hello everybody! It's been a while since my last post on this thread, have lots to catch up
I hope you are doing very well with THV, my semester at college started again so it's been dificult to attend classes, trade and post, but I'm on my way..
so far March has been a good month, only 13 trades so far, all winners =D
Last month I received a few MP asking about the way I trade THV and I'm gonna post my answer because I feel it can help others here as well (it's basic stuff don't worry)
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THV is a GREAT system, really, it's easy, clean and intuitive, I follow THV system since its beta versions, when they were realesed in eur/usd thread, I think I was one of the few following it since the very beggining so after 3 months it all looks "easier" to me I daresay.
Thing is, with THV, following the rules, you will win some, and you will lose some. You will win more than lose. I think the average hitrate for a newbie would be around 60% winners. That along with decent MM is enough to make money. But I know what you and others starting with the system feel, it kinda take sometime to get a "feel" for it.
But I wanted more (ths month I had 92% winners), so what I've been doing is:
I use THV as the core of my trading, but I also use other things that I think are VERY important: zoom out your charts, use 1H or 4H or above, see the major support and resistence levels, where price usually bounces, or areas where price consolidates. Be VERY aware of that.
Trendlines. Draw them everywhere. Channels too. Sometimes we see the PERFECT signal on THV, we take the trade and it seems to reverse on us almost immediatly. And then we see it reversed because it was the middle wall of the channel, or price hits the bottom/top of a trendline, for exemple. I don't trade without channels.
also is good to know a few patterns like head & shoulders, triangles, wedge, flags, etc, watch for breakouts and retest of them. It's good to know about candle formations, the basic ones like dojis, hammer, pinbars..
be aware of psych levels, levels to watch, especially if you scalp: 00,20, 50, 80.
have your analysis template (first page available to download on THV thread) always open. Put a LWMA60 on 5M chart and watch closely how price behaves around that MA. It's almost like magic, price almost always touches it and stop, most of the time it bounces back or acts like STRONG S&R
I've been using this MA as exit points on my fast scalp trades this month very succesfully. If you trade 5M and below you definetely have to watch it. It's even more reliable when there is confluence of the MA wth other things like pivot points, fibs, a pinbar, etc
always try to go with the trend, this is VERY important, sometimes you make a mistake, but if you are gong with the trend it will help to put you on the right track eventually. If you trade 5M, be aware of the trix on 15M, even on 30M.
don't over trade (my average is 2~3 trades a day), and don't overleverage, have a decent MM (1~3% each trade is ok for me) and stoploss acorddingly to the ATR of the TF you are using.
start little and increase as you win, don't trade when you feel tired, angry, remember psychological aspects play a HUGE part in forex...not trading is also trading
READ. Everything. I suggest the eur/usd thread, there are very good traders there, don't blindly take their signals, think for your self, take it as a guidance only. Be aware of news (and try to correlate them with the market movements), watch to correlation beetween pairs (eur/usd and usd/chf for example). How gold is correlating to the market these days, what is oil doing these days? and stock market? You really need a global look to trade forex sucessfully, IMHO.
I know, this looks complicate, too much information, and it really is, I KNOW. Believe me, you will not learn everyting in a month, or two. I can humbly say that only now, after several months trading forex that I'm really getting that "feel' for it. Takes a lot of screen time. And there's still lots to learn, always.
Sometimes it will be hard, remember we can't win everytime, I had several margin calls on demo, huge drawdowns, it never comes easy, you know.
But don't feel bad about it, we all go through the same steps.
never give up!
I hope this helps you somehow
I hope you are doing very well with THV, my semester at college started again so it's been dificult to attend classes, trade and post, but I'm on my way..
so far March has been a good month, only 13 trades so far, all winners =D
Last month I received a few MP asking about the way I trade THV and I'm gonna post my answer because I feel it can help others here as well (it's basic stuff don't worry)
------------------------------------------------------------------
THV is a GREAT system, really, it's easy, clean and intuitive, I follow THV system since its beta versions, when they were realesed in eur/usd thread, I think I was one of the few following it since the very beggining so after 3 months it all looks "easier" to me I daresay.
Thing is, with THV, following the rules, you will win some, and you will lose some. You will win more than lose. I think the average hitrate for a newbie would be around 60% winners. That along with decent MM is enough to make money. But I know what you and others starting with the system feel, it kinda take sometime to get a "feel" for it.
But I wanted more (ths month I had 92% winners), so what I've been doing is:
I use THV as the core of my trading, but I also use other things that I think are VERY important: zoom out your charts, use 1H or 4H or above, see the major support and resistence levels, where price usually bounces, or areas where price consolidates. Be VERY aware of that.
Trendlines. Draw them everywhere. Channels too. Sometimes we see the PERFECT signal on THV, we take the trade and it seems to reverse on us almost immediatly. And then we see it reversed because it was the middle wall of the channel, or price hits the bottom/top of a trendline, for exemple. I don't trade without channels.
also is good to know a few patterns like head & shoulders, triangles, wedge, flags, etc, watch for breakouts and retest of them. It's good to know about candle formations, the basic ones like dojis, hammer, pinbars..
be aware of psych levels, levels to watch, especially if you scalp: 00,20, 50, 80.
have your analysis template (first page available to download on THV thread) always open. Put a LWMA60 on 5M chart and watch closely how price behaves around that MA. It's almost like magic, price almost always touches it and stop, most of the time it bounces back or acts like STRONG S&R
I've been using this MA as exit points on my fast scalp trades this month very succesfully. If you trade 5M and below you definetely have to watch it. It's even more reliable when there is confluence of the MA wth other things like pivot points, fibs, a pinbar, etc
always try to go with the trend, this is VERY important, sometimes you make a mistake, but if you are gong with the trend it will help to put you on the right track eventually. If you trade 5M, be aware of the trix on 15M, even on 30M.
don't over trade (my average is 2~3 trades a day), and don't overleverage, have a decent MM (1~3% each trade is ok for me) and stoploss acorddingly to the ATR of the TF you are using.
start little and increase as you win, don't trade when you feel tired, angry, remember psychological aspects play a HUGE part in forex...not trading is also trading
READ. Everything. I suggest the eur/usd thread, there are very good traders there, don't blindly take their signals, think for your self, take it as a guidance only. Be aware of news (and try to correlate them with the market movements), watch to correlation beetween pairs (eur/usd and usd/chf for example). How gold is correlating to the market these days, what is oil doing these days? and stock market? You really need a global look to trade forex sucessfully, IMHO.
I know, this looks complicate, too much information, and it really is, I KNOW. Believe me, you will not learn everyting in a month, or two. I can humbly say that only now, after several months trading forex that I'm really getting that "feel' for it. Takes a lot of screen time. And there's still lots to learn, always.
Sometimes it will be hard, remember we can't win everytime, I had several margin calls on demo, huge drawdowns, it never comes easy, you know.
But don't feel bad about it, we all go through the same steps.
never give up!
I hope this helps you somehow
