Making consistent money trading make trading great again!

Hello fellow traders

Still stuck at the grinding phase without making much progress? Are you profitable for a month or two then end up losing all your profit plus your capital?

I am here to help you to Make Your Trading Great Again!!

I have been trading for over 10 years now. I was not making money for the first 8. So I can tell you first hand I know how it feels when you make money for some time and then end up losing it all. I will show you ways how to shorten your learning curve and make consistent money.

I will share my materials with you and some of it here in this thread.


I will be sharing my weekly watching and calling out the trades I am taking real time and will try to provide value to people following this thread.

Will be doing a daily post of my general view of the market too.

So come on peeps lets make trading great for everyone again!!!!

So start of a new week and time to scan for potential plays.

First on the macro themes for the week:

* The US shutdown continues
* Trade talks between US and China bring some relief late on the trading day brought some relief
* German economic data bad for 2 consecutive quarter so the potential of a few fake breakouts in the euro pairs
* Chinese economic data are bad but not as bad as expected.


For today I the pairs on my radar are AUD/JPY, USDCHF, and the Chinese stock index CHN50

Waiting for London open to get some clear direction on the trades and waiting for good setups.

A brief description of my trading style and how I can help you become better traders:

The markets are always changing and as traders, our top priority is to adjust our trading methodology according to current market situations. A trend following system will not work during range markets, and system developed to work while the volatility is low will not work well during times of high volatility. So it's our number one task to adjust our trading plans so we can profit in any market condition.

I basically trade any market where I can see the setups and I can understand the greater theme that is in play in the market. I first look the macro side of things and what is happening in the world around us. Then from there, I narrow my focus to a few currency pairs, stock or index and then look for setups that match the current market condition. I plan to teach you this entire process.

My trading style is mainly swing trading and from time to time I might day trade only when the opportunity is there.

Why I am looking for 10 traders?

Trading is a very lonely business. The main idea is I want to make small groups of 10 so all members of the group can motivate each other and act as check and balances for each other's trade. They can share ideas and also if one member is not following the risk parameters properly other can jump in and try to guide that group member from making silly mistakes.

So basically have small trading teams helping each other out. Just sharing idea not copying each others trade.

Why I am teaching the first 10 for free?

In this sector, there is no shortage of scam artist trying to make money off people. There are great teachers and traders out there but because of these scammers, the industry as a whole is getting a bad name. So teaching this initial group of students will be my track record of teaching and in the subsequent groups when I charge money they will know they are getting something of value and if they work hard at it they too can make money on a consistent basis.

And just to be fair over the next 3 months I will lay out my style of trading and why I do certain things for free. Only when the traders want my time to help them develop their strategies or need 1 - 1 mentoring will I charge. Or else everything here is completely free.

Trade triggered:

AUDJPY Long at 78.55
Stop Loss at 78.44
Take Profit 1 at 78.80
Take Profit 2 at 79.20
R:R = 1 : 3
Trade type: Day trade

Attachment g

UPDATE: TRADE CLOSED A LOSS -11 PIPS

New trade entered

EURGBP Short at 0.8849
Stop Loss at 0.8495
Take Profit 1 at 0.8776
Trade type: Day trade

Position Update: SL moved to breakeven + 3 pips

Position Update 2: Position closed at 0.88315 for a total of +19 pips. Price bouncing from hourly support

THE NUMBER 1 RESPONSIBILITY OF A TRADER!!!

The main role of a forex trading is to manage risk. PRESERVE CAPITAL AT ALL COST!!!

I am not comfortable with blindly following technical analysis. In my opinion, it's like driving in the dark without the headlights turned on.

For example, my second trade on the EUR/GBP although I could have let the trade run I decided to cut it for a few reasons.

* Theresa May is going to speak and present her plan for BREXIT. It could go either way.
* US BANK holiday will result in lower liquidity.

So during a trade, it's very important to be aware of the terrain you are trading in or else you are taking an unneccrassry risk.

So, in my opinion, use technicals analysis in a trade by all means but keep the overall picture in mind and adjust your positions accordingly.

Trade for today

Long USDCAD
Trade type: swing

Booked some profit on the previous pullback

Profit booked +10 pips

Added on the previous resistance turned support structure.

Moved Stop loss up to previous low now

Position update: ALL stop loss moved to BE + 3 pips (breakeven). Worst case scenario will be booking 16 pips for today.

New trade triggered

Long USD/JPY
SL : 58 pips

POSITION UPDATE:

USDCAD trade closed. Bearish tone on the 4-hour candle.

