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

  • #141
  • May 8, 2019 10:10am May 8, 2019 10:10am
My take-away from this video is that proper analysis and understanding of the market comes from fundamental, technical and market-climate/sentiment perspectives. What about you?

Trade safe.

KP

Quoting KeenPips
The video below, though old, can help you better analyse and understand the Forex markets. As always, I have no financial interest in the presenter neither am I setting them up as a 'guru' to follow. Trade safe. KP https://www.youtube.com/watch?v=VPAGqdJFgaE
Do your homework, follow the footprints of smart money
  • #142
  • May 8, 2019 10:17am May 8, 2019 10:17am
Talking about market sentiment, it gives the viewpoint of how the market is currently playing out and, perhaps, to an extent, whether such mood is temporary.

KP

Quoting KeenPips
My take-away from this video is that proper analysis and understanding of the market comes from fundamental, technical and market-climate/sentiment perspectives. What about you? Trade safe. KP {quote}
Do your homework, follow the footprints of smart money
  • #143
  • May 9, 2019 3:15am May 9, 2019 3:15am
What have you learned so far this week that could improve your trading?

Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #144
  • May 9, 2019 3:41am May 9, 2019 3:41am
Using only one time frame for market analysis and trade entry is often less profitable, but using too many time frames can be confusing. Below is a video you may learn from regarding how many time frames and combination of time frames would give better trading results. As always, I don't have any financial interest in the presenter neither am I holding them up as a 'guru' to follow.

Trade safe and prosper.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #145
  • May 9, 2019 6:33am May 9, 2019 6:33am
This is not new as such; but with each trading week, I have to remind myself: Stay focused, trade according to your trading plan for each market.

KP

Quoting KeenPips
What have you learned so far this week that could improve your trading? Trade safe. KP
Do your homework, follow the footprints of smart money
  • #146
  • May 9, 2019 7:05am May 9, 2019 7:05am
Although I analyze the markets on 3-4 time frame basis (monthly, weekly, daily and H4) for my Weekly Top-Down Technical Analyses thread, as a swing trader I use a combination of three time frames: weekly, daily and H1. Weekly for market condition/direction, daily for trade setups and H1 for precision trade entry. What about you, which combinations of time frames do you use?

Trade safe.

KP

Quoting KeenPips
Using only one time frame for market analysis and trade entry is often less profitable, but using too many time frames can be confusing. Below is a video you may learn from regarding how many time frames and combination of time frames would give better trading results. As always, I don't have any financial interest in the presenter neither am I holding them up as a 'guru' to follow. Trade safe and prosper. KP https://www.youtube.com/watch?v=Fsu2...ature=youtu.be
Do your homework, follow the footprints of smart money
  • #147
  • May 13, 2019 11:11am May 13, 2019 11:11am
What would you do differently this week? How would you improve your Forex trading performance?

KP
Do your homework, follow the footprints of smart money
  • #148
  • May 13, 2019 11:33am May 13, 2019 11:33am
Personally, I am reviewing my trading rules for times like this. One such rule is: Take a maximum of two trades per day and a maximum of ten trades per week. Such a rule will not stand in times like this. It may be, in such a time like this: Take a maximum of two feasible trades with quality R:R per week. What about you? Do you have and follow your trading rules or adjust them in light of changed/changing market conditions?

Trade safe.

KP

Quoting KeenPips
What would you do differently this week? How would you improve your Forex trading performance? KP
Do your homework, follow the footprints of smart money
  • #149
  • May 13, 2019 12:07pm May 13, 2019 12:07pm
I feel like returning to this topic, 'Why traders get out of trades too early or too late.' There are many reasons, differing among traders.

Let's talk about one common reason why traders exit trades too early: Lack of a trading plan or lack of discipline to trade based on the plan. It is good to have a trading plan for each market being traded, unless you are in the market for 2-3 pips or you are a gambler. Such a trading plan should identify your trading bias and the conditions/criteria acceptable for trade entry, including the potential R:R and the level of loss to take (or capital to risk). It should also include an alternative scenario for which you will either take a different trade direction or not enter the market. Where such a trading plan does not exist or the trader is gambling, they are very much likely to exit the market too early.

Trade safe and prosper.

KP

Quoting KeenPips
The first step to dealing with such a situation is to ask yourself: 'Why do I get out of trades too early or too late?' Then answer the question honestly and objectively. So, why do you get out of trades too early or too late? KP {quote}
Do your homework, follow the footprints of smart money
  • #150
  • May 14, 2019 11:58pm May 14, 2019 11:58pm
Would like also add some ideas:

Knowing if the market goes up or down will help ONLY to get positive results faster.

Looking at any chart monthly time frame soon or later the market will go where is the open trade.

Needs a proper account funding, strict money management and good market analysis too.

Should be open only few trades a week at the volume that will keep the account equity safe at any time.

At the above conditions in order to avoid hunting brokers, may be better do not use stop loss.

Now need waiting with patience and calm, may be hours, days, weeks .......
  • #151
  • May 15, 2019 4:09am May 15, 2019 4:09am
Thanks mate. Very good points you shared. A key factor in my trading strategy is patience.

Trade safe and prosper.

