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  • #21
  • Jan 31, 2018 8:52am Jan 31, 2018 8:52am
Learning to trade is like learning to drive an automobile. At first, you pay attention to every move you make. After a while, everything becomes habit from putting in the keys, turning the ignition, putting into drive, remove the parking brake, put transmission into D and your off driving without even thinking.

Then one day, you step out of your house and your car is gone. In it's place is a truck with a note that says, "I took your car. You can drive my truck". You open the door, and look.

How do I start this thing? What's with all the gear shifting things and extra pedals to push? How do I drive this thing?

That's what happens when the movers change the rules to the game. You have to learn from the beginning how to drive the truck until it becomes habit. And it will. Just like riding a bike.

In my next post I will show a simple trading system that I used to learn how stick around long enough to become profitable. I don't always use it because, just like driving the car, I don't need to look where the parking brake release is or the gear shift is. I know where it is without looking
Ecclesiastes 1:9
  • #22
  • Jan 31, 2018 9:11am Jan 31, 2018 9:11am
New Begger,

Thoughtful post.

Look forward to seeing your simple trading system.
  • #23
  • Jan 31, 2018 5:57pm Jan 31, 2018 5:57pm
"The second step is getting your thinking aligned with how the markets work or trader psychology"

Well said! Market full of human emotion.

Best of luck
  • #24
  • Jan 31, 2018 6:38pm Jan 31, 2018 6:38pm
Quoting Artcool
Are you gonna back up your claims with a TE so we know we are talking to, or will I be ignored for such a nonsense request ?
I am not sure if you are referring to my or Gengster? If it me, I don't know how to set up a TE and really don't care to learn as I have nothing to prove as my ego and pride are long gone, down though the holes in my pockets.

If you want to add wisdom or take wisdom from this thread, excellent. If not, that is excellent also. I am just sharing my experience, maybe this will help someone turn around their trading.
Ecclesiastes 1:9
  • #25
  • Jan 31, 2018 7:24pm Jan 31, 2018 7:24pm
Thanks for sharing that stuff. I also had extreme stuff happen. I was a maniac. Way back I had 3 days one month that I lost 5k each. My best day back then was only 2.5k and I only had one. I have lots of stories. I hit rock bottom and quit for good. Now everything is different, I'm trying to determine why, how, and exactly what so I'm going very carefully, but I'm also ending every single day ahead, but I don't focus on that, only improving and stuff.
big money makes big moves and then hides during small money chasing.
  • #26
  • Jan 31, 2018 8:56pm Jan 31, 2018 8:56pm
Quoting newbegger
Learning to trade is like learning to drive an automobile. At first, you pay attention to every move you make. After a while, everything becomes habit from putting in the keys, turning the ignition, putting into drive, remove the parking brake, put transmission into D and your off driving without even thinking. Then one day, you step out of your house and your car is gone. In it's place is a truck with a note that says, "I took your car. You can drive my truck". You open the door, and look. How do I start this thing? What's with all the gear shifting...
To give some visual illustration for your way of thinking, particularly that truck. It is more like this

Attached Image (click to enlarge)
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  • #27
  • Edited 9:42am Feb 2, 2018 8:43am | Edited 9:42am
So here is nice template for struggling traders. I put a few horizontal lines in where key things are happening.

Trend Trading:
When the ADX is rising (White Solid) you should be looking up and following the bollinger bands (BB) in the trend. This chart only shows up trends.
On the second line from left, the +DI (Green Dashed) popped over the ADX, that is also a buy signal. In a downtrend, use the -DI (Red Dashed). Add to position when ADX crosses another value (30,40,50). You will be buying higher highs in the uptrend. Do opposite in down trend. SL for trend trades are value of ATR and T/P is when ATR turns down, and optionally you can exit when prices no longer touch the BB.

