I’ve experimented with my trading & had many a win & many a loss. My balance is slightly up on my starting point & I thought I’d share what has kept me in the green & may be of use as a starting point for my fellow newbies.
I struggled with trading when I first properly started as it’s all very new & you really don’t know where to start. Do you use moving average cross-overs, do you try the 3-ducks, do you close you eyes & pick a direction?
I tried various indicators, strategies etc & experimented like crazy (I still do experiment) - you’ve got to try everything to know what suits you & what doesn’t. One massive factor (or style of trading) that has helped me is trading price action on the daily charts. There’s nothing like a nice pin-bar for a nice 1:3 risk/reward to keep your balance healthy. The link below is for a short tutorial, plenty further reading/watching can be found - probably on here or with a quick Google/YouTube search.
It doesn’t take much time & as I now have a new-born crashing my routine, EOD is something that I’ve been looking at more. At the end of the night, it’s a piece of cake to have a quick scroll through the charts. Last night threw up a nice candle on the USD/CHF that bagged me some nice profit; not as much as I’d like but I’ve banked most of it & left a small position to run. Not bad for a few minutes work to place an order last night & then a quick edit of the trade this afternoon. If I could monitor it closer, may have let the whole position size run - I’m just playing it safe.
I would be seriously down on my account if it wasn’t for a rejection candle bolstering my balance up. I’ve not really looked in to too many of the price action threads on here (the number of posts is massive & the relevant ones are scattered amongst noise) but by all accounts they are very worthwhile & I would advise looking at them - I’ve now decided that I’m going to sift through them myself. They’ll be full of gems!
Anyway, none of this is new & it’s not complicated, I just thought that it makes a good starting point for Newbies & if it can keep my balance healthy while I make stupid mistakes, it can do the same for you too. I still try my hand at intra-day trading but I definitely have more luck with this.
Yeah after exploring a number of things I settled on Price Action as well. And as someone that has read most of the Price Action threads on the forum- they do have a lot of great information in them. Trading on the daily charts with Price Action is spectacular because you don’t have to invest a ton of time into it like you do with some strategies. And Price Action is suitable on any pair so you can do like I do and check two dozen pairs for quality set ups.
Definitely worthwhile to look into if you’re struggling. And you can trade Price Action on lower timeframes if you’re looking for something more fast paced. The approach is just a bit different than the longer time frames.
Would you rather trade shorter time frames like 1-2 hr? I find the daily and 4 hour boring as not enough good entrys available.[/QUOTE]
I work shifts so I get plenty of time off: I work 4 or 5 days & then get the same off. So yeah, I’d like to trade some of the shorter time-frames. I try to, but I’ve not had that much success with them. My plan is to trade intra-day on my days off & then just do some EOD trading when I’m on-shift & obviously shorter on time.
[QUOTE=“stonecoldmichael;490865”]Yeah after exploring a number of things I settled on Price Action as well. And as someone that has read most of the Price Action threads on the forum- they do have a lot of great information in them. Trading on the daily charts with Price Action is spectacular because you don’t have to invest a ton of time into it like you do with some strategies. And Price Action is suitable on any pair so you can do like I do and check two dozen pairs for quality set ups.
Definitely worthwhile to look into if you’re struggling. And you can trade Price Action on lower timeframes if you’re looking for something more fast paced. The approach is just a bit different than the longer time frames.[/QUOTE]
Price Action has my attention at the moment & I’ve decided to browse through the 2 big Price Action threads on here (Understanding Price Action by Chris Carpe & Pure Price Action for Dummies)- that’s my w/end task. Have you got a preference between the threads at all Stone Cold?
I’ll hopefully be able to incorporate PA into the lower timeframes & trade it successfully & become a bit more all round with the timeframes - well I can hope.
Newbie Island is my usual stomping ground & the 2 threads that I mentioned always crop up every day so they sprung to mind. PA is the route I think that I want to take so I will add your thread in to the mix & delve in.
My account is in profit & God knows how I managed it as I’m kind of undisciplined & impulsive - I know exactly what I should be doing, it’s just actually doing it that’s the problem
Anyway, I’ve decided to turn over a new leaf, apply myself more & really step up my game. I got myself a myfxbook (private for now) & I’ll be analysing everything I do now & I’ve created targets etc. as motivation. If I can make money being careless, what can I do with more knowledge & the right mindset?
The only issue I have with price action is that people have different ideas of what that defines , to some people its just certain candlesticks ie pins,hammers and doji etc, others price chart patterns tops/bottoms heads and shoulders etc.
To me its just how price reacts to a reference point or point of interest it does not have to be an exact type of candle , in my strategy its the 20 ema as my point of interest.
So it gets a little fuzzy when looking at PA, reading all the different views on it, well I get fuzzy anyway.
I demo’ed as I was doing the school etc but then went live at the earliest opportunity. I’m a big advocate of trading live! Even when I do random experiments, I’ll trade live but with a really small position size. It’s a leaning curve & I deem these losses as the cost of my education. Why do you ask if it’s live/demo?
I’ve only dabbled in PA until now but I’m going to concentrate on reading up on it this w/end & see what videos etc I can find. Any recommendations on what you found useful?
[QUOTE=“jonnyteg;491143”]I found the 2nd skies (Chris Capre) thread useful, although I do not trade exactly like that with me swapping standard candles for Heiken ashi .
I am also live I have taken the chance with it, now I consider myself full time after leaving my job.[/QUOTE]
That’s a big leap, how is the trading going since leaving your job? Best of luck with it, you’ll be employee of the month in no time now & I bet that your new boss is a slave driver
I’m all for putting my own strategy together (like you’ve done); I foresee it being PA based so I’ll go through the threads & pick out what I like, try the other stuff & filter it all to find what elements I have success with. We’ve got to pick what works for us.
The trading has been generally good, some issues happen like yesterday I was long dollar/yen been in profit near 1/1 and it reversed at about 1330 hours making a small loss, due to news which wasnt exactly bad figures, learn every day.
I am now moving my stop to make just over break even when near 1/1.
I believe you should make your own strategy, taking snippets or ideas from others and putting together something that makes sense to you, that way you can trust it more.