KP

Quoting Marequieto
Would like also add some ideas:...Needs a proper account funding, strict money management and good market analysis too. Should be open only few trades a week...Now need waiting with patience and calm, may be hours, days, weeks .......
Do your homework, follow the footprints of smart money
  • #152
  • May 15, 2019 4:12am May 15, 2019 4:12am
Also, I use market structure to determine where to place my stop loss or capital protection order.

KP

Quoting KeenPips
Thanks mate. Very good points you shared. A key factor in my trading strategy is patience. Trade safe and prosper. KP {quote}
Do your homework, follow the footprints of smart money
  • #153
  • May 15, 2019 4:17am May 15, 2019 4:17am
As a swing trader who prefers leaving trades open for days, I usually like to trade pairs in the direction that offers me a positive swap. Otherwise, I will exit a trade as soon as my initial target is met and not more than two days.

KP
Do your homework, follow the footprints of smart money
  • #154
  • May 20, 2019 4:01am May 20, 2019 4:01am
Given that mastering the markets is an important factor in consistently profitable trading, should a trader rely on others for market analysis? What are you doing to improve in your mastery of the markets? What would you do differently this week?

Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #155
  • May 20, 2019 5:43am May 20, 2019 5:43am
Quoting KeenPips
Given that mastering the markets is an important factor in consistently profitable trading, should a trader rely on others for market analysis? What are you doing to improve in your mastery of the markets? What would you do differently this week? Trade safe. KP
Firstly, the word mastering is a relative expression. Consistently making a profit is the only evidence of whether a traders approach is satisfactory or not.

I mentioned in post 112 how that can be assessed to make it easy for someone to know what they need to do (if anything), and that post pretty much covers the questions that you've raised today, and my post simplifies the options a trader should take to improve their own performance (if needed).
  • #156
  • May 20, 2019 5:57am May 20, 2019 5:57am
Thanks mate for your posts. Yes, 'mastering ' is a relative term. But you must start somewhere and then keep growing in the 'mastering.' What you covered earlier can be helpful and I doubt if you believe that it is enough. Personally, I grow in market mastery almost yearly. You know why? Because early on as a trader I focussed on being my own guru rather than looking up to other so-called or self-appointed gurus.

Trade safe.

KP

Quoting Landline
{quote} Firstly, the word mastering is a relative expression. Consistently making a profit is the only evidence of whether a traders approach is satisfactory or not. I mentioned in post 112 how that can be assessed to make it easy for someone to know what they need to do (if anything), and that post pretty much covers the questions that you've raised today, and my post simplifies the options a trader should take to improve their own performance (if needed).
Do your homework, follow the footprints of smart money
  • #157
  • May 20, 2019 6:10am May 20, 2019 6:10am
Quoting KeenPips
Thanks mate for your posts. Yes, 'mastering ' is a relative term. But you must start somewhere and then keep growing in the 'mastering.' What you covered earlier can be helpful and I doubt if you believe that it is enough. Personally, I grow in market mastery almost yearly. You know why? Because early on as a trader I focussed on being my own guru rather than looking up to other so-called or self-appointed gurus. Trade safe. KP {quote}
Yeah you're quite right in what you've said mate, no argument from me on any of that.

Inexperienced traders are obviously the most vulnerable (generally). They pick up poor advice from those so called gurus you've mentioned, and before they know it become totally confused with what they are being shown. A laterally thought out approach on the other hand, of ones own making, taking the essential information on board only, is, imo, the way to go, which if I'm not mistaken is the real essence of your interesting thread here.
  • #158
  • May 20, 2019 6:23am May 20, 2019 6:23am
@landline, I want you to know that I really appreciated your posts. My aim in that reply is to help our other members emphasize the importance of market mastery. Even so-called newbies can do it if they set their minds to it; after all we all started as noobs. But it requires constancy of effort.

Stay green mate.

KP


Quoting Landline
{quote} Yeah you're quite right in what you've said mate, no argument from me on any of that. Inexperienced traders are obviously the most vulnerable (generally). They pick up poor advice from those so called gurus you've mentioned, and before they know it become totally confused with what they are being shown. A laterally thought out approach on the other hand, of ones own making, taking the essential information on board only, is, imo, the way to go, which if I'm not mistaken is the real essence of your interesting thread here.
Do your homework, follow the footprints of smart money
  • #159
  • May 20, 2019 6:33am May 20, 2019 6:33am
Quoting KeenPips
@landline, I want you to know that I really appreciated your posts. My aim in that reply is to help our other members emphasize the importance of market mastery. Even so-called newbies can do it if they set their minds to it; after all we all started as noobs. But it requires constancy of effort. Stay green mate. KP {quote}

No problem mate, I'm happy to help and clarify some concepts of clear thinking for the inexperienced out there, because that is the most frequent issue of confusion for most imo.

Good thread...keep it going, it gets them grey cells working for many I would think lol
  • #160
  • May 20, 2019 6:39am May 20, 2019 6:39am
Thanks mate for your encouraging sentiments. I believe that we have to add value to the trading community we belong. It is not always easy because too much negativity supervenes here. But let's do our part.

Trade safe and prosper.

KP

Quoting Landline
{quote} No problem mate, I'm happy to help and clarify some concepts of clear thinking for the inexperienced out there, because that is the most frequent issue of confusion for most imo. Good thread...keep it going, it gets them grey cells working for many I would think lol
Do your homework, follow the footprints of smart money
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