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

Good contribution and I like your candour.

KP

Quoting Docslog

Disliked

{quote} I would also add don't be sucked in to the fast time frames ....as a newbie my self I jumped in on the smaller time frames at first, but have now pushed myself back to 4h and daily charts , I find them much more reliable and perfect for mastering your set ups. I mean OK i have been in GBP/CAD for 4 days now and I am just over Break even ....but I'm still in the trade. No SL hit and I think it will go my way, sometimes trades are slow.....!

Ignored

Patience is key and you may learn from the below video. As usual, I have no financial interest in the presenter neither do I hold him up as a 'guru' to follow.

Trade safe and prosper.

KP

I discoverd that is impossible to lose money in forex if you want to lose it. You can't lose money if you want to lose money, you can only lose money if you want to make money.
I read somewhere that if you have a risk to reward of 1:5 you only need to win 20% of the time and you can't lose money.
Some time back I took 100 dollars with the mentality that I want to lose it,on the Gbpusd pair, I had only the 10ema on the 1hr chart. When price crossed the 10ema I took the trade on the putting the sl at the end of the bar.No take profit I let it run until it crossed the 10ema again. If I lose two trades in a row I stopped for the day.
I only looked at monthly statements for four months every month I was slightly above break even.my win rate was about 29%. The good thing is that I did not lose money for three months with no edge.
Because I wanted to lose the money, I took every setup, I did not hesitate or second guess, I did not take profits early, I followed the rules flowlessly.
The thing I discoverd most is my analysis has never made me a winner. Most of the technical analysis we do is just to avoid losses.what was i analyzing, does my analysis tell me which trader is going to place the order to move price in my direction ,I saw all the analysis i do is just self deception, it's just trying to avoid the pain of losing.
This game is just a probabilities and numbers game.If you have just a 40-50% winrate and a risk reward of more than 1:2 you are set for life.In trading you just need a small edge, that's let's you enter with small risk and let your winners run. Why do so may people lose money in forex, most people want to avoid pain, pain of losing, pain of watching winners turn into losers. Therefore they interfear,let losses pass their risk, cut winners short, move stops to breakeven to avoid the pain of losing.

What if you can have a mental edge. What if you love losing trades following your system. What if you are willing and looking forward to having 10 losers in a row. The way I see it is this game is about losing, taking your losses while waiting for a winner. If you avoid the losses you avoid the winners. Thought I share.

Love to lose short term you will will long term. As am writing I have just had my third loss for the day, which means I stop trading for the day.

I am not analyzing what I can do to avoid losses. I don't know how much I have made for the day or week, i only look at monthly statements sent by my broker. I don't mind at the end of the month I will be a winner.

This days when I open my charts in the morning, I have a statement written, i am willing and looking forward to having three losing trades. That way I am not surprised because my expectations are in line with what's possible. I have a 40-50% winrate, I should be expecting to lose, winners are what surprise me.
Nowerdays I just love to lose short term, I don't avoid losing, I don't regret losing. It is a part of trading it must happen and I love it.
If you start out avoiding losses you will take so much time learning to trade, years and years, changing systems, wasting your time ask me I have been there. Every system has its problems there is no perfect one. They all go through losing streaks, dry periods and winning streaks. There is nothing better out there for you, the secret is you the trader.

Sorry for the long post, I thought I contribute maybe there is some one out there who has just had four losers in a row and wants to switch systems that needs to hear this. Don't switch systems there is nothing better out there. Working on yourself first, love to take losses, it will save you some years off your learning curve.

A long post but some gems in there. One such gem is don't over analyze the market; another, don't hop systems; and another, manage your risk. Thank you.

Stay safe, trade safe.

KP

Quoting philemon123

Disliked

I discoverd that is impossible to lose money in forex if you want to lose it. You can't lose money if you want to lose money, you can only lose money if you want to make money. I read somewhere that if you have a risk to reward of 1:5 you only need to win 20% of the time and you can't lose money. Some time back I took 100 dollars with the mentality that I want to lose it,on the Gbpusd pair, I had only the 10ema on the 1hr chart. When price crossed the 10ema I took the trade on the putting the sl at the end of the bar.No take profit I let it run...

Ignored

Just musing

No matter how sound your market analysis is, be open minded about the general market direction. Create different market scenarios, and wait for what the market does..

KP

No matter how you trade or what kind of trader you are, reading and understanding candlesticks (say, price action) is important to your long-term trading success.

KP

Just musing

Until you understand and master your own system and strategies, you won't go far in the Forex trading business.

KP

Timing is key! Don't be in a hurry to take a trade. First understand what the market is doing and then decide the best strategy to trade it at a location and time that offer high probability of success.

KP

Just Sharing

You can give yourself an edge in the market by mastering price action that helps you trade from zone to zone: a zone to seek feasible trade entry opportunity from, the other to target for profit. The key is the mastery of structure-based price action trading.

KP

Which zones to use? Get your zones from at least one tf higher than your trading tf.

KP

Quoting KeenPips

Disliked

..You can give yourself an edge in the market by mastering price action that helps you trade from zone to zone: a zone to seek feasible trade entry opportunity from, the other to target for profit...

Ignored

Just Musing

Given the same trading system and the same trading strategy, difference in trading performance is usually defined by fine differences in trading psychology and trading skills.

KP

In practical terms, focus on improving your trading psychology and trading skills rather than hopping trading systems.

KP

Quoting KeenPips

Disliked

Just Musing Given the same trading system and the same trading strategy, difference in trading performance is usually defined by fine differences in trading psychology and trading skills. KP

Ignored

Welcome to FF! Congratulations on your first post! Keep posting, focusing on sharing and learning FX trading and investment knowledge and skills.

KP

Just Musing

If you would trade price/indicator divergence, get/confirm the signal on a HTF first, then look for a follow-up candlestick/bar on your trading entry chart before entering the market.

KP

Just Sharing

'In this business, if you're good, you're right six times out of ten. You're never going to be right nine times out of ten.' - Peter Lynch ( a trading legend)


KP

Help yourself by distinguishing between market environment, trend and price action. You may have a bullish price action in a bearish market environment and yet there is no reliable or sustainable trend. How you trade will be a factor as to how much this difference can impact your trade. For example, scalpers can survive if there is no alignment among the three factors provided they do not forget that they are scalping for a few pips and not linger in the market. But swing traders would need the alignment of the three factors to be successful.

KP

Just Sharing

Learn, and continue to improve your skill in, structure-based price action trading, and you will rely less on indicators. In fact, you will be making better and more efficient use of a few indicators.

KP

Is there anything you can learn from the below video that could help improve the probability of your having winning trades? As usual, I have no financial interest in the presenter neither am I holding him up as a 'guru' to follow.

Trade safe and prosper.

KP

Inserted Video

It is far easier to enter a trade than to not enter it. Yet learning to wait for quality setups pays more dividend than jumping in and out of trades. What does your experience show?

KP

Great video mate.
Everyone should watch this.