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

  • #381
  • Mar 2, 2020 7:54am Mar 2, 2020 7:54am
Quoting trend-friend
Strategy has almost nothing to do with success. Two traders may use the same strategy, but one of them will quickly close the position in a losing trade, while another one will wait until his account blown up; one will use stop-loss, another one will not use, one will put take profit while another one will hope the market will go further, one may close winning position too early, while another one will wait patiently and earn more, and millions more things like that. Ultimately, after eating up too much shit, trader will develop a feeling of the...
very helpful mate.
  • #382
  • Mar 2, 2020 8:58am Mar 2, 2020 8:58am
IMO the strategy is the basis of sucess.

1 - You must have a good strategy and understand what you are doing - 8 years minimum
2- Once you have your strategy you must learn to stick at it and to improve it. 1 year minimum
  • #383
  • Mar 2, 2020 9:45am Mar 2, 2020 9:45am
Strategy is important if you know what you are doing, and it can be a part of gaining an edge in the market. But strategy by itself is not enough.

Trade safe and prosper.

KP

Quoting 4experience
IMO the strategy is the basis of sucess. 1 - You must have a good strategy and understand what you are doing - 8 years minimum 2- Once you have your strategy you must learn to stick at it and to improve it. 1 year minimum
Do your homework, follow the footprints of smart money
  • #384
  • Mar 2, 2020 9:49am Mar 2, 2020 9:49am
Of course, by 'strategy' I don't mean an EA. I am talking about discretionary strategy.

KP

Quoting KeenPips
Strategy is important if you know what you are doing, and it can be a part of gaining an edge in the market. But strategy by itself is not enough. Trade safe and prosper. KP {quote}
Do your homework, follow the footprints of smart money
  • #385
  • Mar 9, 2020 10:19am Mar 9, 2020 10:19am
Just sharing

Challenges come and can be frustrating in this business. But if you are not beaten down in your mind, if you persist long enough, focussing on getting better and improving as a trader, you will succeed.

KP
Do your homework, follow the footprints of smart money
  • #386
  • Mar 9, 2020 10:59am Mar 9, 2020 10:59am
Markets are yo-yo at the moment. Stay safe by taking cognisance of the immediate resistance and support zones on the weekly time frame of each market you are tracking.

KP
Do your homework, follow the footprints of smart money
  • #387
  • Mar 22, 2020 2:33pm Mar 22, 2020 2:33pm
In a time of crisis like this, the below video presenter advises to trade with the prevailing momentum and protect your trading capital. As usual, I have no 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
  • #388
  • Mar 24, 2020 9:40am Mar 24, 2020 9:40am
What are you learning about trading in these times of crisis? Share it here.

KP
Do your homework, follow the footprints of smart money
  • #389
  • Edited 10:20am Mar 24, 2020 10:09am | Edited 10:20am
Personally, I have quite a few. But let me start with one: While being aware of the long-term outlook on a market, stay close to the current price action or momentum until it changes. We cannot rely much on the long-term outlook because markets are critically affected by global twists and turns. So, sticking with the prevailing price action and not lingering in any trade or market makes sense. What about you, what are you learning about trading in these times of crisis? Share it here.

KP

Quoting KeenPips
What are you learning about trading in these times of crisis? Share it here. KP
Do your homework, follow the footprints of smart money
  • #390
  • Edited 3:46pm Mar 24, 2020 11:06am | Edited 3:46pm
For example, the GBPUSD is bearish on the medium to long term basis but the momentum or mood is bullish, say to around the 50/61.8 Fib retracement or value area of the most recent downward swing. So, you track that momentum and take a few buck before it reaches the value area. Then, you step aside for a potential turnaround.

