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

  • #41
  • Apr 11, 2019 4:19pm Apr 11, 2019 4:19pm
Quoting KeenPips
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...

Keen thank for sharing.
trading is simple but is simple is not easy.
  • #42
  • Apr 11, 2019 5:04pm Apr 11, 2019 5:04pm
On trading discipline:

‘If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money.’ - Bill Lipschutz

KP
Do your homework, follow the footprints of smart money
  • #43
  • Apr 11, 2019 6:11pm Apr 11, 2019 6:11pm
Hey KP Nice Thread,

After listening to those I should not have, buying 100's of indicators, more than 30 systems an blowing away over 100k...… for me.....all of that stuff just hid what the market was trying to tell me...I could just kick myself for all that time wasted looking for the Holy Grail.....now I use maybe 1 ma and that's it...…nothing else. And guess who I learned that from...…My Son who was 12 at the time, looked at my charts and said Dad how do you see anything....mmmmm. Keep it simple to understand and see, the market will tell you what it wants to do...you have to listen.
  • #44
  • Edited 10:51pm Apr 11, 2019 10:29pm | Edited 10:51pm
Quoting KeenPips
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.
Those very few who know won't tell. The majority who don't know tell a lot. Result is the masses get fed with the wrong info, blind leading the blind situation.

Indicators are tools that give more info that the bare price is not able to. A mere tool.

The more exact questions are -
1. why do you use this indicator ?
2. what does this indicator show ?
3. why do you want this indicator to show you whatever ?
4. what exactly are you looking at or for ?

If you open long trade and the market rises, you make profit.
If you open short trade and the market falls, you make profit.

This means that to make profit you have to know if the market rise or fall beforehand. If you know, you trade with edge. If you don't know, you trade by guessing.

Whether you use indicators to aid your market analysis, or price action, or fundamental news is immaterial. It still comes back to whether you know the market rise or fall beforehand. Edge or guessing ?
Gambling is a word that many traders refuse to accept.

If you quote trading is statistics as in win some lose some, the net hopefully is positive, you are still guessing. Sorry, no real edge.

Every trading day market rise and fall without fail. Plenty of pips.

This means either you know or you don't. Do you ?

Now, assume you are the very few who know, will you tell someone else ?
The answer is obvious.
Ofc, nobody like this type of answer. But that's the harsh truth.

Lets examine this further, we read a lot of books and youtube videos, and forum threads about gurus telling about their methods, strategies. Some are very popular that almost every trader quote them.

If these strategies, systems, method are so great why there are so many losers in this business ?

It's up to you how you wish to conduct yourself in this business. What each of us have to do is to use our logical brain. Ask the right questions. Accept the harsh truth. Be honest to yourself. Be also open minded as balance.

So, will you tell ?

Answer this question honestly to yourself. The rest of the answers you seek will naturally fall in place.

If you don't believe there can be a system, strategy or method that can tell if the market rise or fall, you naturally won't search. If you do harbour this believe you will search. If you spent years of your life trying to find it yet you fail, highly likely you are convinced in your belief it does not exist. You will be proactive to tell others don't waste your time searching for some fairies and unicorns.

In summary, what we say to other traders is a reflection of our own personal journey.

Ps. I don't claim nothing. Do not assume anything. I am just like everyone else, another average joe trader sharing my thoughts.
  • #45
  • Apr 12, 2019 12:35am Apr 12, 2019 12:35am
Jr, what can I add more? Good post mate. Keep it up!

KP
Quoting jrushing
Hey KP Nice Thread, After listening to those I should not have, buying 100's of indicators, more than 30 systems an blowing away over 100k...… for me.....all of that stuff just hid what the market was trying to tell me...I could just kick myself for all that time wasted looking for the Holy Grail.....now I use maybe 1 ma and that's it...…nothing else. And guess who I learned that from...…My Son who was 12 at the time, looked at my charts and said Dad how do you see anything....mmmmm. Keep it simple to understand and see, the market will tell you...
Do your homework, follow the footprints of smart money
  • #46
  • Apr 12, 2019 1:07am Apr 12, 2019 1:07am
moving average can be good if used properly, in a trend a 20-26 moving average can act as support/resistance, especially after a two legs pullback...best in my opinion is to use in conjunction with a technical level.......
trading is simple but is simple is not easy.
  • #48
  • Apr 12, 2019 1:32am Apr 12, 2019 1:32am
Trading setups using confluence of factors could be effective. Of course, any MAs will do the job if you wait for alignment of confluence of factors, including turning zones/ mean reversion areas.

Trade safe.

KP

Quoting ZenNy
moving average can be good if used properly, in a trend a 20-26 moving average can act as support/resistance, especially after a two legs pullback...best in my opinion is to use in conjunction with a technical level.......
Do your homework, follow the footprints of smart money
  • #49
  • Apr 12, 2019 2:16am Apr 12, 2019 2:16am
Thank you Sky for your insightful and valuable contribution.

Trade safe.

KP

Quoting skyway
{quote} Those very few who know won't tell. The majority who don't know tell a lot. Result is the masses get fed with the wrong info, blind leading the blind situation. Indicators are tools that give more info that the bare price is not able to. A mere tool. The more exact questions are - 1. why do you use this indicator ? 2. what does this indicator show ? 3. why do you want this indicator to show you whatever ? 4. what exactly are you looking at or for ? If you open long trade and the market rises, you make profit. If you open short trade and...
Do your homework, follow the footprints of smart money
  • #50
  • Apr 12, 2019 2:21am Apr 12, 2019 2:21am
You hit the nail on the head, Sky. And your thoughts are rather apt. Those four questions and similar ones would lead the serious trader to profitable self-development and help hone a trading style and attitude for consistent trading success.

