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Success Guaranteed - Simply Trade Better

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  • #1
  • First Post: Edited Apr 6, 2016 4:27am Mar 27, 2016 10:06am | Edited Apr 6, 2016 4:27am
How do you ensure consistent profitability and guarantee success in Forex trading? Is it not by learning to trade better and applying what you learn in consistently efficient trading?

I started trading FX sometime in 2011. When I started, I was carried away by how much I wanted to make in the shortest possible time. With little time on demo, and not knowing what I was doing the demo for, I burnt three live accounts in quick succession. You bet, I was set up for failure. I laid low for a while but was visiting FF and other websites for trading ideas and techniques. Somewhat, I was taking in by the search for the Holy Grail. Sounds familiar? Recipe for failure? You bet but I realized after a period of visiting FF what I was missing: Get one simple, functional system with which I am comfortable and master it for successful and consistent FX trading. That brought me back to live FX trading about four months ago and made me become a member of FF in December 2015. To succeed in FX trading requires knowing what you currently lack; fix it and learn to improve on trading better on a daily basis.

So, I am starting this thread so that like-minded traders and I can share ideas and experience on trading better, simple and consistently efficient systems for guaranteed profitability and success. Also, want to use this thread to complement my trading journal, Simply Keen Pips Weekly.

Regarding my level of trading experience, I am purely a learner but I am making the kind of progress I want to see for consistent profitable trading. Nevertheless, I will not be posting my trade explorer here. It is available on FF for my micro live accounts.

The thread is open to FF members who share the value of continuous improvement and careful trading to share their trading experience and ideas. But do keep things simple and be non-judgmental, non-exhibitionist and non-offensive. Let us do things by the FF code of ethics, with emphasis on respect for fellow members. In regard to attachments and charts, please make them simple and clean; not to confuse or confound simple minded people like me.

KP

Edit: I had started this thread under the 'Trading Discussion' section but within one day, the Admin moved it to 'Trading Journals' section. But as I already had a trading journal 'Simply Keen Pips Weekly', it will be proper and more efficient to focus on only one trading journal so I am discontinuing 'Simply Keen Pips Weekly' for this thread, whose title brings out the essence of my posts and Forex trading: simplicity, better trading and consistent efficiency for sustainable, successful trading.

KP
Do your homework, follow the footprints of smart money
  • #2
  • Mar 27, 2016 12:35pm Mar 27, 2016 12:35pm
This thread will be interested in what fellow traders do to guarantee better trading results and what actions they take to improve on their trading skills and results

For me, my trading system is based on price action interlinked with use of MAs and S/R zones. I had used the past one month to learn how to better identify and draw S/R and S/D zones. I had also learnt to effectively use three EMAs for trend filter, value analysis and mean reversal trading. This has resulted in some red pips on my trade explorer but they have served the purpose of making my trading system and approach more efficient and more functional. As a 'moderate' swing trader, I had used the experience of coping with red pips over a period of days to develop the discipline required to handle losses while keeping a good focus on long-term trading success. The learning curve has shortened and the confidence to calmly trade and be patient in approaching the market and changes in the market is growing. This bodes well for guaranteed success in my FX trading business.

KP
Do your homework, follow the footprints of smart money
  • #3
  • Mar 27, 2016 1:26pm Mar 27, 2016 1:26pm
Last week, I took some time to watch three pairs I had on my list. It was becoming apparent that I need to trade less number of pairs. So, I took a great part of last week to watch three pairs. I am aware that newbies are often advised to stick to one or two pairs for a while. I had passed that phase but I needed to avoid the temptation of trading too many pairs for quality analysis and decision-making. So, I put three pairs on a watch list. I will pick only one of them in the next few days. Anybody has a similar experience?

KP
Do your homework, follow the footprints of smart money
  • #4
  • Mar 28, 2016 12:49am Mar 28, 2016 12:49am
A trader must know when not to trade. Is today not such a day?

KP
Do your homework, follow the footprints of smart money
  • #5
  • Mar 28, 2016 1:29am Mar 28, 2016 1:29am
Do you always seek ways to improve your trading skills and strategy?


KP
Do your homework, follow the footprints of smart money
  • #6
  • Mar 28, 2016 4:09am Mar 28, 2016 4:09am
Quoting KeenPips
Do you always seek ways to improve your trading skills and strategy? KP
Hey Keen,

In my opinion this is a huge mistake that we all of us do. Sometimes everything works very well, and we still try to "improve it", this is where discipline could save you.

