What Have You Learned?

I’m talking about everything BUT the entry and strategy side of things

Yes patience and all that… give me something new.

What I learned is:

1) The market doesn’t give a $hit about me or anyone of us.

2) Must stay nimble. If your position isn’t going your way, kill it. Exit. Take the loss and move on.

3) Always protect yourself. Always use a Stop.

4) The market at times seems erratic, there is logic in its pricing movement. We may not see it because of our particular strategy.

5) Its ok to go off strategy. See an entry that does not conform to your strategy, take it anyway. You never know where it might take you. That’s how we learn.

6) Don’t be afraid of timeframes. If your favorite timeframe isn’t giving you the entry/exits you’re looking for, move to another timeframe. Don’t lock yourself in any one particular timeframe.

7) Every position needs a target. Those with the “let it ride” strategies won’t work. You get an entry, place a stop, and place a profit target. Whether its 20 pips away or 500 pips away, you’re trades need a goal. (something to aim for).

2012-10-15 04:23:37

Source: http://www.traderslaboratory.com/forums/showthread.php?t=14484&goto=newpost