ALL out total pips gained on this position +30 pips (+10 +10 +10)

New Trade triggered.

Long EURUSD
SL 57 pips
TP 85 pips

USDJPY trade still running.....

Trade closed USDJPY

SL hit.

The loss for this trade -25.3 pips

??

The SL was 58 pips and was not hit in my chart...
Now the price is coming back

But in EURUSD the SL was hit.

Position update:

EURUSD Stop loss triggered

Loss -64 pips

Last trade for the week

Long CADJPY
SL 80.2 pips
TP : 177 pips

Hi Ricki,

Yes, you are correct. The initial stop loss level was not reached on this trade. But with every session, I update the SL. And one downside of that is once in a while some trades will come back. Its the cost of doing business. Can't let this trade affect the overall trading plan. Never look at a single trade but instead look at a series of trades. That way there will always be less impact on the psychology.

MANAGING EXPECTATION WHILE TRADING

Never let the outcome of single trade effect your trading account or your trading psychology. Think about it. Say you make good returns for 11 months in a row. Then you fall in love with a single position and you marry the trade idea and load up. I think most of you know what happens after that. Months of hard work go down the drain. You lose your confidence and as a result, your trade execution will suffer.

You might even end up revenge trading. Loading up heavier on your next trade thinking I can't be wrong again. Lo and behold bam you hit your loss parameters again. Do that few times and I can guarantee your account will look similar to war-torn country hanging on its last breath.

The best way to avoid this is to do extensive backtest on your trades so that you are confident of the results. Then not veering from it once you are doing it live. And in the short term you can see some trades coming back but in the long run, it will do more harm than good. So, never look at the outcome of 1 trade or even 2 trades but look at at least 10 trades in a row. This will give you the mental capacity to deal with few losers in a row without changing your trading plan or affecting your mindset severely.

Please ponder about what I wrote and you are welcome to share your experiences if you want with me.

Price Movement: How and why does price move

Price can only go up or down when there is a transaction in the market. The currency markets are controlled by the central banks of the respective countries through fiscal and monetary policies. They increase or decrease the supply of money to control the prices along with changing the rate of interest among other things. Under them, we have the tier 1 banks who work as the market makers.

As OTC Forex is decentralized there is no central market and different market makers makes the prices and fill the customer orders. Tier 1 banks are the main market makers. Since there are many banks; getting the actual data for volume is very difficult and almost impossible at the retail level. For this reason, I don't use volume data when making trades but who knows maybe in the future they develop a tool whereby we can see the volume at each price points.
What trades often forget that it only takes one guy to put a massive order in the market to move the market by x amount of pips. No matter how much technical analysis you do or confluence you use it won't work when there are large orders being executed.


What is support and resistance level and why should you care about them?

Support and resistance levels are points where the market found equilibrium. The market is waiting to load up on orders before moving higher or below. When they have enough orders trapped the market will make a move. The market is always in a price discovery mode. It is always trying to fill orders at key levels then testing the levels there to see how much buying or selling pressure is there at a specific point.

Say for example the price is trading at 10.00 level. The market will try to check if there are enough orders to take the price to 10.01 and then look for the next deal. Now say a buyer want to the product desperate but the only seller available is willing to sell at 11.00. Now if he buys at that level the price will move to 11.00 and wait for the next order.

The larger trader like hedge funds or pension funds usually takes long term position on the markets. That is the main reason why when trading the weekly or daily candles the support and resistance level works better as these big traders are also watching the levels. Intraday support and resistance level also work but they are not as accurate as the daily/weekly levels and for that reason if you plan to trade the intraday level you have to be very nimble and be ready to cut your position as soon as you realize you are wrong in the trade.

So as traders its important to get these levels. That's why when I have I instrument I am interested in trading I always watch what happens at the key support and resistance level. Based on that level I plan my trade and then when conditions are favorable I trigger my trades hoping for the best but preparing for the worst. As soon as you start counting your profits and forgetting about the risk you put on 9 times out of ten you will hit your risk levels for sure. That's why its extremely important you keep in mind that risk you have in each trade; if you can do this successfully money will flow into your account sooner or later.

Like I said before all it takes is 1 person, or a group of traders, with deep enough pocket to move the market so no one really gives a toss at what technical indicators are doing or what my plan is. I have to adapt to the market, not the other way around. I always remind myself that I have to be like flowing water take whatever shape the market wants me to take. As soon as I become rigid; I know for sure now the disaster is soon to follow. Rigidity kills.