I don’t usually post but I read read read all the time. I found a few constants that I’d like to share. I’m not making money but I didn’t blow my first account yet. I’ve recently made some changes to my trading and it has done wonders.
If you disagree please let me know but don’t just post “you’re wrong” and give no alternative, especially when you are not profitable yet.
Price action on the daily time frame is the way to go.
I use price action with volume to see if the signal is valid.
Stop losses are for people that do not want to be profitable. BUT have your lot size small enough to not blow your account out!
I feel the market is designed to randomly move and the randomness will stop you out even when you have the direction right!
I’d like to give a big thank you to BabyPips for having a free site with incredible information!
Also I know you might disagree but ICT has helped me learn so many concepts without reading 9 billion books.
MasterGunner99 also showed me how to lower my lot size to increase my trades enough to use percentages to my benefit.
I will add to this list as I think of what I’ve learned that has been helpful. I’m tired and need to get up at 5:30 so kinda fried right now.
True but I see price retracing taking out my stops all the time. I’ve studied for hours upon hours and have not found a way to consistently call the move that closely.
Again make sure your lot sizes are small.
I’m in a trade right now where my TP was missed by .01 on a JPY pair. Price moved against me 1.5 times my targeted profit and I could care less. Will wait to see if there is a signal against me.
Well, there are many people that will buy at the bottom of a TREND, but i don’t know if they will sell at the top of a TREND. I have never been able to do both , but i have done one or the other. I’ve been trading for almost 5 years and i can tell you, i have made most of the mistakes that anyone can make. NOT putting stops is one of them. There are times however that a stop is not needed, if the trade has a very clear direction and you did down size the trade . In most cases is very important to put stops on your trade. When you don’t put a stop in, you really don’t know when the trade is going to turn your way!! So now your wasting time of trading and as we know time is $$$ that can be used on another trade.You can make a better trade. When the trade that you got stopped out off turns around, then you buy it again and make the money you had lost back and then some. There are other reasons but i will not go into them because it will be to much of a reed.
True. My point was don’t try and buy at the bottom and sell at the top. It is luck that will get you one or the other and EXTREME luck that will get you both so it is a waste of time for ME to try.
I am not encouraging anyone to not use stops. It is what I’m doing because my lot size is small, $500 account with .01 lot size. I used ICT principles yes I know I was duped to and took a $500 account to $119. It’s been about a month since I’ve changed my trading and I’m at about $250. I’ve more than doubled it in a month. Before you go crazy I don’t think this will happen all the time but it is still a big difference from how I was losing.
BillMoney now your building the acct from $119. and now $250. Great and on your favor and all the rest of us is that summer is over. There will be allot of volume in the market , that is a big plus.
Well. EUR/JPY gapped up and I took the chance to be out -3 pips. Still in my other trade that is around break even. So as of now +300 for last week. Hope this one doesn’t kill me but will look for new trades this week.
Well to be honest if I stayed in the trade it would’ve got me my take profit. I still feel it was luck NOT price action. Still waiting on my last trade.
Your introducing list is great, helpful and [B]true[/B]!
Let me only add a little point - if you’re trading the forex cash markets,
you only see part of the overall volume, part of your broker.
Even if you would be a bank, you have not an exact volume as
you get from a regulated market’s exchange. But - as said, only a little point.