Range Trades:
When ADX has turned down, and/or staying below 30 for an extended period, you look down and use MACD for entry and sometimes exit when it has oscillated. There are many articles written on MACD so I am not going to explain here. And also use the BB but reverse how you use them in trend trade, a touch of the BB means to reverse. You are buying lows and selling highs now. The SL for range trades is one half of ATR. You will be getting smaller wins and losses in range trade mode.

Work with this on demo or test mode based on your trading style until you are getting profit. Adjust the ADX and ATR up for higher time than H4, lower for less than H4. With 4 hour charts, default settings seem to work best.

The MACD I use is the 4 color OSMA MACD. Search Forex Factory for this. Everything else is standard settings.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD example H4.png Size: 98 KB
Ecclesiastes 1:9
  • #28
  • Feb 2, 2018 9:53am Feb 2, 2018 9:53am
Quoting newbegger
So here is nice template for struggling traders. I put a few horizontal lines in where key things are happening. Trend Trading: When the ADX is rising (White Solid) you should be looking up and following the bollinger bands (BB) in the trend. This chart only shows up trends. On the second line from left, the +DI (Green Dashed) popped over the ADX, that is also a buy signal. In a downtrend, use the -DI (Red Dashed). Add to position when ADX crosses another value (30,40,50). You will be buying higher highs in the uptrend. Do opposite in down trend....
That is the template I used to stay in the game, by trading both trend and range markets. If you have preferred style of either trend or range trade, you can use ADX to keep you out of market when odds are against your style and only put on trades when ADX indicates it's your turn to take money from the market.
Ecclesiastes 1:9
  • #29
  • Feb 2, 2018 3:22pm Feb 2, 2018 3:22pm
Quoting newbegger
First things first. How do you perceive the markets? I see people write their ideas about the markets and I can tell if they are doomed. You see, I have had some of the same thoughts and of course, I was a loser until I saw the market as indifferent. If you have any of these concepts about the markets, you will not make it as a profitable trader. . It's easy to make money trading . It's hard to make money trading . The market is predictable . The market is random . The market is like a casino and my broker is the house . My broker is trying to run...
It’s actually easy to make money trading, but you have to have good system.
Grind until you no longer have to introduce yourself. 4:30am club
  • #30
  • Feb 2, 2018 4:33pm Feb 2, 2018 4:33pm
Yes
  • #31
  • Edited 10:59am Feb 5, 2018 10:04am | Edited 10:59am
A word of caution. Do not always believe what is posted about a profitable trading system until you have tested it AND made it your own. What do I mean by "make it your own" you ask?

Well, everyone is different, some people like slow and steady, others like fast and furious. Some people can stand big draw downs, others are frightened when they are down 10 pips. Find out who YOU are before you start to test a system, or systems.

I advise caution in following a forum guru who in the first post say you will be banned if you don't follow my rules. For every happy follower that is singing the praises of the forum guru, there are 9 others who would be saying otherwise if they had not been banned. The forum leader has ego issues and a pride filled trader is a doomed trader. Sooner or later, the market will humble them.

Also don't pay for services until you have done extensive research on the track record. At least 10 years track record. And again, ego check them. Boastful posts are indication of selling a product that may not be profitable.
Ecclesiastes 1:9
  • #32
  • Edited 10:39am Feb 5, 2018 10:17am | Edited 10:39am
That said, here is an example of a nice setup that is discretionary and may or may not work.

Because the -DI has jumped above the ADX, I sold here with hard stop at 1.2509 and hard T/P at 1.2330.
Now, this trade is to be managed because ADX is below 30 so it's more of a range trade. You need to watch the levels 1.2394 (lower BB) and 1.2460 (mid BB band which is 20 MA).

Step down to the next level down (in this case 1 hr) chart and monitor this trade. Also watch for adverse news and be ready to get out on either side if trade is looking bad on the one hour.

Especially be aware if ATR is rising but ADX is not (or vise versa), because this is sign market is ranging and you would get out at the lower BB for profit or the mid level 20 MA for loss.

