quest for Forex knowledge, humble request for assistance

Hey RedLion,

In post #2 of this thread you stated that you had "9/10 trades succesful today".
Can I assume that you traded on a low Timeframe like 1M or 5M, since you had 10 entries on 1 day?

yep, i trade in any timeframe, its all the same, just identify the trend, and make your entry

its not the holly grail but make reasonable observations and you'll be fine

i like to find places of resistance and short on down trends not so much go long, its more of a risk. you see if you are wrong in the low time frame but the the price is in a down trend and you end up on negative pips move your stop to acomodate this lack of timing (timing is the hardes to get right) close your trade and the price will eventually move down.

One of the best signals to enter with the trend is an RSI Reversal. These signals have clear entry points and because they occur mathematically, they have excellent success with small stop losses. In the last 9 1/2 years of over 6200 RSI Reversals on just the EURUSD hourly chart, 79% of the trades made money with no more than a 20 pips stop. The average number of pips was 89.5. Also, you can determine at the time of the signal what the target so regardless of where you are trading, you can decide if the reward is worth the risk.

thanks to all that have contributed to my development as a trader, i have been trying styles and systems and it all goes back to the same.

crusial points post
and FTI
http://www.forexfactory.com/showthre...t=57639&page=1

i have finally found something that makes sense to me and im willing to trade.

no hocus pocul cross overs
macd setting
stoch settings
or rsi setting

no holy grail indicators. its all about the FEEL of the market. formations patterns, indicators, are not 100 percent, trading is war. and so it should be seen

we are willing to put our money on the line, dicipline and self preservation is a key. the ART OF WAR, is very valuable for traders


thank you again. im in this for the long haul and i WILL be profitable, that is a promise

If it work for you it’s just great.

Although I do not agree on your definition of a “trend” as you base it on the past, and you contradict yourself too, you started talking of Larry Livermore and catching the “big moves” but then you make assumptions on the consistency of your system just tanking in consideration 9/10 trades you made in 1 day (Larry used to hold on to his trades, or maybe you are trading like he did in bucket shops, but even Larry wouldn’t call those “big moves”). I’m sorry but it’s a little bit confusing…

I will like to repeat what I think I read in the beginning of this thread by someone witch I do not remember the name, but he told you something very smart: “close your charts and learn the dynamics of the market”… Maybe not exactly those words but the same idea…

If you want true knowledge that will prevail almost any condition, you should think of researching a little on maths: probabilities and statistics, and then you can combine it with game theory, chaos theory, random walk etc … this is how you get off the 80-90% group of losers and become an independent thinker… everybody can watch MA’s so there is not much of an “edge” there… any way, best wishes for you…

Quantrader

So intresting posts on indicators on above, definately food for thought.

The more I think about it, the more it the casino R:R makes sense.

Back to the drawing board I suppose!

oh the good ole days when i didnt know north from south, but even here i see that people tried to help and they did, crusial point was the first of many to point me in the right direction

but goes to show you there is more than one way to skin a cat, i was able to pull some profits even back then in the confusion, but deep down in side i had a glimpse of things,

im still a work in progress, but my methodology has come a long way

I think the difference is that those posts show your willingness to learn, never say die attitude. There probably isn't much harder than FX, and we continually learn and try new things.

When you love to do something it doesn't feel like work. FX is science and math more or less. Sure there's some political / economic features as well but in the end you could easily survive just off science and math end. (in my experience)

I can tell you from my own experience I found at least a thousand systems that didn't work. (maybe it wasn't quite that many, but it sure seems like it.)

But I didn't stop there, I decided those were a thousand systems that were missing a few ingredients. Like a cake that tastes dry.

Do you say... well that's that never gonna bake a cake again? If you're not willing to risk failure you'll never claim the victory!

@ Redlion - how have things worked out since June?
Any new discoveries worth sharing?

I am what you could consider a "Level 2 Newbie". Bought a system from a reputable UK publisher (a breakout methodology) that used no indicators whatsoever, just simple PA on a low TF. What I found was that, while the strategy worked, learning how to trade it profitably was a horse of a vividly different colour.

Six months later I am starting to get the hang of it. Now I want to expand my ability and knowledge - starting with the basics of understanding the market, factors of Fundamental Analysis etc. Playing with pattern recognition and trying to find suitable TIs that may filter entry and exit signals.

FF is by far the best source of knowledge I have found. Thanks to everybody who puts the benefit of their experience "out there".

Yep, I love playing with concepts. Used to make decent money from sports arbitrage and football betting (English soccer). The stress of arbing became too much in the end. My time for football research became squeezed by my day job. Never could make poker pay so I quit.

Forex seems to fit well for me because I work from home and can have the market open in the background. Set my alerts and back to work.

Halleluiah! Maybe you can help by pointing out dead ends before I waste too much of my time, pip_seeker and everybody!

Knowledge is the main weapon to make money from this risky market. Without proper knowledge, you can not survive in this market.

1st in trading pay attention to the largest players in the game (Central Banks) followed by institutional activity. Try not to focus solely in TA alone, this is the reason why 95% of retail traders fail. Learn to see what I call institution candles as they move prices vs retail. After creating over 1500 trading models, I would recommend studying "Supply and Demand" areas are close to seeing where institutional orders could be sitting. The image below shows the what Institutional cancdle look like, along with the red line as a supply area (happened back on 8/17) when institutions pushed things lower. Once you understand this than look to create strategies using this concept as part of your trading. Good Luck.