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

  • #321
  • Dec 18, 2019 1:11am Dec 18, 2019 1:11am
I asked the below questions because adequate preparation is very important to trading success. Such a preparation will benefit from mastery in terms of trading skills and mindset.

Trade safe.

KP

Quoting KeenPips
How do you approach your trading week for consistent trading success and improvement in your trading skills? One basic key is to keep things as simple and as efficient as possible. What would you do this week to achieve this?.... KP
Do your homework, follow the footprints of smart money
  • #322
  • Dec 18, 2019 1:16am Dec 18, 2019 1:16am
Personally my mastery - in terms of system, strategy, skills and mindset - has grown over the years particularly because I focus on sustained and continuous self-improvement. That led to my decision a few years back to settle on primarily swing trading (about 80-85%) with emphasis on top-down analysis, price action and structure-based trading. So, I approach my trading week with a pre-market screening of the pairs on my watch list, identify a few for detailed, top-down analysis and select 2-3 pairs to track for highly feasible directional trading during the week. If I take a direction and the conditions change, I will re-assess the market on the pair concerned and re-evaluate my approach. How about you? How do you approach your trading week or trading day?

Trade safe.

KP

Quoting KeenPips
I asked the below questions because adequate preparation is very important to trading success. Such a preparation will benefit from mastery in terms of trading skills and mindset. Trade safe. KP {quote}
Do your homework, follow the footprints of smart money
  • #323
  • Edited 1:52am Dec 18, 2019 1:35am | Edited 1:52am
How has this approach helped me to achieve simplicity and efficiency? For simplicity, I have less indicators on my trading charts and I look for specific cues/signals at specific zones, so minimizing confusion. In terms of efficiency, each time frame gives me specific cue or insight and together contributes towards developing a solid trading plan for each market/pair, I spend far less time trading, and I avoid less feasible trade setups.

Trade safe, keep improving your trading skills and mindset, and you will prosper.

KP

Quoting KeenPips
...I approach my trading week with a pre-market screening of the pairs on my watch list, identify a few for detailed, top-down analysis and select 2-3 pairs to track for highly feasible directional trading during the week. If I take a direction and the conditions change, I will re-assess the market on the pair concerned and re-evaluate my approach...{quote}
Do your homework, follow the footprints of smart money
  • #324
  • Dec 18, 2019 3:47am Dec 18, 2019 3:47am
Quoting KeenPips
How has this approach helped me to achieve simplicity and efficiency? For simplicity, I have less indicators on my trading charts and I look for specific cues/signals at specific zones, so minimizing confusion. In terms of efficiency, each time frame gives me specific cue or insight and together contributes towards developing a solid trading plan for each market/pair, I spend far less time trading, and I avoid less feasible trade setups. Trade safe, keep improving your trading skills and mindset, and you will prosper. KP {quote}

A new consciousness for Humanity?
Being now: Are WE a Holy Grail? Return Today: na
  • #325
  • Dec 19, 2019 2:39am Dec 19, 2019 2:39am
Trading is largely reactive rather than predictive. Here's a relevant quote from Michael Carr: ‘Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.’

Trade safe.

KP
Do your homework, follow the footprints of smart money
  • #326
  • Dec 19, 2019 2:55am Dec 19, 2019 2:55am
Hi Keen, Harry and others,

I take precise price Levels from PA market structure at M,W,D and H4 TF. Then down to M15(m5) to: 1) evaluate and validate levels (not all are good), 2) Define potential SL in case of entry.

Every Day and H4 new candles take a look top down M,W,D and H4 PA Structure, and I establish potential good levels in play for the day or H4. Then I distribute the total risk between potential levels in play.

regards
Newbie trader
  • #327
  • Dec 19, 2019 3:08am Dec 19, 2019 3:08am
Good approach regarding top-down analysis, mate. Seems that you are an intraday trader and you use the M15 for trade entry. If you use M15 for entry and you are an intraday trader, you may be more guided by the H4 recent levels than the D1 or W1 unless you want to stay longer in a trade. Nevertheless, if your H4 level is also congruent with the D1 and/or W1 zone, you are more likely to have a far feasible trading setup. Then, use the structure on the H4 time frame (i.e. a few pips below the immediate support level for buy or a few pips above the immediate resistance level for sell) to set your stop loss.

Trade safe.

