and 200ema are really narrow. Wait for it to break out first.

    2) Don't trade when the market is slow (like right now). Right now the only market that is open is Sydney, and it doesn't really affect this currency. Ideally you want 2 markets to be open. The best time is when UK and Japan are open at the same time, or UK and US are open at the same time. You can trade at other times, but just make sure there is decent volatility / momentum.

    3) Don't trade 30 mins before or after news.

    4) If there's BIG news coming, it might not be good to trade for hours before because the market just stalls and goes nowhere (same problem as #2). This is because it's waiting for the news announcement. In this case, don't trade until after the news. Watch ************ Home page for News in Red - High Votality.

    5) Don't trade if you're up against a barrier. This includes the daily R1 R2 R3, daily S1 S2 S3, daily pivot, and weekly pivot. It's also good to look at the 15min 60ema and 200ema to see if you're close to them as well. I also recommend treating the "00's" (239.00, 238.00, etc.) as barriers. I call them psychological barriers, and it's really just common sense. Just think about when you have a $100 bill. You're less likely to spend it. Once you finally decide to break the $100 bill, you'll usually spend your smaller bills much more quickly. This is just human nature, and well, the forex market is driven by human beings.

    Instead of just thinking of the barriers as times not to trade, use them to your advantage. Wait for a currency to either break through the barrier or bounce off it. If it does this, you should still wait for the lags to give you a signal.

    So really, this doesn't leave much to trade. Some days are better than others, but today for example, there hasn't been a single good / safe time to trade since I woke up. Today was particularly bad in that regard. Like an idiot, I broke my rules and tried to trade anyway...and I lost.

    If you just follow those basic rules and only trade when all of the rules are met, the lags work every single time. I've never had a losing trade when I followed my rules. If I had better discipline I could be doing 90%+ successful trades. Today, my discipline was very lacking and it cost me. Rules keep you from making bad decisions, but emotions keep you from following your rules. Trading with emotion is never good, but in reality, 99% of us will never be able to trade without emotion. As long as you can keep your emotions in check enough to follow your rules, you can be a successful trader
    how can i not allow my emotion to move me when trading?

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    i think emotions will get the best of us at most times,i agree that the best way to trade is to have patience and ur ability to track record of ongoing environment in which ur investing

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