Stop searching for the 'Holy Grail', work on yourself! | Page 28 | Forex Factory

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

  • #541
  • Edited 3:13am Jul 2, 2020 2:46am | Edited 3:13am
An intra-day trader, to be consistently successful, will have to scan the markets more often than a swing trader. In fact, as a simple rule of thumb, the more often you trade, the more often you should scan the markets before you enter a trade. That is why, it is difficult for a scalper to trade more than a few pairs successfully; it will require more time to scan those markets unless he or she has a mechanical/automated scanner.

KP

Quoting KeenPips
...How often this is done will depend on the type of trader he or she is....{quote}
Do your homework, follow the footprints of smart money
  • #542
  • Jul 2, 2020 3:06am Jul 2, 2020 3:06am
Proper market analysis prepares you for a focused scan of the markets. That way, you will not get into the panicky mode where a trader will say, 'the market is bullish', and within the next two minutes he or she will say 'the market is bearish.' With proper market analysis, done with at least two time frames - a higher time frame for technical direction, a smaller time frame for momentum and trade entry - you will know what to look for and how to behave at your trade entry time frame without being jumpy.

KP

Quoting KeenPips
An intra-day trader, to be consistently successful, will have to scan the markets more often than a swing trader. In fact, as a simple rule of thumb, the more often you trade, the more often you should scan the markets before you enter a trade....{quote}
Do your homework, follow the footprints of smart money
  • #544
  • Edited 4:38am Jul 2, 2020 3:56am | Edited 4:38am
The purpose of this thread is very obvious from post #1. Any trader may have a different opinion and may feel otherwise, and he or she can go embrace other threads that agree with him or her. @loftboy was promoting a particular 'trading system thread' here - which really he should not be doing; and shows that there are still traders who have been in FF since as long as 2010 who are still novice-like in their trading orientation. There are thousands of trading systems. In FF we have hundreds of 'Trading Systems' threads. The fact that each of them fails to be the 'holy grail' of trading is why the 'Trading Systems' threads continue to grow by the day.

Stay safe, trade safe.

KP
Do your homework, follow the footprints of smart money
  • #545
  • Jul 2, 2020 4:20am Jul 2, 2020 4:20am
It is often the case that novice traders search for trading systems to embrace; which is fine and expected at the beginning of one's trading career. I was there! However, it is imperative that such a trader goes a step further to testing a few systems e.g. on demo trading for a few months and then select one or two functional one(s) with which he or she is comfortable, live trade it on e.g. micro lots; settling down to a trading style and focus on mastering it while keeping his or her trading risk very low because while working on mastering a trading system capital protection is paramount, something which several newbies often fail to do.

KP

Quoting KeenPips
The purpose of this thread is very obvious from post #1....There are thousands of trading systems. In FF we have hundreds of 'Trading Systems' threads. The fact that each of them fails to be the 'holy grail' of trading is why the 'Trading Systems' threads continue to grow by the day....
Do your homework, follow the footprints of smart money
  • #546
  • Jul 2, 2020 5:02am Jul 2, 2020 5:02am
IMHO I think no all trading system works for a considerable long period of time, but one thing some consistently profitable traders have learnt to do is to know when their trading system works and when it doesn't.
When you have gotten to that stage: 1. One you spot strong trend easily. 2. You trade less frequently. 3. The psychological stress that comes with trading not goes down as low as possible.
In fact, when you get to that stage you will notice you have started getting your life back.
  • #547
  • Edited 5:57am Jul 2, 2020 5:02am | Edited 5:57am
You cannot learn enough about structure-based price action trading. Below is a video you may learn from. As usual, I have no financial interest in the presenter, neither am I holding him up as a 'guru' to follow.

Stay safe, trade safe.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #548
  • Jul 2, 2020 5:04am Jul 2, 2020 5:04am
This game called fx, if not handled with extreme caution will rob you of your money, peace of mind, your self confidence,y sexual libido and most importantly your time.
  • #549
  • Jul 2, 2020 5:07am Jul 2, 2020 5:07am
So, guys I think holy grail will only exist for you, when you have realised when your trading system works and when it doesn't. It is only then that you can trade consistently profitably.
  • #550
  • Jul 2, 2020 5:18am Jul 2, 2020 5:18am
Good point mate. Master your trading system, know when and how it works .

Stay safe, trade safe.

