Yeah I ended up adjusting the TP higher to the nearest area of support as this is just a quick trade and I will look to go long again on the daily chart once it reaches the support level.
Also, yes I am using CMC markets. However, that being said, my primary broker is AxiTrader (Australian) but they use MetaTrader 4 which means that I cannot check charts while at work, whereas CMC has a web platform so I can do testing and research while at work (shhhh!..). There’s an iphone app for MT4 but it doesn’t load all the S/R levels etc that I have previously drawn up on the platform at home so it’s time consuming trying to re-draw everything. Bottom line: I only use CMC markets to play around with but will use AxiTrader when I go back to live funds. (I have also read hundreds of negative feedback about CMC).
Speaking of brokers, I just noticed that you’re from Australia? What broker do you use? I learnt about AxiTrader from Nial Fuller’s website (at the time I had no clue about FX brokers, only stock brokers).
There are many websites that offer trading courses but the best ones are those that have some free stuff from where you can learn a lot and assess their method is genuine or not. Those who claim a lot of pips or profit are the scam ones.
Experience is the best teacher in Forex Trading according to me. I have started to trade with My broker since 3 years and gain experience through demo account for around 6 months and now I am happily trading.
Hi davenz… sounds very familiar… You did not say what instruments you want to trade… stocks/options/eminis…??? The basics are much the same… you are the key ingredient… so learn about yourself. How do you think? what interests you. Are you a patient type willing to wait while the opportunity unfolds? Trend trader? scalper? for a mentor in this area I suggest Chris Capre (2nd Skies) for his upcoming course to learn about yourself and your strong/weak points. Also lots of free info about trading centered around the main ingredient … YOU!
There are mentors and there are mentors. You would be best served by one that you understand and appreciate their style of “mentoring/teaching”. Please be aware that just teaching facts is not the same as understanding your needs and helping you in those areas rather then just giving out information and “facts” that do not help you form an understanding (Picture in your mind?) of how to put the puzzle pieces together in your mind.
Also you may want to check out Sarah Potter (shecantrade.com)— She knows how to trade and is also an experienced adult educator. Another person I would recommend is John Carter (simpleroptions.com).
Both of these people are centered on options but I suggest that it is easy to relate to them and the lessons. Let me know if you have specific questions. No guarantees but I will do my best.
Hey Dave, I had “Bidness” to deal with the other night and only looked at the daily, putting it on the hourly I saw what you did, good stuff. You appear more advanced than you know, or want to let on. Anyway, good discipline and you obviously know this pair very well. As far as more postings are concerned and sharing, it’s just no fun here anymore, had a reply deleted, that was really hilarious, regarding the undead, silver bullets and unbreakable wooden stakes, really funny, but, as with all of those safely ensconced in the ivory towers of website running, no sense of humor. Also Mrs. VIPER, and some of my clients have been on me about “Value Added” for the owners, and no “Value Added” for the posters, if you get what I mean. I’ll be around, but no focus. Now, let, me, think, where did I see ICT last ? …
Hmm it seems the majority of traders are suggesting that I’m my best mentor… so maybe I’ll just keep studying and playing on a demo account and see what happens…
Going to stick to basics of having a PA strategy and if that doesn’t work after 2-3 months then I’ll look for something else.
I’m still not 100% sure what the rulses are here. But forgive me if i break any by recommending someone, i am unaware if this breaks any rules. But forex mentor pro ive been with for about 2 years. They’re GREAT, it cost 47$ a month and i think first 2 weeks are 1$ to try it out. They call the week ahead with about 85% accuracy, and have multiple systems to learn with a active forum for any questions. I love them personally.
They’re NOT price action directly, but i mean its close. But i use one of their system’s and made some adjustments. I only use support and resistance and trendline and Fibonacci. Oh and the 200 and 55 ema. Plus a fundamental analysis. Just figured I’d put it out there lol
I think there is no best trading mentor because no one who can become successful in trading with learning from certain person as mentor. The result of trading is not depending on mentor and also, it’s not easy to find out mentor currently except if you want to pay big amount of dollars who can teach you personally. Or maybe you can take part into seminar to give explanation about forex quickly. But mentor will give you knowledge soon, it is still important for you to learn personally with trading directly.
You’re complete right about CMC markets! The image below shows two 1hr charts of the AUDUSD and, as you can see, one shows a gap and the other doesn’t. I’ve also made $5000 in the past week on my CMC demo account and only breaking even on my axi trader account using the same exact strategy.
CMC Markets is regulated by the FCA (UK), one of the world’s most reputable financial regulators. You accuse them of manipulating a DEMO feed to trick you to open a live account with them. Do you even realize the enormity of what you’re saying ? eek:
I understand that you might be trying hard and read zillions of times through babypips but still not consistently making gains. But personally i have never hired a mentor and I have taught myself and continuously doing it. Not a great trader but profitable enough. All the best for you.
My trading is… well going… My results are still very mixed.
As for money management, I tend to enter a trade, then if it goes against me a little, I’ll add a second position, then a third, all with the same stop loss, so when it goes in my favor I now have multiple positions at better prices. I also aim for a 2:1 reward:risk ratio and once the TP has been triggered, I enter a smaller position in the same direction and adjust the stop as the move continues.
I found what I’m having trouble with is always looking for short positions, I tend to be short-biased and fail to see long opportunities. E.g - I’ll spot resistance areas a lot easier than I can spot support areas… not sure why this is, but I’m working on it.
eek: