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

  • #221
  • Aug 2, 2019 1:52am Aug 2, 2019 1:52am
One of the things I learned to do a few years after I started Forex trading is how to identify and mark potential reaction zones, particularly support and resistance areas. When learned and done very well, together with learning structure-based price action trading, you will find little need for indicators; using less of them. And, more importantly, you will be more effective and more efficient in this business.

KP
Do your homework, follow the footprints of smart money
  • #222
  • Aug 2, 2019 6:06am Aug 2, 2019 6:06am
Let me share a few tips I learned about identifying, marking and using S/R zones.

First, identify significant S/R zones from at least one time frame higher than your usual trading or setup time frame.

Second, how to do this? Zoom in on the htf chart to about the third level (but not the last) you can zoom in to. For resistance zones, look for areas above the current price location. The areas you pick should be flipped zones; that is, where there were both clear previous turning points upwards and downwards.

I am including two charts below as illustration. I use the weekly time frame to identify my value areas because I use the daily time frame for signal and setup.

Chart 1: Zoomed in chart:

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_August_2,_2019_W1_Zout.png Size: 48 KB


Chart 2: Real-time chart

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_August_2,_2019_W1_Zin.png Size: 45 KB


KP

Quoting KeenPips
One of the things I learned to do a few years after I started Forex trading is how to identify and mark potential reaction zones, particularly support and resistance areas. When learned and done very well, together with learning structure-based price action trading, you will find little need for indicators; using less of them. And, more importantly, you will be more effective and more efficient in this business. KP
Do your homework, follow the footprints of smart money
  • #223
  • Aug 2, 2019 6:19am Aug 2, 2019 6:19am
Do the opposite for support zones; that is, go below the location of the current price and look for significant turning points. I am attaching three charts below for illustration. The first one shows only the support zones on NZDUSD, the second and third show both the support and resistance zones on NZDUSD

KP

Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD_August_2,_2019_W1_Zout.png Size: 48 KB


Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD_August_2,_2019_W1_S-R_zones_(Zoomed_in).png Size: 52 KB


Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD_August_2,_2019_W1_S-R_Zones_Real_.png Size: 47 KB



Quoting KeenPips
Let me share a few tips I learned about identifying, marking and using S/R zones. First, identify significant S/R zones from at least one time frame higher than your usual trading or setup time frame. Second, how to do this? Zoom in on the htf chart to about the third level (but not the last) you can zoom in to. For resistance zones, look for areas above the current price location. The areas you pick should be flipped zones; that is, where there were both clear previous turning points upwards and downwards. I am including two charts below as illustration....
Do your homework, follow the footprints of smart money
  • #224
  • Aug 2, 2019 6:33am Aug 2, 2019 6:33am
The key things a trader needs to do are master structure-based price action trading and then use one or two indicators: one indicator for market trend and a second for timing trade entry. Waiting at your trading time fame for price action to operate around the identified S/R zones requires discipline but that's an important thing to do because the zones are not guaranteed until the market shows its hands. A setup candlestick print at the S/R zone plus a confirmation of trade entry with a chosen timing indicator helps to avoid being sucked in or trapped by the market.

Trade safe and prosper.

KP

Quoting KeenPips
Let me share a few tips I learned about identifying, marking and using S/R zones. First, identify significant S/R zones from at least one time frame higher than your usual trading or setup time frame. Second, how to do this? Zoom in on the htf chart to about the third level (but not the last) you can zoom in to. For resistance zones, look for areas above the current price location. The areas you pick should be flipped zones; that is, where there were both clear previous turning points upwards and downwards. I am including two charts below as illustration....
Do your homework, follow the footprints of smart money
  • #225
  • Aug 7, 2019 4:40am Aug 7, 2019 4:40am
Here's a video you may find helpful. As usual, I have no financial interest in the presenter, neither am I holding him up as a 'guru' to follow.

