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…
British FX trader SimonTemplar says newbies shouldn't start with indicators. Read on to find out why!
As someone who has just started now, I think this article was really good. Just wanted to comment that’s all
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
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.
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.
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 ?
Great post, thank you
Robbed got Fury.
This was a very good read. My dream lifestyle is to have lots of time to pursue a lot of experiences in life so reading this gave me the realization that it was possible to achieve that with trading. Another key takeaway, which was the reason why I even opened this discussion in the first place, was to get another opinion about the use of indicators for new traders. Being new to Forex trading myself, there was bits of wisdom there for me that I hope to begin implementing in my demo trading.
Finally, the biggest takeaway for me which is unrelated to trading: marry a good wife as it’s one of the biggest and most significant decision you’ll be faced with.
Sorry to be massively slow replying to this. I’m still here and trading, have been throughout, I just became very occasional with my forum time owing to some other projects going on, and a couple of issues away from trading (unwell mother-in-law). But I am back more this year, hopefully, and onwards. I was away so long that I stopped then getting alerts from BP and had to reset my login.
So in case it was not clear from my opening post - yes, the vast majority of my trading is done EOD, via orders, I then manage my trades each evening. I tend to manage trades at an interval matched to the TF from which I entered. So if I’m placing and EOD trade I’ll look in on it each evening (during my scan for other setups). If I am trading off and Hourly or 5m chart then I will be at the screen at those intervals.
Sorry again for the disappearing act!
Hi, thank you for the positive feedback, am glad that you got so much from it. Yes, indicators can be great (I’d always have a basket of reasons to enter a trade, rather than just one or two) but I do think it is important no to overdo it. That’s an area where I put a lot of practice into disciplining myself. I always look for setups on a naked chart, then add some indicators once I think that there is something to look for.
And yes, 100% agree with you on partners - get the right one and everything else becomes easier across the board!! I’m a very lucky trader.
You have explained it really well, this is what I expect as well in the future.
It’s a pretty interesting story. I like that many people here share stories about themselves, both good and bad. Sometimes it’s better to read about someone and learn from their mistakes than to learn from your own. Thank you for your honesty and openness, these are good qualities of both a person and a trader.
I wish I could explain what I do as well as You. I Trade The Direction of the Weekly/Day Chart on the H1 and H4 Chart using the 14/7 moving average and the 50
When you get time check out my trades for July and let me know what you think Most are actually Trending Daily/Weekly and Monthly
My Proof Profit Strategy
Thank you so much for your speech. I have learnt a couple of things. I hope to be able to build my life around Trading like yours also, so that I can have enough time for my family and other things I am passionate about. Thank you Sir
Thank you! I hope that you manage to stay methodical and have the trading future you hope for. There will be reversals and bad days but stick with it and don’t get greedy would be my advice!
That’s kind of you to say, thank you. Yes, this site can be great for people opening up and being honest about all aspects of their trading experience. When it is working well, that can make us all better.
Hi, Sorry to be slow getting back. I confess I haven’t gone through all of the trades in detail, but I have followed your link and had a quick look at your thread. My instinctive thought is that you seem to have a fair few trades open at one time, more than I would want to go for, and also obviously you are trading in Demo. Demo has its place, absolutely, but it does offer only a partial trading experience, as there is no real psychological side. If I have a £10k account, and want to risk 1% of that, then that’s £100 of my own cash on the line. If I then open up a couple more trades, that’s more money. So there’s immediately a potential loss. That can cause issues with pulling the trigger to enter the trade, but also can cause some issues with trade management - for instance letting a trade run when it is winning, or wanting to take the money when it seems to have stalled. On demo, it’s very easy to be brave, but in live trading that is arguably the hardest aspect.
So my headline answer is that I like the underlying ethos behind the trades - look for a trending Pair and then capitalise on that while the going is good - but personally I wouldn’t want that many trades open at once, and I always take a trading record backed up by demo with a pinch of salt. On demo, I’m incredible. And very brave!!
But credit to you for putting your ideas out there, and I like a lot of what you have to say. Thank you for looking in.
Thank you, that’s very kind of you, you’re absolutely welcome! I am delighted that you have found it interesting, that you have even learned something from it, that is great to hear. We will all have our own experience, our own route to trading, but as long as it all makes sense to us then it can work out well. I always think that with trading it is important to have a deliberate reason for doing whatever you are doing. If you ever look at an open trade and think ‘I’m not confident about what’s going to happen next’, or even worse ‘why did I open this trade?!’ then I’d urge anyone to close the trade out, take a hit, and move on. I just tried to be methodical and mechanical with my entire approach to trading, and just take what the market was prepared to give me. When it works, it really does work beautifully around the other things in life, such as family. Good luck to you and yours, particularly in these challenging times.