What has made the biggest difference to your trading?

[FOREXme]

I'm really interested in improving my trading. Each of us has a part of the puzzle solved. Let's help each other by trading ideas, sharing what has made a difference to our trading.

What has made the biggest difference to your trading?

Was it a concept? A technique? A tool? Or anything else?

Please post here, share, we can help each other.

[FOREXme]

Here is my contribution.

"The trend is your friend". This has been repeated so often that is sounds corny. But really the trend rules everything. If we don't have a good understanding of the trend, then we don't have any concept of market direction.

One of the first tools I learned was the MACD. The primary use of the MACD for me is to determine trend. There is nothing magical about the MACD. You can use any chart tool that helps you to define trend.

Experiment to find your own trend tool. Without one, you are lost!

Please post your contribution, what is the most important tool in your kit?

[Llamedos]

Hi FOREXme - I know this really sounds sycophantic - it really isn't meant to be - but watching Neal's videos really helped me. Especially 'Trading with the Trend'.

That isn't to say that I use them in their entirety. They just seem to help me internalize and appreciate the usefulness of (primarily) the Stochastic in the different time frames. It was as if something just 'clicked'. Some may call it an 'aha' moment.

As you will have read elsewhere on the forum, I also use Elliott wave. But, equally, in one of my first posts I have condemned it because it locks you into seeing nothing but waves. And this can sometimes be to your detriment.

Lastly (and obviously) I use Fib. Again it is not a panacea. Just another tool to use at the right time.

My basic method is as follows -

I try it assess the trend or future direction or path of the market using Stochastics in higher time frames and Elliott wave.

I then move to lower time frames and use Elliott wave, Fib and Stochastics to time my entries. Stops are possibly more arbitrary than they ought to be but I am comfortable with that (especially when they're not hit!!). And targets are looked for using a combination of Fib support/resistance, EW, Stochastics and Fib expansions - not always in the same or any particular order.

Having said all of that, I think the most important element in a trader's arsenal is confidence in their method. Once you are at the point where you are no longer surprised that you made a profitable trade by predicting where the market will go or by trading your plan - call it what you will (and conversely, not surprised that you got it wrong AGAIN!), you are well on the way to reaching the top of the rainbow and being able to take advantage of the slide down to the pot of gold at the end.

[lori]

hi there. i'd have to say learning to use fib levels correctly (fibmaster videos) and using the TRSI (indicator) as a trigger would be the tools that have helped me most. of course watching the price action is most important. and time, lots of time, and then more time studying charts w these techniques. after that, practice, lots of practice and never ending practice. just when i start feeling like i'm getting a grasp on this, i find out i need to learn more. continued education, as much as u can get! good luck to you all.-lori