A long road traveled: The result of a decade of trading experience...
It took me lots of ups and downs and quite a while to figure out what works in this market. I have laid out an approach that will lead to profitable trading if followed with discipline. There is no need to spend years following paths that ultimately lead to dead ends. While the path to success is not always easy and will require some practice, every trader should at least be certain about what works and does not work in terms of a trading approach. This is what this thread is about.
>> Before posting charts: Learn More About Trading Golden Levels
Posting live price levels will allow us to further discuss the basics of this trading approach as it plays out in the live market.
Many times I miss certain levels that other traders spot so putting our collective efforts to work makes sense.
Please read this entire post before contributing your charts to the individual currency pair threads:
EUR/USD: http://www.forexfactory.com/showthread.php?t=595572
GBP/USD: http://www.forexfactory.com/showthread.php?t=595575
USD/JPY: http://www.forexfactory.com/showthread.php?t=595579
USD/CAD: http://www.forexfactory.com/showthread.php?p=8988232
AUD/USD: http://www.forexfactory.com/showthread.php?t=595587
EUR/JPY: http://www.forexfactory.com/showthread.php?t=595689
AUD/JPY: http://www.forexfactory.com/showthread.php?t=595690
USD/CHF: http://www.forexfactory.com/showthread.php?t=595694
GBP/JPY: http://www.forexfactory.com/showthread.php?t=595698
NZD/USD: http://www.forexfactory.com/showthread.php?t=595704
EUR/GBP: http://www.forexfactory.com/showthread.php?t=595746
EUR/JPY: http://www.forexfactory.com/showthread.php?t=595689
CAD/JPY: http://www.forexfactory.com/showthread.php?t=595774
CHF/JPY: http://www.forexfactory.com/showthread.php?t=595781
EUR/CHF: http://www.forexfactory.com/showthread.php?t=595819
EUR/CAD: http://www.forexfactory.com/showthread.php?t=595825
NZD/JPY: http://www.forexfactory.com/showthread.php?p=8991008
>> Before posting charts: Learn More About Trading Golden Levels
______________________________________________________________________________________________________________________
Why do we trade like this?
The millionaire traders in this market (hedge funds, quants, algos, banks) tend to place their orders at specific technical areas. This fact is the basis for the trading approach taken in this thread and these price areas are literally worth gold when we find them yielding at times 100 pips of profit for relatively little risk. However, identifying them might take some digging with your eyes (therefore the word "Mining"). The benefits we gain are:
1. No need to predict. Predicting what the market will do consistently over time is, time taking, stressful and unnecessary.
2. Faster compounding by trading from the best price levels, with a high R:R (Risk:Reward ratio) and high win % rate.
3. Predictable income stream by closing trades for a reasonable R:R (not too low, not too high)
4. Less stress: Since our trading is centered around finding specific price levels to trade from, we wait for the market to come to us, not the other way around.
5. Less monitoring the market: Because we define price level to trade from ahead of time, we can use limit orders and/or price alerts.
Quinton
It took me lots of ups and downs and quite a while to figure out what works in this market. I have laid out an approach that will lead to profitable trading if followed with discipline. There is no need to spend years following paths that ultimately lead to dead ends. While the path to success is not always easy and will require some practice, every trader should at least be certain about what works and does not work in terms of a trading approach. This is what this thread is about.
>> Before posting charts: Learn More About Trading Golden Levels
Posting live price levels will allow us to further discuss the basics of this trading approach as it plays out in the live market.
Many times I miss certain levels that other traders spot so putting our collective efforts to work makes sense.
Please read this entire post before contributing your charts to the individual currency pair threads:
EUR/USD: http://www.forexfactory.com/showthread.php?t=595572
GBP/USD: http://www.forexfactory.com/showthread.php?t=595575
USD/JPY: http://www.forexfactory.com/showthread.php?t=595579
USD/CAD: http://www.forexfactory.com/showthread.php?p=8988232
AUD/USD: http://www.forexfactory.com/showthread.php?t=595587
EUR/JPY: http://www.forexfactory.com/showthread.php?t=595689
AUD/JPY: http://www.forexfactory.com/showthread.php?t=595690
USD/CHF: http://www.forexfactory.com/showthread.php?t=595694
GBP/JPY: http://www.forexfactory.com/showthread.php?t=595698
NZD/USD: http://www.forexfactory.com/showthread.php?t=595704
EUR/GBP: http://www.forexfactory.com/showthread.php?t=595746
EUR/JPY: http://www.forexfactory.com/showthread.php?t=595689
CAD/JPY: http://www.forexfactory.com/showthread.php?t=595774
CHF/JPY: http://www.forexfactory.com/showthread.php?t=595781
EUR/CHF: http://www.forexfactory.com/showthread.php?t=595819
EUR/CAD: http://www.forexfactory.com/showthread.php?t=595825
NZD/JPY: http://www.forexfactory.com/showthread.php?p=8991008
>> Before posting charts: Learn More About Trading Golden Levels
______________________________________________________________________________________________________________________
Why do we trade like this?
The millionaire traders in this market (hedge funds, quants, algos, banks) tend to place their orders at specific technical areas. This fact is the basis for the trading approach taken in this thread and these price areas are literally worth gold when we find them yielding at times 100 pips of profit for relatively little risk. However, identifying them might take some digging with your eyes (therefore the word "Mining"). The benefits we gain are:
1. No need to predict. Predicting what the market will do consistently over time is, time taking, stressful and unnecessary.
2. Faster compounding by trading from the best price levels, with a high R:R (Risk:Reward ratio) and high win % rate.
3. Predictable income stream by closing trades for a reasonable R:R (not too low, not too high)
4. Less stress: Since our trading is centered around finding specific price levels to trade from, we wait for the market to come to us, not the other way around.
5. Less monitoring the market: Because we define price level to trade from ahead of time, we can use limit orders and/or price alerts.
Attached File(s)
Quinton