Stop searching for the 'Holy Grail', work on yourself! | Page 30 | Forex Factory

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

  • #581
  • Edited 3:26am Jul 24, 2020 3:02am | Edited 3:26am
When in doubt of market condition on your entry time frame, wait for clarity and alignment of price action with any momentum indicator you use or check the next two htfs for clarity.

Stay safe, trade safe.

KP
Do your homework, follow the footprints of smart money
  • #582
  • Jul 24, 2020 7:43am Jul 24, 2020 7:43am
The momentum tells you to focus on what the market is doing atm, the htfs tell you the potential in the market you can take advantage of.

KP

Quoting KeenPips
When in doubt of market condition on your entry time frame, wait for clarity and alignment of price action with any momentum indicator you use or check the next two htfs for clarity...
Do your homework, follow the footprints of smart money
  • #583
  • Jul 26, 2020 9:05pm Jul 26, 2020 9:05pm
Hi guys,

I'm new to this forum but I've known its been around for awhile. I started trading forex about 7 years ago its taken me about 3 years to become consistent and able to trade full time. So much wisdom on here and i look forward to learning and engaging more often now. Probably one of the key things which changed my results to positive was the understanding (and behaving in an aligned way) that it is impossible to know what any particular trade is going to do. All it takes is literally one person to change price direction and screw the trade. Moreover, its not important to know what the result will be (something which is unknowable). The key for me was realizing that the edge we have is not over any particular trade, but rather over a series of trades. Any edge is not supposed to be calculated on a trade by trade basis. So play the long game, stick to a strategy if you think you have an edge and assess results over a series of trades, or over a decent period of time. Of course, risk management is the second key after psychology.

Glad to be here and looking forward to learning and sharing.

Cheers
  • #584
  • Jul 27, 2020 6:58am Jul 27, 2020 6:58am
Hello mate, let's start with a welcome. Welcome to FF! Congratulations on making such useful contribution in this post! It shows you really have learned and that your experience can be useful to FF members. Regarding learning, we ought to keep learning to be consistently profitable.

Stay safe,trade safe.

KP

Quoting Fxsniper82
...I look forward to learning and engaging more often now. Probably one of the key things which changed my results to positive was the understanding (and behaving in an aligned way) that it is impossible to know what any particular trade is going to do...The key for me was realizing that the edge we have is not over any particular trade, but rather over a series of trades....So play the long game, stick to a strategy....Of course, risk management is the second key after psychology...
Do your homework, follow the footprints of smart money
  • #585
  • Jul 27, 2020 9:53am Jul 27, 2020 9:53am
Thank you for the welcome Keen Pips. Your so right, the learning, refining, imporving never ends in order to try and stay profitable.
  • #586
  • Jul 27, 2020 10:40am Jul 27, 2020 10:40am
You are on the right track mate.

Trade safe and prosper.

KP

Quoting Fxsniper82
....Your so right, the learning, refining, improving never ends in order to try and stay profitable.
Do your homework, follow the footprints of smart money
  • #587
  • Jul 27, 2020 11:06am Jul 27, 2020 11:06am
Cheers. Tried to like your post but as a junior member Im not able to apparently.
  • #588
  • Jul 27, 2020 11:27am Jul 27, 2020 11:27am
Understood...We all started here as new or junior members. Stay focused and try to make yourself a valuable member of FF while learning from other members where you feel the need to do so.

KP

Quoting Fxsniper82
Cheers. Tried to like your post but as a junior member Im not able to apparently.
Do your homework, follow the footprints of smart money
  • #589
  • Jul 28, 2020 2:36am Jul 28, 2020 2:36am
Just sharing:

Are you worried about losing money in FX trading? Yes, you should be but not overly worried. What you should be really worried about is not to learn from your losses. You may overlook a few losses but learning from such losses is one way of progressing as a trader.

Stay safe, trade safe.

KP
Do your homework, follow the footprints of smart money
  • #590
  • Jul 29, 2020 5:30am Jul 29, 2020 5:30am
Some times I wonder why we traders make things hard for ourselves. It is understandable when we have just started out in this business and susceptible to various, multi-faceted ideas, systems, strategies; you name it. What should be our main concern in the market is to know what it is doing, how it is doing it and what opportunities we are offered to engage productively in the market. How many indicators do we need for those? You decide, but me thinks not more than three, for the following: market condition, current price action/mode/momentum, and trade entry trigger (or relevant confluence factors). What do you think? Tell us here.