Attached Image (click to enlarge)
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Ecclesiastes 1:9
  • #33
  • Feb 6, 2018 7:35am Feb 6, 2018 7:35am
newbegger, thank you for sharing your experience and knowledge! I hope to see more of your posts here.
  • #34
  • Feb 6, 2018 8:59am Feb 6, 2018 8:59am
Can you fast forward to the stage when you try to sell something? Saves all the sophist tautology. Thanks in advance.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #35
  • Feb 6, 2018 9:49am Feb 6, 2018 9:49am
Great topic! Let me just add my 2 cents, if you don't mind. Like many, I was looking for the holy grail through indicators. I thought that a combination of them would give me what I was looking for. BIG MISTAKE. Luckly, I was still practing on demo accounts.

I gave up on indicators. All of them. I spent time reading the charts. Trying to understand how it works, why and how it turns. I marked all the turning points and looked for patterns. There must be a reason, after all banks and brokers need to fool you, so I wanted to find out where were they tricking me.
I got better, much better.

But if I had one advice to give you, it would be this: Do your trades as you normally do. If you fail, PUNISH yourself. How? no more trading until you understand WHY you lost that trade. Open the chart, check different TFs, analyse market structure, etc.

Good luck!
Luck Favors the Bold
  • #36
  • Feb 6, 2018 9:57am Feb 6, 2018 9:57am
Quoting Spreadbetter
Can you fast forward to the stage when you try to sell something? Saves all the sophist tautology. Thanks in advance.
What would you like to buy? I have a lot of "stuff" to unload, need to have a garage sale to clean the garage.

I do happen to have a 2001 Saturn SC2 for sale. We are original owners and it has less than 97,000 miles. Needs new rear wheel tires but drives great. PM me if interested.
Ecclesiastes 1:9
  • #37
  • Feb 6, 2018 10:03am Feb 6, 2018 10:03am
Quoting Callitradar
Great topic! Let me just add my 2 cents, if you don't mind. Like many, I was looking for the holy grail through indicators. I thought that a combination of them would give me what I was looking for. BIG MISTAKE. Luckly, I was still practing on demo accounts. I gave up on indicators. All of them. I spent time reading the charts. Trying to understand how it works, why and how it turns. I marked all the turning points and looked for patterns. There must be a reason, after all banks and brokers need to fool you, so I wanted to find out where were they...
Yes, Yes. You have added excellent advise for getting back on track after a bad trade. I take a time out (TO) for other reasons as well. A surprise profit is good to TO, crazy stuff that affects markets I TO until the dust clears.

Thanks for sharing.
Ecclesiastes 1:9
  • #38
  • Feb 6, 2018 10:06am Feb 6, 2018 10:06am
Quoting newbegger
{quote} Yes, Yes. You have added excellent advise for getting back on track after a bad trade. I take a time out (TO) for other reasons as well. A surprise profit is good to TO, crazy stuff that affects markets I TO until the dust clears. Thanks for sharing.
The comment was really for you, or about you lol. Based in what I read in your thread I think that concept is something that you figured out already, which is great! Keep up the good work. Thank you for the thread, very interesting.
Luck Favors the Bold
  • #39
  • Feb 6, 2018 10:29am Feb 6, 2018 10:29am
Quoting Callitradar
{quote} The comment was really for you, or about you lol. Based in what I read in your thread I think that concept is something that you figured out already, which is great! Keep up the good work. Thank you for the thread, very interesting.
I sincerely appreciate any helpful advise. Like my car analogy, a lot of my trading is by habit and don't remember all the traits needed for successful trading. Feel free to contribute more advise or to share your experience. It's a habit of mine to try to learn (or re-learn) something new every day.

Happy Trading!
Ecclesiastes 1:9
  • #40
  • Feb 8, 2018 1:23am Feb 8, 2018 1:23am
You can, otherwise this forum wouldn't be alive for so long. Treat it like a serious business with expenses. Some pass colleges some not, but money well spent.
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