{quote} lol I am just trying to help a little and have some fellowship I do not think its my job to make you rick it will take on average about 10,000 hours of study and chart work to make it in forex You are going head to head with some of the best minds in the world - Bankers etc that is time you have to put in I did lol just to be clear - I do not follow 3 ducks the 4 hour, 1 hour and then 5 mins, I think will not work long term the reason is its to big a drop from 60 mins to 5 min (change it to 15 mins and I think you will do better) He has...
Ignored
" In fact I do not trade trend at all I trade strength /weakness"
Yesterday I've read an interesting article about forex trading and the tossing of a coin. The author argued that it's only the existence of trends which separates forex trading from regular 'gambling'. Why? Trend forming moves (literally) away from the 50/50 odds gambling statistics, in other words, they are not formed accidentally and can therefore provide traders with a real edge - probably the only real edge that exists in forex trading.
Regarding your preference for 'strength/weakness' trading, if you think of it, trends are actually caused by 'continued strength/weakness' of currencies. And just as is the case with trends, it's not easy to determine the duration of the resulting price movement. How to get into a trend has always been the million dollar question and my humble suggestion would be: look for moments of obvious 'stop hunting' (price spiking up/down, not as a result of news), especially at places where one can expect a cumulation of stop losses and pending orders and enter a trade only after the smoke clears up (meaning: after 90% of traders are either trapped, by moving their stop loss, or out, by getting their stops hit) - which is not as easy as it sounds, but in this case definitely the saying applies that it's better to be late than sorry :-)
Some might argue that the later you get in, the bigger your stop loss will have to be, but again, think of it, isn't this exactly what gets you into trouble in the first place? The forces that move the markets count on you (us) placing your stop loss near support/resistance, round numbers, fibs, etc., because it makes it easy for them to play their tricks... Point is, although trend following is probably the only way to make consistent money in forex, it's still not an easy task, because 'sudden price moves' can happen at any time - you think it's retail traders who make price price shooting up and down all the time? If that was the case, more than 90% of traders wouldn't be consistently losing their money, because it would be much easier to 'go with the flow' - price would most of the time follow the rules of supply and demand, only interrupted now and then by 'fundamentals'.
Hope this rambling makes some sense...
Cheers
95% of the people don't believe 100% they can win, that's why they lose