Trade safe.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #226
  • Aug 7, 2019 4:00pm Aug 7, 2019 4:00pm
In times like these, particularly when you are tempted to trade, force a trade or chase the price, it is important to see the wisdom in the following quotation:

'Risk control is the most important thing in trading.' – Paul Tudor Jones (a trading legend)

Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #227
  • Aug 7, 2019 5:26pm Aug 7, 2019 5:26pm
Quoting KeenPips
In times like these, particularly when you are tempted to trade, force a trade or chase the price, it is important to see the wisdom in the following quotation: 'Risk control is the most important thing in trading.' – Paul Tudor Jones (a trading legend) Trade safe. KP
I agree with you ... We are the biggest risk to our account.
  • #228
  • Aug 7, 2019 5:36pm Aug 7, 2019 5:36pm
Taking less trades, trading less frequently and applying a functional, simple system to identify and select A+ trade setups will help us in times like these. As will the important element of trading discipline.

Trade safe.

KP

Quoting Marcieny
{quote} I agree with you ... We are the biggest risk to our account.
Do your homework, follow the footprints of smart money
  • #229
  • Aug 7, 2019 8:32pm Aug 7, 2019 8:32pm
Quoting KeenPips
Taking less trades, trading less frequently and applying a functional, simple system to identify and select A+ trade setups will help us in times like these. As will the important element of trading discipline. Trade safe. KP {quote}
Today I know that the more discipline the more freedom we have.
  • #230
  • Aug 7, 2019 9:46pm Aug 7, 2019 9:46pm
Quoting Marcieny
{quote} Today I know that the more discipline the more freedom we have.https://cdn-resources.faireconomy.me....png?v=1.0.0.1
You can say that again!KP
Do your homework, follow the footprints of smart money
  • #231
  • Aug 26, 2019 1:50pm Aug 26, 2019 1:50pm
One of the things I took time to work on since I started trading some years ago is simplifying my trading system and strategies. In the process, I found top-down analysis a very important way to simplify my system. This helps me to rely less on indicators; using primarily two indicators and making my charts neater. There is nothing I have against using as many indicators as a trader feels he or she needs. But by applying top-down analysis and mastering structure-based trading with price action, I have found that I am able to reduce a reliance on many indicators.

Just sharing. Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #232
  • Aug 30, 2019 7:30am Aug 30, 2019 7:30am
Hello Everybody! this will be my 1st ever reply!

Anyways... I would like to give a little bit of my background. I have been trading for 5 years now. 2 years were hell and 3 years of heaven.

Guys I have worked and tried everything. i dont want to be stereotypical but this will only be understood from very little of people in here.

"Trading is all about risk management"

I would say I have the perfect trading system. then why am i not 100% successful ? Because of me!!! Im not the perfect person. our emotions guys! you see anything works in this market from trading formations or PA or S/R. but understand everything is about risk management. You must only risk what you can lose. If i may i ask many in here. If you lose 50pips on a 0.01 lot? will you be upset? many would say no! and thats the exact risk you must put. A risk on the trade that will make you not emotional at all. listen let me cut it short. Trading is not a short term business, i get it many might not have a big capital but if you are still trading on 0.02 or 0.03 lots its fine. you are not trading for today only.. long term wise you will hit 1 lot and 10 lot. but whats my suggestion here is. Deposit bigger capitals.... me personally I just couldnt stand winning only $30 a trade. So what did i do? Risk more. Lets be real who is willing to only risk 5% on a $100 dollar account so i lose $5 per trade or win $10 per trade. (ALWAYS GO WITH 1:2 trades) personally $100 are lies. So what we do ? we risk moreee!! we risk 30% so we earn $60 or lose $30 dollar per trade and we feel happy. But did you see what happened here. you risk 30%!!! 3 trades of losing and you are gone. game over.

I dont want to talk too much but..... understand collect as much money as possible, risk between 3-5% per trade depends on the capital and YOU MUST LOSE on what will not trigger any emotional behavior act.

Best Regards and wish everyone a beautiful week!
  • #233
  • Aug 30, 2019 10:25am Aug 30, 2019 10:25am
Risk management is important. Like you rightly observed, a trader should never risk what he or she can't afford to lose. Whenever a trader is in a trade and is afraid or fearful of a negative outcome, he or she is either trading the wrong amount of lot or gambling.

Trade safe.

