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

  • #821
  • Aug 1, 2022 12:48pm Aug 1, 2022 12:48pm
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  • #822
  • Sep 6, 2022 4:55am Sep 6, 2022 4:55am
Just Musing

It is important to know the character of the pairs you trade.

Primarily I'm a medium-term swing trader. This means that I trade based on htf set-ups and leave my trades open for days and even a couple of weeks. Therefore, I choose a few pairs with reliable structural patterns and low volatility. However, I trade gold on an intra-day basis because of it's high volatility.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #823
  • Oct 16, 2022 3:10pm Oct 16, 2022 3:10pm
Note: I am posting this analysis on request as I rarely trade GBPJPY. I prefer trading the GBPUSD, which to me as a medium-term swing trader, is more predictable than GBPJPY.

GBPJPY market is in a bullish mode. Presently, on the daily time frame, GBPJPY price action is experiencing increased bearish pressure as it tackles the 167.790 horizontal resistance area (purple). Although we may still see further northward move, bears would be incentivized by weakness in bullish momentum; technically, this may open the way for a bearish correction.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #824
  • Nov 3, 2022 4:44am Nov 3, 2022 4:44am
Just Musing

Are you having problem with your trade set-ups? First check the trading range on the D1 time frame. If your ltf set-up is not aligned with your D1 tf trading range, you may not have a feasible trade. Besides, if your ltf set-up is within a D1 value area (e.g. a supply/demand zone or market imbalance) you may experience lack of directional momentum for a while, which may lead to a triggering of your sl.

Trade safe, prosper.

KP
Do your homework, follow the footprints of smart money
  • #825
  • Nov 7, 2022 2:22pm Nov 7, 2022 2:22pm
Want to go far in this business? Avoid short-term thinking, control impatience and impulsivity, and perfect disciplined trading with a simple but functional trading strategy/system.

KP
Do your homework, follow the footprints of smart money
  • #826
  • Dec 3, 2022 1:59am Dec 3, 2022 1:59am
Good day to all
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  • #827
  • Dec 3, 2022 7:02am Dec 3, 2022 7:02am
Quoting garonis
Good day to all{image}
I must say it's a pretty picture sir. I love the stark angles! Have tried entering it into the Tate Gallery?
  • #828
  • Dec 5, 2022 12:13pm Dec 5, 2022 12:13pm
To be less confused by the noises and discordant perspectives around you:
1. understand the kind of trader you are,
2. develop your trading skills that make you less dependent on indicators, and
3. know how and when to incorporate helpful information, analysis or perspective.

Trade safe, prosper.

KP
Do your homework, follow the footprints of smart money
  • #829
  • Jan 9, 2023 6:33am Jan 9, 2023 6:33am
What decides how many pairs you trade? Some 'gurus' said that you should trade one pair, certain other 'gurus' said you can trade as many as you want, while there are other 'gurus' who counseled that you trade a few pairs. What should determine how many pairs to trade? How many pairs do you trade, why? Share your views here.

KP
Do your homework, follow the footprints of smart money
  • #830
  • Jan 9, 2023 9:47am Jan 9, 2023 9:47am
Let me give the first of my two follow-up posts on this. The number of pairs you trade would depend on your trading style, among other factors. For example, a swing trader like me would need more than one pair. In fact, such a trader would need track at least five pairs, particularly if they are a medium-term swing trader.

Trade safe, prosper.

KP

Quoting KeenPips
What decides how many pairs you trade? Some 'gurus' said that you should trade one pair, certain other 'gurus' said you can trade as many as you want, while there are other 'gurus' who counseled that you trade a few pairs. What should determine how many pairs to trade? How many pairs do you trade, why? Share your views here. KP
Do your homework, follow the footprints of smart money
  • #831
  • Jan 12, 2023 7:33am Jan 12, 2023 7:33am
Your trading capital, your trading experience, and your personal choice about work/life balance, among others, would be factors affecting how many pairs you trade. For example, a complete novice would benefit by focusing on one or two pairs, while some with considerable trading experience may find it easier to track and trade more pairs. Traders with small trading capital would not be in a position to take advantage of more than a few pairs without blowing their accounts or stretching their capital too thin. Scalpers who want to maintain a healthy work/life balance would minimize the number of pairs they track and trade, otherwise their health and sense of fulfilment may be compromised. At any rate, nobody can 'legislate' for any trader how many pairs to trade. Traders should decide for themselves how many pairs to trade based on relevant factors and circumstances that affect them.

Trade safe, prosper.

KP

Quoting KeenPips
Let me give the first of my two follow-up posts on this. The number of pairs you trade would depend on your trading style, among other factors. For example, a swing trader like me would need more than one pair. In fact, such a trader would need track at least five pairs, particularly if they are a medium-term swing trader. Trade safe, prosper. KP {quote}
Do your homework, follow the footprints of smart money
  • #832
  • Jun 2, 2023 11:25am Jun 2, 2023 11:25am
Always remember:

Trading is more than making money, keeping and growing your trading capital is key. And this comes from superior psychology and trading discipline.

