Im study forex for about 6\7 months now and im trying to learn a strategy on a daily TF. I have a full day job and i have to work on shifts so its impossible to trade on the 1H ou 4H TF.
So the only TF i can trade its the daily TF.
I don´t like indicators so the tecnical analisys im looking to learn is the Price action using S\R and price patterns.
I have read several topics about Price action strategys but i have to be doing something wrong because i only have profit 2\10 trades.
I use pin bars and engulfing bars with S\R levels but im still have a heavy losses and get stop on the SL.
Im not looking for a strategy to get rich only trying to unterstand a good strategy.
I don´t want to pay the privete courses out there like forex4noobs and forex school online etc… But looks like some times it will be the best way to learn.
Is some one have a good thread to read our something else to help me learn i will appreciate.
Sorry about the english guys im Portugues so
Thx in advance for who just want to help a new guy in forex
You might do well to remember the weekly and monthly time frames. There are many successful traders that trade using weekly and/or monthly data.
That amount of data will not tell you if your system is truly a losing system. But if you have truly got a losing system that you can run without it demanding you to quit the day job then don’t be unhappy, get very excited. Let us suppose you have a system that will lose more than it wins. If that is true, then you have found the opposite of a winning system and you simply need to do the exact opposite of your system.
An option at this point would be to trade your system in one account and the opposite of that system in another account using very tiny position sizes. That way, you can trade the system and its opposite in real time. It is statistically likely that you have a break-even system because the vast majority of systems are break-even systems.
Your first goal is to learn how to stay alive and that can only come by trading small. Consider a dealer that allows you to trade very small position sizes such as Oanda (I do not work for them. So I am not promoting them here. But they offer the smallest fx position sizes in the U.S. that I am aware of. If anyone knows of any other dealers in the U.S. that offer position sizes below 1000 units I would love to know about them. Thanks). You may be able to find a different non-U.S. dealer that offers small position sizes.
Private courses can only benefit you if they teach you a strategy or system that is actually profitable and that you can implement and those two requirements can be difficult for anyone doing courses to fulfill. For that reason, training courses generally are not worthwhile for the vast majority of traders.
Hello and welcome to our forex community! Don’t you worry about having a challenging time at first because you’re in the right place and the friendly forum folks would love to help you out. Sounds like you’re on the right track when it comes to deciding on your trading style, which is to focus on swing trades and longer-term time frames.
Have you checked if your stops are appropriate for your strategy? When trading based on daily or weekly charts, it makes sense to have very wide stops since you’re trying to catch longer-term trends anyway. Also, how much % of your account do you risk per trade? You could try reducing your risk first in order to steer clear from heavy losses while fine-tuning your approach.
Thx for the reply, well here comes the big problem with me. Since i have to mark the S\R levels and if this levels are not place correctly the Stops and the Take profit will not be on the correct place.
Im basically doing a strategy with S\P and price patterns. The % of the account its not important for now first i need a good strategy and then think about the risk per trade.
You should try this strategy for a newbie. It is simple and you can use the 1day chart. Just apply the indicators as described on the website. You should watch the video to see how you can read the signals it provides. here: Zonal Trading System
I think it is a mistake to think that risk per trade is not important. You still can make money on 2/10 trades if you risk reward is bigger then 5 (R:5R) Trading is all about risk management and money management not only the entry of your system You can flip a coin to go long or short as entry and make money (Quote "Trade your way to financial freedom; Tharp) Your system (Trading plan) should cover all aspects of trading else you don’t even have a system. Look for: Entry, Exits SL TP MM Position size …
If the system and its opposite both lose money then they are two sides of a break-even system. The SL in the opposite system is the TP in the first. The reason a break-even system loses money is because of costs.
I was thinking SL is smaller then TP to have a good R:R If TP = SL you don’t have to trade because you only make cost Maybe I don’t understand exactly what you mean. With a difference in TP and SL I believe it is an interesting way of testing If both accounts make equal money you have a brake even system If one account makes more money the system has some kind of edge If both accounts lose money there is a problem with the SL or TP, the exit of the trade if …
I don’t want to sound bad I just want to give you an honest opinion. You are not going to find someone who will give you a trading strategy, and even if you find someone like that it will not work for you. This is why you should try to develop your own strategy and and work with it. In order you to find out if the strategy is working or not you need to use it for some time (at least 6-9 months). During this period you need to have a trading journal where you will keep all the trading history so you can go back through your trades and see what is wrong and where you can make some adjustments.
If the SL is smaller than the TP in the system, then the SL will be larger than the TP in the opposite system. With the SL smaller than the TP, the losses will be smaller than the wins but will also tend to be more frequent. In the opposite system, with the TP smaller than the SL, losses will be larger than wins but less frequent.
Suppose the system would have you go long EUR/USD at 1.1500 with a stop at 1.1400 and the TP at 1.1700. This would set up a 100 pip SL and a 200 pip TP. This is an R:R of 2:1.
The opposite system would go short EUR/USD at 1.1500 with an SL at 1.1700 and a TP at 1.1400. That gives you a 200 pip SL and a 100 pip TP. This is an R:R of 1:2.
If the win rate of the system is 33%, the win rate of its opposite is 66%. If the system wins as follows:
Win $2
Loss $1
Loss $1
Win $2
Loss $1
Loss $1
Loss $1
Loss $1
Win $2
Loss $1
Loss $1
Win $2
It has an R:R of 2:1, a win rate of 33%, and it broke even at $0. If fees are $12, the trader lost $12.
The opposite system would do:
Loss $2
Win $1
Win $1
Loss $2
Win $1
Win $1
Win $1
Win $1
Loss $2
Win $1
Win $1
Loss $2
It has an R:R of 1:2, a win rate of 66%, and it broke even at $0. If fees are $12, the trader lost $12.
One might be tempted to setup the “opposite system” with a short at 1.1500, a SL at 1.1600 and a TP at 1.1300 in order to keep the R:R at 2:1 like the first system, but if one does, one is not trading the actual opposite of the system. In fact, one is still trading the same system.
I suspect that a large percentage of retail fx traders are trading break-even systems in the daily noise and thus lose a big percentage in fees.
I know i need to have my own strategy, and it is what im working for. Im trying to find a good Price action tutorial and a good Support and resistence tutorial to build my own strategy.
The problem is there is so many wrong information on the web about Support & Resistence and price action. I know what a Pin bar, Engulfing candle our inside bar are, but im still trying to get more and more info about the matter.
My big big problem now is to put the correct lines for support & resistence. Everytime i put this lines it seems i have to many lines. Even on the daily our the 4H charts.
If any one can point me on the correct direction for the support & resistence and price action tutorials it will be a big help for me.
I look first at weekly charts and use daily just to adjust them a little. Look also at analyses from others on babypips and see where they put them. There are several PA forums on babypips to help you out I follow Pure Price Action For Dummies.
ElectroFX Pure Price Action Trading gives also a lot of examples with S&R
The alternative technical template threads are pure gold. The contributors don’t post here anymore as far as I know but there’s a ton of useful information in them if you spend the time to go through them.
