RE: CHARTS -T LINE TIPS3 Apr 2017 09:28
Good morning flexmw. I re-watch all the education videos on a regular basisd as the more one watches the more the rules and patterns become embedded in one's brain, rather like brainwashing. I especially do it if I have had a series of trades that have not gone to plan. If that happens quit trading and take a break.
The more one practices on the demo AS IF IT WAS YOUR REAL LIVE ACCOUNT, the better one will be prepared for the lÃve account, as that is a different ball game because if one is in loss you are losing real money. You are losing your money/fund and your emotions come into play and can affect your decisions especially FEAR. That is why money management is sooooooo important. Do not oversize one's bet, do not risk more than 2 percent of your funding and tailor your bet size accordingly.
I believe I G's minimum bet size is 50p but there are some that offer 10p. If the loss risk on a potential trade is too big, don't take it. There will always be other opportunities.
TO begin with when live trading, only take trades where most if not all the boxes are ticked. Price at support/resistance, price has at least 5 if not more bullish or bearish candles in a row, is at top or bottom of the trend, candlestick reversal patterns, dojis, hammers, harami etc present. Price below ema's, 3,8 and 54, stochastics in overbought area with cross over AND price closed below T line to go short and vice versa to go long .
MOST IMPORTANT. Stick to the strategy and T line rules, STAY DISCIPLINED, don't chase a move, let it go.
Funny you should mention the DOW. Yes I do monitor it and have both charts on my screen in the same time frame at the same time. FTSE largely follows the DOW BUT there will be times when it does not temporarily. I was saving both charts on a trade last week to illustrate it here. will post them later.
hope the above helps. it ain't easy, needs plenty of practice on the demo as if it was real money and STAY DISCIPLINED. my biggest bugbear AND keep a journal of each trade explaining why one took the trade and why it was a success or failure. One learns from mistakes.
glita
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