Trade safe, prosper.
KP
Do your homework, follow the footprints of smart money
  • #833
  • Jun 4, 2023 7:47am Jun 4, 2023 7:47am
Quoting KeenPips
Your trading capital, your trading experience, and your personal choice about work/life balance, among others, would be factors affecting how many pairs you trade. For example, a complete novice would benefit by focusing on one or two pairs, while some with considerable trading experience may find it easier to track and trade more pairs. Traders with small trading capital would not be in a position to take advantage of more than a few pairs without blowing their accounts or stretching their capital too thin. Scalpers who want to maintain a healthy...
All good info.
Back when I was working I used to trade 50+ markets.
Forex, metals, indices, commodities.
From the monthly and weekly, The daily was used for entries.
Over time I reduced that to just the dollar crosses & yen pairs as my primary focus.
Later still it was only the dollar crosses.
Though I still look at other pairs I only take a trade if it is heavily weighted in one direction.
I'm not one for trading intra-day. Too time consuming. Kudos to anyone who can sit and watch a 5 or 15 minute chart.
Recently I have been giving consideration to trading just the dollar index from a 4hr chart.
One market, check in 4 times a day - 10am, 2pm, 6pm and 10pm U.K. time.
I may even start a tread or journal on it.
  • #834
  • Jun 4, 2023 8:00am Jun 4, 2023 8:00am
Quoting 1 in 1 out
{quote} All good info. Back when I was working I used to trade 50+ markets. Forex, metals, indices, commodities. From the monthly and weekly, The daily was used for entries. Over time I reduced that to just the dollar crosses & yen pairs as my primary focus. Later still it was only the dollar crosses. Though I still look at other pairs I only take a trade if it is heavily weighted in one direction. I'm not one for trading intra-day. Too time consuming. Kudos to anyone who can sit and watch a 5 or 15 minute chart. Recently I have been giving...
I would be a sub to that thread, I would love to ask some questions about trading the higher time frames
without patience how can you be a trader?
  • #835
  • Jan 8, 2024 7:29am Jan 8, 2024 7:29am
A key success factor in medium-term swing trading is to master the behavior of a few pairs, and trade them in the direction of positive swap.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #836
  • Sep 8, 2024 6:04am Sep 8, 2024 6:04am
Quoting trend-friend
Strategy has almost nothing to do with success. Two traders may use the same strategy, but one of them will quickly close the position in a losing trade, while another one will wait until his account blown up; one will use stop-loss, another one will not use, one will put take profit while another one will hope the market will go further, one may close winning position too early, while another one will wait patiently and earn more, and millions more things like that. Ultimately, after eating up too much shit, trader will develop a feeling of the...

In my opinion, I think this is one of the best statements ever written about forex trading, and it's as good as it gets.
i know.. but just think about it… think again.
  • #837
  • Nov 10, 2024 6:46pm Nov 10, 2024 6:46pm
Quoting KeenPips
Many Forex traders, at one point or the other, believed in and searched for the 'Holy Grail' of Forex trading. A good number are still searching. Somehow, the 'Holy Grail' is elusive and the search for it, often, a pipe dream. Indicators may help, but the 'Holy Grail' may be how you use them. Two different traders may use the same set of indicators: One trader may hit wealth with them, the other may end in ruination. Newbies to Forex forums, including myself a few years back, often asked which indicator or set of indicators particular forum members...

great post
  • #838
  • Nov 11, 2024 4:21am Nov 11, 2024 4:21am
yeah ill add to this thread what ive learned ==

= stop using the word trader, you're just a person
= U are the reason anything happens. learn what it means to actually think for yourself
= most people feign interest in what actually works year in year out but become obsessed with pointless stratagem (for egs of what doesnt work take a good hard look at all the online !!tradin stuff!! that exists now)
= unpopular things work year in year out on every continent and in every market (tried n tested for centuries)
= indicators dont mean anything if u double up on same readouts
= people move markets not money (but not this crud ppl around say "im a retail trader and i just moved XYZ market"
= a price chart is a fiscal indicator and so all modern theories are not real just well marketed ideas to the masses
= with more experience you learn to see what actually works = why and why not
= most ppl dont know how to use real indicators
= you are the start and end of all responsibility
= the moment someone begins talkin about an edge you know they're a gambler and in that moment you must choose = do i really need/want to gamble?
= majority of ppl dont understand what an asset class is and how to use it
= in the world of money and the markets a person must be able to know who they're talking to = usually one or more of the 3 following categories = dumb. lazy or thief. this is not derogatory it detemines what kind of person they are. once you gain enough experience with money and people it gets easier
= a person really needs to learn everything they can about marketing and advertising. the world is full of approaches by these 2 that disorientate a person to not know what is real.
= Risk associations are the most important and necessary part of money use. my exp has taught me that people can be very good at beguiling others into believing that how they do it is !!fine and its all u need!!. eg - a person who trades a sub-strata product then turns round and wants people to believe !!they know what they're doing!! is a pure contradiction in terms. not to be trusted on or offline
= da holy grail is one of my fav monty python films they ever made
protein for breakfast !
  • #839
  • Nov 11, 2024 4:45am Nov 11, 2024 4:45am
prbbly one other i would add to that list is

= understanding people n the world is more valuable than assumptions and a large bank account
protein for breakfast !
  • #840
  • Nov 11, 2024 4:55am Nov 11, 2024 4:55am
The problem with trading is we have generally no idea where the price is going. We can try and speculate and use indicators or whatever but in the end we will have more loosing trades or at least 50-50 over a period of time

The only thing that can save us is a risk to reward of 2 to 1 or higher

That's the only solution I can see
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