Lot of super dooper trading done in here in the last 24-48 hours!! :35:
The reason I post is because right now is the second most dangerous period for a traders account! After a series of win is when the trader if super likely to give it all back and then some if they do not have the experience of regularly making money. Don’t let this be you. Hold onto that money and keep it. The major problem is the feeling of making money is a rush that is hard to get anywhere else and everyone wants to get this feeling over and over again and so once the trade is finished they will look for the next “Hit” (the next trade). The trick for you is to make sure the next trade is just as A+ as the last trade you played and as long as it is then if it loses then it doesn’t matter. Just keep playing A+ trades and don’t fall into the trap of starting to chase trades for the felling of being in a trade.
The other thing is that anyone who has been trading for a while will now know is that trades tend to come in waves and it is all about saving your cash whilst others burn theirs and then striking. There will be quiet periods in the market where the market does not much. This is the number 1 period where the trader is likely to lose their money. This is where traders need to save their cash and sit in the corner watching as other traders post their trades in here and losing their money knowing that a bunch of trades come in waves because they always do like we have just had. This is how traders who trades a lot less can make a lot more. They watch through the quiet period when the market is ranging and bopping up and down as other lose money. These traders who lose during this period have to then play catch up. When they are then playing the good trades they are only recouping losses to get back to break even, where as the other traders who have sat patiently smoking their pip can strike and clean up.
Some food for thought after these next few trades end in the coming days…
Its still working for me under 4h like 1h or 30M, even 15M, but at the low timeframe the we must act faster, more time to focus on chart, less time to think, so on more stressfull …it will be cause of more mistakes to launch the bad trades, at low timefarme, will be easier to trap in to the fake moves of the market makers and BIG GUYS to catch our tiny stop loss. in the higher timeframe, the PA signal is more believable. i just trade in low timeframe when my emotion control is really good, and the market have clear direction. if i feel any crazy moves or small ranging i will stay out. Please give advise if any wrong, i still learning to find the suitable ways…
Yes, areas should be marked on daily, even for 4h trade. You can find alot of such topics discussed in detail in the beginning of the tread!
Good luck:)
Oh, didn’t saw it is already aswered, sorry for littering the tread:D
Recently I read about Fibonacci confluence that is when two or more Fibonacci level meet which can act as strong support or resistance, so I tried to put 3 Fibonacci on a chart, but it looks messy in the end like this… is this okay ?
Sorry I’m quite beginner in price action
Fibonacci is a trong tool, but we ussualy dont mention about it in this thread, we just work base on what we see in raw Price, and how the price react to the S/R to find the signal to trade. All of these thing was mentioned at the frist pages. as the Jon’ advise, you should read at least 50 frist pages to get the main thing of this method as frist. it works for almost of us here, hope that it will work for you.
Very true, this tends to happen in cycles. What you pointed out today is pure psychology, as long as we do everything right with our trades nothing can soar our brains or accounts.
Cheers.
Hey Jack C,
I can see you’re making a big chunk of change on the NZDUSD D1 trade :32:
Ohhhhh to know the secrets of the universe!! it’s crazy mayne! hahaha
I would like to trade the daily tf. But I have some issues I would like to seek some advice on.
I have been told or read up that we should place our orders after the the candle closes. But for where I live, that would be at 5am! I was wondering if it is considered safe to put a trade 2 hours before. Meaning 3am on my end. Or for ppl who have similar scenarios as me, how do you trade?
GBPNZD is getting close to a VBRN. You can see this number has been guarded very closely for the past year. Given the importance of that number and the resistance level based on previous price action, I would say it’s a good place to watch closely for large obvious shorts. Or if price pulls back to 1.9787 and gives a good PA signal to go long. After 2.0000 the next major resistance isn’t until 2.0580 and after that 2.1000
Hey man, i live in Singapore and NY close at 5am as well. We do not put ANY order before the day’s candle close. So After the day’s candle has just closed, its the Asian session where there isn’t much action, usually you can wake up 2 hours later to put the pending orders and USUALLY, the price will not take off within the first few hours.
Hey man, i live in Singapore and NY close at 5am as well. We do not put ANY order before the day’s candle close. So After the day’s candle has just closed, its the Asian session where there isn’t much action, usually you can wake up 2 hours later to put the pending orders and USUALLY, the price will not take off within the first few hours.
Jack :)[/QUOTE]
Hey Jackson.
I live in Singapore too! Forgot to mention that.
Thanks for that. Now I have to be disciplined to wake up early then. Haha!