KP


Quoting SomeKid
Hello Everybody! this will be my 1st ever reply! Anyways... I would like to give a little bit of my background. I have been trading for 5 years now. 2 years were hell and 3 years of heaven. Guys I have worked and tried everything. i dont want to be stereotypical but this will only be understood from very little of people in here. "Trading is all about risk management" I would say I have the perfect trading system. then why am i not 100% successful ? Because of me!!! Im not the perfect person. our emotions guys! you see anything works in this market...
Do your homework, follow the footprints of smart money
  • #234
  • Edited 5:47am Sep 9, 2019 4:47am | Edited 5:47am
Every one of us would be very happy to turn a $1000 trading account to a six-figure one as a Forex trader. But before you are carried away with the money, there are a few things to consider. Check the video below and share your personal opinion or experience here with other members. As always, I do not have any financial interest in the presenter neither am I holding him up as a 'guru' to follow.

Trade safe and prosper.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #235
  • Sep 9, 2019 5:25am Sep 9, 2019 5:25am
Hi Keen, IMO numbers and calculations are fine on paper, but the reality, which is called the market, is different. It's good to know your RR,% wins ... but after the facts (operations), as feedback to improve. At least in my case. (The tips are all said in this thread.)
Newbie trader
  • #236
  • Sep 9, 2019 5:40am Sep 9, 2019 5:40am
Thanks mate for your feedback. Focusing on the money is problematic, particularly a short-term focus on profit. Capital protection comes first and trading based on a long-term outlook on the ultimate financial gain (say, a long-term ROI) while continuously developing oneself to be a consistently successful trader. Trading discipline, including having the patience to wait for and trade a few highly feasible trade setups, is required also.

Trade safe and you will prosper.

KP

Quoting fex
Hi Keen, IMO numbers and calculations are fine on paper, but the reality, which is called the market, is different. It's good to know your RR,% wins ... but after the facts (operations), as feedback to improve. At least in my case. (The tips are all said in this thread.)
Do your homework, follow the footprints of smart money
  • #237
  • Sep 9, 2019 5:52am Sep 9, 2019 5:52am
The presenter talked about targeting a 2R:R, i.e. targeting a reward which is two times of the risk. How many of us do this? For me, I look for more than that; and that is one reason why I am a swing trader.

KP

Quoting KeenPips
Every one of us would be very happy to turn a $1000 trading account to a six figure one as a Forex trader. But before you are carried away with the money, there are a few things to consider. Check the video below and share your personal opinion or experience here with other members. As always, I do not have any financial interest in the presenter neither am I holding him up as a 'guru' to follow. Trade safe and prosper. KP https://www.youtube.com/watch?v=i6kt...ature=youtu.be
Do your homework, follow the footprints of smart money
  • #238
  • Edited 6:31am Sep 9, 2019 6:09am | Edited 6:31am
Looking for at least a 2R:R setup requires proper market screening and mastery. It means adequate preparation; when this is done and on a consistent basis, only a little time will be spent on actual trading. You can then spend quality time on other important things in life.

Trade safe and you will prosper.

KP

Quoting KeenPips
The presenter talked about targeting a 2R:R, i.e. targeting a reward which is two times of the risk. How many of us do this? For me, I look for more than that; and that is one reason why I am a swing trader. KP {quote}
Do your homework, follow the footprints of smart money
  • #239
  • Sep 22, 2019 6:52pm Sep 22, 2019 6:52pm
Hello, just few quotes : every battle is won before fight( do you believe in bulls or bears, or manipulation?), one man said he is trading few times per month, then he knows that price decided where to go, (can you risk 10% of capital, do you have balls?), Jesse Livermore made money not from trading, said that market conditions is everything,all money in the swing... "C" confirmation is for Catholics? one guy just wait until money was in the corner.. first, I am not a trader, but back tester...know your ratios.., or better all 28 rules that trader should know..

I think everything, that is simple to understand for yourself is working, candlestick PA, moving averages, Fibonacci, support resistant, just should be right conditions-market structure, know when to trade and not to trade
  • #240
  • Sep 22, 2019 7:06pm Sep 22, 2019 7:06pm
Key points mate: master your trading system and strategy, and develop your trading skills and mindset to give you an edge in the market.

Trade safe.

KP

Quoting goldencalf
Hello, just few quotes : every battle is won before fight( do you believe in bulls or bears, or manipulation?), one man said he is trading few times per month, then he knows that price decided where to go, (can you risk 10% of capital, do you have balls?), Jesse Livermore made money not from trading, said that market conditions is everything,all money in the swing... "C" confirmation is for Catholics? one guy just wait until money was in the corner.. first, I am not a trader, but back tester...know your ratios.., or better all 28 rules that trader...
Do your homework, follow the footprints of smart money
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