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

  • #281
  • Nov 10, 2019 12:43pm Nov 10, 2019 12:43pm
Thanks mate.

Trade safe.

KP

Quoting Harry6
{quote} Excellent tutorial Thanks KP
Do your homework, follow the footprints of smart money
  • #282
  • Nov 11, 2019 2:17am Nov 11, 2019 2:17am
This thread is about continuous development and improvement as Forex traders and investors. Below is a video that gives some tips towards Forex trading for consistent, long-term success. Which of the tips resonate with you? As always, please note that I have no financial interest in the presenter neither am I holding him up as a 'guru' to follow.

Trade safe and you will prosper.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #283
  • Nov 11, 2019 2:32pm Nov 11, 2019 2:32pm
Here're some of the tips from the video.
1. Maintain a long-term perspective on profitable trading.
2. Humility is important.
3. Learn to control your emotions, e.g. greed and fear.
4. Keep learning to be a successful trader.
5. Understand that patience pays.

Which of them would you like to start using?

Trade safe.

KP

Quoting KeenPips
This thread is about continuous development and improvement as Forex traders and investors. Below is a video that gives some tips towards Forex trading for consistent, long-term success. Which of the tips resonate with you? As always, please note that I have no financial interest in the presenter neither am I holding him up as a 'guru' to follow. Trade safe and you will prosper. KP https://www.youtube.com/watch?v=ryVR...ature=youtu.be
Do your homework, follow the footprints of smart money
  • #284
  • Nov 11, 2019 2:47pm Nov 11, 2019 2:47pm
Quoting NewSim
For me my big breakthrough was to stop trying to learn theory from books or gurus and instead to extensively backtest simple strategies myself. This gave me strategies I could have confidence in, but more importantly I understood price action a lot better because I was seeing it for myself. It was partly arrogance, partly laziness and partly not knowing how to backtest properly that kept me from doing this initially, but ultimately I wasted a lot of time searching for understanding when I now realise the best way to get that was to look at the charts...
do you mind sharing your way of backtesting?im currently experiencing a similar problem
  • #285
  • Nov 11, 2019 3:04pm Nov 11, 2019 3:04pm
@newsim, I hope you respond to @willmakeit's request.

Trade safe.

KP

Quoting willmakeit
{quote} do you mind sharing your way of backtesting?im currently experiencing a similar problem
Do your homework, follow the footprints of smart money
  • #286
  • Nov 11, 2019 3:10pm Nov 11, 2019 3:10pm
Here's my personal approach: I test any strategy or system under consideration on a demo account or with a micro (0.01) position on a live account

Trade safe.

KP

Quoting KeenPips
@newsim, I hope you respond to @willmakeit's request. Trade safe. KP {quote}
Do your homework, follow the footprints of smart money
  • #287
  • Nov 11, 2019 8:01pm Nov 11, 2019 8:01pm
Quoting KeenPips
Here're some of the tips from the video. 1. Maintain a long-term perspective on profitable trading. 2. Humility is important. 3. Learn to control your emotions, e.g. greed and fear. 4. Keep learning to be a successful trader. 5. Understand that patience pays. Which of them would you like to start using? Trade safe. KP {quote}
all of them
️
just for a cup of coffee...
  • #288
  • Nov 12, 2019 6:03am Nov 12, 2019 6:03am
Very much in agreement with you mate. We should all be doing them in one form or another.

KP

Quoting akim0895
{quote} all of them ️
Do your homework, follow the footprints of smart money
  • #289
  • Nov 12, 2019 6:05am Nov 12, 2019 6:05am
Quoting KeenPips
Very much in agreement with you mate. We should all be doing them in one form or another. KP {quote}
agree
just for a cup of coffee...
  • #290
  • Edited 6:23am Nov 12, 2019 6:13am | Edited 6:23am
I will make some posts on each of the tips by way of emphasis.

Let's start with the first one: Maintain a long-term perspective on profitable trading. The earlier a trader understands this, the more successful he or she will be, as much of the earlier blowing of trading accounts comes from a 'quick-profit' mentality.

Consistency is about the long haul. There will be moments of good wins and there will be times for losses. A trader's career or success is not about one single trade or trades taken within one or two days or even some weeks. It is about handling many series of trades over a long period of time, optimizing wins while reducing losses. Besides, a long-term perspective affords the trader time to learn, hone his or her skills and strategies, and build a sound trading mindset and psychology.

KP

Quoting KeenPips
Here're some of the tips from the video. 1. Maintain a long-term perspective on profitable trading. 2. Humility is important. 3. Learn to control your emotions, e.g. greed and fear. 4. Keep learning to be a successful trader. 5. Understand that patience pays. Which of them would you like to start using? Trade safe. KP {quote}
Do your homework, follow the footprints of smart money
  • #291
  • Nov 18, 2019 1:28pm Nov 18, 2019 1:28pm
Let's turn to the second tip: Humility is important. The market has a way of teaching us all humility. Over confidence leads to taking unnecessary risk or being reckless in trading. Accepting that the market is in control and we have to follow its leads is part of humility. When the trader wins big and he or she is level headed, controlled and not too excited is also part of humility. So when any loss comes about, the trader does not feel punctured or ego-deflated. The third tip is: Learn to control your emotions, e.g. greed and fear. This comes with a good understanding of the Forex business. Being realistic and trading based on a sound market analysis and proven trading system and strategy, including having and using a trading plan for each market or pair being tracked, helps foster emotional control. Of course, trading positions which do not threaten the trader's trading capital should be factored in.

