Well said, point taken, jolly good mate.
DislikedOkay, here we go.
I have spent 7 months on FF going through every technique, strategy, and philosophy there possibly seems to be.
I have learned a great deal from the many great members of the Forex Factory, but I will say it did cost me some tuition. You say, FF is free, yes it is, but to learn the hard lessons it takes money. Most will say “Demo”, but I only used a Demo for several months when I first got introduced to Forex, everything else I have learned cost me many "mini"accounts.
Demo is bad habit forming, and it is not reality. Most traders use it to test strategies, and I am okay with that. But whatever you do, don’t get to thinking you have this kind of money, because when the real money is on the line, you do some strange things.
We get restless and confused quickly when werer down 30 bucks, add a standard account and your down $300.00. I actually went through one $500.00 “mini” account in two days. This thing can get a hold of you, and it makes you do things you never thought you would do.
I had to take a real deep look into my trading mentality, and when I looked, I saw a hidden beast called greed! I had to tame this animal in me, so I started starving the craving, making myself miss moves I normally would take, and forcing myself to submit to some very dear friends who have helped me become a smarter and more discipline trader.
You are asking, “hey, I just want the tips and tricks!”
Those lessons of losing and getting bitter and angry is the tips and the trick. You gotta learn to handle yourself in the small times, and make the best trades you ever traded even when it is only 1 pip on the line. Protect your profits, bank your small gains, and never be willing to give the market more than it is willing to give you.
Do not chase trades, it may be days before the right one pops up at you and you say, there it is. I have made 20 trades in 2 weeks (1 loss - YEN news was place on FF - but was not right), each trade I entered was pre-determined to be small gains of maybe 1 pip, or up to good run that could get you 80 pips. I traded 1 lot, 2 lots, and never more than 3 at any one entry. I stage my entries to get the most out of my positions. One lot can make 3 pips, but the next one couyld make you 10 pips.
This morning I scalped GBP/JPY and my first lot made 21 pips, and the 2nd lot made 46 pips, the sad thing was – mr greed was present with me when I saw green!! It ran up 20 pips above my exit, it was after I seen the drop, I got panicked and exited. Yea, I had 2 lots on 1 entry and 2 lots on the next entry. I passed up 80 extra pips by letting greed take hold, but reality hit and I made a profitable exit.
Even experienced traders (which I do not consider myself yet) make these type of mistakes.
Okay, I have not looked at the charts in over 45 minutes. But I know the bottom is 1.9550 and the top is 1.9600 for now. Price should be heading up towards 1.9570-77 area, going to re-test that top of the channel 1.9594 area. I will trade when the price skirts the edges at this test, especially after it ranges up and down a few times in several hour periods.
You have to learn the currency, I have every price area memorized, and when I post a number, it is in my head, not written anywhere. Watch the screen, see formations, memorize its moods. This is all I have done, and when I see numbers being reached I envision what has been, and where it should go. I can see it when I am not watching the charts, when I am driving down the road or just talking to friends on the phone about the Forex. I can see every place it has been for the past 4 months. I have some long term numbers placed in my head, and I can see right now the 30 year chart in my head.
When you start breathing and smelling it, you know when it is going to run, or when it is going to stop. "Intuition" one person described me as, and I think that is probably what I would say about myself the most.
Other currencies, I could not tell you one thing, but the Cable, yea, I have been taught a very expensive lesson - "You better listen when it talks!"
Sorry if this has been a bore, I will quit going on. LOL.
Ken
looked at the charts just now, it is at 1.9566 - missed it by 4 pips on this calculation.Ignored
