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Trading Made Simple

  • #117,701
  • Mar 19, 2021 6:25pm Mar 19, 2021 6:25pm
the art of MM...let's see if b/o traders shorts will survive or not
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the cautious seldom err....C
  • #117,702
  • Mar 19, 2021 8:19pm Mar 19, 2021 8:19pm
Quoting T4Trade
{quote} GJ is on reversal zone,since first quater of the year has finsihed,time to see reversals or continuations. please talk more about dravas box,i think using dravas box is not very valid on higher time frame,i dont use it at all ,you may want to enlightened us how to use Dravas.thanks {image}
Do not jump ahead of the market.

Follow simple rule: Wait for Weekly to close then follow your top ten trading tasks.

Update:
New York closed hours ago.

Now its time for weekend homework and do your Weekly Top Down Analysis and update your Big Picture and prepare a trade plan for next week' trading.

Darvas Box is a simple charting concept which you can apply to any price chart and identify the price swing highs and swing lows, and you will see the market consolidation, support & resistance, etc. then you look for trade opportunities. You can see the price action in every timeframe.

Nicolas Darvas traded the stock market with it and one of the key component he used was the market volume when price breaks the 'box'.
We are trading spot forex, we do not have the market volume to consider. The volume we see in spot forex is not the market contract volume unlike the stock market centralised exchange volume.

GJ Weekly New York Close Mar19

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #117,703
  • Mar 19, 2021 8:42pm Mar 19, 2021 8:42pm
Quoting T4Trade
{quote} i suggest you to study Emmanual style of trading using TMS 5 method,there is lot to learn,technically you were right,w,4h and 1 h was all sell.so its up to you to let the trade hit the stop loss or you build the basket and clsoe all with BE or with profit,trade 4h and higher time frame and use MEME as money management.Good luck.i studied your trades and let me create tpl of TMS5 becaue i myself use customized chart for TMS5.
hey T4Trade

pips29 and I have been here trading for many years. He knows my trading style has evolved over that many years.

he is the day-trader. I am the swing and position trader.

you to will evolve your own trading with time too.

how much mote time will you need to make the transition to swing trading and positions trading?

how much more time do you need to reach that level of the OP Big E Post#2617 when taking clean trades was a breeze for him?

Keep on learning and exploring, do not limit yourself and one day you will be there.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #117,704
  • Mar 20, 2021 1:30am Mar 20, 2021 1:30am
My experience with funding talent is very bad. they have send me Invoice to pay them with PayPal. I have did the same. I have paid with my friends PayPal. They first told me they not receive my payment. After that they asked me which broker I would like to trade. I email them to confirmed my payment. They have email me yes they receive my payment. They provide me demo account for the challenge. I started trading. I can't see my account matrix I email them they ask for many things no coordination's at all who ever is receive the email they don't bother to read previous email they ask same questions.
Now they deactivate my account saying that I have to give them order number. I have already provide my personal area pass word They can see my order number their but they ask many things.

I understand one thing they are trying to hold my 155$ with out giving any service.
Be very very careful with funding talent or forextips101. both are same company.
I ask for company registrations document they couldn't provide it too.


They have already confirm that they have receive my payment, Now they are saying different things. I have give review in Trustpilot, they have force me to remove my review with several email they are threatening me, that they will inactive my trading account. It seems like whenever I am in profit they arise a issue. whenever I am in little dd they don't' answer to my email.


I just share my experience don't give any negative comment, I feel bad that I choose wrong prop firm.
MA provides the market's current direction and strength.
  • #117,705
  • Mar 20, 2021 5:28am Mar 20, 2021 5:28am
Quoting hasib
My experience with funding talent is very bad. they have send me Invoice to pay them with PayPal. I have did the same. I have paid with my friends PayPal. They first told me they not receive my payment. After that they asked me which broker I would like to trade. I email them to confirmed my payment. They have email me yes they receive my payment. They provide me demo account for the challenge. I started trading. I can't see my account matrix I email them they ask for many things no coordination's at all who ever is receive the email they don't...
Sorry to hear about your bad experience this is such a shady industry it may be worth sharing your experience in the (Prop Firm Hub) thread
  • #117,706
  • Mar 20, 2021 7:56pm Mar 20, 2021 7:56pm
Quoting emmanuel7788
{quote} BTCUSD March 14, 2021 > hit USD60,000 {image} {image}

BTCUSD Sunday Mar21

- counting the days for it to hit the next BRN USD70,000

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #117,707
  • Mar 20, 2021 8:13pm Mar 20, 2021 8:13pm
Quoting hasib
My experience with funding talent is very bad. they have send me Invoice to pay them with PayPal. I have did the same. I have paid with my friends PayPal. They first told me they not receive my payment. After that they asked me which broker I would like to trade. I email them to confirmed my payment. They have email me yes they receive my payment. They provide me demo account for the challenge. I started trading. I can't see my account matrix I email them they ask for many things no coordination's at all who ever is receive the email they don't...
Hi hasib

Thanks for telling us your experience.
There are many others who lost their money too.
Say goodbye to your money and move on.
Trade your own money and forget about all these sort of rubbish.

