How my Trading took BIG turn... | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

1pm est thursday, jpy took a pretty big hit - why? 6 replies

I Had No Idea I Took So Much For Granted 58 replies

Broker took my $2k back 69 replies

Cash & Carry (Grid) took over 180 pips out of the market yesterday and under 1% DD 1 reply

Attachments: How my Trading took BIG turn...
Exit Attachments

How my Trading took BIG turn...

  • #1
  • First Post: Dec 31, 2009 8:57am Dec 31, 2009 8:57am
Hello to everyone on the FF Forums, Obviously you can tell this is my very first post, however Ive been lurking around the forums for a long time and for what it's worth, i wanted to share with others out there who are struggling or cant find the right "system" to trade profitable. I have tried indicators to no end, I have tested, back tested, simulated tested.. everything i could do to try and find a "right" system to trade on the winning side, I had some winning trades with some decent Indicators and trading systems but still nothing great. I must have spent hundreds of hours looking at charts with systems and indicators, still my trading results were OK. I struggled and thought, this is crazy, being profitable trading felt almost impossible but i refused to give up (competetive by nature due to athletic backround). Then it hit me. The Best system, is no system. Just raw price charting. I used to work for a large bank doing systems support on the trading floor downtown and i remember this one floor trader i used to help with his Workstation applications, I asked him what "system" or what Indicator he thought was useful to trading and he was nice enough to give me some tips, He said "Trading is simple, All the information you need is right on the chart, Period" Thinking back to that, i deleted all indicators on my chart and right on, all you ever need is to see what price is currently doing and formations of chart patterns. My trading became profitable and i no longer was wondering if indicators were giving me correct signals. The biggest problem i had was Lag, By the time i got a "signal" the move was almost over and resulted in me entering and price reversing on me soon after. I can tell you right now, Trading a blank chart is a breath of fresh air and the patterns are simple and clear. Some examples of recent trades i took were incredibly simple. N/J and the E/A. Just Support, Resistance and Trendlines.

This is my Experience Trading, I started off trading EQT market but came into forex a while ago (I find FX Market much better than the Stock Market).
Anyway, Save yourself a headache, Give this a thought and may relieve you of searching for the right system or indicator for hours and hours. All you need is Price.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EA.png Size: 22 KB
Click to Enlarge Name: NJ.png Size: 20 KB
"The market doesn't beat them, they beat themselves" - J. Livermore
  • #2
  • Dec 31, 2009 10:18am Dec 31, 2009 10:18am
Right...i agree..great post.

Trading is simple though making money out of it is not.
  • #3
  • Dec 31, 2009 10:33am Dec 31, 2009 10:33am
Thanks for sharing w/us. Please if you csan show where you would enter & exit.
many thanks and a very hsppy new year to you & your loved ones
loganf.
  • #4
  • Dec 31, 2009 10:50am Dec 31, 2009 10:50am
Quoting NYWallSt
Hello to everyone on the FF Forums, Obviously you can tell this is my very first post, however Ive been lurking around the forums for a long time and for what it's worth, i wanted to share with others out there who are struggling or cant find the right "system" to trade profitable. I have tried indicators to no end, I have tested, back tested, simulated tested.. everything i could do to try and find a "right" system to trade on the winning side, I had some winning trades with some decent Indicators and trading systems but still nothing great....

yes you are very correct....


I am so grateful to almighty GOD that i never understood any indicator so far,so in short it saved lot of my time and energy.
  • #5
  • Dec 31, 2009 10:56am Dec 31, 2009 10:56am
Finally......somebody gets it!!! The only purpose for trading systems is to make money off of the unsuspecting public and for those who would prefer to let some silly algorithm to justify them pulling the trigger. If they have a bad trade they can blame the trading system. Trading systems are created by unknowing individuals who think price action is some sort of secret equation. There is no secret physical law or equation in a forex chart. Trading is all about support and resistance or supply and demand. A third component in trading is ratios which can be used to approximate overbought and oversold conditions.
  • #6
  • Dec 31, 2009 11:50am Dec 31, 2009 11:50am
yes, I also agree. a great man by the name of Sam Sieden has opened my eyes to the laws of supply and demand. It was like a light bulb came on in my head once I knew what to look for on a price chart. I have been demo trading for about a year and a half now and after coming across this guy, my trading has improved 10 fold. I can't believe how much easier trading has become. Now most off the time, I can just pick my levels and set a limit order and forget about them. Just itching for the day when I can trade a real account.
  • #7
  • Dec 31, 2009 11:55am Dec 31, 2009 11:55am
Me too, Me too.