Trade safe.

KP

Quoting KeenPips
I will make some posts on each of the tips by way of emphasis....
Do your homework, follow the footprints of smart money
  • #292
  • Nov 20, 2019 3:02am Nov 20, 2019 3:02am
Let's turn to tip #4: Keep learning to be a successful trader. This is at the heart of this thread. Basically, there is no short cut to success in this business. And continuous self-improvement as a trader is crucial. Basically, a trader who takes Forex trading seriously will have something to learn as he or she encounters trading challenges, uncertainties and market complexities. Besides, as past success is no guarantee for future success, every trader has to keep optimizing his or her trading system, strategy and skills to be relevant. For me, I learn on a continuous basis, and this has helped me overcome the terrible mistakes I was making as a noob a few years back. What about you?

Trade safe and prosper.

KP

Quoting KeenPips
I will make some posts on each of the tips by way of emphasis....
Do your homework, follow the footprints of smart money
  • #293
  • Nov 20, 2019 3:06am Nov 20, 2019 3:06am
Quoting KeenPips
Let's turn to tip #4: Keep learning to be a successful trader. This is at the heart of this thread. Basically, there is no short cut to success in this business. And continuous self-improvement as a trader is crucial. Basically, a trader who takes Forex trading seriously will have something to learn as he or she encounters trading challenges, uncertainties and market complexities. Besides, as past success is no guarantee for future success, every trader has to keep optimizing his or her trading system, strategy and skills to be relevant. For me,...
nice buddy
agree with you
i’m still learning everyday
just for a cup of coffee...
  • #294
  • Nov 20, 2019 3:08am Nov 20, 2019 3:08am
You can say that again bud.

Trade safe.

KP

Quoting akim0895
{quote} nice buddy agree with you i’m still learning everyday
Do your homework, follow the footprints of smart money
  • #295
  • Nov 20, 2019 3:18am Nov 20, 2019 3:18am
Let's conclude with tip #5: Understand that patience pays. This is at the heart of a sound trading psychology and effective discretionary trading strategy. Patience helps you plan for and track top-most trading set ups. As no trading system is 100% effective or successful, knowing when you can make the most of your trading system and bring in a solid result will be fostered by patience. In that context, patience will save you loads of heart aches and losses; it will help you build your profit slowly but consistently. A basic key that makes patience so powerful is adequate preparation, including sound market analysis. Once you have done a thorough preparation (including pre-market analyses), you will only have to track the market behaviour or operation and wait for the right moment. Personally, my need for patience is one reason why I changed from being a scalper to a swing trader a few years back. This is not to denigrate or promote any trading style, it is what is working for me. Do you have any lesson to share on patience? Let's have it here!

Trade safe and prosper.

KP

Quoting KeenPips
Let's turn to tip #4: Keep learning to be a successful trader.... What about you?..{quote}
Do your homework, follow the footprints of smart money
  • #296
  • Nov 21, 2019 12:51am Nov 21, 2019 12:51am
Structure-based price action trading, with top-down market analysis, will also help you reduce fear. Once you are aware of the bigger picture on at least one time frame higher than your trading or entry time frame, you identify and map/mark potential reaction zones (e.g. demand/supply, support resistance or recently flipped zones) on this higher time frame. In a ranging market, look for a sell trade set up at or around the upper boundary if the bigger time frame supports a dominant bearish bias; because you have a higher probability of success. Reverse if the bigger technical outlook supports a bullish bias. In a trending market, look for synchronous trade setup around the identified zones and target the next zone as the first tp.

Trade safe and prosper.

KP
Quoting KeenPips
...The third tip is: Learn to control your emotions, e.g. greed and fear. This comes with a good understanding of the Forex business. Being realistic and trading based on a sound market analysis and proven trading system and strategy, including having and using a trading plan for each market or pair being tracked, helps foster emotional control. Of course, trading positions which do not threaten the trader's trading capital should be factored in. Trade safe. KP {quote}
Do your homework, follow the footprints of smart money
  • #297
  • Nov 27, 2019 8:43am Nov 27, 2019 8:43am
If you are a swing trader or you employ top-down, multi-time frame analysis in your trading, watch this video to see what you can adopt or adapt. 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
  • #298
  • Nov 28, 2019 8:25am Nov 28, 2019 8:25am
Just sharing

Develop your ability to effectively analyze the markets to identify, track and wait for top grade setups; the setups on which you risk small but win big.

KP
Do your homework, follow the footprints of smart money
  • #299
  • Nov 28, 2019 12:55pm Nov 28, 2019 12:55pm
Quoting KeenPips
Just sharing Develop your ability to effectively analyze the markets to identify, track and wait for top grade setups; the setups on which you risk small but win big. KP

Much thanks KP for your precious contributions and your generosity
A new consciousness for Humanity?
Being now: Are WE a Holy Grail? Return Today: na
  • #300
  • Nov 28, 2019 1:58pm Nov 28, 2019 1:58pm
Thanks mate for your encouraging comment.

Trade safe.

KP

Quoting Harry6
{quote} Much thanks KP for your precious contributions and your generosity
Do your homework, follow the footprints of smart money
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