Beautifully written…S&R on the daily is strong but sheesh you can go up to a week or so without getting any entry and before the move happens the consolidation in that S&R can whipsaw you as well
True, you can wait a long time. But there are hundreds of charts to look for trends and then look for the entry. Don’t think of it as you have to be in a trade to make money, think of it as you need to be in the trade at the right time. If you’re desperate to be in a trade, it will cost you money, I’ve lost a lot by having the wrong mindset and wanting to trade rather than following my proven method correctly.
This strategy also works in ranges. Look at USDCHF and see how much you’d have made over the years by trading the daily chart with 0.95 and 1 for your rough entry points
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This works for stocks too. Look at this chart, every blue circle would have been an entry signal and you could potentially buy the purple as it turned into a range, although that’s not usually for me
Edit:
I tend to round the S/R levels, they’re vague anyway so it doesn’t matter. So 13000, 12500 etc
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The banks see the price movement and adjust their positions. As for retail traders they’re small beer, but suffer in the process.
No, they don’t. Your broker doesn’t put trades through to the market, they just sit on their servers. Usually there’s a good balance between long and short so it naturally hedges itself. There was a broker on here that explained they almost always use this but occasionally hedge their risk by taking positions in the market.
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I feel you man, that was how I was feeling up to early this year.
I have tried tons of things, sometimes they work for a short while before it stop working, sometimes it doesn’t work right off the bat, and I know that the strategy doesn’t work, because I can feel it. The feeling that I don’t even understand what I am doing, or why this strategy have to work.
It feels like I am in a futile attempt trying to open the coffin that I am laying in buried 6 feet under with all the soil weighing the coffin cover down.
Last year, I have some small success running my account up to 10% and 14% and somewhere in between, a couple of times before the numbers fell back down, and go into negative.
I kept asking myself what went wrong. And then I realised that it was because I am trading too much. When times are good, trading a lot and winning alot might look like what a professional does(in some ways its true, but you are no where near a professional who makes money off playing this game)
I am wearing your shoes now, the pair that I wore in the past. What I would advice my past self, is to just trade once a week. And if I have lost one trade, I am going to stop trading, the following week, and not look at the market at all.
This way, you give yourself ample space to collect your emotions. This on it’s own isn’t enough, but this is what that helped me become better as time goes by.
Look for me on YouTube, Duck Hunter Forex, I post the trades I take there and tips and tricks I learned throughout my forex journey.
Great Day Ahead 
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I was just going to like your post then saw your bottom paragraph
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It’s ok you don’t have to like my posts
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I suppose you haven’t been educated on DMA & ECN brokers which is a direct route to the markets and never kept on their servers. Institutional traders use these because speed of execution is critical.
If you don’t mind, my pro trader friend has five servers with direct access to the FX market through IC Markets.
Keep learning…
smoke and mirrors
EDIT:
Read this document from IC Markets. Basically says they don’t put anything through to the real market unless there is a strong bias for clients to be in a certain direction, then they will take positions to reduce their exposure. This is not a case of putting your trade, SL and all into the market.
Notice the statement “IC Markets primarily takes on market risk to facilitate instant execution of client trades; therefore, IC Markets market risk limits are generally conservative.” Basically says ECN is irrelevant and just a marketing gimmick.
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He makes sense, good ideas.
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You talk about long wicks… I seldom see long wicks at all, sometimes at pairs like NZD/CHF or GBP/NZD I guess, but the point is, if you always see that long wicks you probably trade on very low timeframes and they are noisy… Try D1 or H8 and you won’t see that much wicks and you will stop thinking market makers want to “destroy” you.
This is just a tip and only because it works to me it does not mean it works for you. Maybe you prefer lower timeframes or exotic pairs but try to create a strategy that actually works for you and the real market. On courses every (promoted) strategy works
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Thank you for your kind words Blaiserboy
Fair enough I think he means spikes in volitility hitting stops
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Well I entered last night on GJ…based on the 4hr chart…I didn’t look at the lower timeframe for sweet spot entry but entered on the pullback of a mid string bullish trend…ugh nearly 20+ hours later I’m up 54 pips…demo account…that’s the best I’ve gotten just following the trend…I’m going to let it run for a few days and advanced my SL…maybe this is the way it’s suppose to be…I didn’t analyze much like normally…saw a trend and entered on the pullback in that direction
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Truth be told, this game is difficult and not for everyone. Especially because it requires you not to attach what loss and profit imply in your life. At the same time most traders are the ones who desperately want the money so profit and loss implications can’t be separated from their trading.
The moment you completely understand that profit and loss should not be attached to your trading the better you will become at trading.
Most traders do well on demo accounts.
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Entry last night wasn’t a great time because the pull back just started. Unless you’re in America, then maybe it was done. But either way, that’s the best way to make consistent gains.
I like day trading, so bet on the DAX mostly because it moves quickly. It’s much harder than picking long term moves, but suits my mindset better. If I follow exactly what I say my rules are, I usually make a profit for the day. Unfortunately I often hang on hoping to catch a trend or chase losers far more than I’d like and that is when I lose. Trying to keep disciplined and close a winner where I originally say I should is something I’m trying harder to control.
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Yes I think there is some truth in this ,though obviously to have this mindset you need lots of experience and confidence in your practice.Abit like a marathon runner several runners behind but he knows he will pass several competitors
A whole new ballgame on the higher time frames.
Yeah, I think maybe u need higher time frames. Place your bet, Switch your computer off and try to forget about it?
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