I was curious as to why and where this info came from? The dirty dozen?
KC[quote=“zirohnil, post:19, topic:226141, full:true”]
Personally, I don’t use indicators trading, I only use the zones. But I need further guidance since I have not started trading live.
[/quote]
Are you trading on a demo account? How are you doing? Profit/loss, breakeven? Post a screen shot of a winning trade and a losing trade and the reasons for getting in and out.
That would be helpful.
KC
I want to develop a trading system first before I start to demo trading, so far, I have entered into trades without any analysis or reason, and just watch as the Candlesticks unfold, I will upload those screenshots later
Assuming this thread is for real…
I don’t quite get what the question is or your point(s) made.
You say you want to develop a trading system before you start demo trading. Then you say that you’ve entered trades by just watching candlesticks. So not quite sure which is which. But the question is: were those trades profitable. If so: what’s the problem??? I guess what I’m saying is to not complicate matters.
Also not sure what you mean about a “trading plan”???
I asked you on another thread if you would say a little bit more about Market Momentum as opposed to Price Action. You haven’t answered yet. Maybe you would like to post here a little bit more about the subject?
I take it you never saw my earlier post??? LOL!!!
I did but the game’s afoot.
Methodology, Time frame and am very poor with risk management.
can you read the market volatility by looking at candlesticks.
Another thing, i am unable to save my progress, time and time, i lose my support and resistance lines that i have drawn, how do i save them on MT4??
Alright.
So basically you’re saying that you need an all encompassing trading system with clearly defined rules.
If you have some major capital and are only interested in making money no matter that it’s NOT spot FOREX well then I can help no problem.
If you’re hell bent on trading spot FOREX then I cannot help you but then there are dozens of trading systems and methodologies floating around on these very forums so just look for them. Trust me when I say that there’s nothing that you or I could think of that has not already been tried. I don’t see any point in either your or anybody else attempting to reinvent the wheel for the millionth time here. All that’s going to happen is that you’re going to get the same old same old regurgitated stuff.
I suppose you COULD read market volatility by looking at candlesticks. But why are you so concerned about volatility??? Doesn’t matter whether a market is volatile or not if you’re not trading in the right direction. So the latter is far more important.
Anyway and for what it’s worth: ATR is a measure of volatility.
momentum trading is the most profitable and most secure trading that is out there.
i dont know that GO guy and i didnt read any of his posts. but dont ignore momentum trading just cause the poster doesnt really know what hes talking about.
years ago when i started, a frankfurt based stock speculator told me to focus on momentum tradig, i ignored him cause i was reading trash on babypips, only to find out a year later what he meant and i though to myself “what a ■■■■■■■ idiot i am”.
it is in full alliance with the efficient-market-hypothesis.
What is the difference between price action trading and momentum trading.
We are discussing about Spot Forex trading.
I’d love to hear more about momentum trading in practical use. Its fine to read the theory but always best to get detail from someone actually doing the job.
I’ve asked @G.O.Kodson to post a bit more.
huge. those 2 things cant be compared just like you cant compare an apple to a mercedes benz.
it would take an entire book to write about momentum tradings.
i might do a thread one day covering the basics which explain the theory but i for sure wont hand out any strategies etc.
edit: actually no, i promised to be of no use to anyone on this forum, for a good reason. so no threads from me.
well i love your curiosity. its somewhat technical, but i will try my best to shed more light on that. but since we cant possibly talk all about momentum trading here. what i will do is tell you the DON’Ts. the more you know about how NOT to do something, the more you get towards perfection on that.
meanwhile volatility is different from momentum. Volatility is associated with speed, momentum is associated with force. something is pushing the price you see on the chart and that is Momentum, nothing more. you cannot predict the market. here is an equation that covers everything;
demand + supply + investors perception of the result = Price
The net result of adding demand to supply is what produces ‘‘Momentum’’. investors then add more force and that’s what pushes the price in a certain direction with a certain volatility.
Build a strategy that can help you decipher this momentum. Where the momentum is, there the future price will be.
Thanks for this. This answer is enough for me to draw my own conclusions.
Well said.
But stop right there. This site isnt meant to share usefull knowledge that can make money for people. You already said enough.
Lol. No one lights a lampstand and hide it under a basket…
If its one of very little lampstands with a million books out there you better hide it if you want to read. Never ever reveal a profitable business model to the competition. Unless you plan to retire and want to annoy your old competition.
Edit: actually it doesnt matter. There is so much senseless noice in this place that any word of wisdom gets lost immediately, even if somebody cares to listen (what they dont) they will find out that for momentum you need a deep understanding of economics, market behaviour and psychology. And all they have been told since they started learning how to trade is that they do not need to understand economics, the markets and psychology.