What do I see on this chart. Price is in a clear uptrend and my institutional levels on the 4hr and daily time frames would already be marked off, therefore only buys would be taken. Entry? When price pulls back and retests a previous level, or take a fib and measure swing low/high on each move and I’m sure there will be an entry somewhere around @ 61-71% retracement. Stop loss beneath previous low. 1-1:5 rr for profit or let the trade run. I would have had at least four entries on this trade. But this is with 7 years of trading. I didn’t get here overnight. This isn’t for everyone and only you can decide the amount of time and energy you want to sacrifice to succeed.
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What you’re experiencing here is a burnout my friend. Look, i’ve been at this for 10 years now and im still passionate about forex. It is a matter of perspective bro. Don’t compare yourself to others, they should inspire you, but not becoming an impossible wall that you should break. Take a step back, relax. Trading is like farming for me (yes, i am a farmer). Clear plan to go with and most importantly, its simple. Trade on higher time frame, and the trend is your friend bro. Cheers
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i think the problem lies when there is preconceived ideas of lifestyles ,targets of weekly/annual income ect especially when one automatically expect to trade forex as their only source of income…
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how can this be compared with retail trading when their motives,criteria and targets are totally different its old rope
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Exactly!!! Unsuccessful traders always point to the people with the PHDs and super computers, not realizing these people have profit targets that MUST be met or their desks will be cleared and they will be escorted off the property. They don’t have the luxury of retailers who can wait until they get their desired setups to place orders…
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whats all this phd mathematics about ?
he be in background number crunching maybe
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Yes, you do come across these blindingly arrogant people “If I can’t do it, no one can”.
They’ll even accuse successful people of lying.
I wish I hadn’t stumbled on this tread and bothered to post.
Should have treated it with the contempt it deserves.
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Hi mate, I don’t normally respond to these but I feel your pain. You can look at technical analysis 6 different ways and then move out a timeframe and it don’t work, move out a timeframe again and it does work. It’s a mess.
I truly believe market sentiment moves the markets… by how much… depends on the value of it in relation to the fresh catalysts. For example, let’s say the US have suggested they will hike interest rates at their next meeting, the USD will strengthen against all currencies and completely disregard any support, resistance, MA, fib level, stochastic until such a time that the market feels it has priced all of the move in i.e. it can’t keep going up no matter how positive the news.
I am still not profitable but have seen an improvement since I subscribed to Forex Source. I pay for it but they have a lot of free videos on YouTube you should work through. They don’t promise you anything they are literally just analysts but it might give you a different perspective.
Hope that helps. If you figure it all out then make sure you give me a shout to share ideas! Lol.
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Oh dear there must be alot of deluded people on here’ it’s 1 in a 1000 what make it pay
No Nonsense Forex promotes ICT (Inner Circle Trader) who is reknown for blowing up accounts and throwing tantrums. ICT has been banned from Babypips for a reason. To me, this raises a big red flag, as anyone doing their due diligence would uncover ICT’s antics quite easily. So why does No Nonsense promote him? My gut feels that there’s some shadiness going on.
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Interesting, i’ve watched over 40 hours of his youtube videos and his blogs and first time i’ve heard of ICT so must have missed that completely. At any rate yeah i don’t have any skin in the game with his content other then i’ve been trading since 1999, have read countless books and content and trading, and his is by far and away most comprehensive and superior, at no cost and better value, then majority of stuff out there. But you all can judge yourself, best to watch his videos in sequence to make the most sense.
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I have been learning and trading since 2003 and was failing at it for years.
Perhaps you need more experience to make a better judgement.
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re-If you’re confident that you can return 5% a month and outperform hedgefunds, billionaire organizations, S&P500, essentially becoming the worlds best financial master - then goodluck but common sense would say that it wont happen.
lower the expectation first matey …5% a month man …if you can consistently make 1% a month you a STAR . with compounding , you can put these large institutions to shame ! isn’t that what the greatest scammer of the century Madoff promised his investors???
so , if you really want to make 5% , start with an easier target for yourself say 1% a month , see if you can achieve that , then step it up . sure there are guys who can make 5% , even 50% , its the consistency tho …i believe that is what makes a ‘profitable’ trader !
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First of all welcome Mason, I see you are new here.
This is a really long post but I just want to pick up on a couple of your points. I don’t think you’ve been looking in the right places for support on YouTube. I can give you 3 YouTube channels that are selling nothing and are trading the charts in real time with no ‘photoshopping’! I think you are extremely suspicious as you started out with a ‘gamer’, who just happens to sell an FX course!! It should be pretty obvious that someone who is a gamer isn’t a serious trader. You have tarred every successful trader with the same brush here: fakes and liars who manipulate their results. This simply isn’t true and if you haven’t found reliable ones then you haven’t been looking hard enough! I am currently in contact with one retail trader who places all his trades live on YouTube and shows his results and he wasn’t hard to find!
One of the biggest elements to trading is not skill or applying strategies but psychology and it would seem that you have come at this with completely the wrong mindset. It should be fairly obvious to you that there are profitable retail traders, otherwise there’d be no market!! I do also think it is a little arrogant to say that if you can’t do it then it’s not possible, (implied by saying you are well educated)! There are hundreds, if not thousands, of examples of intelligent people, (and indeed geniuses), who can not profit in the markets and openly admit it. It’s got nothing to do with intelligence, especially academic intelligence. There is as much an art to trading as there is a science.
In terms of applying strategies, etc., as I read your post it seems to me you are looking for the magic bullet strategy that can be applied to any instruments, in any market, on any time frame and make you money. Unfortunately, this is impossible in trading, (but is what most of the people you have found on YouTube are trying to sell you). This, I’m afraid, is the lazy man’s approach to trading. You are looking at a very long road, with many mistakes, and quite a bit of lost money, in order to find consistency and success, (you could view the money you lose more as your tuition fee to learn the profession!). It always seems strange that people feel they can turn on a computer and be successful. It’s like a first year medical student who expects to be able to carry out heart surgery! Trading is a profession that requires a long period of study and, most importantly, experience. Nearly all of the ‘big names’ in trading have blown up at least one, and even multiple accounts, before they found success, (read Mark Douglas, The Disciplined Trader for more on this).
Finally, including a ‘randomly generated’ chart on your post is a little disingenuous as even a computer generated chart will conform to statistically modelled outputs so will have some similarity to a trading environment. You’d need to understand that these online generators are programmed using market conditions to reflect patterns and movements so not as random as you might think.
I hope you can see that your premise that retail trading is false and impossible but if not then I would suggest you don’t have the temperament and psychology for trading FX and so you are probably making the right decision to avoid it and try something else. This is the right decision for 90%+ of people who come to FX but unfortunately many of them go ahead and try it anyway, only to lose! As Polonious would say: “To thine own self be true”. It was good advice in the 1500s and it’s good advice today!!
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Yes you are making the right decision. Based on your post, you would probably do better in academia or business.
Wow, what a great reply! Loved everything you said.
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Big organizations trade with no leverage because they have liquidity problems, we as retail dont have those problems and can leverage our accounts. So a profitable retail trader can outperform those organizations. If they traded with the same conditions that we have that number would probably be much higher.
The rest i agree with almost everything you said.
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Good post, Thank you for sharing.
Very well put (or putt - sorry).
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As a man with little experience I waiting to hear a post like this
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