KP

Quoting KeenPips
Personally, I have quite a few. But let me start with one: While being aware of the long-term outlook on a market, stay close to the current price action or momentum until it changes. We cannot rely much on the long-term outlook because markets are critically affected by global twists and turns. So, sticking with the prevailing price action and not lingering in any trade or market makes sense. What about you, what are you learning about trading in these times of crisis? Share it here. KP {quote}
Do your homework, follow the footprints of smart money
  • #391
  • Mar 24, 2020 11:28am Mar 24, 2020 11:28am
Quoting KeenPips
For example, the GBPUSD is bearish on the medium to long term basis but the momentum or mood is bullish, say to around the 50/68.2 Fib retracement or value area of the most recent downward swing. So, you track that momentum and take a few buck before it reaches the value area. Then, you step aside for a potential turnaround. KP {quote}
Hi KP... just came across your thread and a fan of it now, maybe contribute if I got anything useful now days got a lot of time so I read and learn others contribution wise post first.
Just quickly wanted express my agreement with your GBP sentiment since it has been the most depleted currency of all in pandemic duration. some bullishness and resume to at least test the bottom.
thx

Trade well.
Nobody ever made a dime by panicking. Jim C
  • #392
  • Mar 24, 2020 11:33am Mar 24, 2020 11:33am
Thanks mate for your encouraging comment.

Trade safe.

KP

Quoting FxQB15
{quote} Hi KP... just came across your thread and a fan of it now, maybe contribute if I got anything useful now days got a lot of time so I read and learn others contribution wise post first. Just quickly wanted express my agreement with your GBP sentiment since it has been the most depleted currency of all in pandemic duration. some bullishness and resume to at least test the bottom. thx Trade well.
Do your homework, follow the footprints of smart money
  • #393
  • Edited 3:46pm Mar 24, 2020 11:42am | Edited 3:46pm
Talking about the GBPUSD market. I am bearish on this market, as a short to medium term swing trader. However, I often day trade a market when it has potential for a good reward:risk ratio. So in the prevailing crisis situation, I found that the GBPUSD has reached a very low area, in fact an all time low and has the potential to offer a good reward:risk ratio at an area of value if traded long (counter trend) to say the 50/61.8 Fib zone on the D1 time frame. In a normal time, I would have stepped aside until a southward turn around at an area of value northward. But the present crisis presents the volatility to make a quick buck counter trading, i.e. going long, at the level I saw the opportunity.

Trade safe and prosper.

KP

Quoting FxQB15
{quote} Hi KP... just came across your thread and a fan of it now, maybe contribute if I got anything useful now days got a lot of time so I read and learn others contribution wise post first. Just quickly wanted express my agreement with your GBP sentiment since it has been the most depleted currency of all in pandemic duration. some bullishness and resume to at least test the bottom. thx Trade well.
Do your homework, follow the footprints of smart money
  • #394
  • Mar 24, 2020 11:51am Mar 24, 2020 11:51am
Here's another lesson: Use a very good and adequate stop loss. If you normally use a tight stop loss, this is a time to use a more generous stop loss; and hide it behind a reasonably good area of market structure. Target, as your take profit, the next area of market structure on the time frame immediately higher than the one you take the trade on. You want to share your own lesson with members? Post it here.

KP

Quoting KeenPips
What are you learning about trading in these times of crisis? Share it here. KP
Do your homework, follow the footprints of smart money
  • #395
  • Mar 24, 2020 12:05pm Mar 24, 2020 12:05pm
Quoting KeenPips
Talking about the GBPUSD market. I am bearish on this market, as a short to medium term swing trader. However, I often day trade a market when it has potential for a good reward:risk ratio. So in the prevailing crisis situation, I found that the GBPUSD has reached a very low area, in fact an all time low and has the potential to offer a good reward:risk ratio at an area of value if traded long (counter trend) to say the 50/68.2 Fib zone on the D1 time frame. In a normal time, I would have stepped aside until a southward turn around at an area of...
Thanks for the valuable input and highly agree.
I am short on GBP in three different pairs in massive profit. I see some bullishness, I won't bank profit just yet but will place buy order after daily close candle as you suggest to make some quick buck on PB.

