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

  • #21
  • Apr 11, 2019 6:05am Apr 11, 2019 6:05am
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...
Said that....it is not that simple....a good understand of PA is beneficial....
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trading is simple but is simple is not easy.
  • #22
  • Apr 11, 2019 6:29am Apr 11, 2019 6:29am
Very true. PA and structure-based trading come with experience and require much practice.


KP

Quoting ZenNy
{quote} Said that....it is not that simple....a good understand of PA is beneficial.... {image}
Do your homework, follow the footprints of smart money
  • #23
  • Apr 11, 2019 7:03am Apr 11, 2019 7:03am
Quoting KeenPips
Very true. PA and structure-based trading come with experience and require much practice. KP {quote}
Keen

Very true.....best is only to learn one instument and trade only the high probability trades which I have mentioned in my first post here.....sometime is best not to enter any trades if prices are in the middle.....the ability to be engage with the market without being in it is a great edge and comes with knowing oneself....

Prices broke the range and made a breakout pullback with that pin bear bar....

In this session I only showed you my winning trades but I also had losing one..... but finished in green for the day which is my goal....

I thinks having 2-3 trades per session is the idea......I would suggest only to trade the major hubs and especially the opening, here classic patterns are more reliable....
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trading is simple but is simple is not easy.
  • #24
  • Apr 11, 2019 7:15am Apr 11, 2019 7:15am
For me my big breakthrough was to stop trying to learn theory from books or gurus and instead to extensively backtest simple strategies myself. This gave me strategies I could have confidence in, but more importantly I understood price action a lot better because I was seeing it for myself.

It was partly arrogance, partly laziness and partly not knowing how to backtest properly that kept me from doing this initially, but ultimately I wasted a lot of time searching for understanding when I now realise the best way to get that was to look at the charts for myself.

I do currently read books and listen to gurus but only to get my next idea to backtest.
New Simulation
  • #25
  • Apr 11, 2019 7:50am Apr 11, 2019 7:50am
I never do that (give advice to anyone) since I rarely follow it myself - though I know now my limits with regards to trade management and discipline.

But I had a discussion with a guy couple hours ago and he made me angry telling me to short USDHUF. So maybe for the first time I advised someone to do right

Attached Image


(The chart was just a reference to what will probably happen, if you see current USDHUF chart you will see the similarities).
  • #26
  • Apr 11, 2019 9:14am Apr 11, 2019 9:14am
How much time daily you think new trader should play with demo account assuming he have full time job and other responsibilities ? What to do you say ? And when to start live trading using all info from that forum ? I understand about having own style, but it will come over real life experience I think
  • #27
  • Apr 11, 2019 10:23am Apr 11, 2019 10:23am
Thanks Zen for sharing a bit of how you trade and giving insight on taking A+ trades. The middle of a range is often called a 'no-man's land' and, as you noted, should be avoided. As a swing trader, whenever I trade a channel or range, I look at the HTFs and trade the extreme that align with the HTF. For example, if the HTF, I normally use either the W1 or D1 tf, is bearish and the market mode - present market state - is in consolidation, I trade/fade the channel resistance.

Your post is a good example of what FF traders should be learning from rather than asking which indicators or set of indicators you use.

Trade safe and prosper.

KP

Quoting ZenNy
{quote} Keen Very true.....best is only to learn one instument and trade only the high probability trades which I have mentioned in my first post here.....sometime is best not to enter any trades if prices are in the middle.....the ability to be engage with the market without being in it is a great edge and comes with knowing oneself.... Prices broke the range and made a breakout pullback with that pin bear bar.... In this session I only showed you my winning trades but I also had losing one..... but finished in green for the day which is my goal.......
Do your homework, follow the footprints of smart money
  • #28
  • Apr 11, 2019 10:33am Apr 11, 2019 10:33am
Thanks New.
Welcome to FF. I am happy to see a new member of the FF posting such a valuable contribution. Mate, there is nothing wrong in fine-tuning a good strategy or system to make it better or to give you further edge in the market. There is nothing wrong in testing a new strategy to further enhance your profitability. However, there is a lot wrong with jettisoning a functioning system or strategy for a new 'guru's or over-tweaking a functioning system that it becomes worse.

Trade safe.

KP

Quoting NewSim
For me my big breakthrough was to stop trying to learn theory from books or gurus and instead to extensively backtest simple strategies myself. This gave me strategies I could have confidence in, but more importantly I understood price action a lot better because I was seeing it for myself. It was partly arrogance, partly laziness and partly not knowing how to backtest properly that kept me from doing this initially, but ultimately I wasted a lot of time searching for understanding when I now realise the best way to get that was to look at the charts...
Do your homework, follow the footprints of smart money
  • #29
  • Apr 11, 2019 10:39am Apr 11, 2019 10:39am
Hi, mate! I believe a trading advice can be helpful if it comes from insight and it is based on good knowledge. If somebody tells me to short a pair, I will ask them 'Why?' What is the technical or fundamental basis for doing so. In fact, rather than taking their advice, I will consult my trading system and do what my own analysis shows me.

Trade safe.

KP

Quoting sakisf
I never do that (give advice to anyone) since I rarely follow it myself - though I know now my limits with regards to trade management and discipline. But I had a discussion with a guy couple hours ago and he made me angry telling me to short USDHUF. So maybe for the first time I advised someone to do right {image} (The chart was just a reference to what will probably happen, if you see current USDHUF chart you will see the similarities).
Do your homework, follow the footprints of smart money
  • #30
  • Apr 11, 2019 10:42am Apr 11, 2019 10:42am
Talking about market analysis, every FF member should be building their skills in mastering market analysis and being confident in their ability to understand the markets and their charts. Depending on some other people's signal service or trading advice, is, imho, enslaving.

