Always be prepared for a fight and to be pushed to the brink | Forex Factory

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Always be prepared for a fight and to be pushed to the brink

  • #1
  • First Post: Apr 28, 2020 6:03pm Apr 28, 2020 6:03pm
I've blown my share of micro accounts looking for answers and waiting for my skills to catch up to reality...the blood, sweat and tears it takes to get anywhere near expert level at technical analysis/short term trading/mindset is truly sickening...this is why only 1 percent make it...people who excel are able to blend science and art, make big plays and salvage bad situations that wilt most normal traders...

You cannot continuously keep laying down and dying at the first sign of trouble and setting so many rigid fairy tale parameters in this world of savage killers with billion dollar accounts...why would you ever think your basic, obvious tactics and timelines would ever survive first contact with this expert enemy?

Anytime i start building a position and it immediately takes off in my favor i usually assume something is wrong and will begin unwinding and wait for a better spot to dig in...i almost never add to winners unless i'm already well dug in and very deep in profits anticipating a final surge...being able to manage leverage and many small positions is the most powerful thing in forex for a daytrader/scalper...it is also one of the most complex.

Placing one monster lot with a 10 pip stop etc is one of the dumbest and laziest things you can do unless your accuracy and timing is off the charts..many times you cannot see the way until you are in the thick of it and begin assimilating all current factors and deciding how big of a fight you are willing to put up....but rest assured... if you want huge gains, there will usually be a big fight to get them
  • #2
  • Apr 29, 2020 2:57am Apr 29, 2020 2:57am
Your strategy is pure gambling............................

Learn how to trade before you lose any more money.
It never gets easier, you just get better
  • #3
  • Apr 29, 2020 3:37am Apr 29, 2020 3:37am
I find timing the exit from a profitable position is the hardest decision in trading.
  • #4
  • Apr 29, 2020 3:45am Apr 29, 2020 3:45am
Quoting tomorton
I find timing the exit from a profitable position is the hardest decision in trading.
When you enter a trade you must know your risk and your expected profit target.
Without that planned beforehand you should not even be in that trade.

Fail to Plan ....... Plan to Fail
It never gets easier, you just get better
  • #5
  • Apr 29, 2020 4:02am Apr 29, 2020 4:02am
Quoting Shabs19
{quote} When you enter a trade you must know your risk and your expected profit target. Without that planned beforehand you should not even be in that trade. Fail to Plan ....... Plan to Fail

Yes, that's the decision I mean - where to plan to exit.
  • #6
  • Apr 29, 2020 4:13am Apr 29, 2020 4:13am
Quoting tomorton
{quote} Yes, that's the decision I mean - where to plan to exit.
It must be a relevant point in the chart, a previous Daily or Weekly High or Low, a support or resistance zone, another market session opening or closing, Impending major news announcements. The ADR is close to being reached, or simply your daily profit target / percentage being met.

You would know all these criteria before you place a trade, it's a vital part of your plan. Otherwise you will give back some or all your profits.
It never gets easier, you just get better
  • #7
  • Apr 29, 2020 4:21am Apr 29, 2020 4:21am
Quoting Shabs19
{quote} It must be a relevant point in the chart, a previous Daily or Weekly High or Low, a support or resistance zone, another market session opening or closing, Impending major news announcements. The ADR is close to being reached, or simply your daily profit target / percentage being met. You would know all these criteria before you place a trade, it's a vital part of your plan. Otherwise you will give back some or all your profits.

Yes, it can be any one or combination of these. Of course, your list is not comprehensive, there are additional TA-based factors that are relevant, as are fundamental issues, as much as actual time of day / time of week, competing opportunities for capital, excessive exposure to currency etc. etc.

There are so many factors, that this is why its the hardest decision - wherever you exit, you can always argue in more than one way that it was a totally bad decision. I also find its the hardest to bear on a psychological level but maybe that's just an individual view.
  • #8
  • Apr 29, 2020 4:30am Apr 29, 2020 4:30am
If I ever failed a micro account, or an account with a small balance, I always took some time off the markets to kick back and reflect on what went wrong and why, and to learn new skills, test them, and then come back when I am ready to face the market once again. Gotta remember trading psychology is important!
  • #9
  • Edited 4:47am Apr 29, 2020 4:32am | Edited 4:47am
Quoting tomorton
{quote} Yes, it can be any one or combination of these. Of course, your list is not comprehensive, there are additional TA-based factors that are relevant, as are fundamental issues, as much as actual time of day / time of week, competing opportunities for capital, excessive exposure to currency etc. etc. There are so many factors, that this is why its the hardest decision - wherever you exit, you can always argue in more than one way that it was a totally bad decision. I also find its the hardest to bear on a psychological level but maybe that's...
I didn't go through an extensive list for obvious reasons. If you study a currency pair long enough, you will understand it's personality. Fundamentals can change when important news is about to be released, it's best to understanding timing. Analysing fundamental news is fantasy, the price on the chart is the reality.
TA is an art form, as are chart patterns, all other stuff you mention is smoke & mirrors.
When you get on a bus, know where it's heading and know which stop to get off. You learn this by making many journeys.

