Yeah that's totaly how you want to trade if you are interested in beeing profitable for years and years. This will work forever.
I Had No Idea I Took So Much For Granted 58 replies
DislikedI believe all are inter-related (Stocks or FX).... as long as ur trade is based on TA....as TA skill is kinda universal...The difference is more or less volatility...
DislikedYeah that totaly how you want to trade if you are interested in beeing profitable for years and years. This will work forever.
DislikedGuys, again thank you for all your words and private messages. I feel much better now! I won't give up however sometimes I need some push to continue forex learning and thanks to you it becomes much easier task!
DislikedGuys, again thank you for all your words and private messages. I feel much better now! I won't give up however sometimes I need some push to continue forex learning and thanks to you it becomes much easier task!Ignored
DislikedGuys, please remind how you were starting and advice me what to do when I'm loosing my second depo
I'm around of 50% of orginal depo (on minus obviously) and can't manage it to get it higher Guess I need more experience.
What is the funny thing. I've tested many systems and it seems to me that for 100% most of them are not fully mechanic. For example one shouldn't trade when market is choppy not violity enough and so on..
SHould I take couple of beers and sit down tommorow again?
I have started forex learning since May however as I'm working full time this is additional so it is hard to spend all day on Forex only..
Thanx for all thoughts..Ignored
DislikedWhen I started I was trading impulsively and recklessly because of inexperience. When I recognised my problem, I set out to find someone who was successful, experienced and I could talk to whenever I needed to ask a question. My broker was a failure. He just wanted me to keep on trading.
Then I found the man.
He has given the basic structure of his system here freely.
He has demonstrated how he has traded successfully in live time on an open Forum.
He continues to mentor a select group of traders which I am fortunate being one of them.
He has helped traders like myself become fulltime traders
His generosity of spirit and his time is incredible. I trade less than 5% of his lot sizings but he answers me with honesty and in a straightforward way every time.
He gives mature and experienced advice to every question I ask him.
He has helped me tremendously.
His name is Wayne Jackson (aka Jacko)
The best primer for getting started as a trader is right here on this Forum.
Jacko's Forex House of Pleasure and PainIgnored
Let's say you make \"only\" 10% per day and start with $1,000.
By the end of the first year you would have made $22,293,142,370,048.39Ignored
DislikedActually 3-10% per month. So I'm a poor guy, but my account is slightly bigger than the usual $100 account.
DislikedIt was not my intention to start the some kind of war here and it seems that it was started anyway..
DislikedI am sorry to ask this stupid question, but what exactly is a Price Action?Ignored
DislikedNotice the pins both reflect off a common support, too, giving it a hand from the multiple bottoms at support.
Also notice that the other USD-based pairs have similar structures, meaning that this is a heavily USD-driven setup.
Also notice that the same PA structures wouldn't have worked quite so well in the EURUSD... hehe. But before going \"yea, nothing's perfect\" figure out why it hasn't worked and what's driving the difference.
There's more than just a price setup, altho that's certainly a clue, there's a whole market sentiment that's playing out in front of us. Price action (and volume, to a degree) reflects this sentiment in certain patterns... over and over again.Ignored
DislikedVolume? And where do we find that? God, if that were available, it would make this so much easier. (New guys, the \"Volume\" on your charts is for YOUR BROKER ONLY. There is the currency futures markets I suppose.....but that's a different market.)
DislikedThe point is this: I don't care what's driving the markets. I am here to make profits. I don't care about the Euro, the Yen, the Israeli Sheckel either.....I care about profits. It's not like we actually buy or sell anything. There is no truck on it's way to my house with 200,000 AUD for example.
DislikedYou are right though.....patterns to repeat over and over. It's the only way I have found to make some money. Also, the Euro has been a pain lately. This is why I haven't been trading it to be honest. Shorting the GBP/USD is where my profits have come as of late. (See daily pinbar a couple of days ago.)
My fearless leader, James16 has a thread on Price Action. The short version of an answer is basically reading a chart, and what the candles/bars say about the \"action of price\". Normally indicators and fundamental info is secondary, if present at all.
A good price action chart is very clean, like the one I am attaching....each arrow shows a bar that you might trade. (For reasons that are explained over in his thread.)