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-   -   Stop searching for the 'Holy Grail', work on yourself! (https://www.forexfactory.com/thread/907889-stop-searching-for-the-holy-grail-work-on)

tiborf71 May 27, 2020 2:40pm | Post# 501

Good point mate. That's not about searching for the 'holy grail' of Forex trading. Besides, your motivation is not because you have always been interested in Economics. The 'why' of that interest is the motivation. KP {quote}
I always thought of forex as a riddle that I had to solve.

KeenPips May 27, 2020 3:12pm | Post# 502

That's probably your basis or motivation for continuous learning (or improvement?) as a Forex trader.

KP

{quote} I always thought of forex as a riddle that I had to solve.

texa May 27, 2020 6:05pm | Post# 503

Phrases like "work on yourself" are very vague. Probably you mean work on learning price action?

KeenPips May 27, 2020 7:38pm | Post# 504

Not vague mate. There is a lot to becoming a consistently successful Forex trader than learning price action. If you take time to read the thread, a lot has been covered beyond price action. Regarding working on yourself, it begins with knowing yourself: specifically, you must know the areas you need to improve upon.

Stay safe, trade safe.

KP

Phrases like "work on yourself" are very vague. Probably you mean work on learning price action?

fex May 28, 2020 4:14am | Post# 505

Phrases like "work on yourself" are very vague. Probably you mean work on learning price action?
With Keen's permission:
It is our ego that constantly puts us "on the ropes" while trading (at least)...
One of the most important pillars for trading (at least) ...

regards

MichaelSch May 28, 2020 5:00am | Post# 506

The combination from a small account, large position size and for that the use of a unsuitable time frame can be destroy the way.

I have for my longterm trades as basis the monthly and fine-tune my entry in hourly. It is a good way, if the real life has many tasks, a good way to stay in market.

KeenPips May 28, 2020 5:12am | Post# 507

So, what are you recommending?

KP

The combination from a small account, large position size and for that the use of a unsuitable time frame can be destroy the way. I have for my longterm trades as basis the monthly and fine-tune my entry in hourly. It is a good way, if the real life has many tasks, a good way to stay in market.

MichaelSch May 28, 2020 5:31am | Post# 508

So, what are you recommending? KP {quote}
I search in monthly for s&d zones and switch over to h1, wait for a sure movement in my direction. Place after it also pending order at fresh zones. It is really easy doing it.

I trade small compared to my account size, so margin call is far far away.

KeenPips May 28, 2020 5:47am | Post# 509

Good point there mate. A major problem for many traders will be learning to wait for the right and feasible setups within those zones.

Stay safe, trade safe.

KP

{quote} I search in monthly for s&d zones and switch over to h1, wait for a sure movement in my direction. Place after it also pending order at fresh zones. It is really easy doing it. I trade small compared to my account size, so margin call is far far away.

KeenPips Jun 1, 2020 8:33am | Post# 510

What steps did you take over the weekend to get better trading results this week?

KP

KeenPips Jun 1, 2020 8:53am | Post# 511

Let me share one step I took. I chose to remove all indicators from one of the pairs I am tracking this week and leave them on the remaining three. Why? I want to see how good my weekly technical analysis on the one particular pair compares with those on the other three. If I get the same level of result, particularly in terms of my expectations by Wednesday, this will enhance the efficiency of my strategy/system.

Note: Please Do not just go strip down the indicators on your charts!

Stay safe, trade safe.

KP

What steps did you take over the weekend to get better trading results this week? KP

KeenPips Jun 1, 2020 9:06am | Post# 512

Please do not try this on your live trades. It took me a couple of experimenting with micro positions and developing my skill in structure-based price action trading over several months before venturing on this. And never mind those boasting about 'naked' trading.

Trade safe and prosper.

