Haha, thanks Dudest. I was joking. I have read many books regarding trading psychology and written countless posts about it myself sharing what iāve read about and learned along the way. Actually iāve read āTrading in the Zoneā twice, a fantastic book. And once youāve been able to feel and enter āthe zoneā you understand what it is all about. The tricky part is to stay there.
Since we are talking about books i also would like to recommend a good book to everyone in here which i really like.
It is āOne good tradeā by Mike Bellafiore. Itās a bit slow in the beginning but gets better and better when you continue reading. The book focuses on the importance of the process rather than the outcome. Since if you have a good trading plan and you know that your method is successful (has an edge in the market) you only need to stick to your plan and follow it to 100% and success will come. As Johnathon also mentionās on his website is that many traders fail since they jump from system to system and have a hard time following their initial plan or avoiding to place trades when they should because of fear. Or like me jumping into the market when they should not.
Right now i am reading āMarket Wizards: Interviews with top tradersā which is also a great book.
When it comes to trading psychology i think i have a pretty clear picture of my strengths and weaknesses. Since i have been trading stocks for the last 15 years (very successfully for the last years) and i only own VERY volatile stocks i am used to see my equity go up and down by 1000ās of dollars every day. So trading demo or real account does not affect me as much as it would have done 10 years ago. On the contrary i only see money as a bunch of numbers these days which also can be dangerous since i have lost the feeling of itās worth. So i am trying to find a balance in between those two worlds right now.
Before i started trading PA trading i traded a live account trading harmonic patterns. My results were not promising though and it took to much of my time so for now i want to focus on something that takes as little time as possible and trading HTF PA is just perfect.
Trading for me has become something like a sport. Of course earning money in the end is my main reason for trading and i have big goals, but as soon as i start trading for me itās more about each particular trade. Following my plan/strategy and reach the goal of being consistent profitable as a trader. So the process and the challenge of mastering myself and the trading system/style is what drives me. The money will come by itself once you succeed in the above mentioned areas.
My biggest problem which i am painfully aware of and i am working on is my crazy trigger finger. For the past i have been horribly over trading. I really have to have handcuffs and sit on my hands as long as possible and this strategy on the higher time frame is the perfect training for me. And it also fits into my crazy schedule which constantly is full due to my 110% more than full time work and all my other projects i have going.
Thanks again for your feedback and this great thread you all keep alive. Fantastic stuff!
draw one line at closest s/r level above current price and one line at closest s/r level below current price. move them to the next logical s/r level when price breaks through and so forth. two lines only
But good pinbars and engulfing bars jump out at you anyway when you go over your charts. Also if price isnāt around your marked levels itās not worth looking for a signal so you can just flip to the next chart.
I personally feel that it doesnāt add much value if any at all and this is coming from a developer.
Iām strongly with you and Johnathon on this, as just a couple of weeks ago I did a script for mt4 (Iām not a coder, just learning different stuff) - it was hunting for perfect engulfings and measuring a following move (up for BUEB, down for BEEB). And it turns out, when looking only for engulfings - without SR - it gives only plain old dull 50/50ā¦ OK, itās borderline offtopic, so Iāll shut up now:p
You have to ask to yourself āIs that 2 Bar Reversal big enough to stop that huge bullish move before it? Is it obvious enough, is it screaming at you?ā Look at the size of 2 Bar reversal and the size of previous candles.
HI
I saw your charts now , a question .
Aud/chf and Eur/chf are perfect because weāve daily trend and weāre looking for pull backs .
But the Gbp/usd , the market is ranging and doesnāt have any trend and also the level you spotted is not a very strong key level .
Should we trade this ? I mean , should we trade in a no direction market with a not very strong key level ?
another question , I want to have 8h and 12 h charts on my mt4 .
iāve searched and Iāve fond some indicators.
I donāt know if I can trust these indicators.
I remember there was a link in this tread - to charting package for mt4. With this package you can use custom periods. The link is probably in the beginning of the tread, may be even on the first page. Hope this helps:22:
Nice Charts.
I wanna ask. how you manage to point out this level of taking profit etc.
I mean to say whether you have point out this points from S&R Lines or any other way?
Hi, go to your Metatrader 4. Click on any currency pair with the 1 hour time frame. Then, go to navigator>script>period converter.
A period converter window will then pop up, and what you will see is ExtPeriodMultiplier with its pre-set value (eg. 3). Double click the value and change the value to your desired time frame (eg. 8, 12 or any number) and press OK. After that, go to file>open offline chart and find your currency pair that has been set to your desired time frame. It should look like this, EURUSD,H8. Click on it and press open. I hope this helped and sorry for my english
Hi. Just discovered this thread and made it to page 49 so far. That was almost 1 and a half year ago. Iām wondering how Johnathonās school is doing today? Itās not too late to join is it?
Usually some draw support and resistance line using the end of the candle shadow sometime they use candle closing price ad sometime both, so which one is right ?
I have read many books regarding trading psychology and written countless posts about it myself sharing what iāve read about and learned along the way. Actually iāve read āTrading in the Zoneā twice, a fantastic book. And once youāve been able to feel and enter āthe zoneā you understand what it is all about. The tricky part is to stay there. 
