The real Basics - how to start and how avoid the traps | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Metatrader Error Traps MT4 and MT5 10 replies

Introduction and trading basics 27 replies

Back to basics or information overload? 12 replies

:: Smithy's Live Trades :: (EMA's / Pivots / News Traps) 10 replies

Trading Basics: Concepts and Psychology 0 replies

Attachments: The real Basics - how to start and how avoid the traps
Exit Attachments

The real Basics - how to start and how avoid the traps

  • #41
  • Nov 13, 2019 1:22am Nov 13, 2019 1:22am
Quoting Viator
Here some input from my site: I marked some levels (L1-L6) which maybe influenced the price. (Sure there maybe more such levels) Price has fallen from Point A to B. I would have sold a little bit above number1 but as I´m not a risky trader I would have closed the trade somwhere above L3. Same in point 2: About this point I would have sold again. (But surely closed at about L2 (never dared to keep the trade open until L1) Also in point 3 and 4 then price faced a sharp rising I would have bought but closed each time with small provit as I would not...

Hi Viator,

I just wanted to pick up on the point you made about identifying good Buy or Sell Levels and then not allowing the Trade to go to the Optimum Exit Point.

It's a matter of identifying the Average Swing Length of the Pair you Trade on the Time Frame you use.

Once you have then identified a good Entry Level is there enough room, in the Swing you are Trading, to make at least 1:1 Risk Reward.

Personally I only Trade GBP/USD on M1 because it is the Pair I understand best.

I know the Average Swing Length is 30 to 40 Pips, on M15, so I look to Enter a Trade as close as possible to a Swing Point on M1.

I then know, with the Size Stop I use, I can usually make 1:2 Risk:Reward.

Another point I wanted to make is how important it is to be a "Independent Thinker".

In my case, it was only when I STOPPED looking for a System someone else had devised and taking my own approach that my Trading took a leap forward.
  • #42
  • Nov 13, 2019 10:13am Nov 13, 2019 10:13am
We have here now good insights and now we make a short break. Time to sort and note what shared meanwhile. It is something that I am would label as important.
Perfection is the enemy of good enough!
  • #43
  • Nov 15, 2019 1:46am Nov 15, 2019 1:46am
Quoting MichaelSch
Now i post the first example to start with. You have 3 days time for make some notes and no posting your result before wednsday from today. I only invite a senior member if we have minimum 3 rookie pictures and only one day after the newbie pictures are post here. This because we want first see what the newbies done. ... and here we go ... have fun and take the time for it. {image}
I look at this maybe too primitive,but this can be effective,who knows,need to try
Attached Image (click to enlarge)
Click to Enlarge Name: 11-15-2019 9-38-21 AM.png Size: 70 KB
  • #44
  • Nov 15, 2019 2:20am Nov 15, 2019 2:20am
spot something similar in eyrjpy today
Attached Image (click to enlarge)
Click to Enlarge Name: sssss.png Size: 23 KB
  • #45
  • Nov 15, 2019 2:40am Nov 15, 2019 2:40am
just thikning
Attached Image (click to enlarge)
Click to Enlarge Name: vvvvvv.png Size: 70 KB
  • #46
  • Nov 15, 2019 4:11am Nov 15, 2019 4:11am
"
The broken leg is my favourite in a naked chart.
I´ll post the next weeks a better example for it--"

Okay, here we go:

Cable m1 -- broken leg --
I´m out for +6 pips.

Broken leg is a momentum trade when the price breaks out of a range.
The triangle shows the point I´m looking for.
the circle shows clearly aretest of the level and more interest of buyers.

Happy weekend @ all
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDcM1.png Size: 37 KB
Risiko birgt immer auch die Chance.
  • #47
  • Nov 15, 2019 8:59am Nov 15, 2019 8:59am
I see we have activity here. I post two pictures what i am looking for beside my other entry model.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20191115-154433_TradingView.jpg Size: 245 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20191115-155222_TradingView.jpg Size: 229 KB


Pending order is behind zone in main direction, after we see a short spike.
For the new one. Please watch chart for your details you see and trade it. Do not force yourself to copy other trader. If you can pick up something and you able to trade it, all is good. If you want trade something you pick up here, but have trouble to do with it, please drop it and search other opinions.
Perfection is the enemy of good enough!
  • #48
  • Nov 15, 2019 9:21am Nov 15, 2019 9:21am
We do not really need know about candle patterns! Only if you have nothing else to do,
I can flood this thread with such examples, but will not make sense. This here my only post in such form. More posts will make it not better.

