I hope I am doing this correctly I am somewhat new here and just spent 2 weeks reading all 392 pages of this thread. My main problem is not chasing the charts and doubting myself, I understand this method but I get an itchy clicky finger and get into trades that I know donāt pass the NikitaFX method test and wind up losing pips. Currently in my demo account following this method (mostly) I am up a whopping total of $5 which is better than being down $200 before I really started understanding this method.
I think this should wrap up my long introduction to this thread.
Welcome to the thread, this method is very simple to understand but only when you want to follow it properly. As you said you understand the method and progressing, just keep it simple when you are trading this method.
Just follow the terminology of BPC method Breakout Pullback and Continuation, what market does every day every week every month and every year. It does not matter what systems or method we follow to trade.
Hi,
Been following this thread quite sometime back, really learn something from here. So, would like to contribute a little of my personal own experience. To me, the key to success in forex trading is really the consistency, it apply to the trading style, the system, the money management and the psychology. I currently trade 2 system - EMA trending crossed and Harmonic pattern. Both using price action and candlestick pattern as major analysis, and sometime throw in a indicator as a tool to support (never take it as entry signal or trade just using indicator, its just a tool).
Currently my main problem is finding time to trade, it fell down the list of priorities :). It also seems to work on equities though :). I am using this almost exclusively though, at least until I absolutely understand it, and then maybe throw in an indicator if I need to.
Totally agree with you, it takes lots of time to grasp the essence of the market. Only things matter is consistency,it does not matter what systems or method we follow market will either go up or down and sideways.
I have the same problem, not enough time during the day. At the moment I am trying to trades with my mobile. Concept is very simple that is why we can use to any markets. Indicator is not bad to use but it is very bad if we depends 100% on the indicator.
I have been wanting to reply to you but was away on a vacation.
Currently, I am only trading using this method excluesively, but I think according to this method, I managed to only get 1 or 2 trades per week. What do u think? Am I doing correctly or there should be more trades per week?
Ok, when I say 1 or 2 trade per week, I am only refering to EU & GU. I am only closely monitoring this 2 pairs as my success rate for this 2 pairs has so far been so good. I have tried other pairs like AU, EA, UCad, EG, but it has always been very erratic for me. Maybe havenāt grap the gist of this method yet.
But 1 thing I realised about trading this method, using the weekly bias, the real action usually kicks in on wednesday & thursday, which means normally monday & tuesday no trade at all. Do u experience this also?
I need you to assure me if I am rite about this.
Beside this method, do u have other methods as well?
But 1 thing about me trading this method, I always take profit about 30-40pips range, I donāt have a trade like you that can exceed 100 pips per trade. What am I doing wrong about this?
Also can I confidently say that if we were to trade using this āweekly biasā method, one can easily grab 70-80 pips per week? Pls advise.
Thanks so much bro, for all your patience and willingness to shareā¦
When you mention that āconcept is very simpleā are you referring to the weekly bias?
So the main thing is to look for a suitable entry point, which using the phone will be good enough?
I also realised something about trading this methodā¦ Normally monday is not a good day to trade as we have no bias. And if I were to trade using friday as a bias, I would lose more often then win. Do u agree?
You are doing everything correctly, we only need 1 or 2 profitable trades every week without loss. It does not matter which pair you trade, if you are comfortable with EU and GU pair stick with it.
Monday always bit tricky to trade.
At the moment most of the entry setup unfold on Wednesday and Thursday but Tuesday and Friday also good day some weeks.
I am only using this method because with this method I can understand how the market is moving one place to another place like a wave.
Amount of pips is depend on how you manage the trade. 30-40 pips is very good amount if you can compound it. But if you want to get 70-100 pips per trade you need to give your trade some time to do what it need to do.
Check your trades and see what happened after you closed your position if it is going according to your predicted way then you know what to do now, just hold the position as long as you feel comfortable.
Suppose you open a position with 40 pips SL and your TP is 80-100 pips, what you will do when price move 35-40 +pips are you going to close it or let it run and hit your TP. If you close the position then you are not following your trade plan.
When you open position by weekly TF you are expecting that pair will move minimum 150-200 pips, when you follow daily TF you are expecting pair to move 80-100 pips, when you follow 4HR TF pair it can move 50-80 pips, when you follow 1 HR TF pair it can move 20-50 pips and so on ( just an example).
So you are following weekly TF and you are taking profit according to 1 HR TF (which os 30 -40 pips )but you are agree to loose according to weekly TF SL.
I had this same problem, believe me I have tried everything to overcome it, finally I realised that when we open trade with fixed SL then what is the point to move the SL early.
Hope you will understand, if anything not clear please let me know I will try my best to explain again.
When you open position by weekly TF you are expecting that pair will move minimum 150-200 pips, when you follow daily TF you are expecting pair to move 80-100 pips, when you follow 4HR TF pair it can move 50-80 pips, when you follow 1 HR TF pair it can move 20-50 pips and so on ( just an example).
When you say open position by weekly TF, do you mean trading off the weekly chart? Or do you mean using weekly chart as ābiasā ?
What I am doing now is I trade according to weekly bias- last week sell, this week sell, last week buy, tis week buy.
So am I trading this method correctly? If I am doing correctly, does it mean that I should look for 150-200 pips as profit guideline?
I was trying to say that in a week one pair can move 150-200 pips. So if your entry is early and at good price then you can get 80-100 pips from a single trade.
It is according to me it is not a guideline, what I have experienced so far that most of the pair have a weekly range, if you are early then you can get maximum pips out of a trade.
So far have you been profiting weeks after weeks? If I remember correctly, you mentioned before that you will want to trade full time in future. Are you on the way to reaching your goal?
But 1 question I have for u is, is there any difference between now and āfull timeā ? I mean do u intend to trade differently if u were to do fulltime?
Isnāt this type of trading and hit rate better off, bcos I have notice that you always mention that you do not have enough time to trade. But I see that most of your trades end up with very good pipsā¦
I am somewhat new here and just spent 2 weeks reading all 392 pages of this thread. My main problem is not chasing the charts and doubting myself, I understand this method but I get an itchy clicky finger and get into trades that I know donāt pass the NikitaFX method test and wind up losing pips. Currently in my demo account following this method (mostly) I am up a whopping total of $5 which is better than being down $200 before I really started understanding this method.