This is lesson for the newbies who dream of one day to trade prop firm. Work hard in your day job and build a career. Make honest living and saved up your money and invest in asset classes that will grow in value and pay you passive income like owning a few properties that will generate rental income for your retirement.

Trade Well and Trade Safe.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #117,708
  • Mar 21, 2021 4:49am Mar 21, 2021 4:49am
Last week trading gold was difficult. This week also it will be difficult. I am expecting price will move lower but it could go up.
100 week atr is 593 pips but last week move was around 350 pips. it is clear that price is slowing down. it is moving up but. but strength of the directional move is not strong.
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MA provides the market's current direction and strength.
  • #117,709
  • Mar 21, 2021 5:52am Mar 21, 2021 5:52am
Quoting emmanuel7788
{quote} Hi hasib Thanks for telling us your experience. There are many others who lost their money too. Say goodbye to your money and move on. Trade your own money and forget about all these sort of rubbish. This is lesson for the newbies who dream of one day to trade prop firm. Work hard in your day job and build a career. Make honest living and saved up your money and invest in asset classes that will grow in value and pay you passive income like owning a few properties that will generate rental income for your retirement. Trade Well and Trade...
Hi Vincent

Excellent advice!

Some GENERAL/SIMPLE tips to do BEFORE you sign on:

- google any names of any official you find on the firm's site
- google eg. reviews fundingtalent/funding talent
- check their testimonials and see if you have any names + surnames to google and/or contact
- check their contact email and see if it is the same as their official website
- Check their type of response if you contact them first(as well as any follow up).
- Beware if they are not forthcoming with their company info
- do: eg. whois funding talent (they may use eg. emails @ contactprivacy (dot) com which may or may not raise a flag)
- if any links on their turns up 404's - beware
- if on their website - they use "bad" english/whatever language - beware
- if the site "looks sloppy(not well made)" to you - beware.
- check relevant threads here on FF like : Prop Firm Hub
- check well known sites like Baby Pips to see if they have any info regarding the offer
- check the brokers they use(google reviews about them - may raise a flag)
- check the commissions/spread - this may be horrid(bad - not worth it)
- eg. make a screenshot of any contact with them

* used "funding talent as example

Trade well / Mos
Don't limit yourself!!
  • #117,710
  • Mar 21, 2021 6:06am Mar 21, 2021 6:06am
gbpusd also a difficult market to trade in the last week. we are in a range market
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MA provides the market's current direction and strength.
  • #117,711
  • Mar 21, 2021 8:19am Mar 21, 2021 8:19am
Quoting mosiskv
{quote} Hi Vincent Excellent advice! Some GENERAL/SIMPLE tips to do BEFORE you sign on: - google any names of any official you find on the firm's site - google eg. reviews fundingtalent/funding talent - check their testimonials and see if you have any names + surnames to google and/or contact - check their contact email and see if it is the same as their official website - Check their type of response if you contact them first(as well as any follow up). - Beware if they are not forthcoming with their company info - do: eg. whois funding talent (they...
Fact checking is always the way to prevent scams.
so far only FTMO is the only firm I would consider. Prop firm is legit business or no one would pay attention to this terms but authorities ... but with no deep knowledge better stick with basic wisdom and go for well known options.

best to treat “prop firm trader” or full-time trader as a career. Plan and research. Just like looking for a job... how long does it take from learning to become proficient, what skill sets are needed for this career path. Big and reputable companies are more likely offering a well paid job... etc... still there is hope to get in and succeed in prop firm trading.

otherwise better to treat trading as a kill-time hobby, or stay out and focus in other professions. My opinion and experience.
  • #117,712
  • Mar 21, 2021 2:53pm Mar 21, 2021 2:53pm
12 tasks you can follow in your trading-

 

  1. Self-analysis to determine if you are in a state of mind to trade

Prior to starting your trading day, it is very important to make sure you are in the correct state of mind to trade. You need to analyse yourself and make sure you are at the best state of mind to avoid mistakes in the markets. You cannot finish fighting with a friend, spouse, or colleague and expect to make great analytical decisions. Therefore, the first and most important step, is always making sure your mind is clear and at its best.

 

  1. Mental rehearsal to avoid mistakes

The second step includes you rehearsing your set of rules and making sure you are going to strictly stick by them. This will allow you to avoid many mistakes in the markets and in your day

  1. Daily focus to lead you towards your goal

It is very important to have goals, but specifically daily goals. You need to determine what your goals are for the day including the pairs you are looking at, the times you will be trading, your risk management, and what you aim at gaining from the markets that day. Once goals are met, it is important to step back and wait until the next day to trade.