KP

Quoting fex
Hi Keen, Harry and others, I take precise price Levels from PA market structure at M,W,D and H4 TF. Then down to M15(m5) to: 1) evaluate and validate levels (not all are good), 2) Define potential SL in case of entry. Every Day and H4 new candles take a look top down M,W,D and H4 PA Structure, and I establish potential good levels in play for the day or H4. Then I distribute the total risk between potential levels in play. regards
Do your homework, follow the footprints of smart money
  • #328
  • Dec 19, 2019 9:35am Dec 19, 2019 9:35am
This guy below says you should stay out of trouble. How? As always, I have no financial interest in the presenter, neither am I setting him up as a 'guru' to follow.

Trade safe.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #329
  • Dec 20, 2019 4:05am Dec 20, 2019 4:05am
Quoting KeenPips
Good approach regarding top-down analysis, mate. Seems that you are an intraday trader and you use the M15 for trade entry. If you use M15 for entry and you are an intraday trader, you may be more guided by the H4 recent levels than the D1 or W1 unless you want to stay longer in a trade. Nevertheless, if your H4 level is also congruent with the D1 and/or W1 zone, you are more likely to have a far feasible trading setup. Then, use the structure on the H4 time frame (i.e. a few pips below the immediate support level for buy or a few pips above the...
Thanks Keen,

Yes! more or less something like that. I take some levels from H4 intraday, others very important H4 levels ("involved" in HTF structure) from distant past, and others H4 levels from distant past "inside" D,W and M. (Liquidity levels, in the end....)

Entries some times pending orders, some times manual trading on M15 (thanks to you Keen).

Take Profits... first part (1/3 or 1/2) in intraday to cover SL (around 2-3R) and take some "bread and butter", rest parts 2-10 days with more R.

As you know I'm trying to change my style, final test (with mini-real account) at 31/12/2019...

watching the video...

regards
Newbie trader
  • #330
  • Dec 20, 2019 5:11am Dec 20, 2019 5:11am
Great! Stay green.

KP

Quoting fex
{quote} Thanks Keen, Yes! more or less something like that. I take some levels from H4 intraday, others very important H4 levels ("involved" in HTF structure) from distant past, and others H4 levels from distant past "inside" D,W and M. (Liquidity levels, in the end....) Entries some times pending orders, some times manual trading on M15 (thanks to you Keen). Take Profits... first part (1/3 or 1/2) in intraday to cover SL (around 2-3R) and take some "bread and butter", rest parts 2-10 days with more R. As you know I'm trying to change my...
Do your homework, follow the footprints of smart money
  • #331
  • Dec 20, 2019 6:37am Dec 20, 2019 6:37am
Quoting KeenPips
This guy below says you should stay out of trouble. How? As always, I have no financial interest in the presenter, neither am I setting him up as a 'guru' to follow. Trade safe. KP https://www.youtube.com/watch?v=BMFeFakaUxU
What he means is that you should tap down on your leverage when market conditions are not ideal.......for instance just before the poll results of a Brexit vote is announced. You can either stay out of the market altogether or tap down your leverage in case you get hit unknowingly.
  • #332
  • Dec 20, 2019 7:21am Dec 20, 2019 7:21am
Yes, one of the ideas. Another point is that you should trade less and also that you should only look for very good trade setups.

Trade safe and prosper.

KP

Quoting Troikaone1
{quote} What he means is that you should tap down on your leverage when market conditions are not ideal.......for instance just before the poll results of a Brexit vote is announced. You can either stay out of the market altogether or tap down your leverage in case you get hit unknowingly.
Do your homework, follow the footprints of smart money
  • #333
  • Edited 10:12pm Dec 24, 2019 11:18am | Edited 10:12pm
I wish you all pleasant and rewarding holidays. I hope you take time to review some of your recent trades and learn how to better read and analyse the markets. For me, I have been using the past few days, and will take a few hours during the holidays, to scan the pairs on my watch list, prune the list to incorporate a few that have potential and identify potential areas on the higher time frames in preparation for possible swing trading opportunities in the next few weeks.

KP
Do your homework, follow the footprints of smart money
  • #334
  • Dec 30, 2019 1:41pm Dec 30, 2019 1:41pm
Here's the main thrust of this thread: There is no failure-proof Forex trading indicator, strategy or system. Stop searching for the 'Holy Grail' of Forex trading. If you would learn one thing from this thread, I hope it is this: It is more productive and more beneficial to consistently work on yourself to be a better and more successful trader than hopping Forex trading systems, indicators or strategies. I wish you all a successful and rewarding year 2020.

