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

  • #81
  • Apr 15, 2019 11:47am Apr 15, 2019 11:47am
I respect that echo.

KP

Quoting echo1
{quote} 100% Agree. I guess to clarify; I have expectations of myself to follow my trading plan, money management etc. But once I am in a trade, I don't care what happens. Like you I have SL/TP all planned out/set. Cheers!
Do your homework, follow the footprints of smart money
  • #82
  • Apr 15, 2019 11:50am Apr 15, 2019 11:50am
Sure, mate. Thousands of ways to skin a cat! Once you've found yours, stick with it and be its master!

Trade safe and prosper.

KP

Quoting Landline
{quote} Everyone looks at things differently, for example, what may be called your hg, will not be somebody elses. The funny thing happens to be that I don't actually need precision with my own strategy and entries , near enough is good enough for me, but then of course it is my own strategy which happens to be my own hg if you like. The point being, as you undoubtedly know, that trading methodology takes hundred of forms. You trust yours and that is important, and I trust mine. Who knows who has the better strategy, does it matter.....no, so long...
Do your homework, follow the footprints of smart money
  • #83
  • Apr 15, 2019 12:01pm Apr 15, 2019 12:01pm
The great American industrialist, Henry Ford, was of the same conviction when he said years ago:

'Before anything else, getting ready is the secret of success' - Henry Ford

KP

Quoting KeenPips
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 {quote}
Do your homework, follow the footprints of smart money
  • #84
  • Edited 8:29pm Apr 15, 2019 8:15pm | Edited 8:29pm
Quoting Landline
{quote}The point being, as you undoubtedly know, that trading methodology takes hundred of forms. You trust yours and that is important, and I trust mine. Who knows who has the better strategy, does it matter.....no, so long as both are profitable.
Landline has made very good points that new traders can learn a lot from. In summary, each traders has to develop their own method of trading, ie. personal hg that we trust to risk our money to trade the market. Other traders method may be much better than our own, who knows. But if we don't have the trust it's of no use to us. This translates to mean that we have to work on ourself how we want to trade the market. No one can tell us that. We have to find out for ourself.

One more thing I want to touch on is about this better method than another, comparing traders or methods. I feel this is a wrong attitude in this business. We trade to make money. Not to be in some fictitious competition to compare who or what is the best. There are many methods that's personal hg to each individual trader. We don't have to be the best to make money. What's important is to make profit in our account.

If I am not wrong George Soros said something like this, "it's not about what you know, rather it's about how much you make from what you know." The wordings may not be correct. That's the mindset that made him so successful.
  • #85
  • Apr 15, 2019 8:37pm Apr 15, 2019 8:37pm
Attached Image (click to enlarge)
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Set and go to work.
No stress when I managed everything well before hand, especially the Stop Loss.
  • #86
  • Apr 15, 2019 10:39pm Apr 15, 2019 10:39pm
Another good perspective, sky. Keep it up mate.

KP

Quoting skyway
{quote} Landline has made very good points that new traders can learn a lot from. In summary, each traders has to develop their own method of trading, ie. personal hg that we trust to risk our money to trade the market. Other traders method may be much better than our own, who knows. But if we don't have the trust it's of no use to us. This translates to mean that we have to work on ourself how we want to trade the market. No one can tell us that. We have to find out for ourself. One more thing I want to touch on is about this better method than...
Do your homework, follow the footprints of smart money
  • #87
  • Apr 15, 2019 10:41pm Apr 15, 2019 10:41pm
This is about having confidence in a system you have mastered and accepting to take the necessary risk in this business.

Trade safe.

KP

Quoting failinforex
{image} Set and go to work. No stress when I managed everything well before hand, especially the Stop Loss.
Do your homework, follow the footprints of smart money
  • #88
  • Apr 15, 2019 11:22pm Apr 15, 2019 11:22pm
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lunch break, now can up-size my meal.
  • #89
  • Apr 15, 2019 11:26pm Apr 15, 2019 11:26pm
Well done. However, you can make your post more beneficial to other members by explaining what you have done and why you did it. That will be the kind of post or chart that fits the purpose of this thread.

Trade safe.

KP
Quoting failinforex
{image} lunch break, now can up-size my meal.
Do your homework, follow the footprints of smart money
  • #90
  • Apr 15, 2019 11:32pm Apr 15, 2019 11:32pm
You apparently adopted a top-down, structure based trading. But not many traders, particularly newbies on this forum, will understand that.

