Stop searching for the 'Holy Grail', work on yourself! | Forex Factory

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Stop searching for the 'Holy Grail', work on yourself!

  • #1
  • First Post: Edited Apr 15, 2019 1:31pm Apr 10, 2019 6:45am | Edited Apr 15, 2019 1:31pm
Many Forex traders, at one point or the other, believed in and searched for the 'Holy Grail' of Forex trading. A good number are still searching. Somehow, the 'Holy Grail' is elusive and the search for it, often, a pipe dream.

Indicators may help, but the 'Holy Grail' may be how you use them. Two different traders may use the same set of indicators: One trader may hit wealth with them, the other may end in ruination.

Newbies to Forex forums, including myself a few years back, often asked which indicator or set of indicators particular forum members put on their charts. You may even read on forum threads where members ask, 'Which Moving Average settings' are on certain charts. But really, such traders may fare better by asking, 'How do you use the Moving Averages on your chart?' In fact, any forum member may be better helped if they ask, 'How do you use the indicators on your chart?' rather than asking which indicator settings.

More importantly, rather than searching for a failure-proof indicator, or hopping from one indicator or system to the other, it is better for long-term and consistent trading success that any Forex trader work on their trading skill, trading style and trading discipline.

This thread is focused on trading ideas, resources, analyses and information that could help us all become better traders with emphasis on continuous improvement of trading skill, trading style and trading discipline. In my opinion, being a master of your trading style, improving and honing winning trading skills, and matching it with solid trading discipline that gives you an edge are central to your long-term success in the Forex trading business. Members who share my sentiments or who feel they have something of value to contribute towards this end are welcomed.

Contributors may post about how they trade and how they use the indicators they trade with but they should not promote any system, indicator or indicator settings here. Besides, contributors may share trading ideas, resources, experience or information that help build profitable trading skill and solid trading discipline. They may also post on how changing their trading styles have made them better traders.

Key Rules:
Contributors to this thread should:
1. Uphold FF code of ethics, particularly being respectful and civil; and
2. Focus their posts on being valuable members of the FF community rather than promoting themselves or any hidden agenda.

Individuals who come here with an aura of self-importance and try to put down other contributors will be sanctioned.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #2
  • Apr 10, 2019 7:57am Apr 10, 2019 7:57am
I started Forex trading with a Demo account in early 2009 after readilng and studying some materials online for a couple of months. I started as a scalper and was making good progress on the Demo account. Unknown to me, I was actually gambling, guessing trades and hopping on price movements. Along the line, I learnt using three moving averages for Forex trading but my progress was haphazard.

When I felt that I had gained confidence enough and understood the use of MAs and Pivot points, I opened a live account sometime around September 2009. In quick succession, I blew three live accounts. I stopped for a breather in May 2010 and took stock of what was happening to me. I realized that I had not mastered a particular trading system. By February or March 2011, I opened another Demo account and a live account with a different broker. I got better in my trading results but not much in terms of trading success. Besides, I hopped on the Forex trading contest organized by the broker. But rather than improving my skill, I became worse. I was hopping trading systems and been impulsive. I then realized that such contests are aimed to make traders learn bad habits, often resulting from FOMO. To cut a long story short, I lost another account.

Then in late 2013, I stopped systems hopping and changed my trading style to swing trading. I focused on mastering two trading systems/strategies and worked on being a swing trader to align with my personality. More importantly, I realized the need for continuous improvement for consistently successful trading.

KP
Do your homework, follow the footprints of smart money
  • #3
  • Apr 10, 2019 9:15am Apr 10, 2019 9:15am
Quoting KeenPips
I started Forex trading with a Demo account in early 2009 after readilng and studying some materials online for a couple of months. I started as a scalper and was making good progress on the Demo account. Unknown to me, I was actually gambling, guessing trades and hopping on price movements. Along the line, I learnt using three moving averages for Forex trading but my progress was haphazard. When I felt that I had gained confidence enough and understood the use of MAs and Pivot points, I opened a live account sometime around September 2009. In quick...
Interesting i'm following your journey, it sounds really good and I genuinely want to know how you make the leap from a struggling trader to the level you're now mate!
  • #4
  • Apr 10, 2019 12:16pm Apr 10, 2019 12:16pm
Thanks mate for your interest. In truth, this thread is not about me. It's really about helping fellow traders to focus on improving their trading skills, optimising their trading discipline and honing a trading style for successful trading rather than searching for the elusive 'Holy Grail.' And I believe there are some traders on this forum who share the same sentiment and could contribute to this thread.

If you have any valuable contribution in this area, and in line with my post #1, you are welcome to contribute.

Trade safe.

KP

Quoting alphabear
{quote} Interesting i'm following your journey, it sounds really good and I genuinely want to know how you make the leap from a struggling trader to the level you're now mate!
Do your homework, follow the footprints of smart money
  • #5
  • Apr 10, 2019 1:16pm Apr 10, 2019 1:16pm
Hi,

I would say that one tactic that helps me is: Whenever I think of entering, I calculate SL and TP points. Since I know I am often initially wrong, I end up making my entry where I originally wanted to place a SL.

