A Trader’s Recipe for Disaster and How to Avoid it… GP00053 gives us the lowdown!

Follow it, espeically in your personal life. Makes your trading life easier in long run. I also do this to make the 4 P’s much easier. How To Make A Good Decision. 1. Gather the relevant Facts. 2. List the available Options. 3. List and Choose the least of the Evils. Then apply the decision to the 4 P’s.

Good luck and thank you
Gp

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Your welcome my pleasure. Good Luck
Gp

Wasn’t saying you were promoting, just very similar methodologies of price action.
How do you apply it?

Thanks for posting,
Would you share what you consider the relevant facts to choose a pair to trade?

Also, do you focus on any specific pairs more so than others? Or the pair doesn’t matter, just price action ?

Thanks again for your thoughts!

I know you didn’t say that and you’re 100% right it is simple price action., (But here’s a hint. . . .no matter how anyone dresses anything up. It’s all price action) I remembered his name Dr. Barry Burns. I don’t remember but in the beginning I signed up for every free email course I could get. His made the most sense. It was 5 emails and gave a light description of each of the 5 parts of the trade and how they went together. So being new I flooded my chart with Trend indicators, momentum indicators, cycle indicators, support and resistance indicators. 3 different time frames Risk Reward Ratio’s and off I went.
I then started falling Petefader Supply/Demand, VSA, Wyckoff with Petefader at babpips. Fom this I learned about Supply & Demand volume spread analysis. To make a long storey short, The part of it, I took is price moves up, consolidates or down then consolidates and so on. So for me I developed a strategy for when the pair was trending up or down and a strategy for when the trend is sideways. St first I see is Trend (Price) moving up, down, or sideways
Next is Momentum. My straggles call for blocks of momentum not so much momentums based on events. Example just before New York open , or just before London close or when markets have momentum and volatility. There is no momentum or volatility in general at the between the Tokyo close and 1 hour before London \
Cycle. My cycle starts when markets open Sunday night and close Friday Night.
S&R I draw my lines using a chart at the open of every trading day. I use a line chart and start with the monthly chart, go to weekly, to daily, to 4 to one hour. I confirm with pivot points and another support and resistance indicator that marks major S& R areas.

Just keep in mind, this is what I do based on my experiences and opinions and how I interupted themselves.

Hope that helps
Gp

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The pair has to fit my one of my strategies. The pair has to be liquid, The average daily range hast to be more than 50pips or 500points. There can be no major calendar that will cause large moves in the pair while I’m trading. Only pairs I consider are: USD, EUR. GPB, JPY, CAD, AUD & NZD and their
combinations and only if they meet the first 3 conditions
Good Luck
Gp

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Yes. There are pairs that better fit my strategies than others. There are pairs that trend more and ones that consolidate more it depends on what I’m trying to accomplish as to what pair or pairs I use. I look at 7 pairs and their combinations. Havign said that 98% is done with 3 pairs generally. The pair does matter a bit in the sense, for example economic releases, governmment statements I try to avoid. But it is really price action that dictates most of the time.
Gp

wow, your daily analysis is similar to what I do. I literally start from the month and work my way down to identify all major support and resistance areas, including trend lines, etc

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It’s always good to get personal takes on trading from people who have a different perspective. This reminded me a bit of the ‘Market Wizards’ series. Thanks.

Excellent advice, based on your experience, thank you for sharing this.

I stick pretty much to the majors with the exception of GBYJPY and most of my trades are EURUSD, GBPUSD, and XAUUSD. I also add the USD index as my main reference for both continuation and reversals.

Do you trade mainly continuations??

Exactly. Once you have a strong knowledge of the basics to draw from, different perspectives is what helps you to build a strong personal trading strategy that suits you; not you trying to fit into someone eles’s strategy. After that it’s just time and patience.
Good Luck
Gp
Not familiar with Market Wizards. But most of what I talk about is pretty basic and almost all of it is common sense. Best of Luck

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No I don’t trade anything mainly. I have a trading strategy that is based on reversals when price is trending up and down, I also trade when price is moving sideways within a range and as well when price is in a continuation.

At this time I only consider trading Only pairs I consider are: USD, EUR. GPB, JPY, CAD, AUD & NZD and their combinations . Not normally but in the past I have traded a pair that is trending, and another pair ranging . I haven’t done all 3 yet.

I trade based on the Facts, my Options then I pick the least of the Evils.

Best of Luck
Gp

Thanks Gp.

Hi babypips and GP00053 - GP00053 are obviously a true gentleman- and I would hope to emulate to your ethos. I have traded in shares for over 30 years but only in the last 1.5 years in spread betting on indices primarily on the DOW - which my wife does too. We have seperate accounts and use another trading platform. I have a subscribe to a subscription service - which provides trading recommendations which I pay for. I use these if these fit in with my style and in general they are successful. I would like to go into more depth in your trading recommendations - and I wholeheartedly agree that I am always learning and in addition will mention to people who I feel would be interested in trading. As this is my initial I hope this meets the standards and I will follow up in a few days/weeks.

All the best David

Thanks for these awesome truth.

I learn to be patient, persevere, learn always etc,.
Thanks for bringing this interview up.

This is my favorite quote, because, I too believe that everyone should be held accountable and be responsible for their decisions and, it applies to forex that the decisions you make are clearly on you and stop blaming the markets, the brokers etc.

Thanks for the inspiration GP. I’m curious how big your account was when you started, and how long it took you before it became your sole source of income?