Matt, if I may ask, where do you stay and what time do you start in the markets, as I get online an hour or 2 before london session opens.
When I was rereading this thread I saw in one of the first posts (#10) when I Started you were saying as per my images I was to long of a period I drew my fib lines on
Would you agree if I say basically that if I draw them I try getting the lowest and highest swing point? And if this happens to fall in for that day it should be okay?
I am trying to fine tune my trading, but then this morning I did miss a trade as not rreally concentrating on what I was doing, so I wanna go back to step one basically and redo what I have learnt, i know we cant win them all but I would like the ones I do win to be trumping the losers.
Hi Ice, I’m not the best person to ask for advice on this, maybe GP can chip in. I can’t seem to pick a winner at the moment!!!
I live just outside London and on an ideal day I would probably be at the computer for 7:30am to check all the markets ready for an 8am start. Generally I would be looking to enter after about 9am so it coincides with more people viewing and being involved in the market giving more liquidity.
In terms of lowest and highest swing point that’s not what I look for. I’m not looking for a series of Lower Low and Lower High to go short or Higher high and higher low to go long. There could be an even higher high in view but as long as the high I am trading from is higher than the previous, and the low is also higher than the previous I’m happy. Does this make sense? I’ll try and find a chart that shows it better
Hi and welcome to the thread. When you get a chance share your fib tech. Unfortunately nothing works a 100% of the time, all we can hope to do is try to put the balance of probabilities on our side and have more positive than negative trades. Anyway welcome.
Hey everyone, was at doctors first thing so just getting started. We all know we can’t win 100% of the time all the time. What we try to do is use a trading method that on the balance of probabilities will give us more positive than negative results. Our money management does not prevent us from losing money, its purpose is to keep us in the game, or as poker players say “ as long as I have a chip and a chair, I’m still in the game.”
If we keep our trading method and money management consistent, it will become easier with time to have the patience and discipline that we need to give our trading method and money management time to work. As far as positive and negative trades we want to take maximum advantage of our experiences with both to fine tune our trading method and money management. For example when I started trading, my method was use fib retraces to enter and fib extensions to exit, confirm with crosses on stochastic or changes with MACD. I would only trade gbpusd during NY open and London Close, Monday thru Thursday. I only would trade the Friday overlap if I didn’t take any trades for the week. I used a reducing money management designed to build capital first and protect existing capital 2nd.
You can not guarantee the outcome of a trade, but you can choose how you enter the trade. My goal was to have more positive than negative trades in the long run, so I used the previous rules plus only took trades with the trend that had momentum at the beginning or end of a up or down cycle with support and resistance confirmed on at least 2 time frames. My trading session started the same way. I signed up for every thread that offered signals for gbpusd on baby pips and a couple of other forums. My day started with looking at all those overnight emails, checking currency news and doing a tech analysis. With experience I now in addition to tech analysis, I clearly define up markets, down markets, ranging markets, trending markets and sideways markets, entries, stop loss and take profit levels. I consider fundamentals and trader sentiment. I reviewed every trade after session to see where I followed the rules and where I didn’t. I kept everything in a daily log and that allowed me to tweak my method and money as I gained experience and in sight.
I do the same process today as I did when I started. Calculate and Consider the information differently, but same guidelines and rules. For example I check all currencies, have a short and long term trading strategy, I scan all market hours. However with all that, I still have losers and reduced my bankroll. I came off a week where 62% entries went on to 70% trend changes. It seemed like every day no profit targets, all stop loss targets. But I still analized every trade after the session or before my next session to see if any changes had to be made. This week started no differently, except Sunday night I had a very profitable session during the Sidney/Tokyo session. I use the same analysis every time I trade, same rules, but not always the same results. You use a sound money management and wait out the time’s it doesn’t work til we get to the times it does work. Another great reason for participating in a thread. Get some kind words or words you need to hear.
Gp
Thanks Matt, I think I should also look at a particular session rather than trying to catch all of them…
Again I guess this is where discipline teaches us a bit.
I do not quite understand what you meant with the last paragraph as you explained if you find and able to put a chart on showing this I would appreciate it though.
I am busy watching the movie Matt said in the beginning to watch, it is very interesting to watch, and as you guy sknow the people listening to this seminar obviously have the questions but I think they do not ask them the right way
As per the way he is explaining the FIBS what I would of wanted to know and maybe you guy scan shed a light on here for me, he says about 19 minutes in when he draws his fibs lines, basically he waits for the low bit on the chart to form ie EURUSD but my question would want to be how do you know when that low is going to happen, do you keep moving it to the lowest point until it eventually becomes the lowest point before moving back up in a downtrend…
Then as this happens does he mean we place sell limits for when the price hits the 50 % level as the way he explains?
I do hope this makes sense to you guys?
NZDUSD Possible short. Price is between 50 and 62% levels on 1 hour and 30 minute charts 5 minutes before NY open. 1 hour is showing short, 2 LH 2 L. Long term, 30 minute is same.Daily + is showing buy. I’m going to wait for NY open and see what happens. Still looking for other possible trades.
And just the other day I said I have mt4 and a trader on my phone and again I did not get the email to either of the alerts I set bbefore it was too late
I did get in, but at the time I was thinking, I should have waited a little longer. but I did get stopped out at 72 level. I was going to get back in, but one of my trading rules is no trading a pair I have had a loss with for 24 hours.
So far today, nothing happening on the 1 hour or 30 minute. A couple of possibilities. I’m sitting out til after 10:30 EST. I want to see, US employment and home sales.
I used different ones for different things. My process in selecting a broker is always the same.
I use this site for comparisons and what the different a brokers have to offer. The nice part about this site it allows you to see what brokers offer things that are important to you. For example, if you’re a scalper, or want to be able to hedge you can specify what you’re looking for. I also go to the reviews on this site and see not only the complaints but how fast, detailed accurate and helpful the brokers representative response is. Forex Brokers Comparison
I always open a demo account first and make some trades, then I email support with a question usually something easy, to see how long it takes to get back to me and how detailed the answer is. I very seldom ask other traders about brokers without doing my research first.
it certainly would.