Interview To The Trader: Dave Maybe. Final Part
Question: What, in your opinion, are the greatest errors of beginning traders in trade in the markets and in trading systems?
As I have already told, many traders absolutely unfairly reject absolutely good trading systems. It is possible to make absolutely small amendments that will allow improving results considerably.
Question: what councils would you give to the person just now beginning to trade in the markets?
Beginning traders should specify what is their belief concerning the market and follow them. Choosing trading system or the approach which well approaches to their trading style and individuality.
Question: can you describe the usual trading day and the average transaction from preparation before execution?
I am in earnest about the trading routine very much. I attentively research the trade to see, where I can automate its some aspects. It is possible to carry it into the laziness account but if there are some tasks with which I work a lot of time, I very much try to force to do the computer it for me.
As a result of it, I automated the most part of my trading routine. My looked through list automatically gives out me trading ideas. Also, I have adjusted the program so that my optimum size of a position settled payments for me automatically, and record of my transactions automatically remained, using program “StockTickr”.
Such automation has released for me the time for other things, like development of trading strategy. I also have started to add completely automated strategy in the trade.
Question: What is the decision making process before a choice of the certain market and the concrete transaction which would cost position opening?
I use probabilities in the trade. I know, how the market behaved in some situations in the past (because I traded them and kept account) so I can see how it usually acts. For example, I know from reports that the program “StockTickr” after 11.00 on certain strategy have negative expectation – i.e. it usually lose money. So, I won’t conclude the transaction on this strategy after 11.00.
Also I can tell, looking at the previous results where the purpose under the transaction can work and where the initial stop warrant as soon as the transaction is included into my direction makes sense to move. Availability of this information reduces importance of any separate transaction because you see that works on a considerable quantity of your transactions.
People who took the decision to participate in forex trading should start from learning the basics of currency exchange market to make sure you do not experience problems with this industry.