Simply Keen Pips Weekly

The RR is key...It points you in the right direction. How much are you risking to earn the reward or pips? That is the nub. At times you lose but if your RR is in your favour, say 1:3, my minimum, you will be profitable. By improving my trading system for functionality and maintaining sound psychology, say discipline, in trading my consistent profitability will be facilitated.

Lesson: Never get carried away by boasts you see on FF! Stay calm and work on learning and improving daily.

KP

Patience, for sure, is a crucial element to successful trading. In this, rather than predicting what happens to price next, let the market dictate and be mindful of the timing of trade entry.

KP

Nuggets: ‘It is quality rather than quantity that matters.’ - Lucius Annaeus Seneca

Therefore, be mindful of the quality of the trade you take. Go for the best set up and wait for the best entry signal.

KP

I have been doing some housekeeping in the last few days. First, testing my tweak of the MAs I trade with; second, watching the behaviors of two pairs, EURAUD and GBPJPY, I am considering adding to those I trade. I may eventually drop one of the two depending on how they behave in the current situation.

KP

I just wait until there is money lying around the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime James Rogers

Patience is key; patience in trading by sound rules and to your trading plan. Be painstaking to prepare your trading plan. Test trade it for about 3 months before you revise it.

KP

Nuggets: Price tends to follow the path of least resistance.

KP

One of the things I have been doing this week is to learn how to more effectively identify and draw strong S/R or S/D zones/levels. I had cluttered my charts with too many of such and I wasn't getting the results I wanted. So, I took much of the past few days to learn how to draw few but strong S/R or S/D levels. The fewer the better, so I am having a maximum of four such zones on my charts.

KP

Now that the EURUSD is bearish, I am reaping some profits on my short trades.

KP

One of the the terrible mistakes I made that made me blow up two of my live FX trading accounts a few years ago was operating a martingale. I should learn from it.

KP

Nuggets: Add to your winners, not to your losses.

Forex trading is basically a matter of finding the method that is suitable to your skills and personality rather than blindly copying or following successful traders. Nevertheless, you should learn from successful traders because continuous learning is key to profitable trading. But, never blindly follow them or worship at their feet.

KP

that's so true Brother.

At the moment, it is more important for me to spend time to perfect my trading techniques than spending the time to trade. There are always opportunities in the market for the right techniques and approach.

KP

My bias for EURUSD and AUDUSD atm is bearish. But I will look to see how my current trades turn out before I do anything further this week.

KP

Still watching the market to see how my trades are developing. Current shape of EURUSD and GBPUSD still favorable.

KP

Now I have come to a position where I have reduced the MAs I trade with to three. I have been looking for an efficient and effective combination, where each MA has a reinforcing effect on my trading system. In a sense, the fewer the merrier but three MAs is just what would facilitate consistent profitable trading for me. The bottom line is to trade a system and strategy you quite understand, are comfortable with, and have confidence in to deliver successful trading for you.

KP

Wondering why EURUSD has been behaving the way it has since the beginning of this week? Check the weekly chart. It is at a strong weekly S/R zone.

KP

'Nobody ever lost money taking a profit.' - Bernard Baruch

FF can be great for you if you know what you want, what aspects of your trading you want to improve upon. Therefore, newbies must be clear about what they want from joining FF otherwise they will not only be confused but will learn wrong habits.

KP

I am now learning to combine trading from all the chart types on MT4: bar, candlesticks and line. They tend to combine well to give good insight on price action.

KP