KP

Quoting failinforex
{image} lunch break, now can up-size my meal.
Do your homework, follow the footprints of smart money
  • #91
  • Apr 16, 2019 9:43am Apr 16, 2019 9:43am
Although this may go against the grain of retail traders' reasoning or mentality, patience is key to long-term success in the Forex trading business. It is at the heart of trading discipline.

Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #92
  • Apr 16, 2019 10:12am Apr 16, 2019 10:12am
Here's a quote that speaks to the importance and potency of patience.

‘He that can have patience can have what he will.’ - Benjamin Franklin

KP

Quoting KeenPips
Although this may go against the grain of retail traders' reasoning or mentality, patience is key to long-term success in the Forex trading business. It is at the heart of trading discipline. Trade safe. KP
Do your homework, follow the footprints of smart money
  • #93
  • Apr 16, 2019 1:48pm Apr 16, 2019 1:48pm
At a time like this, remember this:

‘The market can stay irrational longer than you can stay solvent.’ - John Maynard Keynes

KP
Do your homework, follow the footprints of smart money
  • #94
  • Apr 17, 2019 5:35am Apr 17, 2019 5:35am
A post-trade/market analysis is often a good thing to do for improving on subsequent trading. Depending on your trading style/time scale, e.g. scalping, intra-day, swing or position, it is often a good practice to set aside a period of time to assess how you are faring.

KP
Do your homework, follow the footprints of smart money
  • #95
  • Apr 17, 2019 5:43am Apr 17, 2019 5:43am
Such an assessment is likely to help you find out which aspects of your trading need improvement. Perhaps, asking: 'What can I do differently to achieve better results when next I am in the market or when next I trade?'

KP

Quoting KeenPips
A post-trade/market analysis is often a good thing to do for improving on subsequent trading. Depending on your trading style/time scale, e.g. scalping, intra-day, swing or position, it is often a good practice to set aside a period of time to assess how you are faring. KP
Do your homework, follow the footprints of smart money
  • #96
  • Apr 17, 2019 7:05am Apr 17, 2019 7:05am
Learn to master the markets you trade; fundamentally and technically. This will not come in one day. It will come over a period of time by deliberate study, practice and concentration on the key issues - avoiding the distractions or noises. More importantly, understand that the markets will never react to the same fundamentals in the same way every time.

Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #97
  • Edited 7:26am Apr 17, 2019 7:11am | Edited 7:26am
A reason why your system/strategy/indicator will not be failure-proof; and no 'HG' of Forex trading exists anywhere.

Trade safe and prosper.

KP

Quoting KeenPips
...More importantly, understand that the markets will never react to the same fundamentals in the same way every time...
Do your homework, follow the footprints of smart money
  • #98
  • Apr 17, 2019 10:22am Apr 17, 2019 10:22am
Talking about continuous learning for long-term success in the Forex trading business, one profitable aspect of trading to learn is structure-based trading. Below is a video you may find helpful.

Trade safe.

Note: I do not have any financial interest in the presenter neither do I set them up as a guru to follow.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #99
  • Apr 17, 2019 10:50pm Apr 17, 2019 10:50pm
Dear KP,

Thank you for starting this nice thread.

I just want to add that probability plays a large role if one aims to be consistent. Anyone new should learn about the law of large numbers, google is a good place to start

That will help traders understand that it can be possible to hit an unlucky streaks at the start with a strategy of 12+ losing trades in a row, even though the system can be great in the long run over the next 1,000+ trades.

And after journaling/ recording your trades, one can look to finds ways to eliminate/ filter out the losing trades and as a result it is just like adding a winning trade

Kind Regards,
Tzamo
"Work hard, put in the effort, and follow your dreams..." -Me
  • #100
  • Apr 17, 2019 11:02pm Apr 17, 2019 11:02pm
Thanks @tzamo. A valuable perspective there.

Trade safe.

KP

Quoting tzamo
Dear KP, Thank you for starting this nice thread. I just want to add that probability plays a large role if one aims to be consistent. Anyone new should learn about the law of large numbers, google is a good place to start That will help traders understand that it can be possible to hit an unlucky streaks at the start with a strategy of 12+ losing trades in a row, even though the system can be great in the long run over the next 1,000+ trades. And after journaling/ recording your trades, one can look to finds ways to eliminate/ filter out...
Do your homework, follow the footprints of smart money
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