KP
Do your homework, follow the footprints of smart money
  • #335
  • Dec 30, 2019 2:16pm Dec 30, 2019 2:16pm
Quoting KeenPips
Here's the main thrust of this thread: There is no failure-proof Forex trading indicator, strategy or system. Stop searching for the 'Holy Grail' of Forex trading. If you would learn one thing from this thread, I hope it is this: It is more productive and more beneficial to consistently work on yourself to be a better and more successful trader than hopping Forex trading systems, indicators or strategies. I wish you all a successful and rewarding year 2020. KP
Probably the most valuable paragraph ever written on any page of this entire forum..........simple,to the point and most importantly,the truth!!!!!!!!!!!.
Green pip's to you sir for the new year.
  • #336
  • Dec 30, 2019 2:30pm Dec 30, 2019 2:30pm
Thank you mate for your encouraging comment.

Trade safe and you will prosper.

KP

Quoting chipsngravey
{quote} Probably the most valuable paragraph ever written on any page of this entire forum..........simple,to the point and most importantly,the truth!!!!!!!!!!!. Green pip's to you sir for the new year.
Do your homework, follow the footprints of smart money
  • #337
  • Dec 30, 2019 3:02pm Dec 30, 2019 3:02pm
Quoting KeenPips
Here's the main thrust of this thread: There is no failure-proof Forex trading indicator, strategy or system. Stop searching for the 'Holy Grail' of Forex trading. If you would learn one thing from this thread, I hope it is this: It is more productive and more beneficial to consistently work on yourself to be a better and more successful trader than hopping Forex trading systems, indicators or strategies. I wish you all a successful and rewarding year 2020. KP
90% of the Holy Grail is using low leverage and thinking in terms of probabilities while using a strategy that takes advantage of that. We utterly do not know what the market will do next. Anything can happen. This in itself is a huge advantage once you stop to really think about it.

And of course, never trade against fundamentals and market's reaction to fundamentals. This helps skew probabilities in our favor, albeit slightly.

I'm purposefully being vague about this because there are many ways to skin this cat.

Oh, the remaining 10% is extreme patience, being consistent, and getting used to killing your own demons such as the loathing for closing a losing trade.
  • #338
  • Dec 30, 2019 3:12pm Dec 30, 2019 3:12pm
Good points there mate. Yes, we deal in probabilities. Yes, too, there are many ways to trade; a reason we should not hop systems, indicators or strategies.

Trade safe.

KP
Quoting raklian
...We utterly do not know what the market will do next. Anything can happen...there are many ways to skin this cat.
Do your homework, follow the footprints of smart money
  • #339
  • Edited 10:23am Jan 2, 2020 3:03am | Edited 10:23am
Flexibility in directional bias is important. Even if your market analysis gives you a clear directional bias, be open to what market does thereafter. It is always better to be reactive than being predictive and dogmatic (or stubborn) because as traders we deal in probabilities. Let the market show its hands first. For intra-day traders, you may find the video below helpful in this regard. As usual, I have no financial interest in the presenter neither am I holding him up as a 'guru' yo follow.

Trade safe and prosper.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #340
  • Jan 3, 2020 12:32am Jan 3, 2020 12:32am
Quoting raklian
{quote} 90% of the Holy Grail is using low leverage and thinking in terms of probabilities while using a strategy that takes advantage of that. We utterly do not know what the market will do next. Anything can happen. This in itself is a huge advantage once you stop to really think about it. And of course, never trade against fundamentals and market's reaction to fundamentals. This helps skew probabilities in our favor, albeit slightly. I'm purposefully being vague about this because there are many ways to skin this cat. Oh, the remaining 10% is...
[/i][/b]

I like how you formulate this and once direction: killing the demons the outside world and in our insane mind is in the end completely counter productive. Humanity does that since more than 10000 years and is still doing that. We are on the verge of a WWIII pushed by living pschopaths.

See also the Hydra legend in the Greek mythology: the head you chop of is replaced by two heads, then four, eight etc...

What I find faaaaaaaar more productive to deal with my inner trading mosters is to PRACTICE daily this ancient Tibettan approach of feeding your inner and outer demons instead.

Inserted Video
A new consciousness for Humanity?
Being now: Are WE a Holy Grail? Return Today: na
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