To newbies, you should master your system before "trying" to improve it, unless you want to keep blow ing your accounts.
  • #7
  • Mar 28, 2016 9:20am Mar 28, 2016 9:20am
Agreed, aStriker; jumping from one system to another is not advisable. But improving your trading skills and making a functional trading system more efficient is important. Nevertheless, working on an efficient trading system in order to make it into a perfect one is not advisable.

KP

Quoting aStriker
{quote} Hey Keen, In my opinion this is a huge mistake that we all of us do. Sometimes everything works very well, and we still try to "improve it", this is where discipline could save you. To newbies, you should master your system before "trying" to improve it, unless you want to keep blow ing your accounts.
Do your homework, follow the footprints of smart money
  • #8
  • Mar 28, 2016 5:10pm Mar 28, 2016 5:10pm
'Don’t focus on making money, focus on protecting what you have' - Tudor Jones, Market Wizard
Do your homework, follow the footprints of smart money
  • #9
  • Mar 29, 2016 4:30am Mar 29, 2016 4:30am
How important is it to use confluence of signals for trade entry?

KP
Do your homework, follow the footprints of smart money
  • #10
  • Mar 31, 2016 12:07pm Mar 31, 2016 12:07pm
Focus your total attention on trading consistently well, the results will follow. Is that a mindset you think is worth adopting?

KP
Do your homework, follow the footprints of smart money
  • #11
  • Mar 31, 2016 12:12pm Mar 31, 2016 12:12pm
One of the habits worth developing for successful trading is to control your emotions when you trade. If your trade is doing well, don't go overboard with excitement; if you are making a loss, don't get crushed by it.

KP
Do your homework, follow the footprints of smart money
  • #12
  • Apr 3, 2016 3:27pm Apr 3, 2016 3:27pm
While it is important for any trader who wants success to prepare their trading plan with clear rules for trade entry and exit, it is more important for the trader to develop the discipline to trade the plan. Jim Rogers said: 'I don’t do anything until all the pieces fit.'

KP
Do your homework, follow the footprints of smart money
  • #13
  • Apr 4, 2016 12:48am Apr 4, 2016 12:48am
The discipline to wait until the best opportunities come your way is key. 'Be careful, trade safe' should be the catch-phrase to always remember.

KP
Do your homework, follow the footprints of smart money
  • #14
  • Apr 4, 2016 1:39am Apr 4, 2016 1:39am
You often get confusing and conflicting analyses on FF. If you don't know the bases of these analyses, and your system and strategy are different from those of the analysts, you will regret blindly following them. Protect yourself! Understand and master your own system, and use only what is clear to you based on what you are getting from your platform.

KP
Do your homework, follow the footprints of smart money
  • #15
  • Apr 5, 2016 3:18am Apr 5, 2016 3:18am
It is important that you learn to read the market, i.e. price action and charts, and do your own analysis. It will not come easy but it will be critical to your long-term trading success.

KP

Quoting KeenPips
You often get confusing and conflicting analyses on FF. If you don't know the bases of these analyses, and your system and strategy are different from those of the analysts, you will regret blindly following them. Protect yourself! Understand and master your own system, and use only what is clear to you based on what you are getting from your platform. KP
Do your homework, follow the footprints of smart money
  • #16
  • Apr 6, 2016 3:30am Apr 6, 2016 3:30am
Master one strategy and improve on it for consistently efficient and sustainable profitable trading.

KP
Do your homework, follow the footprints of smart money
  • #17
  • Apr 7, 2016 3:16am Apr 7, 2016 3:16am
While price action is king, trading naked charts is not. Not everybody can trade naked charts with consistent success imho. What any trader can do is to combine price action with the use of a few complementary indicators reinforced by confluences such as S/R zones, Fibs, trend line/channels breakouts with re-tests, and rejection candlesticks.

KP
Do your homework, follow the footprints of smart money
  • #18
  • Apr 7, 2016 11:22am Apr 7, 2016 11:22am
Nuggets:

‘Opportunity is missed by most people because it is dressed in overalls and looks like work.’– Thomas Edison
Do your homework, follow the footprints of smart money
  • #19
  • Apr 8, 2016 4:06am Apr 8, 2016 4:06am
If you are a trend follower, always wait for a clear trend to form.

KP
Do your homework, follow the footprints of smart money
  • #20
  • Apr 8, 2016 12:09pm Apr 8, 2016 12:09pm
Basics: Buy weakness, sell strength. Look for bullish signals to buy at support levels, bearish signals to short at resistance levels.

KP
Do your homework, follow the footprints of smart money
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