British FX trader SimonTemplar says newbies shouldn't start with indicators. Read on to find out why!

Thank you very much Simon for responding to my question on the EOD scan and pending entries. I suppose you place your pending at 50% below the daily candle (Prominent Pinbar, Engulfing) etc., which are the strong reversals and/or continuations :-). I do like the place and forget approach from peak high/low levels but I am not disciplined enough, not to stay away from the screen during the day and get impatient sometimes.

Awesome interview!

I also believe that trading with no indicators is good for the eye.

Maybe learn to trade chart patterns along with candle sticks.

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Stare at the chart - awesome! So simple, yet could be overlooked just because of it’s simplicity. I find it interesting that you only apply indicators at a later stage, after you’ve done some analysis already. Very interesting and something I may try out myself!

Thanks so much!

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Very nice insights thank you!

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You’re most welcome, Sunray. My Entry and SL orders vary a little, as I take into account nearest S&R levels, which vary, so I am not fixed to one specific approach. If I am placing a sell order, my instinct would be to place my Entry five pips (plus spread) below the low of the bar, with SL the same above, but in a choppy market I might use more, and if there is an S&R level to protect my SL or give me more belief in my Entry then I might go the other side of that. If I’m looking at a bar on the Daily chart, they’re often over 100 pips - so a few here and there doesn’t make a lot of difference. I will also take into account cycles on a lower TF, in case that makes a clear case for a particular position.

In terms of patience that was the hardest thing for me to learn - the instinct to fiddle with a trade is strong! Seeing results and how they were impacted by meddling helped me. Looking at old moves on completed sections of chart, you can generally see how leaving it alone would have worked out better than meddling. Alternatively you could try day trading - trading off the five minute needs much more maintenance, so might feel more ‘real’. Although you still need to know which trades to leave alone for a while…

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No problem. I found with indicators that sometimes they made a setup look more viable than it really was. For me, if it doesn’t look like a natural setup on a plain chart, then it often isn’t. I don’t want to be in 50 trades a week so I can afford to wait on the obvious setups and just work to nail them as mechanically as possible. So I like to be clear where am in the cycle/trend/range etc and whether I think that the move looks at all tradeable/predictable. If I think it is, then I’m interested in what the indicators have to say to me.

Glad that it gave you another perspective - even if it isn’t ultimately for you, I find that even rejecting an alternate approach can cement the reasons for sticking with one’s own.

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that’s exactly what my mentor does. All he does is spot out patterns and uses price action. One of the only indicators he uses is the fib retracement tool

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Thanks a million Simon, for sharing your method. I hate to take anything in-betweens and only look for major S/R levels.

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This right here. Perspective. I think new traders get sucked in by the single dimension of indicators and base too much of their decision making on how they’re interpreting the data the indicator is presenting, rather than using indicators as just one more condition of the trade setup. I can tell you I’ve been tripped up by “but the indicator said this!”.

Truly insightful. Thanks again.

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Hi Simon, thanks again for your reply.

Yeah I don’t have an issue with formal training, I would like to do it myself. Though there are (in my opinion) so many scampers out there that I’ve become disillusioned with who to trust for formal training and I find the courses are also cost quite a bit. That is why I was interested in your experience and that it actually was good.

OK thanks for the info on currency strengths. I think I’ll need to go back and revisit your system and see if I can put a system together. Is it “end of day” that you trade?

Wishing you a happy Christmas and festive season.

Kind Regards
TR

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This is an amazing interview. I have enjoyed reading it. And such a fantastic overview of opportunities and possibilities for life change on forex market. During time, forex becomes way of living, with so many opportunities to provide

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You know what to do to make it is the good news. I harbor the same wish. And you’re still young with lots of energy to commit to learning. Let nothing stop you…

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As someone who has just started now, I think this article was really good. Just wanted to comment that’s all :slight_smile:

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No problem. I found with indicators that sometimes they made a setup look more viable than it really was. For me, if it doesn’t look like a natural setup on a plain chart, then it often isn’t. I don’t want to be in 50 trades a week so I can afford to wait on the obvious setups and just work to nail them as mechanically as possible. So I like to be clear where am in the cycle/trend/range etc and whether I think that the move looks at all tradeable/predictable. If I think it is, then I’m interested in what the indicators have to say to me.

Glad that it gave you another perspective - even if it isn’t ultimately for you, I find that even rejecting an alternate approach can cement the reasons for sticking with one’s own.

Great read. Looking forward to more interviews like this one

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I’m not a forex trader, just a ghost passing through. Nice to see the family is doing well, made me smile. Be safe. HoG

This is I imagine a successful trader would live. You my new hero. Wanna be like u. Thank for the advice.

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this is a fantastic post to read for a newbie like me lots of encouragement that I can actually make a living from this besides all the other things I want to do.

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Yep,tyson is a monster

I would say that he is right, it’s not only his own opinion, I have seen lot of such information in a lot of places out there but many really can do something with that matter anyway. Can we learn something more from people like that ?