When i first looked at Forex, i also looked for a "winning system", with so many indicators on my screen, i couldnt see what price was upto. They all looked so good, bells and whistles, colours and lines. I didnt know if i was coming or going, talk about using a machine gun to take trades, sure i would hit a winner now and then but with the spray of bullits come more losses. I too almost gave up, but i knew if i stumbled across something i would be able to turn things around.

That day come when i found information on here called price action, these days i wait in a tree for my target, like a sniper, waiting my ideal shot. There is something very grand about being in control, yes.....i am in control.

Before i enter a trade i know my risk and my reward, the "system" comes from within.

I love this business and i love this forum, for it is where i found my future.

My name is Warren and i am a Forex Trader
I need to finish something i started
  • #8
  • Dec 31, 2009 12:03pm Dec 31, 2009 12:03pm
indicators are like golf clubs. They won't make you any better unless you learn how to use them properly.

I actually use a combination of S&R with indicators. Everyone has to find a method that works for them.
  • #9
  • Dec 31, 2009 12:06pm Dec 31, 2009 12:06pm
Quoting bigwal
I love this business and i love this forum, for it is where i found my future.

My name is Warren and i am a Forex Trader

Quite the epic phrasing there
  • #10
  • Dec 31, 2009 12:20pm Dec 31, 2009 12:20pm
Smittens,

It has been a epic journey.......
I need to finish something i started
  • #11
  • Dec 31, 2009 4:26pm Dec 31, 2009 4:26pm
Quoting loganf
Thanks for sharing w/us. Please if you csan show where you would enter & exit.
many thanks and a very hsppy new year to you & your loved ones
loganf.
Thanks Loganf, I enter when a trend break or resistance/support level is taken out. As for Target Profits, i aim for 100+ pips on 4Hr and Daily charts. I may put a Trailing Stop or Move my Stop loss to break even when im in profit a good amount.
"The market doesn't beat them, they beat themselves" - J. Livermore
  • #12
  • Dec 31, 2009 4:39pm Dec 31, 2009 4:39pm
Quoting swingtrader
yes you are very correct....


I am so grateful to almighty GOD that i never understood any indicator so far,so in short it saved lot of my time and energy.
Yeah, i Wish i had never found indicators but its fine, it was a learning experience. I guess thats why 90% - 95% of traders lose money because when you do a search on google about learning forex or any other market, your going to get hundreds of links to Systems, Indicators, EA's, Robots..etc. Not much on trading a naked chart. The beauty of trading price action is you can see or plan a trade in advance as a price pattern is panning out.
"The market doesn't beat them, they beat themselves" - J. Livermore
  • #13
  • Jan 1, 2010 12:01am Jan 1, 2010 12:01am
i agree with your experience.looking forward to learn from you to identified s&r level
  • #14
  • Jan 1, 2010 1:02am Jan 1, 2010 1:02am
"The beauty of trading price action is you can see or plan a trade in advance as a price pattern is panning out"

