Our Rationale of Forecasting Methods at NinjaSingaporeHaving been in this industry for more than 14 years, we have tried many approaches - trading indicators, price action, eye-balling techniques and ... many others you can think of. At the end of the day, we have found what works for us.
1. A clean chart that clearly shows a trend. An uptrend is defined as a series of higher highs and high lows. A downtrend is defined as a series of lower highs and lower lows. It's as simple as that.
2. If an uptrend exists, we wait for the price to come down to a certain level to initiate our buy stop order. If a downtrend exists, we wait for the price to go up to a certain level to initiate our sell stop order.
3. No matter whether it is a buy-stop or a sell-stop, we always set a stop loss and using the price range to determine the contract size of our position.
4. Let the trade do what it is supposed to do. There is no need to pray, wish, dream or hope. It's over. The market will either agree with you by giving you the profits or disagree with you by taking your money away as a loss.
5. Your job as a trader is to ensure you gain more than you loss so that overall your account will be green or black.
6. If you have a series of losing trades, which will happen for sure in your career (guaranteed1), you need to have a set of rules to help you clear your little voices in your head. In such cases, you may consider hiring a life coaching who specialises in clearing process to help you. Alternatively, if you know how to do 7-PATH Self Hypnosis, do it as it will help certainly.
7. As a rule of thumb, successful trading is 80% trading psychology (minimum) and 20% trading techniques or skills.
8. There is a ton of information in the internet for you to visit. Read and watch as much as you can and keep on doing it. This is a career or a business. You need to constantly feed yourself with useful and relevant information to trading.
9. I am not against hiring a mentor or a coach to help you expedite your trading success. Just beware of the black-sheep in the market as this industry does have a lot of scammers who are making their money by teaching others rather from trading.
Good trading
NinjaSingapore
24 December 2017
