Anyone else trading this method still?
Been demo trading it and I really like it
Very, very quiet these days. Thought i'd check in and say hello.
To the above. I'm still trading based on much of what I learned from the great traders on this thread but i'll admit, i've removed the moving averages from my charts these days. EO and others tought me that price action is king and once you begin to delve deeply into that, moving averages sort of become superfluous. A PA setup will always win over everything else. Anyone starting out should certainly keep them in there, mind.
How's everyone copng with these days of low volatility? Trading higher TFs? Diversification? Personally, I now trade other commodities and CFDs. Price action is exactly the same, overall movement can be different but the setups still replicate and you get a much better spread to reward ratio (if that makes sense).
I look forward to the days when volatility returns to FX, which it invariably will do.
Sounds like everything is well with you. Glad to hear it.
Yes, PA is king. Haven't seen anyone better than EO call it and explain. Everytime I see a flat bottom close, I think of EO.
Still trading, just scalping these days since the market really has no direction. Hope everyone else is doing well.
Great one eohater... Exactly.. not to trade what you expect.. Be real... Avoid emotions...
But one thing what I believe.... EXIT is the key, more important than entry... Trader fails mostly when they fail to exit properly.
Wow, is there life coming back to this thread? How's it going Trotty, Turtle? Hope you guys are well.
Turtle, albchr - how are you both? Good to see there are still a few people paying attention to it.
All good here thanks. It's summer time and we're having a proper one in the UK this year but not quite taken to trading from the garden just yet
Hope your scalping is paying off Turtle.
Any other people around?
Hey, Trotty, Turtle, Chris- good to hear from you all.
I'm still around, not on FF much, been trading quite a lot these last couple of months, whilst work has been thin, but that's all changing for the summer, and been experimenting with different timeframes (even been on the 1 minute charts!) , ma's, no ma's back to ma's and developing some ideas to work out what works best for me. I strongly believe that although markets change, it's about you, and what fits with your personality. And the interesting thing is that you're not necessarily suited to what you think you are...
Good to see some folks are still around. Glad everyone is doing well and making trading work for them.
Most of the time, I try to get up around 5am EST to see what the markets are doing. Been very choppy lately, but it is summer time.
Very cryptic that, what did you mean?
Have you tinkered with things due to the low volatility? M1 is brave!
Hey Trotty, good to hear from you! I'm very well , thanks.
Just reread my post, and yes, youíre right it does sound a bit cryptic! Not got much time, but allow me to explain below as best I can, and this is a generalisation based on my experiences itís not meant specifically for you. Oh and m1 was just some experimentation- the juryís out on that one at the moment!
I guess what Iím trying to say is that in your journey as a trader, things are not always as you think they are. We all try to find a way of trading that suits our particular personality, and strengths and weaknesses. You may categorize ways of trading into many different facets- what timeframe higher or lower, trend or countertrend, maís or no maís, indicators or naked charts, discretionary or not, SL or no SL etc. Each of these can cause lengthy arguments in themselves amongst traders.
I say have an open mind- what you think suits you may not be best for you. Be prepared to experiment with different styles- it really is a journey of self discovery, and if you donít try other ways, you may never find your way. And by that I donít mean blindly following someoneís system posted on FF- yes it may show promising results, but may not be tradeable by you. Take what you can from other peopleís systems and methodologies and develop your own. Be a scientist in a lab- experiment, try things out, backtest, study charts, trade and find out your own way.
Another example is you may think that you have a good system, but need to work on psychological issues as you keep bailing to soon or perhaps holding onto trades too long, when actually maybe your methodology is what needs working on, and a few small changes to the system followed by extensive backtesting to give you confidence in it will eradicate the problem that you thought was psychological.
Have an open mind, and see that what you are looking for is not necessarily what you think.
Well that's certainly the truth mate. I think it's partially why it takes so damn long to get consistency. It isn't just about the actual learning of the myriad skills involved, it's finding the approach for you. It's hard to imagine that there are many people that have picked an approach right at the start and made it work for them. My trial and error process went on for years before I finally understood what I was best at and what I was most comfortable with.
That said, i'm surprised to find you're still experimenting because I know you've been doing well as you are. I now resist all temptation to tinker with the formula. There will always be that temptation after a dodgy run but you just have to grin through it because over time, if you can read the charts, that will always win out. That's why I could never get involved in a rules based approach, those losing runs would destroy my mental game I think.
Certainly agree with the testing sentiment mind. Even today, I always have the old sim open during trading days and I just keep on trading her during quiter spells, always incresing my ability to read what's going on. I still, even today, think I get better - albeit in in ever decreasing incremental amount - because of it.
Good points by all. For me I am constantly working on psychological part of trading. I truly believe that is the key for me. Once you find something as far as a system that works for you, then that is great, but if your mind is playing tricks on you when it comes to taking the trade or not, it won't matter what kind of system you used.
My journey now has taking me to that side of trading. I currently reading NLP for Traders & Investors by Terry Carroll. Learning more about what make me tick and understanding the psychology of market players.
As far as a system, I have taken everything that I learned and created a method that is very comfortable for me. It is always being tweaked for improvements and constantly reading to keep learning and bettering myself and my trading.
ENJOY THE WEEKEND.......
Interesting points. I think my "experimenting" has been worthwhile, and it was mostly caused by the much lower volatility we see in forex now. When this thread was in it's prime, things were very different, but now finding opportunities has required a slightly different approach for me, anyway. I find that I will look at a number of different currencies, roughly 18 I think, as there is rarely a trade lining up on just cable, euro, or EJ. Being selective is key for me- finding the setup, and trading it- not just trading for the sake of it.
It's still a work in progress, so I don't want to go into too much detail, but I have come back to using just three select ema's on each chart. I like having all as ema and not combining them with simple ma's as there is a clearer ebb and flow in the charts. Supply and demand is also important for me, but I struggle to trade purely naked charts. Which is very different to how I used to feel- I used to think that having ma's or indicators was like riding a bike with stabilisers, and something that you should strive to "grow out of"! Not so anymore- for me they work well- don't worry Trotty I don't use loads of indicators like a xmas tree! Just one stoch oscillator as a visual aid, supdem and semaphore. In fact if I remember right, I think Infinity had an RSI on his charts, but I don't think it was ever discussed how or when he used it.
Anyway, enough of me rambling we are all different and like Turtle says it's Friday, the weather's fantastic - Enjoy the weekend all
For me now, I like 100/200 SMA's on all charts, Fibo's, trendlines and Support and Resistance. I look at 4 pairs right now, EURUSD, GBPUSD, AUDUSD AND USDJPY. I I'm mostly looking at the Aussie and Yen during the Asian session, if time allows. But it is all a work in progress. Too many indicators for me was causing me to over think trades so I had to make it as simple as possible. Now working on the mental and things are all starting to flow into place.
Morning. I figured it would probably have been in reaction to the changing market conditions. Nobody really know when FX will return to "normal" but it will happen eventually and it'll be long overdue.
As always, taking setups that make sense is always key, whether trading 2 or 20 pairs. Taking iffy setups out of boredom/the feeling of the need to trade has always been my biggest issue. I'm trying to learn more patience these days. I now look at about 9 or 10 pairs/commodities/indices myself, for many of the same reasons. It's more difficult out there now but not in any way impossible.
Hey Cisco- welcome back!
Trotty- yes, we have similar issues, I think. Looking at more pairs (oooer missuss... blush: certainly keeps me out of trouble.
I just want to say, "Thanks Eohater!" Many times I wanted to give up but you kept me in the game with your help and advice. It is finally starting to pay off!! I hope the old crowd is doing well and making pips!!
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