A rather simple and possibly obvious approach but it helps me.
Be your own bank.
  • #6
  • Edited 2:01pm Apr 10, 2019 1:47pm | Edited 2:01pm
Strategy has almost nothing to do with success. Two traders may use the same strategy, but one of them will quickly close the position in a losing trade, while another one will wait until his account blown up; one will use stop-loss, another one will not use, one will put take profit while another one will hope the market will go further, one may close winning position too early, while another one will wait patiently and earn more, and millions more things like that. Ultimately, after eating up too much shit, trader will develop a feeling of the market and intuition and will succeed. And it is important to remember your mistakes and not to repeat them, BUT...to become successful you have to commit many many mistakes in order to remember and not to repeat them, and you will have to pay for every mistake committed. I don't trust demo accounts, this is why I am saying you will have to pay for every mistake to become successful. And also remember that trend is your friend. Now I am thinking I would rather open 2 or 3 good trades a week than numerous ineffective ones every day.
  • #7
  • Apr 10, 2019 1:50pm Apr 10, 2019 1:50pm
Thanks mate. Identifying your TP before trading and effectively knowing if the trade has the potential of earning you a good reward:risk ratio is key. I am with you on this. The approach also helps minimize impulsive trading.

Trade safe.

KP

Quoting JBlackburn
Hi, I would say that one tactic that helps me is: Whenever I think of entering, I calculate SL and TP points. Since I know I am often initially wrong, I end up making my entry where I originally wanted to place a SL. A rather simple and possibly obvious approach but it helps me.
Do your homework, follow the footprints of smart money
  • #8
  • Apr 10, 2019 1:58pm Apr 10, 2019 1:58pm
You are talking about mechanical strategy, mate. Discretionary strategy can give a good trading edge and it is more important than mechanical strategy. At any rate, rather than being a downer, tell us what you know that adds value here.

KP

Quoting trend-friend
Strategy has almost nothing to do with success. Two traders may use the same strategy, but one of them will quickly close the position in a losing trade, while another one will wait until his account blown up; one will use stop-loss, another one will not use, one will put take profit while another one will hope the market will go further, one may close winning position too early, while another one will wait patiently and earn more, and millions more things like that. Ultimately, after eating up too much shit, trader will develop a feeling of the...
Do your homework, follow the footprints of smart money
  • #9
  • Apr 10, 2019 2:07pm Apr 10, 2019 2:07pm
I trading since 2005.
I needed 10 years, when i found the best strategy. Scalp for 5-8 pips, and doesnt care how many hundred pips moving without me.
  • #10
  • Apr 10, 2019 2:21pm Apr 10, 2019 2:21pm
I call that trading discipline! Good point there mate.

KP

Quoting Ginew
I trading since 2005. I needed 10 years, when i found the best strategy. Scalp for 5-8 pips, and doesnt care how many hundred pips moving without me.
Do your homework, follow the footprints of smart money
  • #11
  • Apr 10, 2019 2:30pm Apr 10, 2019 2:30pm
Quoting trend-friend
Strategy has almost nothing to do with success. Two traders may use the same strategy, but one of them will quickly close the position in a losing trade, while another one will wait until his account blown up; one will use stop-loss, another one will not use, one will put take profit while another one will hope the market will go further, one may close winning position too early, while another one will wait patiently and earn more, and millions more things like that. Ultimately, after eating up too much shit, trader will develop a feeling of the...
True, the fact is "we don't believe we can loose until we loose, learn the lessons and move on" but you can greatly reduce that steep learning curve and cost by simply learning only one strategy, trading only one strategy, making your mistakes and learning from them on that same strategy. If you come into the market with the sole aim of taking a trade only when you seen a single certain pattern, it won't take you upto 1 year to master and become highly profitable in it. Even if you are a novice and no absolutely nothing about trading.
Always ontop
  • #12
  • Edited Apr 11, 2019 12:12am Apr 10, 2019 2:36pm | Edited Apr 11, 2019 12:12am
This is fundamentally insightful and helpful. I hope more FF members learn from this. A very good post, mate. Keep it up!

KP

Quoting AlphaBase
{quote}... you can greatly reduce that steep learning curve and cost by simply learning only one strategy, trading only one strategy, making your mistakes and learning from them on that same strategy. If you come into the market with the sole aim of taking a trade only when you seen a single certain pattern, it won't take you upto 1 year to master and become highly profitable in it. Even if you are a novice and no absolutely nothing about trading.
Do your homework, follow the footprints of smart money
  • #13
  • Apr 11, 2019 2:51am Apr 11, 2019 2:51am
Quoting KeenPips
Thanks mate. Identifying your TP before trading and effectively knowing if the trade has the potential of earning you a good reward:risk ratio is key. I am with you on this. The approach also helps minimize impulsive trading. Trade safe. KP {quote}
I only will point as market is everytime traded more by algorithms then classic rules not work well as before. Market now is more erratic and shorter in movements in overall. It's hard find references and this references works mechanically.

