To be successful... cut out the noise | Page 13 | Forex Factory

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To be successful... cut out the noise

  • #241
  • Edited 1:10pm Mar 9, 2020 10:45am | Edited 1:10pm
Quoting j12
I wonder how many accounts got blow this morning.....????
I have seen many. Such an unpredictable move this morning.

I am still hanging in there
  • #242
  • Mar 9, 2020 11:06am Mar 9, 2020 11:06am
My advice : don't lose faith. This is the biggest enemy : getting discouraged because it is so hard
  • #243
  • Mar 9, 2020 11:08am Mar 9, 2020 11:08am
Today I made my biggest gains. I don't agree this move was unpredictable at all. I called the move on oil, and this volatility is to be expected with COVID-19 happening. Right now it's very easy to make money because of this, but also very easy to lose. Need to pick your trades wisely but it can pay off HUGE.
  • #244
  • Mar 10, 2020 6:32am Mar 10, 2020 6:32am
Quoting viptrading
Today I made my biggest gains. I don't agree this move was unpredictable at all. I called the move on oil, and this volatility is to be expected with COVID-19 happening. Right now it's very easy to make money because of this, but also very easy to lose. Need to pick your trades wisely but it can pay off HUGE.
Yeah I guess volatility should be expected because of Covid-19.

So you predicted the move on oil? How?
  • #245
  • Mar 10, 2020 8:58am Mar 10, 2020 8:58am
Quoting GMD
{quote} Yeah I guess volatility should be expected because of Covid-19. So you predicted the move on oil? How?
1. Long term short bias on OIL due to it being overvalued at 50$
2. Competition with Tesla and other renewable energy will drive the price down long term.
3. COVID-19 cutting travel and work for OIL companies.
4. Technical entry.

I made a big mistake not holding over the weekend though. I would have made a killing....probably 1000% return on the positions I had but I usually do not hold over the weekend so, yeah.
  • #246
  • Mar 10, 2020 11:00am Mar 10, 2020 11:00am
With all this coronavirus news I’ve been rekt and lesson learnt not to enter markets under harsh conditions. Luckily only demo accounts so far. Starting another demo account with the intention of requesting help with an mql4 script, fingers crossed eh and good luck to you guys!
  • #247
  • Mar 10, 2020 11:14am Mar 10, 2020 11:14am
Quoting viptrading
{quote} 1. Long term short bias on OIL due to it being overvalued at 50$ 2. Competition with Tesla and other renewable energy will drive the price down long term. 3. COVID-19 cutting travel and work for OIL companies. 4. Technical entry. I made a big mistake not holding over the weekend though. I would have made a killing....probably 1000% return on the positions I had but I usually do not hold over the weekend so, yeah.
That is a good analysis mate, but that's why I said it was unpredictable move. Who would expect such a move in just 1 trading day?? Otherwise you wouldn't close your trade on friday, right?
Who would know that during COVID-19 there would be a price oil war between Russia and Saudi Arabia.. This kind of spikes are the ones I call unpredictable..

Unfortunately for me, I had many open trades, which was a big mistake cuz my account is in big risk now... But since this was a panic movement, I am gonna hold for a retracement. Not adding new positions in the near future.
  • #248
  • Mar 11, 2020 3:28am Mar 11, 2020 3:28am
To be successful trader needs to avoid all the negativity around him and should be focused on his aim, in such situation trader tends not to be so confident on his trade transaction which may lead him to loss of opportunity. So cut the noise and just stay focused.
  • #249
  • Mar 11, 2020 6:48am Mar 11, 2020 6:48am
Quoting bs4
{quote} the only answer is to taming yourself.
That's right and it is the most difficult part for most.
  • #250
  • Mar 11, 2020 7:02am Mar 11, 2020 7:02am
Quoting j12
People follow people with no solid proof of what that actual person is saying. Why do people do this? I think it's because the follower is getting hope from the teacher? Worst thing is people actually try this with hard earned money... It's truly incredible.
This is so true. I've been studying Forex trading since last March and until last month I was convinced that I was never going to get the hang of it and then I made two tweaks to my trading strategy and I got these two overwhelming gut reactions that I'd cracked it.