KP

Quoting Okpala1988
So, guys I think holy grail will only exist for you, when you have realised when your trading system works and when it doesn't. It is only then that you can trade consistently profitably.
Do your homework, follow the footprints of smart money
  • #551
  • Jul 2, 2020 5:29am Jul 2, 2020 5:29am
As this thread emphasizes, there is much more involved in trading success than the trading system. In fact, trading system is only one of at least four factors that foster trading success: trading system, trading strategies, trading skills, and the trader's mindset.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #552
  • Jul 2, 2020 7:51am Jul 2, 2020 7:51am
Quoting KeenPips
The purpose of this thread is very obvious from post #1. Any trader may have a different opinion and may feel otherwise, and he or she can go embrace other threads that agree with him or her. @loftboy was promoting a particular 'trading system thread' here - which really he should not be doing; and shows that there are still traders who have been in FF since as long as 2010 who are still novice-like in their trading orientation. There are thousands of trading systems. In FF we have hundreds of 'Trading Systems' threads. The fact that each of them...
No, I wasn't "promoting" anything. The thread I mentioned is very effective due to it's simplicity. If you choose to ignore it, that's your choice, it makes no difference to me. Keep it simple.
All you touch and all you see, is all your life will ever be.
  • #553
  • Jul 2, 2020 7:56am Jul 2, 2020 7:56am
Thanks but you are supposed to keep to the rules of this thread and stick with its essence.

KP

Quoting Loftboy
{quote} No, I wasn't "promoting" anything.....
Do your homework, follow the footprints of smart money
  • #554
  • Jul 2, 2020 8:04am Jul 2, 2020 8:04am
I made my choice about 1-2 years after starting out as a trader; that was in 2012/13 and that informed why I started this thread and what I post here...As for keeping things simple, imo, nothing can be simpler than structure-based price action trading; particularly if you have the right strategy and mindset.

Stay safe, trade safe.

KP

Quoting Loftboy
{quote}....If you choose to ignore it, that's your choice, it makes no difference to me. Keep it simple.
Do your homework, follow the footprints of smart money
  • #555
  • Jul 3, 2020 11:58am Jul 3, 2020 11:58am
I think a new trader should not start focusing on one or two systems, when I started out i was told to focus on one system it was in a 15min time frame, I failed on the 15 min for five years, till I changed the time frame. Every trader has a different personality, in my case 15min chart is too fast for me, I can't think that fast when I trade it I go on tilt. But the 4hr and 1hr suit my personality well, I have time to process my emotions.

I wasted most of my time because I had not discovered a system that suits my personality. I think new traders at first should try different systems and time frames to discover which one suits them, if I knew this I probably would have reduced my learning curve by half. This is my humble opinion from my experience.
  • #556
  • Jul 5, 2020 10:15am Jul 5, 2020 10:15am
Quoting Okpala1988
IMHO I think no all trading system works for a considerable long period of time, but one thing some consistently profitable traders have learnt to do is to know when their trading system works and when it doesn't. When you have gotten to that stage: 1. One you spot strong trend easily. 2. You trade less frequently. 3. The psychological stress that comes with trading not goes down as low as possible. In fact, when you get to that stage you will notice you have started getting your life back.
Very true sir
Trade to trade well
  • #557
  • Jul 5, 2020 10:22am Jul 5, 2020 10:22am
Quoting philemon123
I think a new trader should not start focusing on one or two systems, when I started out i was told to focus on one system it was in a 15min time frame, I failed on the 15 min for five years, till I changed the time frame. Every trader has a different personality, in my case 15min chart is too fast for me, I can't think that fast when I trade it I go on tilt. But the 4hr and 1hr suit my personality well, I have time to process my emotions. I wasted most of my time because I had not discovered a system that suits my personality. I think new traders...
Congratulations for having such a patience. At least you've inspired me.now I know there's hope for me too.thanks a million
Trade to trade well
  • #558
  • Jul 5, 2020 3:02pm Jul 5, 2020 3:02pm
I'm happy that you got something helpful from there.

Stay safe, trade safe.

KP

Quoting Zillionaire
{quote} Congratulations for having such a patience. At least you've inspired me.now I know there's hope for me too.thanks a million
Do your homework, follow the footprints of smart money
  • #559
  • Jul 8, 2020 10:41am Jul 8, 2020 10:41am
Are you following a rules-based strategy? Among other things, such a strategy will clearly specify what qualifies for a trend and on which particular time frame, which market conditions you would trade, what you would like to see in a feasible trading setup, and what will guide your market entry and market exit. Do you have such a strategy?

KP
Do your homework, follow the footprints of smart money
  • #560
  • Jul 8, 2020 11:16am Jul 8, 2020 11:16am
Keen pips thanks for starting this thread really informative.
One of the things that made me take long learning this craft was not sticking to one setup. My system has four setups, I started making money when I stuck to one setup. I started recording that one setup, I gathered as much info as I could. I printed every winner for that setup on some pairs from about two years, I studied the setup on the pairs and came up with variables that were common. Using the variables I formed a checklist of things I needed to see before I take the trade. After that I became profitable. I still trade that one setup, I know it in and out, but I am still getting better.

If you are not profitable, I advice you to put on the work, trade just one setup. Study your winners with that one setup, come up with variables for the setup, form a checklist. you will take your trading to another level.
I wish I followed this information, someone told me but I was sturbon, I could have saved some years from the five++ years I took learning this craft.

This is my humble opinion, I thought I should share.
Happy trading everyone
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