As simple as possible: 00 level trading

good luck and keep us posted

Udine

No book, I am a boring simple guy, living a simple life

cheers

Udine

later guys..

fitness time

Udine

I understood it well, but still I need it.

news of today..

Germany closed so no Frankfurt open trades..

ok here you go

Thank you sir!

Thank you for your clear explanation on where to put these. This should probably be included in the doc on the first page.

Udine,
Thanks for this thread

Hi everyone,

First trade of the day initiated.

Sell EURJPY @ 139.800, TP @ 139.735 included the spread.

Update: This trade was hindsight against the rules. I had not looked at the news. There are today European holidays. So the trade should have been made not before the opening of the London market.

Best regards,

Frietzak

please check post 865 !!!

Although not part of the system the 200 ema is just below at circa 139.75 and 2 wicks have bounced off that - 3rd time lucky perhaps.

Hi Udine,

The intention was actually to start the trade during the open of the London session, but the trade was initiated earlier.

So my question is do you only start setting up your pending trades when the market opens? Or do you even wait for example one hour after the opening of the market?

Best regards,

Frietzak

UK is still closed ... and Frankfurt is closed for the day so watch carefully this trade

GBPCAD

I had not read the post 865. Sorry. But it is going well at the moment.

When you set pending, you can't expect them to wait a defined time before being effective.

Instead start watching for setups when the market you want to trade is opened.

Hi FerruFx,

Thanks for the explanation. Learned a good lesson. Slowly I learn to understand the system.

Best regards,

Frietzak

EURJPY loss.
Frankfurt closed.
I had not read the post 865. Sorry.

ok get ready for a long story..

i will say it bluntly... 100 % of the people start out in forex for one reason only: to make
a shitload of money as a get rich quick scheme and make money from day 1.

90 - 95 % of the people fail in forex for the following reasons:

1. no clue of what their getting into
2. no system
3. no plan
4. no patience
5. no focus
6. no discipline
7. dont treat it like a business, but more as a game/hobby/entertainment
8. dont act / work as a professional
9. no administration
10. looking for shortcuts and not putting in the effort

the 5 - 10 % of the people who succeed in the end, realize that forex is not get rich quick, you need to work it
study, test, train, etc etc.

You think that somebody who wants to play professional basketball can join the NBA from day 1??
how much training with blood, sweat and tears, has gone into the training before even reaching that NBA level?? And how many of those young guys never make it into the NBA ???

You can change the basketball player, into doctor, lawyer, tennisplayer, golfer, forextrader .... anything...
and how much training, studying these highly paid professionals do on a daily basis ???

1. no clue what their getting into...
everybody should at least have read the school over at babypips.com ONCE, twice would be better..

2. no system
they jump from system to system, make the first changes after two three trades, to "improve" the system without testing it in depth...

when you test a system... any system for that matter you must test it as is presented to you, see if
STEP I. you can get consistent with minimal lotsize and if that is the case
STEP II. double your demo account twice

That is important, because during the time your doubling your demo account you will encounter all kind of market changes, that will show you if the system can stand the test of time..

IT WILL ONLY WORK IF THE SYSTEM YOUR TESTING FITS YOUR PERSONALITY !!! Sometimes a system works perfectly for others, but not for you, there is nothing lost.. there are plenty systems that can make money... and there is one that fits your personality as well

3. no plan
this includes: goalsetting plan, trading plan, business plan
with regards to the goalsetting, the first thing they say I want to make a lot of money.... and then go for it..

WRONG !!

These are the 6 questions you need to answer for ALL of your goals (not only forex) !!
1. Precisely (meaning precisely) what do I want (the end in mind / ideal result) ?
2. By what date ?
3. How did others get there (dont invent the wheel) ?
4. What five smaller pieces can I break this into ?
5. Who can I ask for help ?
6. What is the first measurable step I must take in the next 24 hours ?

Now what to do:
A. Take massive action
B. See what is working and what not
C. Adapt until you see its working
D. Find mentors

With regards to the trading plan I have attached something everybody should use.
for a businessplan template there are plenty out there so do a quick google search

4. no patience
I have said it before:
A $1K account making 1 %/ day and compounding makes you a millionair in 3 years !!
So what is so F@#king hard to understand ??

Where were you 3 years ago??? and where will you be in 3 years time if you continue like this??

5. no focus
make an excel sheet, set it up as your trading journal/log, where you log everything and add an extra sheet where you have a $1K account compounding to a million and update the file at the end of every trading day = to keep your eyes on the goal..

6. no discipline
create a daily routine, do fitness daily; eat and drink healthy, sleep enough

Every time you make a trading mistake do 10 burpees...LOL (I did) In the worst case you dont get rich, but you will be fit (and still get your dreamgirl)!!

7. dont treat it like a business
You are the CEO of ME Inc.... and as long you dont have a money machine you are the money machine..
See your personal situation as a company of one: ME Inc.
Are you going towards wealth or bankruptcy??

Your company needs 2 things:
1. profits
2. positive cash flow (spend less than you earn)
that all !!

8. dont act/work as a professional.
treat it as if you go to work... and try to improve every day... not to impress somebody, but simply make yourself better

9. no administration
how many of you dont have a trading journal/log, where you write down EVERYTHING ???
and i dont mean simply writing down: day/pair/ entry / exit / profit /losss
I mean everything, with pics of entry, reason of entering, situation of news at that moment, ADR, feelings ... everything...
this is so underestimated by way too many people !!!

it helps you to analyze your trades during the weekend, see where you made mistakes (do your burpees) and maybe adjust your
system rules so you wont make that mistake again..
10. looking for shortcuts

in forex are no shortcuts... you must put in the work..
As Vince Lombardy said: Success comes before work ONLY in the dictionary !!

enough said for the moment..

Udine

Pls what could have been the problem with this news indicator.?It just refuse to load since l loaded yesterday