A question From A Newbie To Forex

All,

Hope this is the right forum to post this question but here goes:

I have recently done an introductory course on FOREX and the main strategy used was something called the Impulse Pull Back Strategy based on a 15 minute time frame.

The course taught how to analyse the charts etc and of course this is a manual process looking for the appropriate signals and placing your order/trade.

I know there are tools programs that can be used to automate these processes however I want to be in a position to do this process manually so that I actually understand what I'm doing first.

So my question is on the basis that this strategy (Impulse Pull Back) is using a 15 minute time frame does that mean that I have 15 minutes or less to do my analysis of a pair and place my trade because after 15 minutes the candlestick charts will change?

Hope this makes sense.

Thanks

Nope

It just means the setup is on the 15 minute time frame. Unless the strategy has a time element to it?

Ah okay thanks Ecotrader, no time frame to the strategy.

So I could in theory take as long as I like to do the analysis - so just to be clear if I take more than 15 minutes to do the analysis and place the trade etc it wouldn't effect my analysis as such?

Thanks again

You can take as long as you need. The 15 minute time frame just implies a new bar every 15 minutes.

Thank you Ecotrader!

You're welcome. All the best on your journey

looking at only 15 minute time frame you are probably gonna get wrecked

Take this advice with heart:

1. Go to journals section and search at least 500 recent threads. Analyze results and see what % of them are truly successful after +1 years (if any of them survived that long). I can tell you now, you will find hardly any, but go, do work and check with your own eyes.

2. All those people put much more work and education than your "little" course, some of the systems are quite elaborate. Yet most of them, if not all of them, failed. What do you think you will make better?

And before you answer please read this book:



And here I will jump to a conclusion (but your should not): educate yourself for +2 years with deliberate full time type of study and then AND only then you will have a chance make some consistent money. In other words commit yourself fully and in long term to this activity or leave now.

Most of gurus you read here or others who try to sell you a course, are losers. They dont have skills that matters in the market, they dont have any backup that matters in the market and they do not make any money in consistent manner, no matter how intelligent or convincing they sound. Trust me, I have seen them all, including most members of this forum decorated with red medals. And those who do have skills, dont need your peanuts couple grands course fee - go and ask any hedge fund if they will sell you their system or at least provide you some paid-for training - why would they waste time?

Mark my words.

Wow! it's two (2) years of education. I may seem that your expert w/ trading. In your journey sir @tyrakay

if you encounter these, how did you turn your losing to winning streak or what are these obstacles that you overcome in trading over the years?

I am not expert in anything. Dont believe anything I say nor anybody else.

Have you done point number 1? What is your conclusion?

Everyone is different and therefore stating it takes at least <N> amount of time to become consistent is just an outright lie. Some people take 10 plus years, others less. The most likely spread of time it takes to be successful ranges from less than a year to potentially decsdes with different amounts of people in each category. For the record it took me less than 2 years and I am sure everyone else on the forum has a different number

Yeah, you are right, some people, despite graduating from a primary school still have a problem with comprehensive reading.

"...deliberate full time type of study..."

Ideally use spread from 1 day to 100 years, that will safely cover your accuracy to 100%

As I said. Big, red, in your face title, yet...

Ego is a single facet of many that contribute towards failure.

Thanks to all who have replied, always good to get different perspectives!

Having ego is just a part of immaturity, nothing without it.

I think even mature people have a bit of an ego sometimes, there's nothing wrong with that as long as it doesn't inform all your decisions.

if you trade with ego ,
there is no real chance to make sure better trade ,
it causes for over trading and
traders become lost their equity ultimately.

by and large traders especially the newcomers trade by their ego , emotions and others , but in practical we have to trade with real analyzing trade knowledge , newcomers always try to make profit within very short time but become loser at last. there is no profession in this world where you can bring something by ego , depend on your hard working and keep consistence in your practice that can make you perfect.

thanks for your nice post , willing to add something more. every step is difficult for new Forex trader particularly when it is time to choose a broker , because most of brokers are found in scam right now and who are really good their minimum deposit to high to trade frequently.

Trading is not done by ego, as most new traders do, is never the best option for anyone who wants to succeed in forex. Emotions don't mix with success in forex and without self control, a trader can be over-confident and end up losing everything. For example, ego can make you trade without stop loss and then you'll lose all you've worked for