Strong suit

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RisklessPips
Trader
Posts: 246
Joined: Mon May 09, 2016 2:24 pm
Location: Nairobi, Kenya

Strong suit

Post by RisklessPips »

What is your one greatest strength as a trader? Over time i have come to realise mine is patience.
When I started I had to be trading every 3 minutes otherwise I wasn't a trader. Now I set the trade off and watch on long TF's as it develop . Boring? Definitely. Profitable? All the way to the bank.
I can be an adrenaline junkie with the best of them but this is showing me a side i didn't know I have.
What's your greatest strength and or weakness as a trade and how do you build on the former or minimise the latter?
Trading is a mind game - good job I have a brain
asylum12248
Posts: 1
Joined: Sat Jul 09, 2016 8:51 pm

Strong suit

Post by asylum12248 »

If I had to pick a strong suit for me it would be that I get some weird sick satisfaction out of analyzing the market. Though this has worked against me when I found some indicators that would make it faster because I like to do all the leg work.

Weak suit would be that I don't like leaving the computer when I have a trade on. So higher timeframes generally tend to turn me off. I would say it's hitting my possible potential for more pips.

I'm currently finishing Marc Dougless' book: Trading in the zone to help me with that among other issues I have.
TableTop
Trader
Posts: 77
Joined: Wed Oct 20, 2021 12:36 pm

Re: Strong suit

Post by TableTop »

RisklessPips wrote: Mon Jun 13, 2016 5:55 pm ... i have come to realise mine is patience...
I would suggest that this is the greatest skill (character trait) to develop. I scalp the London open, but wait until the equity open (0800 in UK), and only take a trade if it is reacting (price action) to certain price levels (where I think stops might be placed). This normally means sitting through some big price moves before a suitable setup comes along, and sometimes not taking a trade. The temptation to leap into trades is strong.

The second is scaling. I scale in and out of positions, with simple but rigid rules on the entry, and more flexible rules on the exit. Scaling in helps me keep calm and stick to the trading plan. I may open and close multiple entries during a trading session, but the losses tend to be small enough to not shake my confidence, and assuming my trade is still valid, I can add back if it continues in the right direction. Scaling out means I make sure I take a profit while letting my winners run (rather than keep trying to hit home runs).
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