Stay safe, trade safe.

KP
Do your homework, follow the footprints of smart money
  • #591
  • Aug 3, 2020 6:39am Aug 3, 2020 6:39am
Just Sharing

One area a trader can advance is to personally improve on analyzing and understanding the markets he or she trades. Going beyond using indicators and seeking to understand the internal workings of price action is a step in the right direction. For example, just saying price action is below, e.g. the 50 EMA, is not enough. Knowing how it performs below the 50 EMA and the nature of that performance offers a better understanding. The trader can go beyond that by using cues that price action is giving across specific time frames in a top-down approach; doing this helps the trader gain further technical insight.

KP
Do your homework, follow the footprints of smart money
  • #592
  • Aug 3, 2020 8:31am Aug 3, 2020 8:31am
Often, our technical indicators, particularly when they are too many, act like blinkers against effective, deeper and insightful analysis of market operation.

KP

Quoting KeenPips
....One area a trader can advance is to personally improve on analyzing and understanding the markets he or she trades. Going beyond using indicators and seeking to understand the internal workings of price action is a step in the right direction...
Do your homework, follow the footprints of smart money
  • #593
  • Aug 3, 2020 10:25am Aug 3, 2020 10:25am
Hello, moment-by-moment analysis of the gold symbol. Short and long times /
We invite gold market enthusiasts to join us

https://www.forexfactory.com/thread/...7#post13094107
  • #594
  • Aug 3, 2020 10:31am Aug 3, 2020 10:31am
Thank you. But your analysis on XAUUSD is rather superficial and elementary. Learn to do a deeper analysis.

Trade safe and prosper.

KP

Quoting BigBangs21
Hello, moment-by-moment analysis of the gold symbol. Short and long times / We invite gold market enthusiasts to join us https://www.forexfactory.com/thread/...7#post13094107
Do your homework, follow the footprints of smart money
  • #595
  • Aug 4, 2020 9:05am Aug 4, 2020 9:05am
Quoting KeenPips
Just sharing: Are you worried about losing money in FX trading? Yes, you should be but not overly worried. What you should be really worried about is not to learn from your losses. You may overlook a few losses but learning from such losses is one way of progressing as a trader. Stay safe, trade safe. KP
I totally agree with you. I have been trading for over 6 years and lost many times just to realize that there is nothing as an indicator or a group of indicators that can help me to achieve the absolute win forever. I learnt to accept that everything has its possibilities and try to improve myself to increase the winning possibilities time over time. I am also trying not to let the emotion control my decision, but I guess I still have a long way to go.
  • #596
  • Aug 4, 2020 9:28am Aug 4, 2020 9:28am
Good attitude to have for long-term success.

Trade safe and prosper

KP

Quoting lebach
....I learnt to...try to improve myself to increase the winning possibilities time over time....but I guess I still have a long way to go.
Do your homework, follow the footprints of smart money
  • #597
  • Aug 9, 2020 1:56pm Aug 9, 2020 1:56pm
A tip I will like FF members to consider and learn to apply is to always consider the daily time frame for directional trend or prevailing market condition when looking for more than a scalping trade.

KP
Do your homework, follow the footprints of smart money
  • #598
  • Aug 10, 2020 11:57am Aug 10, 2020 11:57am
Given a functional system and strategy with specific well-tested trading rules, patience will foster an edge in the market.

KP
Do your homework, follow the footprints of smart money
  • #599
  • Aug 11, 2020 5:43am Aug 11, 2020 5:43am
It is often the case that newbies, of course we were all once there, spend countless hours (some spending a lot of money they could ill afford) looking for the 'flawless' system, while such time (and even the money involved) are better spent on testing and mastering one or two functional systems and strategies. During such testing, much focus should be on self-mastery, meaning building the patience and discipline that crucially will be needed for long-term success.

Trade safe and prosper.

KP

Quoting KeenPips
Given a functional system and strategy with specific well-tested trading rules, patience will foster an edge in the market. KP
Do your homework, follow the footprints of smart money
  • #600
  • Aug 13, 2020 7:17am Aug 13, 2020 7:17am
What do you do when the markets are awry for your trading system or trading style?

KP
Do your homework, follow the footprints of smart money
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