Good Trading, Bad Trading
Subjective: Based on or influenced by personal feelings, tastes, or opinions. Proceeding from or taking place in a person’s mind rather than the external world.
Subjective traders are intertwined emotionally with their trades. Their signals are generally entering out of greed and exiting based on their own fear. They believe in their opinions more than the actual price action. They base entries and exits on whether they are feeling good or bad about a trade. A subjective trade comes out of the imagination of the trader, from their own beliefs, opinions, and what “should” happen in their view. Many times reality is not even cross checked as a reference, and the subjective traders can end up seeing what they want to see instead of what is really going on. Their compass is their emotions, opinions, and ego and they can have internal goals other than making money. They value being right and predicting the future over everything else. They love making a good call or being right and making money may not even be the main goal in their trading.
Objective: A person or their judgment is not influenced by personal feelings or opinions in considering and representing facts. Having actual existence or reality.
Objective traders have a quantified method, a system, a plan, rules, and principles they trade by. They know where they will get an entry signal based on facts, and where they will get out based on price action. Objective traders have a written trading plan to guide them. The guides of the objective trader is historical price action, chart patterns, probabilities, risk management, and their edge. They react to what is happening in reality in quantifiable terms that can be measured. They go with the flow of price action not the flow of internal emotions.
Be objective in your trading, do not let the subjectivity of your emotions and ego interfere with the reality of price action. Don’t be attached to your trade emotionally and don’t attach your ego to it. Be the trader that witnesses the trade from an emotional distance with curiosity. If you can find that space within that is between you and your trading results your trading will become very different and probably more profitable. There should be valid reasons for entering a trade based on signals that can be shown to have an edge and money management that gives the opportunity for big wins and small losses. When you can approach the results of your trades with equanimity whether they are wins or losses then my friend you are at the next level.
Hi Friends/Members....Wish to share this novice system,Hope some one had already been carried forward test with...Here we go..... Don,t forget change tpl file ext_n......
Scalping waveInteresting system ..we'll see how it goesZig Zagy very good indincator
Hi friendsTrading done based on a reference.Why not take days open price as your reference?here below I post a chart and give hints about how it is generated.Take (a 5 minute chart or) a 30 minute chartplot the days open as a horizontal line.This forms our basis.plot pivot line ppthumb ruleif price moves above both days open and pivot line, go long.if price moves below days open and pivot,go short.The bars are colored based on RSI(8) cross above 50 for bullish green or cross below 50 for bearish red(called pet d)Overall short term trend filter is SMA 50 line.if price is above ma50, bullish or if below ma50, bearish.remember one thingprice is a crazy monkey but with a long distance clear goal in it.price is likely to travel one or 2 Atr distance above or below day open normal days.on 2 or 3 trend days in a month, it will shoot one way fully well.be prepared.estimate what the average price move above or below day open on your chosen instrument over 25 days.just aim for that much gain as you day trade.which way market goes?goes in price move above or below day open. goes with color bar trend,goes with price above or below ma50price move above days open and above pivot gives a strong upward bias clarity. open & pivot fix strength of bias.Questionwould you take 10 trades with 2 or 3 points gain in eachorwould you take a 20 point move once and go for waitingHonestly I know a bit about first thing-intraday business.Second thing needs daily charts and relative strength & accumulation-distribution as basis. i am trying it.if success, i will tell you