14 Year Old Forex Trader's Lessons

Hi billy, glad to know that you're staying here. Long term trading strategies vary for one person/trader to another, but since you are asking, i will show you. I use a simple variety of long term strategy. Know that my long term has no limit lol, as long as the pieces and price action that i believe and predict is falling in my territory/direction, i hold a position. Billy, sorry i must hit the bathroom now, take a bath, and i will show you asap once i get out

@billyt

What i do works on practically any currency pair, when used properly, efficiently, and not solely on the system itself. I look at my system as a vessel, and doesn't complete it with the one who controls the vessel. In this case, me. I don't expect for you to use this, but I truly believe that in life, sharing knowledge is an important part of our mental evolution as people, and for the ones who comes next.


For my examples, and for the potential of it in my hands, or anyone who is fit for something like this, i will pick a random pair that i dont trade. i only trade, gold, silver, eur/usd. Here is eur/gbp.
i have never looked at this chart. For my long-term aka hold my position strategy, Here's what i do. I use 2 charts. Ichimoku and Sup/Dem, Fibonacci, Clean chart aka the multi-purpose chart

Okay, with any chart, i must always first identify the momentum, impulse and accumulation. Simple-said: Momentum is the main force in play. e.g.: In the EUR/USD and most majors, USD is in the most control. despite that, there is the impulse. Impulse is a force acting AGAINST the momentum. E.g.: retracements, reversals, basically, what price is doing that is doing against the current momentum. Here's what goes on in my head when trading (on charts) and one of the most important, is Accumulation. Where price accumulates the necessary force to create a momentum or impulse.
Explanations are on chart, and if you have any questions. ASK. You are supposed to

impulse is mometum of the counter-trend move.

Supply & Demand levels are determined in my opinion by:areas/zones where there is a lot of supply in the product (in our case currencies) and selling occurs. Demand zones are zones or areas/levels of price in which there is a lot of buying orders in the product.

To draw a demand level, one must find the LOWEST low of the imbalance, and the highest upper body of all the candles in the area.

To draw a supply level, one must in opposite, find the HIGHEST high of an imbalance in market orders, and the lowest LOWER BODY of all the candles in the imbalance. Examples are on chart:
to idenftify supply and demand levels, one must first find an imbalance in the flow of the market: accumulation.

Long term, i use daily, and the four-hourly charts.
Price tags show possible entries on both charts.

Ichimoku in my opinion is just a vessel, and with an efficent controller. It may not define pinpoint entries, but it defines, LOW RISK entries.

Terms:
Kumo: Cloud that acts as support/resistance of current trend. Fat kumos indicate strong support/resistance, hence thin ones indicate a weaknes..
Tenkan & Kijun: Tenkan-sen is the sensitive movign average of the ichimoku, and the Kijun is the more long-term moving average. they also act as support/resistance.
Chikou Span: The chikou span is the lagging line, that helps a trader know where past support/resistance levels are without having to look back and draw levels

i use both lol for entries, and for me this truly helps me too see price action at KEY IMPORTAANT LEVELS.

sorry it took so long. it took long to prepare

Hey there billyt, forgot the fibonacci studies on the first chart. I guess ill make another example:

Fbonacci arcs act towards time, and i honestly prefer this than the original retracement which are lines that are straight.

Fibonacci fans only use them after 2-3 or more swings, one swing will make some ugly shit that proves useless

Key Ratios: 38.2% with Fibonacci arc, 61.8% with Fibo fan.

explanation: the lower the ratio on the fibonacci arc, the more agressive price will act towards main momentum, therefore the higher the retracement, the LONGER (usually) it takes for price to reach expansion targets.

Thanks for that Buma, I personally think its too much for me lol. i like the supply/demand info.. As you know i trade 2 ways , 1st at specific times using no indicators and the 2nd using inside bars relating to resistance/support levels , i think this is similar to the way you trade but i may have to wait some time for the trades to happen. happy trading happy days

lol, everyone has preferences

those are mine

yes indeed, as long as we all have a sack full of pips

Heres action on eur/usd and silver:
bounce off upper tl's on both, lets see if it breaks through

USD Bulls doing their job

indeed they are Buma, i've been playing most of day here in uk with eur/usd i'm just waiting for the big move down so will sit and wait happy trading happy days

My latest update from the EurAnalysis thread

Cheers and a good evening to everybody

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nice one piptrapper jacuzzi??? i just opened a bottle of champagne but drinking it alone. my wife watching tv and she keeps asking why i'm on laptop all of the time but hey ho i'm trading and paying the bills, i have every thing set now so the drink will flow happy trading happy days

hey buma,

(by the way he is a guy not a girl) mla you keep giving him a sex change.

i have not been able to answer you, due to time constraints, i was busy seeing patients. I managed to execute profitable trades nonetheless, my last trade was a rescue, worked out great, i positioned my self at the extreme in price deviation on the bullish corrective wave (aka supply,resistance level)

and i just closed out my position recently, i had my skype on but on my phone and was not able to answer. I see what you are doing with your fibs lol, you are measuring % in retracement to gauge bullish bearish sentiment, not as traditionally to predict a bounce.

i like what you do, USE the tools to calculate probabilities not let them rule you.

learn to trade without a chart buma.

Thanks to let me know Redlion, I was sure for a girl, it felt that way.
Nevermind, I am sure he was not offended by that, he is too smart.
This thread has no boundaries.
I consider your input Redlion in this thread very valuable.

mla

Good morning to you all. Looks like in Sydney is going to be a gorgeous day.

I am going for a run to get ready for battle.

Cheers
mla

morning mia even though its 22-15 here in uk, i hit close to 140 pips on eur/usd today, i guess you'd call it SCALPING i call it playing. i got my serious trades set up and ready to go,,, (hopefully) and right now i'm chillaxing and sipping champagne probably due to heat wave here lol, happy trading happy days

That is fantastic, my friend, you should be very proud. Does not matter what we call it, it is important what works for you. I think it will be nice if you can show us how did you do that (mark on the chart your entries and exits), only if you do not mind tough.

Your mate
mla

I felt very much for those couple of traders this week (on the other thread) that in their words expressed desperations caused by frustrations as a consequence of trading. That is all.

mla

That is easier said than done, Today i was literally just playing, in my mind it was ranging or just bobbing about over a support line so i just picked it going up then going down lol EASY, ( i wish it was). At this moment in time i feel as if i'm a soldier just waiting before a battle begins and i'm talking eur/usd (forex) not real battle. i am speaking long term hauls here but normally i trade at certain times and rake in about 600+ pips per 5 days but it is hard work and frightening. happy trading happy days

Trading live is very different. I have 2 suggestions for you:
1) Trade microlots, there are 2 brokers that I know, one is better then the other because spreads are not that wide.
Lets say that you fund your account with 25 dollars. Once you double that amount you may think to pump a bit more and so on
2) Trade only one instrument, it is easy to trade severals on the demo.

mla