1.Never be overexposed in term of gearing when the market is frothing up. 2. Always investigate all suggestions made by forum members i.e AMS and John Quinlan.... I got my a$$ seriously burn't by acting on his suggestion. (albeit it was my fault cos i pull the trigger)
1. Draw a line connecting the highs and lows. This is now a trendline. You define the time period. Once the price hit resistance - sell and buy once price touches support or touches the lower trendline.
ignore all noise / data, forget targets etc. .. make the most simple chart you can and trade that .. I trade with three EMA on my lazy, nothing else .. price is your only truth .. if it going up own it .. if it going down short it .. if you unsure watch it .. we believe complexity will make us money, it doesn't .. simplicity makes us money in the markets ..
Some people might understand and believe in the value of a complex system and some might believe in the value of a simple system... use whatever works for you. No system or model is implicitly right or wrong - its how you manage the system. So what matters to me is to take profits and limit losses (stop losses).....something I am not very good at doing! BUT....but if I was, then I just might consider myself a marginally successful trader.
I agree with you....but whatever the system, if it works it works, if it doesn't it doesn't....you kinda get my meaning. Simple is better for me, but I know people who love large numbers and equations! the outcome is the crucial part; are you making money or losing it.
Agree with you Rams 100 percent and also agree with Simons noise story and to just trade the price. Been toasted seriously on two counters (IMP and AGL)in the last 3 years for not selling at my pre determined stop losses, when I entered the trades. These two shares have seriously damaged my overall picture.
All rules are off! - Stick to YOUR rules like glue. Keep your ear to the ground. - Ignore all the noise. Listen and learn. - Shut off outside opinions. The entry point is less important, the stop-loss is everything. - The price you pay is all you can control, it limits the gap to the stop. AND there's more...WOW!