I am trying to follow No Brainer Trades thread methodology, which is logical and down-to-earth for me. I tried many other approaches and none of them profitable in the long run.
Trading 0.01 - 0.02 lots to have real money on the line and not virtual money. When I will achieve consistent profits, I will start to use larger amount of lots.
Summary of No Brainer Trades is attached. Copyright by Billy Ray Valentine + Ironman
Usually only limit orders used. 1hr/1d/1w timeframes for setting S/R and then 15m for price action near the S/R to decide if big money orders are still there.
Usually only majors + gold. Synthetic crosses/minors for retail forex traders are not traded by fat cats, and therefore S/R levels there are not reliable.
Source: Page 4 of the forex hub report attached.
Squawk live news service is a must to gauge the sentiment. Sentiment can change in a flash.
Legend:
1. Red = daily support/resistance
2. Magenta = weekly S/R
3. Orange = hourly S/R
Fibo only daily if very obvious. Trendlines only daily if obvious.
S/R are first and fibo + trendlines are only auxiliaries.
Best if there is some fresh story in the market I trade and then I follow long or short using SR. For example better than expected CPI, then I will play pullbacks to the SR in the direction of the sentiment for this day until something else will come up.
Problems I have as a trader:
1. Over-trading by entering trades on impulse (chasing moves). I have to deal with the intuitive mind.
2. Taking profits too early or exiting positions which go little bit against me on the start. Doing a break when position is well behind the half of TP and SL moved to BE will fix it on the beginning. Usually when I leave the position without tinkering with it, it will reach TP.
Trading 0.01 - 0.02 lots to have real money on the line and not virtual money. When I will achieve consistent profits, I will start to use larger amount of lots.
Summary of No Brainer Trades is attached. Copyright by Billy Ray Valentine + Ironman
Attached File(s)
BRV_S+R_Trading_210808.pdf
879 KB
|
355 downloads
|
Uploaded Aug 7, 2016 3:11am
Usually only limit orders used. 1hr/1d/1w timeframes for setting S/R and then 15m for price action near the S/R to decide if big money orders are still there.
Usually only majors + gold. Synthetic crosses/minors for retail forex traders are not traded by fat cats, and therefore S/R levels there are not reliable.
Source: Page 4 of the forex hub report attached.
Squawk live news service is a must to gauge the sentiment. Sentiment can change in a flash.
Legend:
1. Red = daily support/resistance
2. Magenta = weekly S/R
3. Orange = hourly S/R
Fibo only daily if very obvious. Trendlines only daily if obvious.
S/R are first and fibo + trendlines are only auxiliaries.
Best if there is some fresh story in the market I trade and then I follow long or short using SR. For example better than expected CPI, then I will play pullbacks to the SR in the direction of the sentiment for this day until something else will come up.
Problems I have as a trader:
1. Over-trading by entering trades on impulse (chasing moves). I have to deal with the intuitive mind.
2. Taking profits too early or exiting positions which go little bit against me on the start. Doing a break when position is well behind the half of TP and SL moved to BE will fix it on the beginning. Usually when I leave the position without tinkering with it, it will reach TP.
Attached File(s)
2016 May Hotspot Monthly Statistics.pdf
1,008 KB
|
568 downloads
|
Uploaded Jul 26, 2016 3:15am
Cut short your losses. Let your profits run on. David Ricardo (1772-1823)