Author Topic: Am I being over cautious?  (Read 680 times)

eddieb

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Re: Am I being over cautious?
« Reply #30 on: July 20, 2020, 10:41:21 AM »
Three Ducks system
Hi @PipMeHappy

I dont know if you are aware, but Andy aka  Captain Currency, has closed his website/blog. I always found 3 Ducks worked great for entries in a trending market but exiting was discretionary. Didnt work so well in ranges, so I would tend to agree with what Kim says about needing another system for those.
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

ElvisChute

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Re: Am I being over cautious?
« Reply #31 on: July 23, 2020, 02:38:31 PM »
Hi Kim. How is your trading working for ya? Still demoing are are you risking your own money yet?
When your mum gives you a name like mine you can either hate it or embrace it - p.s. dont step on my blue suede shoes

Kim

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Re: Am I being over cautious?
« Reply #32 on: July 28, 2020, 07:40:26 AM »
Hi Kim. How is your trading working for ya? Still demoing are are you risking your own money yet?
Hiya Elvis.
Still on demo.
I started using strength and weakness analysis to help choose which pair to trade and its working out okay. Its giving me pairs that are moving even when the main trend is flat, so that's better than before.  :D

Magyar

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Re: Am I being over cautious?
« Reply #33 on: July 30, 2020, 02:55:05 PM »
You will get there. Just take your time and learn from mistakes

Michael

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Re: Am I being over cautious?
« Reply #34 on: August 10, 2020, 03:01:58 PM »
Hi Kim. How is your trading working for ya? Still demoing are are you risking your own money yet?
Hiya Elvis.
Still on demo.
I started using strength and weakness analysis to help choose which pair to trade and its working out okay. Its giving me pairs that are moving even when the main trend is flat, so that's better than before.  :D

Once you have chosen your pair to trade do you have a strategy for trading it? Often traders simply follow the 'strong buy/buy/sell/strong sell' from S&W analysis and trade accordingly. Do you look any deeper for signals/alerts?

Kim

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Re: Am I being over cautious?
« Reply #35 on: August 18, 2020, 04:02:37 PM »
Hi @Michael

I use strength/weakness to give me an idea of what pairs to trade, its quicker than looking at all the combinations to try and find 1 pair. Then I look at that pair with a 60 sma  to see if its in a trend. I prefer following trends if I can.
If its not in a trend then I look at lower times like 1 hour or less to see if theres a strong move in any direction. Im trying to learn bolinger bands as I think they might help me but I dont quite understand them just yet.

Michael

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Re: Am I being over cautious?
« Reply #36 on: August 28, 2020, 11:05:11 AM »
Hi @Michael

I use strength/weakness to give me an idea of what pairs to trade, its quicker than looking at all the combinations to try and find 1 pair. Then I look at that pair with a 60 sma  to see if its in a trend. I prefer following trends if I can.
If its not in a trend then I look at lower times like 1 hour or less to see if theres a strong move in any direction. Im trying to learn bolinger bands as I think they might help me but I dont quite understand them just yet.

That looks like a decent plan Kim.
Have you an exit strategy in place as well?

Kim

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Re: Am I being over cautious?
« Reply #37 on: September 05, 2020, 11:23:21 AM »
Hi @Michael

I use strength/weakness to give me an idea of what pairs to trade, its quicker than looking at all the combinations to try and find 1 pair. Then I look at that pair with a 60 sma  to see if its in a trend. I prefer following trends if I can.
If its not in a trend then I look at lower times like 1 hour or less to see if theres a strong move in any direction. Im trying to learn bolinger bands as I think they might help me but I dont quite understand them just yet.

That looks like a decent plan Kim.
Have you an exit strategy in place as well?
Thank you Michael. I don't  have an exit strategy. I've been looking to get out at the top or bottom of the bolinger band and not hoping it would break through it. I haven't done this a lot so far, just started recently but more wins than losses so far  :D

Magyar

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Re: Am I being over cautious?
« Reply #38 on: September 06, 2020, 02:20:17 PM »
Hello @Kim
Have you seen yesterday video on @thescruff YouTube?  He is talking of an easy strategy. I'm not saying copy this but watch and it might give you idea for placing target and stop loss.

Kim

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Re: Am I being over cautious?
« Reply #39 on: September 08, 2020, 09:32:48 AM »
Thank Magyar I  hadn't seen that.

ElvisChute

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Re: Am I being over cautious?
« Reply #40 on: September 21, 2020, 02:17:26 PM »
Kim, never concern yourself with being too cautious. As the saying goes 'its better safe than sorry'

I saw an answer on Quora from someone claiming to be a successful fx trader saying that traders who use stop losses were cowards and that they shouldnt be trading at all if they were afraid to lose.

End of the day, its your money at risk, not someone elses, and you have every right to take as much care of it as you feel comfortable with.
When your mum gives you a name like mine you can either hate it or embrace it - p.s. dont step on my blue suede shoes

PipMeHappy

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Re: Am I being over cautious?
« Reply #41 on: October 16, 2020, 06:03:01 AM »
@Kim  Read the Discussion and Conclusion part at the end of this recent academic paper studying the profitability of Bollinger Bands... It shows that having tested the indicator with a moving average window from the values 0 to 300 there was no consistency of results and performed unreliably across assets.

 It also concluded that it should be used with other indicators or fundamentals to improve its usefulness (whether you use the bands as breakout signals or as overbought/sold signals) and that mixed results can be improved by matching the MA value to the asset's cycle structure...

I hope this helps...
« Last Edit: October 16, 2020, 06:08:31 AM by PipMeHappy »