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I think this is the best trading quote I've seen yet! and thanks for the welcome barney

Yeah I have a couple of EMAs on my chart and sometimes flick on the RSI, they usually confirm my thoughts and I use them only as a sanity check. If there is some discrepancy it'll usually discourage me from entering into a trade. So yeah, I use them as indicators, nothing more.

Interesting what you say about stop losses. I've discovered that I need them as if they aren't there I'm just too damn likely to watch my trade get ground into dust. Hurts every time. And unfortunately, I've just discovered, I'm likely to fall into the same old traps when entering in to a new market. Amazing how the mind will play tricks on you despite lessons learned.

Also Warr, how do you work out your risk if there isn't a stop loss? This is another thing I learned the hard way. I have a spreadsheet that calculates my position size based on my account size, entry, risk appetite and stop loss. This way I'll never risk more than a certain percentage of my account per trade.

<blockquote data-quote="cb3d" data-source="post: 1048635" data-attributes="member: 80121">I think this is the best trading quote I&#039;ve seen yet! and thanks for the welcome barneyYeah I have a couple of EMAs on my chart and sometimes flick on the RSI, they usually confirm my thoughts and I use them only as a sanity check. If there is some discrepancy it&#039;ll usually discourage me from entering into a trade. So yeah, I use them as indicators, nothing more. Interesting what you say about stop losses. I&#039;ve discovered that I need them as if they aren&#039;t there I&#039;m just too damn likely to watch my trade get ground into dust. Hurts every time. And unfortunately, I&#039;ve just discovered, I&#039;m likely to fall into the same old traps when entering in to a new market. Amazing how the mind will play tricks on you despite lessons learned. Also Warr, how do you work out your risk if there isn&#039;t a stop loss? This is another thing I learned the hard way. I have a spreadsheet that calculates my position size based on my account size, entry, risk appetite and stop loss. This way I&#039;ll never risk more than a certain percentage of my account per trade.</blockquote>

[QUOTE="cb3d, post: 1048635, member: 80121"] I think this is the best trading quote I've seen yet! and thanks for the welcome barney Yeah I have a couple of EMAs on my chart and sometimes flick on the RSI, they usually confirm my thoughts and I use them only as a sanity check. If there is some discrepancy it'll usually discourage me from entering into a trade. So yeah, I use them as indicators, nothing more. Interesting what you say about stop losses. I've discovered that I need them as if they aren't there I'm just too damn likely to watch my trade get ground into dust. Hurts every time. And unfortunately, I've just discovered, I'm likely to fall into the same old traps when entering in to a new market. Amazing how the mind will play tricks on you despite lessons learned. Also Warr, how do you work out your risk if there isn't a stop loss? This is another thing I learned the hard way. I have a spreadsheet that calculates my position size based on my account size, entry, risk appetite and stop loss. This way I'll never risk more than a certain percentage of my account per trade. [/QUOTE]

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