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Best place to learn and become a consistent trader?

  • #101
  • Apr 17, 2012 1:07am Apr 17, 2012 1:07am
Try and find these support & resistance areas, they are every where, one needs to train the eye.

Firstly watch for a dynamic move or an impulsive move to define the direction for you, then base an entry off these key support & resistance zoned areas trading in the direction of the impulsive move.

Todays Cable was a text book trade using this method.
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  • #102
  • Apr 17, 2012 1:22am Apr 17, 2012 1:22am
Quoting Custos
Didn't know that, care to explain a bit more about that? Or refer me to an article?
If you're asking for an article regarding trader stupidity, just open any national newspaper daily for a week and you're bound to find something.

If you're asking about finding where the institutional orders are, look to PIE.
Here's a recent example of mine - netted me over 50% profit on my account, with a 3 or 4 pip drawdown (and the dd was purely due to impatience on my part)
  • #103
  • Apr 17, 2012 2:30am Apr 17, 2012 2:30am
Quoting hellas
Try and find these support & resistance areas, they are every where, one needs to train the eye.

Firstly watch for a dynamic move or an impulsive move to define the direction for you, then base an entry off these key support & resistance zoned areas trading in the direction of the impulsive move.

Todays Cable was a text book trade using this method.
I took that very same trade

I think this is where a lot of traders go wrong. They look for a trend because they have been told a thousand times that the "trend is your...." i'm not even going to finish it off, i'm that tired of hearing it. The rather fundemental problem with that concept is that by the time a clear trend has developed (i.e it's so well developed that it's cleared the previous swings enough to not be an obvious retracement) that it is often already begining to burn itself out. What you are then doing is buying high or selling low, which is actually the exact opposite of what we really should be doing.

Understanding and being able to spot likely market turning points and then getting in at logical areas after the first impulsive move has taken place is a much more sensible idea. In doing this, you are very often going long at the bottom right of your chart or shorting at the top right. Get used to that and you are on your way.
  • #104
  • Apr 17, 2012 3:05am Apr 17, 2012 3:05am
Quoting Trotty
I took that very same trade

I think this is where a lot of traders go wrong. They look for a trend because they have been told a thousand times that the "trend is your...." i'm not even going to finish it off, i'm that tired of hearing it. The rather fundemental problem with that concept is that by the time a clear trend has developed (i.e it's so well developed that it's cleared the previous swings enough to not be an obvious retracement) that it is often already begining to burn itself out. What you are then doing is buying high or selling...

I fully agree Trotty well said...

Also take advantage of timeframes by disecting the impulsive move.
Once you break down the cable you can once again see those zoned levels clearly.
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  • #105
  • Apr 17, 2012 5:52am Apr 17, 2012 5:52am
Quoting hellas
I fully agree Trotty well said...

Also take advantage of timeframes by disecting the impulsive move.
Once you break down the cable you can once again see those zoned levels clearly.
Nice and easy. Won't always play out as textbook but do enough of that and you won't be far off making it.
  • #106
  • Apr 17, 2012 10:19pm Apr 17, 2012 10:19pm
Quoting jag1966
Learn to code EAs for yourself, it will be many, many times easier than learning to trade forex profitably.
Can you advice on where to start to learn coding EAs?
Is there any good software ( for example Forex EA generator..etc) or learn straight mql..?

Thanks for your opinion.
  • #107
  • Apr 18, 2012 1:07am Apr 18, 2012 1:07am
Quoting mua
Can you advice on where to start to learn coding EAs?
Is there any good software ( for example Forex EA generator..etc) or learn straight mql..?

Thanks for your opinion.

Coding language of mt4 is quite advanced requiring C++, I suggest if you are a newbie and have some ideas to code your strategies visit www.tradingit.com as they provide free custom programming for EA's and Indicators, I've had a few done with these guys, service is great and best of all it's all free...
  • #108
  • Apr 18, 2012 4:39am Apr 18, 2012 4:39am
I shorted gold XAUUSD once the lows were broken and price retraced back into the zone in blue...
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  • #109
  • Apr 18, 2012 4:56am Apr 18, 2012 4:56am
Travelling nicely, moved profit target lower...
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  • #110
  • May 3, 2012 11:29pm May 3, 2012 11:29pm
You'll be greatly benefited by Ifmyante's youtube videos. He posted three. Here are the links to access them:

Reading...PA w/ S/D
Inserted Video


S/D Chart Setup (my favorite! set by set approach)
Inserted Video


AudUsd Trade Example
Inserted Video


An excellent way to see what all the words and charts mean in real-time, as if you were sitting next to Ifmyante and he was explaining to you. A big thanks to Ifmyante for his hard and selfless work! Thanks mate!
  • #111
  • May 4, 2012 11:23am May 4, 2012 11:23am
On my experience we have to spend 12 hours a day for at least 6 month minimum continually then you will reach to the level that can answer this question by yourself and for yourself. Nobody can answer that for you..

Actually let's see learning forex is attacking to a castle, you will need to try different Technic, different way , different tool, until you find the best way and tool that suite you best, ..

For me the best is to find a mentor, trade live with him, that the best and the fast way to reach to the level you desire..

Happy trading!
  • #112
  • Last Post: May 12, 2012 11:59pm May 12, 2012 11:59pm
Quoting Ifmyante
I've added something to the first page of our chatroom.

I thought I'd add it here too, lest it gets overlooked

To all new traders:
This is a business, a very hard business.
Every day we stare into the abyss, and the abyss stares right back into us.
To make our living, we must daily face the demons Fear and Greed, and win.
We have all blown account after account, and you will too. It's part of paying our dues to that which will provide for us later.

Don't imagine that you will get rich quick in this business.
It takes thousands of...
As I start my journey I found 2 great pieces of advice the above quote and the sticky in the rookie forum.
I am more than sure I will forget these along my journey to profitability (i have picked up different sports/skills/ etc over life time) and then I will remember them later.

Thanks, maybe you should make your statement a sticky, so it's always on the front page
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