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.
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
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!”.
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?
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
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…
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.
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.
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 ?
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.