  1. Developing your own style of a low risk idea

  1. Stalking the charts starting from high to low time frames

Looking at the charts from the higher to the lower time frames allows you to be able to see the bigger picture before looking right in. if you started looking from the lower time frames, you could have a wrong picture painted for you as to where the price could be heading. You cannot see the bigger picture if you are standing too close to something, it is the same concept on the charts.

  1. Action requiring commitment and not thought

Once a trade and an idea has been analysed, it is important not to second guess yourself and take the trade. Do not second guess yourself if you believe in yourself and your trades.

  1. Monitoring the trade to keep the risk low

Always keep your eyes on your trades. Now that doesn’t necessarily mean you need to be glued to your charts, but check them every once in a while, and at important candle closure to make sure they are still playing out the way you expect them to.

  1. Aborting is the trade is not going well

If a trade does not go as planned (and the reality is some won’t), it is important to cut your losses if the trade is clearly not going to recover. There is no reason to hold on to a losing trade if there is no reason for it to recover.

  1. Taking profits when the reason for the trade has ended

A take profit is placed for a reason, however sometimes the reasons end before the take profit has been reached, meaning it is very important to close the trade even if it means closing it early. Never become attached to a trade that you chase the take profit only to find yourself back at 0 or even in negative.

  1. A daily review to monitor and prevent future mistakes

At the end of every day, all the trades taken should be reviewed. This will allow you to see what you are doing right, and what you are doing wrong. This will give you a good indication for what is needed for future trades.

  1. Being grateful for what went well

Something so many people pay no attention to and ignore is gratefulness. Any positive day in the markets, is a great day! Be grateful for all that goes right, no matter how small the profits might be, because 90% of traders lost that day.

  1. A periodic review to make sure everything is still working well

Every quarter it is great that you review your whole trading system. As the markets change, we need to be able to change and adapt with them, therefore a periodic review will allow you to know if things that are working still are or aren’t.

MA provides the market's current direction and strength.
  • #117,713
  • Mar 21, 2021 5:43pm Mar 21, 2021 5:43pm
a "too good" to resist long..a gap play, anyway trade is at be+20
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the cautious seldom err....C
  • #117,714
  • Mar 21, 2021 5:51pm Mar 21, 2021 5:51pm
took this as well, the gap was too wide to resist getting on, so pulled the trigger with 3 entries...taken one entry out for some profits and the other two are at b/e+..,,risk free
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the cautious seldom err....C
  • #117,715
  • Mar 21, 2021 7:23pm Mar 21, 2021 7:23pm
Weekly charts Mar 22 Big Picture

- you can see the market type condition trading this week12/2021 Mar 22 to 26

- do we need a bigger picture? NO.

- we need a Blueprint For Trading Success

- and without your Blueprint For Trading Success, you can forget about the FTMO, Prop Firm, etc. and forget trading for a living, etc.

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #117,716
  • Mar 21, 2021 7:28pm Mar 21, 2021 7:28pm
Quoting hasib
12 tasks you can follow in your trading- Self-analysis to determine if you are in a state of mind to trade Prior to starting your trading day, it is very important to make sure you are in the correct state of mind to trade. You need to analyse yourself and make sure you are at the best state of mind to avoid mistakes in the markets. You cannot finish fighting with a friend, spouse, or colleague and expect to make great analytical decisions. Therefore, the first and most important step, is always making sure your mind is clear and at its best. Mental...


You have 12 tasks ... that's 2 more than what I got from my mentor.

I have only 10 tasks of top traders.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #117,717
  • Mar 21, 2021 7:51pm Mar 21, 2021 7:51pm
watching for gn pullback sell.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #117,718
  • Mar 21, 2021 8:57pm Mar 21, 2021 8:57pm
Quoting hasib
gbpusd also a difficult market to trade in the last week. we are in a range market {image}

GBPUSD Week12 Mar 22 to 26

H4 is trading within that High-Low of the Weekly big candle 1.3778 and 1.4108

Just study the training charts posted by the OP Big E. He would trade following the PA of the HA candles and the 5EMA as its direction. If the 5EMA is flat, that is when he would not take any trade and look for his other 7 pairs.
He also mentioned he would scalp the 4hr. Can you scalp the 4hr? What about scalp the 5hr, or the 6hr, or the 7hr?


Attached Image (click to enlarge)
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there are many ways to get into the market if you consistently follow simple rules for entries and exits.

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #117,719
  • Mar 21, 2021 9:06pm Mar 21, 2021 9:06pm
EURNZD Mar22 H4 at Tokyo 11am

- Price Action Bullish Engulfing Outside Bar BUEOB

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Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #117,720
  • Mar 21, 2021 9:37pm Mar 21, 2021 9:37pm
EURGBP Mar22 H4 at Tokyo 11am

- another possible trade BEEOB

Attachment g
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
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