....NY....I really like the apparent simplicity and potential profitability of your insights.....and this is an excellent way to set up a trading plan....My question for you is, what time frame are you using for analyzing the trend and what time frame are you using for entering the trade....for example if the trend is long on the 4hr then I would only be looking for longs on the 1 hour (for entry)....
  • #15
  • Jan 1, 2010 1:15am Jan 1, 2010 1:15am
Quoting NYWallSt
Thanks Loganf, I enter when a trend break or resistance/support level is taken out. As for Target Profits, i aim for 100+ pips on 4Hr and Daily charts. I may put a Trailing Stop or Move my Stop loss to break even when im in profit a good amount.
You and I trade in a similar way. The 50% fibonacci is worth using too.
  • #16
  • Jan 1, 2010 1:18am Jan 1, 2010 1:18am
Quoting NYWallSt
Yeah, i Wish i had never found indicators but its fine, it was a learning experience. I guess thats why 90% - 95% of traders lose money because when you do a search on google about learning forex or any other market, your going to get hundreds of links to Systems, Indicators, EA's, Robots..etc. Not much on trading a naked chart. The beauty of trading price action is you can see or plan a trade in advance as a price pattern is panning out.
Getting away from relying on indicators was the difficult thing for me. A good discussion with another trader was the turnaround for me.
  • #17
  • Jan 1, 2010 1:54am Jan 1, 2010 1:54am
Quoting 4xplosion
"The beauty of trading price action is you can see or plan a trade in advance as a price pattern is panning out"

....NY....I really like the apparent simplicity and potential profitability of your insights.....and this is an excellent way to set up a trading plan....My question for you is, what time frame are you using for analyzing the trend and what time frame are you using for entering the trade....for example if the trend is long on the 4hr then I would only be looking for longs on the 1 hour (for entry)....
I Used to trade on smaller time frames but the patterns look cleaner on longer time frames IMO. I dont really go as far as the Weekly or Monthly but 4hr and the Daily is what i use. I watch whats going on in the 4hr time and then see what the daily says. Ill give a quick example of what im currently looking at. USD/JPY.

On the 4Hr the U/J seems to be rising and even broke through the previous resistance levels, However there was better than expected US Unemployment numbers and that could just be a run up from that. USD has been on a strong run from November. Looking at the daily though, I see a downtrend and possibly a bearish triangle. Ill be watching to see if that downtrend continues or atleast one more swing back down before a move higher.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: UJ4hr.png Size: 33 KB
Click to Enlarge Name: UJ Daily.png Size: 42 KB
"The market doesn't beat them, they beat themselves" - J. Livermore
  • #18
  • Jan 1, 2010 3:54am Jan 1, 2010 3:54am
Quoting forexmick
Getting away from relying on indicators was the difficult thing for me. A good discussion with another trader was the turnaround for me.
Yeah, I Understand. I had the same problem a long time ago, In fact i came full circle because when i very first started trading, i was doing manual analysis without indicators and then when doing more research i came across Stochastics, then MACD, Then Moving Average Crossovers, Then RSI... and on and on and on. I felt like i needed these indicators to justify the trade (you know,.. Overbought/Oversold..etc). Whats funny is that while your looking at what your indicators are saying for a "good" entry, the market gives you a bag of price pattern signals all week. Patterns repeating themselves over and over again, All you have to do while watching price is read it, trade it, profit. Rinse and repeat as the next price patterns form.
"The market doesn't beat them, they beat themselves" - J. Livermore
  • #19
  • Jan 1, 2010 5:12am Jan 1, 2010 5:12am
Thanks NyWallSt, I completely agree with you, I think trendline, S&R and fibonacci and maybe pivot points are all a trader needs for technical analysis.

It is also important that you have a fundamental view of market and understand the major trend and possibly sideway market.

But I have a problem, I can't find a good approach for ST & TP. I supposed to use fibonacci extensions but that would mix things complex and sometimes doesn't work.

I appreciate if you can help me to find a deciplined approach for Entry/Exit.

Thanks,
Reza
  • #20
  • Jan 1, 2010 6:49am Jan 1, 2010 6:49am
One of the biggest revelations I ever had about trading the FOREX market is that you absolutely cannot trade it every hour of every day. If you are patient and pick your spots, you can have great success. When the forex market moves decisively up or down it is likened to a giant rhino moving thru the brush. I make my move in whatever direction the rhino moves.

If you get bored easily and lack a hunter's patience....the FOREX market will kill you.
0 traders viewing now