Recently, I got a lot of the similar questions. They asked me what is my trading strategy. "Do you see price action?", "Do you trade news?", "Do you trade support and resistance?", etc.
Well, I do all... but are these trading strategies?
Most people who are learning how to trade often look for systems, but after some time they said they give up looking for the holy grail and start hunting for trading strategies, which at the end of the day did not make a difference.
In the nutshell, they are just looking at "high probability" ways to get into the market, which is not going to bring them a long way in this business. Especially for those who are taught by so called gurus who told them when they see this this this, that that that, enter... and don't break a specific set of rules. (don't forget market is random and dynamic, how would a static and specific set of rules work in this kind of environment)
I don't have a specific "trading strategy", but what I do is I have a framework to help me to approach my trading in a consistent manner.
Understanding what is MTF, analyzing the market would give us our Road Map. With the road map, we define the Setup, knowing our exact risk and reward expectation, and time ourselves into the market. When things get a bit ugly, there are always options to Trigger at the right price and the right time. Nevertheless, the key to consistency is still knowing how to Manage our trades.
Thursday, April 8, 2010
Subscribe to:
Post Comments (Atom)
4 comments:
Eric Lye is a student of T3B.
See http://www.asiaone.com/Business/News/My%2BMoney/Story/A1Story20090323-130550.html
He also took up FX trading course with Terraseeds.com
His learning also came from ChartNexus.
http://www.chartnexus.com/events/testimonials.php
His approach to trading is purely a combination of all the various learning he learnt from others, physically or via internet.
Hi there,
Yes, I did attended T3B, Terraseeds, and Chartnexus, read lots of stuff on internet, books, learnt from others.
This is one way to educate myself.
How I trade is what I have learnt and how I train myself. Is there anything wrong?
Maybe, I should give a little review of the courses I attended. I thought I learnt something in T3B when I started Forex, but when I started full time, I realized hell "No". And I have to unlearn everything and re-learn.
As for Terraseeds, the reason I attended is because they teach technical analysis and price action, so I wanted to confirm my understanding, which I did and I am happy to get to know genuine traders like Tiong Hum and Binni, unlike T3B which was a total disappointment (plus disgust)
Cheers,
Eric
Learning starts somewhere. Most (if not all) trainers from different schools learn to trade from other schools or books too. Aren't it the same for professors in universities? This is what we call education and its a continual process. From what I know, the chief trainer of T3B forex learned from the now defunct forex school momentum asia too.
Personally, I think this statement "His approach to trading is purely a combination of all the various learning he learnt from others, physically or via internet." is very commonly quote. I seen such comments across different forex forums. Evening reading from books on your own, you are still learning from somebody else. That's how knowledge gets passed down. As for paying to learn, you really have to see what the package covers instead of just saying this trainer or that trainer teach a combination of stuffs from here and there. Do understand that these trainers take their time to learn and repackage the knowledge to shorten the learning curve of those who choose to learn from them. Alternatively, there's also nothing wrong with one choosing to learn on their own by learning from the others (that this trainer learned from) and come up with his own approach but at the expense of trial and error.
I just want to say that it is not as easy as what most people seen or think it to be by combining knowledge gathering physically or via internet. If it is, everybody would had become an expert trader.
Looking at some of these comments, some people could be unhappy that we make their teaching methods look bad or inferior. So to move forward on this episode, let us try to refrain from commenting too much on other schools or trading systems esp on the website - be it good or bad comments.
Post a Comment