[QUOTE=“Forex School Online;513014”]
Are you saying you were in all these trades?
Aud/usd buy
Eur/jpy Buy
Gpb/usd buy
Gold Buy
Usd/cad buy
Usd/jpy Sell
Are you saying you used price action some how to get into them or some other system?[/QUOTE]
Yes these all trades are right now open… And running in loss…
Hey Eager
All I want to say is, I tried by myself for a couple of years, yeah I had a decent amount of knowledge but until I did Johno’s course on EXACTLY what he is talking about with money management and how to plan your trade I was rather clueless when I was in an actual trade.
He has lots of very good free info on his site and all you need to do is take the time to read it. Just look at many newbies here how they have improved over the months, hence why im never on here anymore. They are now helping newbies like yourself.
Later guys and yes I do pop in to check up, haha.
[QUOTE=“Spongybob;513039”]Hey Eager
All I want to say is, I tried by myself for a couple of years, yeah I had a decent amount of knowledge but until I did Johno’s course on EXACTLY what he is talking about with money management and how to plan your trade I was rather clueless when I was in an actual trade.
He has lots of very good free info on his site and all you need to do is take the time to read it. Just look at many newbies here how they have improved over the months, hence why im never on here anymore. They are now helping newbies like yourself.
Later guys and yes I do pop in to check up, haha.[/QUOTE]
Thanks for the important info… I actually need it badly… Just once escaped from this situation then for sure i will read it with peace of mind…
Thanks for shedding a light)
I am glad if this worked for someone here but we should always avoid such setups where price has to penetrate through multiple levels(minor S&R levels).Making a habit of taking such setups is not a good idea and it will suck our accounts in the long term.
Not sure why you buy in a downtrend… I think price will go up, perhaps to your entry and will fall again. If you get a chance to close with small loss or breakeven… Take it. Price closed with a Outside bar… chances are it will fall again after a bit of retracement…
[QUOTE=“hytten;513059”]
Not sure why you buy in a downtrend… I think price will go up, perhaps to your entry and will fall again. If you get a chance to close with small loss or breakeven… Take it. Price closed with a Outside bar… chances are it will fall again after a bit of retracement…[/QUOTE]
At what part i will accept the loss ?
Right now o have three positions for the same trade
Buy at 0.93162 5 lots
Buy at 0.92679 10 lot
Buy at 0.92338 10 lots
Tell me where the point will come so tht i will have a minimum loss…
What do you guys think about this engulfing bar?
Pros:
Cons:
Hallo friend,
Right now the only thing that can help you is hard truth.
In the position you are in, your mindset is not your friend, your emotions could ruin your account.
I know you won’t want to hear this, but none of us can tell you when to exit or what to do with your account. None of us knows what price will do next, the most we can give you are trading opinions, which (for the sake of your future trading) won’t help you at all.
My advice: stem the bleeding. Stop trading live immediately, and start a proper foundation from scratch. Start reading this thread from Page 1, and you will learn not only how price moves, but your trading mindset will also be edified. If it was so easy, everyone in the world would be a forex trader millionaire. There’s hard work (learning) involved.
I’m not being harsh; actually, we ALL started like this 
Thankfully you have come on here when your live account still has money! [ unlike some of us ]. Take the comments made in here with an OPEN MIND, and it will help you no end.
All the best!
Resources:
Forex Price Action thread: 301 Moved Permanently
ForexSchoolOnline free articles and videos: Learn to Trade Forex Price Action | Forex School Online Forex School Online
Mindset formation: Trading In The Zone by Mark Douglas (book)
Lastly, an interesting point of view on becoming a trader:
The 5 Steps to Becoming a Trader: The 5 Steps to becoming a trader @ Forex Factory
.
Thanks for the reply Johnaton - Although the 2BR did its job, I’m more interested in your thoughts on whether it makes an A+ signal, which it appears not. The point that it did it’s job is almost irrelevant for me, as it may of this time, but maybe not in future.
Unfortunately I missed the 1hr PB as I’m only really trying to enter as low as 4hr TF at the moment, until I feel I can master this level.
I also have one other question. I’m spending alot of time waiting for the breakout / Retrace / PA to happen for an entry, and during this time alot of the markets are just ranging. Do you have a PA strategy for ranging markets? Would it be valid to look for a PA signal just below resistance / above support to trade back into the range?
Thanks In Advance
There’s some good stuff there.
I realized price action was king when I started trading the pipdaq setups which are solely price action based.
It’s amazing the turnaround in fortunes you can have by implementing a certain technique like this after many years of struggle!
The entry is sitting right on the resistance zone.
Avoid buying at swing high at all time
Dudest is right. Although my plan is to short when it retrace but what I want and what the market wants to give is 2 separate thing. React to price action, not predict. I know I’ve done what Dudest said… painful as it is… I took a big lose, close all positions… It was too pain for me to handle it. I took a 3 month break to heal. Then I start learning again.
PS: @5 Steps to becoming a trader:
I have never been quite sure about those “90-95% fail” claims.
While forex is not easy, I’ve always thought it an insult to the human mind and man’s resilience that only 5% can make it in a given field (!) [ Even rocket science (aka aerospace engineering) has a higher “win” rate (!) ]
At http://leaprate.com/files/summaries/fxcm.pdf you can find some stats from a company that tracks forex brokers:
[I]FXCM customers have consistently fared in the bottom half of all firms reporting, with only 24% of client accounts being
profitable over the past year, well behind both the [B]industry average of 28%[/B] and industry leader Oanda where more than 40% of accounts made money.[/I]
So according to their research, the average is 28% profitable (which sounds about right to me)
I say this because when starting out, it is daunting (to say the least) to hear that only 5% make it in Forex.
Thankfully, that is not the case.
Cheers
Is the any expert who have time to look into my account… My all pairs cross matched with each others not sure to which one i cut… Bcoz if one side loss reduces then other two sides it start increasing… I am willing to cut the loss but dont want it to delete straight away… I am sure there will be a middle way to cut the losses which will be more loss in future and hold that positions which can be become positive…
My account is on mql5 community
Equity is decreasing speedily… Time to do something…
I am TRULY HAPPY that you have lost. If you are earning, you will lose more in the future! Now is time to back to square one and take a step at a time!
Jack
[QUOTE=“jackson905;513120”]
I am TRULY HAPPY that you have lost. If you are earning, you will lose more in the future! Now is time to back to square one and take a step at a time!
Jack[/QUOTE]
Thanks alot for the comment…
404 page not found ;p
No offense dude, but you gotta look at this in another point of view. If you are serious about trading, you will understand what i meant. You are gambling right now instead of investing. Also, you are lucky that you can join FSO right away while i still need to save money to do so. Stop live trading and starting to learn from square one. All the successful traders here put in hard work to be successful. What make you so different?
I have lost money too when i just started, and i also have the urge to put in money and start trading live when i just begin, so we all understand how you feel. Well, i guess every new people will have to go through that and its the money paid to learn the lesson in the market, its unavoidable. just hope that you did not put alot inside.
So, back to square one and start learning
Jack
[QUOTE=“Songok;513123”]
404 page not found ;p[/QUOTE]
Check now plz… If now then i have myfxbook page as well if u can open that ?