Edit: To add, if you miss the bus then don't worry another will come along soon.
It never gets easier, you just get better
  • #10
  • Apr 29, 2020 5:03am Apr 29, 2020 5:03am
Quoting Shabs19
{quote} I didn't go through an extensive list for obvious reasons. If you study a currency pair long enough, you will understand it's personality. Fundamentals can change when important news is about to be released, it's best to understanding timing. Analysing fundamental news is fantasy, the price on the chart is the reality. TA is an art form, as are chart patterns, all other stuff you mention is smoke & mirrors. When you get on a bus, know where it's heading and know which stop to get off. You learn this by making many journeys. Edit: To add,...
What you say is all completely correct. Which does tend to underline my opinion (and that's all it is) that choosing the profitable exit point is the hardest thing in trading.
  • #11
  • Apr 29, 2020 5:11am Apr 29, 2020 5:11am
Quoting tomorton
{quote} What you say is all completely correct. Which does tend to underline my opinion (and that's all it is) that choosing the profitable exit point is the hardest thing in trading.
Just pick one criteria and stick with it.
Don't jump from one criteria to another, that's where you are confusing yourself.
You will learn from your results what works best for you.
It never gets easier, you just get better
  • #12
  • Apr 29, 2020 5:15am Apr 29, 2020 5:15am
There is obviously the need to give a fight in this business, and to deal with much frustrations. Much of the success a trader may eventually come to, in the real sense, has to do with his or her mindset. And much of what you wrote in post #1 is about that.

Stay safe, trade safe.

KP
Do your homework, follow the footprints of smart money
  • #13
  • Apr 29, 2020 5:21am Apr 29, 2020 5:21am
Quoting Shabs19
{quote} Just pick one criteria and stick with it. Don't jump from one criteria to another, that's where you are confusing yourself. You will learn from your results what works best for you.
I have, and its the hardest thing to do to firstly select criteria and secondly stick to them.
  • #14
  • Apr 29, 2020 5:30am Apr 29, 2020 5:30am
Quoting Shabs19
{quote} Just pick one criteria and stick with it. Don't jump from one criteria to another, that's where you are confusing yourself. You will learn from your results what works best for you.
I am an intraday trader, so adapt to your strategy.
Example.
Market session moves.
From yesterday 28/04 European Market moved prices up to test previous weeks High. (EXIT)
US open on the same day ADR 96 pips achieved, no apetite for taking it higher makes Day High & falls back to almost to The EU Open by end of days play.(EXIT).
EU open testing previous days US open & Weekly High, No apetite market falls, where to ? ADR or previous day Low ? US Red News 13.30 GMT (EXIT).
3 reasons to get out, pick one.
It never gets easier, you just get better
  • #15
  • Apr 29, 2020 5:43am Apr 29, 2020 5:43am
Quoting Shabs19
{quote} I am an intraday trader, so adapt to your strategy. Example. Market session moves. From yesterday 28/04 European Market moved prices up to test previous weeks High. (EXIT) US open on the same day ADR 96 pips achieved, no apetite for taking it higher makes Day High & falls back to almost to The EU Open by end of days play.(EXIT). EU open testing previous days US open & Weekly High, No apetite market falls, where to ? ADR or previous day Low ? US Red News 13.30 GMT (EXIT). 3 reasons to get out, pick one.
This is fine. I hope traders who can't decide when to get out take notice.
  • #16
  • Apr 29, 2020 6:01am Apr 29, 2020 6:01am
Quoting KeenPips
There is obviously the need to give a fight in this business, and to deal with much frustrations. Much of the success a trader may eventually come to, in the real sense, has to do with his or her mindset. And much of what you wrote in post #1 is about that. Stay safe, trade safe. KP
It's like any profession, how would you expect to become a master by reading a few books or watching a few videos on youtube.

Low Entry to this business and very High unrealistic expectations.
It never gets easier, you just get better
  • #17
  • Apr 29, 2020 6:16am Apr 29, 2020 6:16am
You can say that again. Traders need to spend the necessary time and effort to master the art and science of Forex trading. Expectation of sudden wealth is at the heart of of many a trader's ruination.

KP

Quoting Shabs19
{quote} It's like any profession, how would you expect to become a master by reading a few books or watching a few videos on youtube. Low Entry to this business and very High unrealistic expectations.
Do your homework, follow the footprints of smart money
  • #18
  • May 1, 2020 4:56am May 1, 2020 4:56am
Quoting Shabs19
Your strategy is pure gambling............................ Learn how to trade before you lose any more money.

you are gambling every time you push the button, my man...also your thoughts on only having one criteria are flawed for reaching mastery levels in trading...true mastery is being all styles, and no style. the ability to flow with any situation...what is gambling for you, to the top tier players is merely standard procedure...once you realize that big plays require big balls and big skills and that there are no limits, only plateaus...then you will be ready to realize your full potential
  • #19
  • May 1, 2020 9:04am May 1, 2020 9:04am
Quoting yanetjellen
{quote} you are gambling every time you push the button, my man...also your thoughts on only having one criteria are flawed for reaching mastery levels in trading...true mastery is being all styles, and no style. the ability to flow with any situation...what is gambling for you, to the top tier players is merely standard procedure...once you realize that big plays require big balls and big skills and that there are no limits, only plateaus...then you will be ready to realize your full potential
https://www.forexfactory.com/showthr...5#post12914665
It never gets easier, you just get better
  • #20
  • Last Post: Edited 1:29pm May 2, 2020 12:56pm | Edited 1:29pm
edit: nevermind lol
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