KP

....I chose to remove all indicators from one of the pairs I am tracking this week and leave them on the remaining three...Note: Please Do not just go strip down the indicators on your charts! Stay safe, trade safe. KP {quote}

fex Jun 1, 2020 9:48am | Post# 513

Let me share one step I took. I chose to remove all indicators from one of the pairs I am tracking this week and leave them on the remaining three. Why? I want to see how good my weekly technical analysis on the one particular pair compares with those on the other three. If I get the same level of result, particularly in terms of my expectations by Wednesday, this will enhance the efficiency of my strategy/system. Note: Please Do not just go strip down the indicators on your charts! Stay safe, trade safe. KP {quote}
I have never been able to take advantage of any "indicator of price/time", my mistake. I have "wasted" thousands of hours on some of them, in lazy moments I guess.
I use 3 indicators (created by me sloppily, but they work very well): MWD multi-ranges, another to manage operations, and another to "auto-colorize" trendlines (only horizontal, not oblique). I also did an EA to open trades.
In my humble experience, the price action, its structure and the HLC information have enormous and simple information. The best indicator for me is TF and horizontal trendlines.
Thank you very much for keeping your thread, I have learned a lot and it has made me reflect a lot, in addition to your wise advice, it has further enhanced my trading.
I am sure that with all your experience and knowledge you will get the best out of the "experiment".

regards

KeenPips Jun 1, 2020 9:51am | Post# 514

A good number of those who boast 'naked' trading use one or two indicators they may not show you on their charts or shown at lower time frames. Such indicators often relate to timing/momentum or volume. For me, there is nothing wrong with indicator-trading. I use indicators. What matters is the trading results you are getting by the way you use your indicators.

KP

....And never mind those boasting about 'naked' trading...{quote}

milicentfx Jun 1, 2020 9:54am | Post# 515

A good number of those who boast 'naked' trading use one or two indicators they may not show you on their charts or shown at lower time frames. Such indicators often relate to timing/momentum or volume. For me, there is nothing wrong with indicator-trading. I use indicators. What matters is the trading results you are getting by the way you use your indicators. KP {quote}

tried naked trrading once...then I spilled my coffee.....YEOW!!!!!!!!!!!!!!!!11

KeenPips Jun 1, 2020 10:00am | Post# 516

I hope you were not physically naked!!!!

KP

{quote} tried naked trrading once...then I spilled my coffee.....YEOW!!!!!!!!!!!!!!!!11

KeenPips Jun 1, 2020 10:16am | Post# 517

Thank you mate for your encouraging remarks. Let me advise that you stick with at most three indicators: One for market direction, one for momentum/volume, and a third for trade-entry trigger. Better if you have one indicator that can do two of the three. Please, note that I do not consider trendlines, channels etc as indicators. At any rate, stick with what works for you and be a master of it. Good to have and use some rules/criteria (written down/handy enough) to guide your decision on selection of feasible trade setups.

Stay safe, trade safe and you will prosper.

KP

{quote} I have never been able to take advantage of any "indicator of price/time", my mistake....The best indicator for me is TF and horizontal trendlines..... regards

fex Jun 1, 2020 11:21am | Post# 518

Thank you mate for your encouraging remarks. Let me advise that you stick with at most three indicators: One for market direction, one for momentum/volume, and a third for trade-entry trigger. Better if you have one indicator that can do two of the three. Please, note that I do not consider trendlines, channels etc as indicators. At any rate, stick with what works for you and be a master of it. Good to have and use some rules/criteria (written down/handy enough) to guide your decision on selection of feasible trade setups. Stay safe, trade safe...
More or less,
MWD (multi) Ranges: I don't pay too much attention to it, only occasionally to know if I can already close the "office".
"manage operations" indicator, informs me about open operations (RR,%, Lot ...). I pay less and less attention to it, fortunately.
And "auto-colorize" trendlines is my best help: after the price action (structure and HCL info) I manually put the trendlines and the indicator simply assigns them the color that I have preconfigured.
Not only have you helped me with trade setups (I always try to "squeeze out" potentially good advice), that has also led me to delve deeper into TFs (maybe just obvious things to others ...).

regards

KeenPips Jun 1, 2020 12:03pm | Post# 519

When indicator-trading, your job will be easier if you are cognizant of market structure. When price action gets to a location you are interested in, based on your indicators, look to your immediate left. What is happening to market structure by the way price action presently handles the area? Think in terms of confluence of factors in making a trade entry decision.

KP

...Please Do not just go strip down the indicators on your charts!...{quote}

KeenPips Jun 3, 2020 10:41am | Post# 520

Just Sharing

Use a check list for every trade you wish to take.

KP


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