I would highly recommend Steve Nison, candlechart.com. Email Paul, he will be able to help you.
Read this on the portal “get proven candlestick strategies used for centuries”. This got me wondering whether there are accurate strategies that can reap success in the unpredictable market like forex. If yes, I’d be the first to join the course.
knowledge is obviously beneficial ,i believe experience is probably more a factor ,even more so if trading intraday or holding trades for only a few days…What you probably find over time you find your niche, around your personality and lifestyle
You’re right here buddy. Predictability is a virtue that’s missing in forex. Even with the brokers I’ve come across so far and the ones I’m working with like fxview and IC markets don’t guarantee success. They rather provide platforms, tools, and instruments with which we can trade better and rest depends on the skills.
This industry is a never ending learning curve. I found it very helpful. Like I said email Paul and he will be able to put on the right path. You can get overwhelmed with the courses they have on offer. I started with the frontline forex volume 1, then progressed from there.
Hope this help
Kevin
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Also the earth has been considered flat for many centuries.
Just joking I am using candlestick patterns. 
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Thanks for sharing the info here Kevin and Lynette. How exactly will the candle software help?
IC markets for instance offers candle countdown that’s a very simple tool and shows the time left for the recent bar to finish. The indicator makes the adjustments whenever the time frame changes.
I saw that phrase “on and off” in big flashing neon lights. Any professional athlete or musician will tell you the secret to success is consistently practicing the same things the same way, every day. As a musician of no small ability myself, I can tell you that when I’m practicing the way I should, I’m spending the bulk of my practice on the same rudimentary exercises I’ve been doing for years. I don’t even get out my concert pieces until I’ve halfway worn out my chops with scales and drills. In fact, some days when I don’t have time for my whole routine, I’d rather not get to the concert piece at all if it means skipping the preliminaries.
This is something else that resonates with me. In the industry I am currently working in, I have had concepts and techniques explained to me multiple times and not gotten them until my experience caught up with my education. It’s kind of like the difference between knowing HOW to do something and being skilled at it. How do you make that transition? With a word I’ve seen several times in this thread: patience.
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I think stepping away from things is a bit like sleeping on it but over a long period of time. The conscious mind needs time to relax, while the subconscious gets time to process it all.
The problem with focusing so intently and devoting your all to trading IMO is that all too often we are coming from a place of stress and worry.
We don’t solve any problems under such conditions, in fact, we end up compounding our bad habits.
Stepping away, more to the point, being forced to step away from trading, brought it all home to me, it was like that eureka moment at long last.
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to become a profitable trade is a long time approach , and to keep the consistence level is more important , need a powerful money management including exact trading knowledge and experience.
If you were a different type, that would have been your quitting moment.
It’s inspiring to know that there are people out there who stumbled, fumbled, fell, failed, fell again, then succeeded.
I’ve read such stories.
Traders who blew their account multiple times. Won it all back, and blew it all over again. Then, finally got it back, kept it, and continued to succeed.
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Reminds me of the Livermore quote
“It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance”
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Consistency and profitability comes from a long term learning and practice. Starting making profit is an easy task but maintaining consistent profit is a tough task.
The way I found to make profits is through simple solutions, so simple many traders will discount them right away.
Start with the principle that your losers are limited but your winners must be free to run. This means two things - firstly always use a stop-loss; secondly, don’t set TP’s. If you’re not setting TP’s and you want your winners to run this means you must be trying to get into a trend - so be a trend-follower. Avoid trading ranges or patterns - these approaches inherently limit your gains per trade.
I am good at TA but find it unreliable to try and pick the best forex pair or stock to get into. So I take all the entry signals available, aiming to see the losers cut or stopped out and the winners run on. So I had to reduce my position sizes to allow multiple positions.
Because these are small positions I am now able to maximise gains by pyramiding the winners. You can do this as aggressively as you like but you must keep a maximum aggregate risk in focus, which might be for example, 2% of your account capital per pair or share.
Finally, I started taking profits earlier. If you look at a forex D1 chart you will see its not common for prices to close higher in an uptrend for more then 3 consecutive days. so I aim to exit at the close of the third day which moves in my favour. Remember that this chart would have been a trend so as soon as a subsequent day with a lower close or a lower high prints (which should be very soon), that is a re-entry opportunity.
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Hello Tommor, do you use this in conjunction with Dennis’s SW analysis or something similar for picking strong against weak or vice versa or do you base it all on the daily chart and the slope of the Ma?
Sorry if you have this already answered in other places.
No worries.
I do have a strong/weak column on my set-up spreadsheet. I get this from the 50EMA slope direction at the latest D1 close. So if its upwards, that is a bullish point for the base currency and a bearish point for the counter currency. This gives a score that ranges from 7-0 to 0-7 for each of the 8 major currencies from the 28 top charts. Obviously, the preferred trade from this would be a 7-0 v’s 0-7 match-up for a long, vice versa for a short: this currently shows long CAD/JPY.
I get almost identical results to Dennis.
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Try to keep your emotions at the door when you trade forex because if your emotions play a role in your decision-making, you may not achieve what you want to.
Wait for good setups and always use SL and TP.