(binned per thread starter’s request) 29yrs Trading & Still Here

The purpose of this thread is to share my experiences in the Forex Game. Wether your just starting out or have some experience you will see yourself in this thread.

I will post on weekends as i trade full time and dont like to lose focus when the markets are running

I'm in mate, be nice for a read because you always post interesting stuff, plus you have a lot more time/experience in the markets than i do. I'm still on the road to my own holy grail but i'm getting there.

So, lets get started,

THE ONE QUESTION everyone wants to know is -- Can i as a retailer make a living trading forex ....... Youll be glad to know you can and make so much more than just a living. But before we get that you all need a GamePlan. And the simpler the better. But, you need to know why the markets move the way they do. if your relatively new to trading you probably wont know. Im a very slow typer and it would be much quicker and more effective to do this on Zoom. Im not sure if im allowed to offer zoom sessions on FF. i will see what @Twee says or maybe one of you could send him a dm.

All newbies imo make the same mistakes over and over again. wether jumping from one system to system , strategy to strategy . Im no different , i did the same. But when i started there werent any mentors, coaches etc around. They started to appear in the late 90s early 2000. So i started off with Technical Analysis, Market Structure, Price Action and EW. And thats all i use today, the only indicator i have used in the last 20yrs is the macd.

Newbie Mistakes ---- The Big Sins ----

ADDING TO LOSERS ------- im guilty, did this a lot believing price would turn and id make a killing STUPID MISTAKE, STUPID THINKING.

NOT HAVING A TARGET ---- Yup, did that too. took trades off way before i should have so the small profits from the trade didnt even cover half my losses from previous trade . You need to have a Target or a % target . If you dont have a target its gambling.

FEAR ------ After a few losing trades you start to lose belief in your own ability. Usually caused by your size being too big. Every trade must a percentage of account your willing to lose. if you lose it should not piss you off you just move onto the next trade. if your new i would advise starting with 0.5% of account balance or even less till you gain experience

GREED ----- Greed will blow your account far quicker than you can refund it, Respect Risk at all times

THE HOLY GRAIL ------ the good news is there is one. its RISK RISK RISK. think of yourself as a Risk Manager First, Trader 2nd


WIN RATE ------ doesnt need to be great to make money as long as you respect risk on the losing trades


INDICATORS ----- i tried every Indi i could find My trading platform used to look like a Vegas Slot Machine. i had so many indicators i could barely see the price chart. like i said i now only use macd but remember all indicators lag price. price is King


GET RICH QUICK ----- be realistic. you wont turn a 2k account into 2mill anytime soon unless you have a shitload of experience. Play the odds, Play the Long Game

LETS TALK ABOUT STRATEGIES ...

there are thousands of ways to trade. there is no right or wrong way. There is only your way and your interpretation of a system. i never knock anyones strategy, if its profitable for them thats all they need. wether you trade bull or bear flags, trendline breaks, pole n flags etc if you have an edge and its working for you just keep doing it.

i can show you my way but that doesnt mean it will work for you. but if you found merit in it then developed it to your own style it may produce for you better results than i get. took me years to find something i could use to be consistently profitable so why try to change it . i just keep repeating over and over.

Does it mean i dont get losses --- Hell no. i take many hits but i manage the Risk well and imo is the only reason im still at this. Sure i would love to get 1 or 2 trades that double or triple my account in a day, $uck who doesnt want that. And i have had trades like that but only now and again. I play the long game -- Yes its bloody slow and frustrating but you wont blow the ass out your account in 1 or 2 Dumbass trades.

Always play the Long Game. Remember after a series of losing trades you should still have plenty of funds in your account to keep going. If you dont either your overtrading or your size is too big.

Another Hint -- you cant trade and focus on every pair. so choose 1 or 2 a day. Do not be looking for 5 or 10pips risking 15 or more, the Skew is upside down. try to get used to trading ADR targets and hold for the day, requires patience but helps develop discipline. ive tried jumping in and out of trades. ie banking 20pips then hoping for a 10pip retrace to catch the next long position only for price not to pullback and continue another 100pips without me. Develop your system and trade it with patience. !0, 20, or 30pips wont get me outta bed these days unless i have 1k on it

i will post some losing trades ive had and some profitable ones .

SOME EDUCATIONAL STUFF

RISK MATTERS ---- THIS SAYS IT ALL AND YOU MAY HAVE HEARD OF HIM

WORTH STUDYING IMO AND ONCE STUDIED STUDY IT AGAIN

USDCHF This is a LIVE TRADE im in. Lets see how it goes. Got in a bit late and missed the bottom tho dont follow me if you dont understand RISK

EURGBP Another LIVE TRADE im in. Lets see how it goes. if it pulls back above 8500 i will look to add shorts

USDCHF UPDATE --- Bloody slow going but to be expected with DXY News today. Could it be the Catalyst, idk. Manage Risk

EURGBP UPDATE ---- Going in the right direction so far

Thank you for sharing your experience, if you can add something on psychology, even after knowing all these we keep making mistakes. How you control that.

Thanks

Hello T721

why USDCHF go long ?

Psychology --- very good question Deekay. Let me put it this way. What angers me may not anger you or anyone else. Everyones wired differently and one has to know and control there response to circumstances. Im talking about life circumstances here. Trading is a different area of Psychology and was difficult for me at the start of my trading, mainly because i lacked the discipline and had no experience. I lost a ton of money, had no mentor but eventually figured it out.

What helped me was my position size. So now i use multiple small positions and i can sleep all night without having to get up every 2 or 3hrs to check whats going on. Sometimes i dont get all my positions on but if i get 6 or 8 positions instead of my usual 12 - 15 and price goes 2-300pips at least im in and can add on pullbacks. POSITION SIZING helps your Psychology more than anything else imo.

Anytime you take a trade ask yourself first --- how much do i want to lose on this trade and Most important is -- will the loss make much difference to my account. Most think the other way ie if this trade moves 100pips in my direction HOW MUCH WILL I MAKE. i thought like this for 4yrs, Huuuge mistake

Im not professing anything here and make no claims of being a Guru etc, im not. Im just a regular guy trading for a living but also like to help others avoid the losses i took. Just pointing out what has helped me.

Psychology is about knowing yourself and trading will teach you that. Read Trading in the zone or The Disciplined Trader, both good reads. But at the end of the day you need to understand your own emotions when a trade is placed and thats the hard part. Smaller multiple positions was what worked for me.

Ask yourself this --- If i put this position on can i sleep like a baby tonight. Hope this helps

im looking to get to 9800 area but could be wrong, have to see next day or 2

Also looking for 2-300pips north on GBPCAD for a swing

Thanks

Also try to have the patience to wait for your A game setups. A Big mistake i made was i always wanted to get a trade on soon as i opened my platform instead of analysing first, i was frightened i would miss a move. Now im happy if i miss them. If it goes without me it wasnt my trade anyway. Another thing to look at is how many trades you have taken in the last 2wks. That will tell you if your overtrading. in my experience there are only 2 or 3 good trades a day or less sometime, just concentrate on a few pairs and trade the ones that suit your time zone