KP

Quoting skyway
{quote} Those very few who know won't tell. The majority who don't know tell a lot. Result is the masses get fed with the wrong info, blind leading the blind situation. Indicators are tools that give more info that the bare price is not able to. A mere tool. The more exact questions are - 1. why do you use this indicator ? 2. what does this indicator show ? 3. why do you want this indicator to show you whatever ? 4. what exactly are you looking at or for ?...Ask the right questions. Accept the harsh truth. Be honest to yourself. Be also open minded...
Do your homework, follow the footprints of smart money
  • #51
  • Apr 12, 2019 2:33am Apr 12, 2019 2:33am
There are not secrets or holy grail in trading but only skills which is a consequence of passion, tenacity and a lot of madness......

The marketers will tells you the opposite because they need to profit some how, there is a lot of pain in the market and where there is pain there is money or ego to be gained. Trading successful and consistently is not easy.
trading is simple but is simple is not easy.
  • #52
  • Apr 12, 2019 3:03am Apr 12, 2019 3:03am
Like I mentioned in post #1, it is far better to ask a trader how they use their indicators and master its use than asking which indicator settings they use. Besides, questions such as the ones highlighted by @skyway in post #44 are far more important. In the context of asking such questions, I wish to share how I use the moving averages on my charts.

I use three moving averages primarily. Any MAs will do. But how do I use mine?

I am a swing trader, so proper market analysis is important. In fact, I do a top-down technical analysis of the markets I monitor and put the pairs on my watch list through a weekly technical screening to decide which 2-4 pairs may offer feasible trading opportunities for the week. My top-down technical analysis usually involves three time frames; I may add a fourth depending on market conditions or if it is the first week in the month. The attached H4 chart shows the MAs and I will explain how I use them.

The shortest MA (black) shows me the market mood; what the traders are doing in the market at the moment. The next one (dark orange) shows me the market mode, that is the short-term/current market direction or trend; the longest MA (lime green) shows the longer trend. I tend to be a trend follower in a trending market but only if the Dark orange and Lime Green MAs are in order and aligned in at least two of the time frames I use in my top-down analysis. Also, I use the MAs to examine whether I should change tactics and see how feasible a consolidation is. For example, whether the shortest MA (black) is in the middle of the two other MAs in two of my top-down time frames, particularly the two lower ones. For example, let's say we use W1, D1 and H4 for top-down market analysis. If the shortest MA (black) is in the middle of the two others on the D1 and H4 time frames, I will not use a trend-following trading strategy. Besides, I trade confluence of factors, particularly in S/R zones or other Pivot areas and apply a pre-market entry checklist. Thus, no matter what the MAs do, as hinted by @zenNY in post #21, if the PA does not set up in my defined areas of value, I will step aside.

Of course, I lose on occasions and I am often wrong, but I stick with the system I have mastered.

Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_Apr._12,_2019_H4.png Size: 42 KB
Do your homework, follow the footprints of smart money
  • #53
  • Apr 12, 2019 3:06am Apr 12, 2019 3:06am
You can say that again, Zen.

KP

Quoting ZenNy
There are not secrets or holy grail in trading but only skills which is a consequence of passion, tenacity and a lot of madness...... The marketers will tells you the opposite because they need to profit some how, there is a lot of pain in the market and where there is pain there is money or ego to be gained. Trading successful and consistently is not easy.
Do your homework, follow the footprints of smart money
  • #55
  • Apr 12, 2019 4:15am Apr 12, 2019 4:15am
In post #52, I mentioned about how I trade and use the MAs on my charts. I also talked about the importance of using confluence factors in confirming feasible trade setups. One key skill price action traders apply is trading S/R zones. The video below provides information you may find helpful regarding how to identify and draw good S/R zones.

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

Remember, there is no failure-proof system, strategy or method.

Trade safe.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #57
  • Apr 12, 2019 8:51am Apr 12, 2019 8:51am
Stick with one or two functional systems rather than over-tweaking them for perfection. Here's an observation you may find helpful:

‘Most traders take a good system and destroy it by trying to make it into a perfect system.’ – Robert Prechter


KP
Do your homework, follow the footprints of smart money
  • #58
  • Apr 15, 2019 8:54am Apr 15, 2019 8:54am
Does it really matter to do a pre-market or pre-entry analysis? Let's hear what you FF members think. Share your views on this thread.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #59
  • Apr 15, 2019 9:31am Apr 15, 2019 9:31am
One of the steps I took a few years back to enhance my trading was to begin a weekly pre-market analysis.

As a swing trader, I have more than 15 pairs on my watch list and I need to scan them to choose a few pairs to monitor during a particular trading week. I saw that this was helping me to understand the markets better and to select high probability trades, particularly as I tend to leave my trades for over many days. That later led to my starting a thread on weekly technical outlook.

The pre-market analysis is done on Sunday of each week and, after completing it, I would select between 2-4 pairs to monitor for trading opportunities during the trading week. One output of the analysis is that I have a trading plan for each market (pair) I am monitoring using a scenario (or 'if-then..') approach, and I stick to the trading plan.

KP

Quoting KeenPips
Does it really matter to do a pre-market or pre-entry analysis? Let's hear what you FF members think. Share your views on this thread. Trade safe and prosper. KP
Do your homework, follow the footprints of smart money
  • #60
  • Apr 15, 2019 9:53am Apr 15, 2019 9:53am
Here's to the power and importance of pre-market analysis and preparation:

‘The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless.’ Jack Schwager – Author of Market Wizards

KP

Quoting KeenPips
Does it really matter to do a pre-market or pre-entry analysis? Let's hear what you FF members think. Share your views on this thread. Trade safe and prosper. KP
Do your homework, follow the footprints of smart money
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