School of hard knocks
dmj120 Return This Year:
63.3%
Introduction and trading basics 27 replies
Metatrader Error Traps MT4 and MT5 9 replies
Back to basics or information overload? 12 replies
:: Smithy's Live Trades :: (EMA's / Pivots / News Traps) 10 replies
Trading Basics: Concepts and Psychology 0 replies
Disliked{quote} Michaels response hit the nail on the head; just watch the chart without the pressure of making a decision (meaning don’t try to trade, just watch). Mark a place where price seemed to turn; see what happens when it gets back there: does it break, and by how much, and with what force, and what happens after that? Does it hold, and if so, how much did the line break before it held, and how quickly did it reverse? My first mentor said you need nothing more than the price and manually drawn lines; it took a long time to figure out, but he was...Ignored
Disliked{quote} Michaels response hit the nail on the head; just watch the chart without the pressure of making a decision (meaning don’t try to trade, just watch). Mark a place where price seemed to turn; see what happens when it gets back there: does it break, and by how much, and with what force, and what happens after that? Does it hold, and if so, how much did the line break before it held, and how quickly did it reverse? My first mentor said you need nothing more than the price and manually drawn lines; it took a long time to figure out, but he was...Ignored
Disliked{quote} Thanks. I will look through the thread and try. I am a 'data guy' ....i love numbers, correlation, causation, and root cause analysis. Perhaps that has hindered ny progression - trying to analyze what I don't fully grasp, instead of observing and absorbing.Ignored
DislikedNightmare Hi Michael, First of all, thank you for your very constructive contribution in our blog, so I would like to answer you in detail here. I am very pleased that you have reduced your trading decisions in the Forex market to the price after you yourself have refrained from your charts here. {image} You once worked with these charts, what you probably today cannot understand yourself. So I was initially amazed that you posted such a statement on our blog. Incidentally, I have never worked with such forex charts, because my charts always only...Ignored
DislikedHello Michael, i read this forum for some time and have seen some systems. I think your ideas are very good and should have more attention. But im a starter now for 1 Year and i think your thread is the exactly right to start. pick ONE pair: I take EUR/USD low Spread and some good moves i think. timeframe you are able to trade: I take 30M. In my job i have some time to watch chart but not always, i think this fits good. zoom this chart complete out, so you can not see a single candle: i have posted a chart where i have zoomed out and for the next...Ignored
DislikedThanks for your answer i have to work but i think when i stop to check every new Thread. It will work out for me. But i have one question. Do you think it makes sense to start with forex. Because of the new taxes in germany next year? or should i begin with crypto or something like this?Ignored
Disliked{quote} Michael may say different, but I think at first, don't worry about profit and loss and any potential taxation; it will likely be awhile before that becomes an issue. When you do start actually trading, forex will allow you to risk the least possible amount on any trade. And what you will learn through this exercise will be applicable to any market so you can switch later if you want to.Ignored
DislikedOkay i understand, the Market is Not that important. The Lessons Working everywhere. So i will try to read the Chart further. i have marked Levels today in the picture i have posted and tomorrow i will Draw again. I will See if Something Changes for me ober the Weekend Only for calculation if your Account is 5000 Dollar (this is the size i will start with) and risking 3% you can loose 66 Trades then 10.000 is full.Ignored
Disliked{quote} Yes, the situation highly emotional in german forums who talking about trading. This is like a missle for traders in germany. Hope it will be on law side cut as fast as possible. If not i must search also for a solution.Ignored
Disliked{quote} Trade the US Index Micro Futures. In my opinion, much better movement than currencies, plus an inherent bias in the market's direction. Have to be willing to risk $0.50 per tick though.Ignored