So i can trade unzoomed for a smart overview.
Perfection is the enemy of good enough!
  • #49
  • Nov 15, 2019 9:40am Nov 15, 2019 9:40am
Quoting ficibald
spot something similar in eyrjpy today {image}
Same picture from another view.

Attached Image (click to enlarge)
Click to Enlarge Name: Drawing (1).png Size: 278 KB


It is important to understand that the same chart can provide signals for many systems. First build own view, note your details and trade your way.
Perfection is the enemy of good enough!
  • #50
  • Nov 15, 2019 10:13am Nov 15, 2019 10:13am
It is good not to collect to much, stick a few ones and know them well. If no trade around for your entry model, wait and no pressure to find the trade. It is not good search around, pressure about not finding something. Keep this away from you.
Perfection is the enemy of good enough!
  • #51
  • Nov 15, 2019 10:42am Nov 15, 2019 10:42am
Wish all a good weekend. Like how this thread is growing. Valuable informations we build here. Thanks.
Perfection is the enemy of good enough!
  • #52
  • Nov 15, 2019 1:21pm Nov 15, 2019 1:21pm
Quoting MichaelSch
Wish all a good weekend. Like how this thread is growing. Valuable informations we build here. Thanks.
Thank you, have a great weekend too!
  • #53
  • Nov 17, 2019 1:43am Nov 17, 2019 1:43am
Quoting MichaelSch
I post now the third example. Here we go ... and do not forget have fun doing it. No pressure all will be good. {image}

Hi Michael,

A bit late, but here's my take on the Chart you posted.
Attached Image (click to enlarge)
Click to Enlarge Name: 17th Nov 19 Price Observations.png Size: 70 KB
  • #54
  • Nov 17, 2019 3:44am Nov 17, 2019 3:44am
Quoting stevepatt
{quote} Hi Michael, A bit late, but here's my take on the Chart you posted. {image}
Nice clean view of the chart. Something that new trader can have a deeper look on. Much expierence that can be learned from. Thanks.
Perfection is the enemy of good enough!
  • #55
  • Nov 18, 2019 9:22am Nov 18, 2019 9:22am
Now we go over to example four. As always have fun and take the time you need for it.

Attached Image (click to enlarge)
Click to Enlarge Name: Training_04.png Size: 10 KB


We have now some real good information collect here. If you found something that is visible in the new example, that was part from an earlier view, please note it on the chart. This will be something that the new ones can now integrate, beside the things that they see themself.
Perfection is the enemy of good enough!
  • #56
  • Nov 18, 2019 9:26am Nov 18, 2019 9:26am
Another point. If you look around in the rookie corner, please give not the most on things that posted by other members. It makes no difference if they have red flag and joined in the early 2000 or more newer members. Make every time your desicion on the points, check it by yourself. Aswell i will that you view this thread from many corners and do not blindly take this material here in your buildings.
Perfection is the enemy of good enough!
  • #57
  • Nov 18, 2019 5:58pm Nov 18, 2019 5:58pm
Thank you very much for this crazy good advice. I’m 15 and trying to learn how to trade forex since almost 2 years and still don’t have any results or useful knowledge. I will try exactly what you wrote and forget about everything I have learned from now on. Again thank you and I will be active at least once a week to say explain where I’m at.
  • #58
  • Nov 18, 2019 9:02pm Nov 18, 2019 9:02pm
Quoting Gonzzy
Thank you very much for this crazy good advice. I’m 15 and trying to learn how to trade forex since almost 2 years and still don’t have any results or useful knowledge. I will try exactly what you wrote and forget about everything I have learned from now on. Again thank you and I will be active at least once a week to say explain where I’m at.
Thanks for such words. I missed a good start and this is something that I think is the most important in so many pieces in live. Get the own view right. With this thread I hope to build a real good place for the start.
Perfection is the enemy of good enough!
  • #59
  • Nov 20, 2019 2:42pm Nov 20, 2019 2:42pm
Hello,

here some input from me:

1-2-3 : price movement down and up again.
3--> 4 : price inside blue area I.
4-->5 : sharp price movement up
5--> 6: movement up to blue area II.
7: area II seems to broken and sharp movement down follows to 8 and finaly to 9.
Around there maybe is another blue area III.
After sharp movment from 7 to 8/ 9 I expect price going up again? --> hard to say for me.

Regards
Peter
Attached Image (click to enlarge)
Click to Enlarge Name: Basic 4.jpg Size: 254 KB
  • #60
  • Nov 21, 2019 1:11am Nov 21, 2019 1:11am
hi i have just read your thread, how do you no to put your numbers in the specific places. I mean where number 1 should go? Did you take any successful trades in this pattern? Any further comments would be greatful.
0 traders viewing now