Do you need to see the past to trade profitably? | Forex Factory

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Do you need to see the past to trade profitably?

  • #1
  • First Post: Jan 7, 2021 5:24pm Jan 7, 2021 5:24pm
I am just curious about this, as it has been mentioned that you don't,
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  • #2
  • Jan 8, 2021 12:34am Jan 8, 2021 12:34am
Quoting asset21
I am just curious about this, as it has been mentioned that you don't, {image}
You don't need bars or candles to execute trades. You just need the bid ask quote.

However, you need price history that serves as big data input for your math models that you created to objectively measure and quantify to represent the state of the current market that helps you make trading decisions now that keep your trades in line and consistent with the projected future market.
Know what you trade
  • #3
  • Jan 9, 2021 7:23am Jan 9, 2021 7:23am
Personally, I do need candles to trade, I largely use candlestick analysis.
  • #4
  • Jan 9, 2021 6:26pm Jan 9, 2021 6:26pm
Quoting mlawson71
Personally, I do need candles to trade, I largely use candlestick analysis.
Before the Japanese invented the candlestick traders trade from the quotes. Candlestick is an unnecessary addiction that led to candlestick patterns and price action nonsense. End up traders today stare at their computer screens looking for nonsense "patterns" that market makers paint on our chart manipulating traders psychology 24/7. Think for one moment, who else if not the market maker paint the "patterns"?
Know what you trade
  • #5
  • Jan 10, 2021 11:27am Jan 10, 2021 11:27am
Quoting asset21
I am just curious about this, as it has been mentioned that you don't, {image}
Good question! You exactly got to the heart of the matter.

If you don't understand what the past means to the trade you're about to take, or if you don't know how to analyze the information from the past, then no, you really don't need it (you waste time looking at something you don't or can't possibly understand, and that simply delays your losses, and your eventual exit from the market and into a full time FF complainer). This is why most people who try to trade the forex lose money. If you want to make money in forex trading, then the answer is yes. Data from the past helps you understand how the market got to the position it's in before you trade, or understand what the tier 1 banks are likely trying to do, and is the essence of market narrative. If those things are important to you (big hint: they are) then data from the past is essential.
  • #6
  • Jan 10, 2021 12:01pm Jan 10, 2021 12:01pm
Traders see the past and most still fail to trade profitably. Unless you had access to the order books, or had "inside" information...don't think so.
My view of the market is that price action constantly repeats itself, repetitive patterns within patterns within patterns. Josh
  • #7
  • Jan 10, 2021 6:15pm Jan 10, 2021 6:15pm
Quoting GEfx
{quote} Good question! You exactly got to the heart of the matter. If you don't understand what the past means to the trade you're about to take, or if you don't know how to analyze the information from the past, then no, you really don't need it (you waste time looking at something you don't or can't possibly understand, and that simply delays your losses, and your eventual exit from the market and into a full time FF complainer). This is why most people who try to trade the forex lose money. If you want to make money in forex trading, then the...
Good answer, you have written so many times yet newbies fail to pick up your gold nugget to improve their trading.
Know what you trade
  • #8
  • Jan 10, 2021 8:19pm Jan 10, 2021 8:19pm
Patterns reflect the psychology of the market and the minds of those who trade, not the market makers
  • #9
  • Jan 25, 2021 3:59am Jan 25, 2021 3:59am
Quoting asset21
I am just curious about this, as it has been mentioned that you don't, {image}
For the way that I trade, using past price action is absolutely essential to my system.
  • #10
  • Jan 28, 2021 3:49am Jan 28, 2021 3:49am
Every trader can earn decent payouts at times, however, those aiming to have a regular income from trading might need a consistent profit Forex strategy. This is not an easy task. According to the experienced professional trader, Chris Capre, who uses market research numbers from the FX market, approximately 33% of traders are able to profit over a 3 month period. However, the percentage of those market participants who can do this consistently, on a yearly basis stands at 7.7%. This suggests that more than 92% of traders can not achieve this goal.
  • #11
  • Feb 2, 2021 3:16am Feb 2, 2021 3:16am
Absolutely. No analysis is complete without studying the past. Have to be checked well for placing the right trade.
  • #12
  • Feb 2, 2021 3:59am Feb 2, 2021 3:59am
Yes of course I watching past trading and chat for my I future trade because past trading shown me future Trend so it is very very important to see past trading of Forex.
  • #13
  • Mar 15, 2021 5:39pm Mar 15, 2021 5:39pm
I always use existing levels for my entry and stop-loss so I know exactly the risk I’m about to take ...
Market is not random but unpredictable
  • #14
  • Mar 15, 2021 6:10pm Mar 15, 2021 6:10pm
I believe I remember reading some threads about not using past data to execute trades from the user CrucialPoint. I believe the general idea is that if you're day trading, you should only be looking for shorts below the daily open and buys above it.
  • #15
  • Mar 15, 2021 6:59pm Mar 15, 2021 6:59pm
Quoting ccrkk10
I believe I remember reading some threads about not using past data to execute trades from the user CrucialPoint. I believe the general idea is that if you're day trading, you should only be looking for shorts below the daily open and buys above it.
If you only buy above the daily open and sell below the daily open then you are using past data.
  • #16
  • Mar 15, 2021 8:01pm Mar 15, 2021 8:01pm
Quoting Dmh
{quote} If you only buy above the daily open and sell below the daily open then you are using past data.
While this is true, I don't think it's what the purpose of this thread is. I took it as imagine you are starting trading today for the first time and have nothing prior from today to look at.
  • #17
  • Mar 17, 2021 4:42am Mar 17, 2021 4:42am
I always look at previous levels when trade. But, if a trader trades only on the news background basis and events that may affect the market, the history is not so important imo
  • #18
  • Mar 17, 2021 9:30am Mar 17, 2021 9:30am
Absolutely not.

The past is the past - If the entire dynamic of a market changes then the past is irrelevant.

Markets move every day based on NEW information as traders collectively update their perspective and adjust current valuations.

Take Tesla as an example - How does knowing that it traded at $70 this time last year help me make decisions today?

How about one of the oldest trading idioms...?

'Buy the rumour, sell the fact?'

Markets are forward-looking, not backward.
  • #19
  • Edited 10:14pm Mar 17, 2021 9:50pm | Edited 10:14pm
Past is a footprint,, yes i need it to make decision,, but depend on each person's trading style then you need how much historical. With me, i don't need timeframes, candlestick patterns, "huge" indicators, news, bla bla.. i just need historical from open daily price at NY time and watching the price movement, focusing on levels 00-20-50-80-00.. you know why ? because i never keep money in the market overnight, get in and get out with reward quickly in 24hrs.
I know my strategy is nonsense to most traders here, but it's match sense to me, most 25 yrs surviving and profitable in the market since i start trading market year 1995.
I'm here just making friends, learn from and help to other traders, and tell you about my trading stories. I respect other people's strategies. Whatever system good to you, you stay with that. No more no less.
BullShit BearShit
  • #20
  • Mar 17, 2021 11:08pm Mar 17, 2021 11:08pm
I doubt if you would want to go back to the old days. At any rate, without market makers there is no Forex trading business.

Stay safe, trade safe.

KP

Quoting BWilliam
{quote} Before the Japanese invented the candlestick traders trade from the quotes. Candlestick is an unnecessary addiction that led to candlestick patterns and price action nonsense. End up traders today stare at their computer screens looking for nonsense "patterns" that market makers paint on our chart manipulating traders psychology 24/7. Think for one moment, who else if not the market maker paint the "patterns"?
Do your homework, follow the footprints of smart money
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