DislikedIt is exhausting to sit and devote unselfish time to the masses and have to work so hard to get people to just listen and practice. There is a huge failure rate in this business but if you are unable to listen and practice you will forever remain in the shadows. If you or other are willing to get back to basics, I will come back to continue, otherwise I feel no reason to continue because my time is very valuable and I will not waste it!Ignored
No matter what our strategy is we will always see the same things acting together:
- Support and Resistance Levels
- Round Numbers
- Price Action
They all form structure and create confluence. While price does all that is were our eyes see momentum and exhaustion, entry opportunities and exit signals.
Harmonics to me mean measuring ratios and projecting swings based on structure. Is not about labeling patterns with the names of animals like many would believe. That's why Mr. Pip said that ABCD and AB=CD are the bread and butter of this particular strategy.
If you are new to this thread and haven't taken the time to read the whole thing, there is no reason why you should start disqualifying anything just because you came late to the party. Mr. Pip has already taught everything that you should know and took a great amount of time in doing that. Now is your turn to practice and master yourself. That's right, you and only you are the holy grail in trading, there's no secret formula or system, ONLY you.
A couple of weeks ago I came across a wonderful tool. A friend of mine who has 5 years in this learning process told me that he wished he would had known of this a long time ago. And I think a lot would beneficiate doing this. Is not about demo practicing or seing past history. Is a different word, and is to SIMULATE. Simulate a real scenario that took place in the past and trade it like if it were the here and now. You should travel a year ago or so, that way you won't be biased about what happened next with that pair. It works on MT4 and you could use any broker's demo account for this matter. It's an EA that uses the Strategy Tester in Visual Mode. You can select to trade tick by tick to have a realistic motion of price, and you can adjust the speed and pause it. It comes along some scripts to introduce and close buy and sell orders. (Tip: when you use scripts in MT4 you can right click on them and assign Direct Keys, for example Alt+L to enter a Long, that way you don't need to have the navigator open. Also you can close the Strategy Tester subwindow while running the simulator or draw the Subwindow and make it a little square to put it in one corner, you know, to have a bigger visual space and still being able to pause the thing). I have been able to trade very realistically a whole week NY/London overlap in a matter of 4 hours. This is the link of the simulator, a free tool: www.forexfactory.com/showthread.php?t=70742
So there is no excuse now to practice and get out from the shadows!!! Mr. Pip, probably you could include the advice about simulating in Post #1.
The great thing about this whole process of learning and practicing is that you start knowing yourself.
For me the process should be something like this:
- Study, and never quit studying
- Simulate, a LOT, and keep simulating even when you are a real trader
- Start Demo Trading for a couple of days/weeks to have a more real idea of your working sessions
- Open a Real Account of $100. You don't need more. $100 provides the same amount of feeling as a $100,000 account. It's the %s what count (risk, reward, MM, pips count), not the dollars.
Compounding is escencial. With an account as little as $500 but being consistent about getting 20 pips everyday, and risking no more than 3%, you can do very well.
Make it your own and have good pips!
Best time to plant a tree was 20 years ago, second best is now