Because traders need mechanical trading for minimize impulsive actions...

PD: Your threads are always cool
Try don't lose pants never...
  • #14
  • Apr 11, 2019 3:01am Apr 11, 2019 3:01am
Thanks brain for the kind sentiments. I am impressed by your understanding of the markets and this comes with experience. Yes, how we handle times like this is different from when the markets are trending. I trade differently under these conditions than when they trend; I stay on the sidelines in times like this than in other times because I am not ready to be chart-watching for a few pips.

Trade safe, mate.

KP

Quoting braintheboss
{quote} I only will point as market is everytime traded more by algorithms then classic rules not work well as before. Market now is more erratic and shorter in movements in overall. It's hard find references and this references works mechanically. Because traders need mechanical trading for minimize impulsive actions... PD: Your threads are always cool
Do your homework, follow the footprints of smart money
  • #15
  • Apr 11, 2019 3:49am Apr 11, 2019 3:49am
Hello, by saying stop looking for holy grail people are speaking bullshits. And i will explain why?
First of all, people by looking for holy grail they are keep moving forward and they are not sitting at one place. Holy grail it can be the education of yourself where you will find the way of your trading style. I know that there are exactly there are a lot of holy grails, and all of them are different. So don't stop keep developing your self and keep going forward, and one day people will find that holy grail.
Secondly people would not need holy grail if realy would exist normal mentors who would teach people how to trade in profit. There are lot of scammers and loosers who are teaching people and they live from teaching but they don't earn money it self from forex. And i beleive that there are no good mentors, because they no need to teach mass people, they earn money they live from it and they are happy. If to much people will find out the things who is working in market it automaticly will start working in other way. Because if everyone will be profitable than who will loose money? Banks?

So in the conclusion keep looking for that holy grail and one day you will find it, because there is no a one holy grail, there are lot of them, and mostly they called a strategies who lets you earn money.
  • #16
  • Apr 11, 2019 3:54am Apr 11, 2019 3:54am
I use classic TA for my trading on the short time frame (mostly 5m)....

My humble understanding is that prices are in trend, in range or in channels.... channels can be tight or wide. I take trade based on the actual market conditions.....

In a range, I fade the extremes, in a trend I trade the pull backs, I also trade against the trend if prices have already broken some trend lines and it is showing a reversal pattern.

Mostly I use a trend bar (but not always) in the direction of my trade as a signal bar and I quickly trail my protective stop beyond the entry bar after entry.

Mostly I go for a 1:1 RR if my signal bar is a trend bar, if is a range bar/doji I will go for a 1:2 RR because my probability of success are diminished...

I know I trade against the best and I need to be focused and centred in my session.
trading is simple but is simple is not easy.
  • #17
  • Apr 11, 2019 3:56am Apr 11, 2019 3:56am
how do you know if it doesn't exist if you stop looking?
life is a reflection of what we allow ourselves to see
  • #18
  • Apr 11, 2019 4:52am Apr 11, 2019 4:52am
You miss the point mate. The point is: Focus your efforts and attention on improving yourself as a trader rather than searching for a magic wand, indicator or system that is failure proof. Nothing like that exists. Besides, you are confusing self development with the search for the 'Holy Grail' of trading, the former is upheld by this thread while the latter is shunned.

KP

Quoting 8Lietuvis8
Hello, by saying stop looking for holy grail people are speaking bullshits. And i will explain why? First of all, people by looking for holy grail they are keep moving forward and they are not sitting at one place. Holy grail it can be the education of yourself where you will find the way of your trading style. I know that there are exactly there are a lot of holy grails, and all of them are different. So don't stop keep developing your self and keep going forward, and one day people will find that holy grail. Secondly people would not need holy...
Do your homework, follow the footprints of smart money
  • #19
  • Edited 5:11am Apr 11, 2019 4:55am | Edited 5:11am
The search had been on since Forex trading began. When you find one and had invested your life's savings on it, PM me.

KP

Quoting mikeeating
how do you know if it doesn't exist if you stop looking?
Do your homework, follow the footprints of smart money
  • #20
  • Edited 5:11am Apr 11, 2019 4:58am | Edited 5:11am
Good point mate! Learning one or two strategies/systems and being their master is what it's all about.

Trade safe.

KP

Quoting ZenNy
I use classic TA for my trading on the short time frame (mostly 5m).... My humble understanding is that prices are in trend, in range or in channels.... channels can be tight or wide. I take trade based on the actual market conditions..... In a range, I fade the extremes, in a trend I trade the pull backs, I also trade against the trend if prices have already broken some trend lines and it is showing a reversal pattern. Mostly I use a trend bar (but not always) in the direction of my trade as a signal bar and I quickly trail my protective stop beyond...
Do your homework, follow the footprints of smart money
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