Trade well.
Nobody ever made a dime by panicking. Jim C
  • #396
  • Mar 24, 2020 12:16pm Mar 24, 2020 12:16pm
Thanks mate. But I hope you will not be buying GBUSD too late. It's already at an area you should be looking to take some profit, at least a first target, if you noticed it earlier in the London session.

Just trade safe and look for the right setup at an area of value. My bearish outlook is likely to kick in around 1.18850. This is not a signal suggestion and I am often wrong.

Trade safe and prosper.

KP

Quoting FxQB15
{quote} Thanks for the valuable input and highly agree. I am short on GBP in three different pairs in massive profit. I see some bullishness, I won't bank profit just yet but will place buy order after daily close candle as you suggest to make some quick buck on PB. Trade well.
Do your homework, follow the footprints of smart money
  • #397
  • Mar 24, 2020 12:16pm Mar 24, 2020 12:16pm
Quoting KeenPips
What are you learning about trading in these times of crisis? Share it here. KP
I am a long term or swing trade to say the least where I spent no more than an hour a day on the chart after N.Y close on daily basis. But now with all the time in world at home it be a crime to not take adv of all this volatility, lol. so that is why i have learned to take advantage of short term momentum with taking shots on 4hr or even hourly TF for quick buck and your suggesting and input giving me confidence to go for it. If I see some solid engulf confirmed with one or two other confluences such as S/R levels, DB/DT etc, I will take a shot.

Trade well.
Nobody ever made a dime by panicking. Jim C
  • #398
  • Mar 24, 2020 12:21pm Mar 24, 2020 12:21pm
Good point mate. It is good to combine both: being a swing and an intra-day trader when the markets or conditions are right. Yes, using a higher tf like H4 to gauge the intra-day market condition is a sound approach.

KP

Quoting FxQB15
{quote} I am a long term or swing trade to say the least where I spent no more than an hour a day on the chart after N.Y close on daily basis. But now with all the time in world at home it be a crime to not take adv of all this volatility, lol. so that is why i have learned to take advantage of short term momentum with taking shots on 4hr or even hourly TF for quick buck and your suggesting and input giving me confidence to go for it. If I see some solid engulf confirmed with one or two other confluences such as S/R levels, DB/DT etc, I will take...
Do your homework, follow the footprints of smart money
  • #399
  • Mar 24, 2020 12:24pm Mar 24, 2020 12:24pm
Quoting KeenPips
Thanks mate. But I hope you will not be buying GBUSD too late. It's already at an area you should be looking to take some profit, at least a first target, if you noticed it earlier in the London session. Just trade safe and look for the right setup at an area of value. My bearish outlook is likely to kick in around 1.18850. This is not a signal suggestion and I am often wrong. Trade safe and prosper. KP {quote}
Totally get your point. That level 18850 is almost the fri PB high and very well could be a bounce off level. I Think it's either that or breakout of that area to possibly test the 1.20000 (breakout to new lows for GBP now could serve as a Resistant lev) levels coincide with fib 38% level accounting the pandemic duration trend.
Remains to be seen.
thx


Trade well.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDDaily3333333.png Size: 44 KB
Nobody ever made a dime by panicking. Jim C
  • #400
  • Edited Mar 25, 2020 5:46am Mar 24, 2020 12:29pm | Edited Mar 25, 2020 5:46am
Let me add this: If you are not focused and able to exercise an unalloyed patience, you will be frustrated to 'death' (speaking metaphorically) either by the volatility in the market or by the unending seesaw of a market in equilibrium, congestion or indecision.

KP

Quoting KeenPips
Here's another lesson: Use a very good and adequate stop loss. If you normally use a tight stop loss, this is a time to use a more generous stop loss; and hide it behind a reasonably good area of market structure. Target, as your take profit, the next area of market structure on the time frame immediately higher than the one you take the trade on. You want to share your own lesson with members? Post it here. KP {quote}
Do your homework, follow the footprints of smart money
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