KP

Quoting KeenPips
...In fact, rather than taking their advice, I will consult my trading system and do what my own analysis shows me. Trade safe. KP {quote}
Do your homework, follow the footprints of smart money
  • #31
  • Apr 11, 2019 10:53am Apr 11, 2019 10:53am
This is a very good question. The important thing is first to know how a demo account should be used for ultimate benefit. No broker will tell you how to do this. A demo account, from the viewpoint of a newbie, should be used to learn one or two trading systems/strategies and master them. Use it to get a functional trading system/strategy, not to make 'virtual profit'; which, for me, is a secondary matter. Once one or two functional systems/strategies have been developed, perhaps over 6-9 months period and confidence is gained on them, the trader may see how they are faring in terms of making some money and reducing losses. Then, they should open a live account, trading a micro (0.001) lot. For the experienced trader, they may need to use a demo account to test a strategy/system (or an aspect of it), tweak a working system or trade a new pair/market.

KP

Quoting Eredribaen
How much time daily you think new trader should play with demo account assuming he have full time job and other responsibilities ? What to do you say ? And when to start live trading using all info from that forum ? I understand about having own style, but it will come over real life experience I think
Do your homework, follow the footprints of smart money
  • #32
  • Apr 11, 2019 10:57am Apr 11, 2019 10:57am
By the way, Sak, I like the chart, the annotation and the messages.

Trade safe.

KP

Quoting sakisf
I never do that (give advice to anyone) since I rarely follow it myself - though I know now my limits with regards to trade management and discipline. But I had a discussion with a guy couple hours ago and he made me angry telling me to short USDHUF. So maybe for the first time I advised someone to do right {image} (The chart was just a reference to what will probably happen, if you see current USDHUF chart you will see the similarities).
Do your homework, follow the footprints of smart money
  • #33
  • Apr 11, 2019 11:01am Apr 11, 2019 11:01am
Spent more than 15 years trying and studying, only to barely BE.

THEN finally, after having read about it 100 times (but not payed attention to it)
...I started to work professionally with my trades:

1.Written, detailed trading plan: system, entries, exits, TF and extra notes.
2 Every trade gets protocolled.
a reason for entry
b trade management
c final comments
d lessons learnt.
3.Every step gets a chart screenshot, and goes to a Powerpoint file, with date and pair traded, for later review.

A separate excel file monitors my performance: the number of trades, profit loss, and most important, R expectancy.

I know an Aussie trader, he trades only Cable, 1 min. chart, day in day out, makes a good living on it. He actually makes a small video for each trade, every day!!

Might sound like a lot of work (actually it´s not, especially when you go through winners, and also when you understand why you lost).
One huge difference for me was TP, I used to close winners always too early, now, knowing that I will have to write it down, it prevents me from moving away from my trading plan.
Can´t tell you the satisfaction it gives me when I see a winner keep getting bigger and bigger, simply cause I respected my own rules and plan.

The same Aussie guy classifies trades in 2 types:
Good trades: rules respected win or loose.
Bad trades: rules NOT respected, win or loose.

Just my humble 2 cents.
  • #34
  • Apr 11, 2019 11:11am Apr 11, 2019 11:11am
If you believe in using Moving Averages, think about key principles you can employ to make the most of them. This is not about which settings or which particular MAs. Enjoy the video below.

Note: I have no financial interest in the presenter neither am I setting them up as a guru to follow.

Trade safe.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #35
  • Apr 11, 2019 11:21am Apr 11, 2019 11:21am
Very good to share your experience and trading principles here. Having a checklist is very important and this shows in the results you are achieving. We will lose once in a while but ultimately we gain better consistency in profitable trading results; particularly when sticking with our trading plans. Keep it up, mate.

KP

Quoting cuchuflito
Spent more than 15 years trying and studying, only to barely BE. THEN finally, after having read about it 100 times (but not payed attention to it) ...I started to work professionally with my trades: 1.Written, detailed trading plan: system, entries, exits, TF and extra notes. 2 Every trade gets protocolled. a reason for entry b trade management c final comments d lessons learnt. 3.Every step gets a chart screenshot, and goes to a Powerpoint file, with date and pair traded, for later review. A separate excel file monitors my performance: the...
Do your homework, follow the footprints of smart money
  • #36
  • Apr 11, 2019 11:35am Apr 11, 2019 11:35am
Holy Grail is real it does exist..seek and y e shall find
  • #37
  • Edited 12:07pm Apr 11, 2019 11:37am | Edited 12:07pm
Show me yours, the one you found; PM me if you had never lost once on it since you found it.

KP

Quoting dean1star
Holy Grail is real it does exist..seek and y e shall find
Do your homework, follow the footprints of smart money
  • #39
  • Apr 11, 2019 3:47pm Apr 11, 2019 3:47pm
Quoting cuchuflito
Spent more than 15 years trying and studying, only to barely BE. THEN finally, after having read about it 100 times (but not payed attention to it) ...I started to work professionally with my trades: 1.Written, detailed trading plan: system, entries, exits, TF and extra notes. 2 Every trade gets protocolled. a reason for entry b trade management c final comments d lessons learnt. 3.Every step gets a chart screenshot, and goes to a Powerpoint file, with date and pair traded, for later review. A separate excel file monitors my performance: the...

Could you give us a link to one of his videos? I would really like to see them
  • #40
  • Apr 11, 2019 4:08pm Apr 11, 2019 4:08pm
Videos that relate to the focus of this thread are welcomed but no promotion of any system or indicator is welcomed.

KP

Quoting thatguy22
{quote} Could you give us a link to one of his videos? I would really like to see them
Do your homework, follow the footprints of smart money
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