My demo trading results ever since have astonished me and I'm looking forward to trading professionally once I've returned my demo trading account to its starting balance. I've so far turned £50,800+ into £78,000+ in just over three weeks, risking a mere 1% of my account per trade and having only suffered one loss and I've done this with no indicators on my chart. A good way to cut out the noise I think, if you know what you're doing and if you're like me and you struggle to process much more than one piece of information at any one time.
  • #251
  • Mar 11, 2020 12:52pm Mar 11, 2020 12:52pm
there are many threads that simply cannot work.
simply the strategy is flawed.
but people are still there.
this is strange to me.
  • #252
  • Mar 11, 2020 3:13pm Mar 11, 2020 3:13pm
Quoting tiborf71
there are many threads that simply cannot work. simply the strategy is flawed. but people are still there. this is strange to me.
Every strategy has flaws
  • #253
  • Mar 14, 2020 12:21pm Mar 14, 2020 12:21pm
naturallyhow it is so.
but there are strategies that have no nothing chance.
  • #254
  • Mar 14, 2020 4:21pm Mar 14, 2020 4:21pm
I thought I knew what I was doing.. just getting to grips with Forex and was starting to see some profit on my demo account.
Now - for the past 2 weeks in fact.. I don't have F*in clue how to read these charts!!

Can anyone offer any tips for what we can be doing to learn from this situation??

I'm really at a loss here.. I used to spend so much time lining up lots of trades. Now I just spend 5 mins looking at a few currency pairs and just switch off like nah.
How can we learn here?
  • #255
  • Mar 15, 2020 12:30am Mar 15, 2020 12:30am
Quoting Octapad
I thought I knew what I was doing.. just getting to grips with Forex and was starting to see some profit on my demo account. Now - for the past 2 weeks in fact.. I don't have F*in clue how to read these charts!! Can anyone offer any tips for what we can be doing to learn from this situation?? I'm really at a loss here.. I used to spend so much time lining up lots of trades. Now I just spend 5 mins looking at a few currency pairs and just switch off like nah. How can we learn here?
the best way is to immerse yourself in learning.
based on acquired knowledge, things will crystallize.
  • #256
  • Edited Mar 22, 2020 11:10am Mar 21, 2020 1:13pm | Edited Mar 22, 2020 11:10am
Quoting viptrading
Today I made my biggest gains. I don't agree this move was unpredictable at all. I called the move on oil, and this volatility is to be expected with COVID-19 happening. Right now it's very easy to make auto clicker money because of this, but also very easy to lose. Need to pick your trades wisely but it can pay off HUGE .
I had many open trades, which was a big mistake cuz my account is in big risk now... But since this was a panic movement, I am gonna hold for a retracement. Not adding new positions in the near future.
  • #257
  • Mar 21, 2020 6:01pm Mar 21, 2020 6:01pm
Quoting dangelo
{quote} I had many open trades, which was a big mistake cuz my account is in big risk now... But since this was a panic movement, I am gonna hold for a retracement. Not adding new positions in the near future.
Quoting GMD
{quote} Unfortunately for me, I had many open trades, which was a big mistake cuz my account is in big risk now... But since this was a panic movement, I am gonna hold for a retracement. Not adding new positions in the near future.
  • #258
  • Mar 21, 2020 7:59pm Mar 21, 2020 7:59pm
Quoting j12
{quote} Some valid points. Most people just want to be in a trade for the sake of being in a trade. Just so it looks like they are doing something. Or to say to somone oh I'm a trader. I want trading to be my job. People have big dreams, and you need big dreams, but you have to be realistic. Can you actually cope, are you mentally prepared. If you went from earning £1500 to £3500 a month in a short time? People will say yeah no problem, but only over time will you be able to cope. I personally would never use M1, or anything along them time frames....
I use 15 second for entries and and 5 min and 1 hour for direction because im impatient and have to be in quite a few trades to be satisfied. It takes time to be comfortable at such low timeframes because of all the noise and fast pace the market gives.

For swing trading i go with 15min/4hour/daily.
  • #259
  • Mar 23, 2020 2:27am Mar 23, 2020 2:27am
Quoting ionone
My advice : don't lose faith. This is the biggest enemy : getting discouraged because it is so hard
I agree, confidence is must while trading. But yes, beware of being over- confident too.
  • #260
  • Apr 4, 2020 7:21am Apr 4, 2020 7:21am
sooner or later the trader will be forced to use his own common sense in the trade.
because many blindly follow others without evidence.
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