That’s sounds about right. The way it usually goes is there is nothing for a week or two, then suddenly 2 or 3 really good ones pop up all at once.
Just like buses eh Krugman :8:
After 3 months of trading with this method I observed average 2 setups per month :P.
Here’s what I’ve learned:
- Read, re-read, re-re-read the first couple 100 pages of this thread
- Save all the images of A+ setups posted by senior members to your desktop, and look at them every single morning to drill it into your head
- Do not start trading with a live account until you have consistently shown profit with a demo account for at least 3-5 months (not 3 weeks, or 3 days…)
- Even if you show profit, start with a micro account and do not risk more than 2-3% per trade
- Mistakes can quickly add up
- Never try to take revenge on the market
- Just because there is a PA signal, does not mean there is a trade
- Use myfxbook or some other form of statistical analysis to track trading progress in terms of real numbers (not just gut feelings or skewed perceptions)
- Trade what you see, not what you want to see
- Keep your charts clean
- Don’t mess with TF’s smaller than the D1 unless you honestly have solid experience being profitable
- Emotions have no place in forex trading- Stops and TPs (and the corresponding dollar amounts waged) are set before the position is ever opened
- Watch as many youtube videos possible posted by Forex School Online & Nial Fuller (similar methods employed). Rinse. Repeat. Rinse. Repeat.
- And possibly the most important of all- BE PATIENT.
I’m coming from a pretty dark place here so I wanted to share my insight to those who may stumble upon this post. When I first came across this price action thread, I was so excited and literally blind-sided at the ease of the methods employed. I started posting sh!tty setups which had no business even being discussed, confused myself and probably some newer people. In hindsight (I see this now) I started to bend the most important aspects of PA trading, lost discipline, and wiped out almost 20% of my balance (which is also my savings). So, I’m not trying to puff my chest, or boast that I’ve figured everything out, I’m just trying to offer up my experience so that others can see for themselves the reality of trading. The reality is that you are not going to instantly become some master trader over night, and having any sort of preconceived notion of such walking into this is dangerous and expensive. Just like anything else challenging and rewarding in life, discipline, experience, and dedication are essential to becoming profitable. This is not a game, and it took almost a 1/4 of my account to vanish before realizing all of this.
I can see the benefits of waiting for the true A+ setups to develop, and pouncing on the opportunity when it is presented. Rather than simply “itching” to be in a position and make money. There was a weird aspect of having an open position that I was experiencing- similar to a gambling rush or a high that one feels at a casino. This, to me, is very dangerous and should be avoided at all costs. Thanks to all of those who have interacted with me and provided guidance, but, more importantly have been patient. I’m looking forward to continuing to learn and share gains with others. The way I look at it now (in regards to my losses), is that I paid an entry-fee for a crash course on exactly what NOT to do when trading on the FOREX market.
-Cheefer
Hi All,
I have a question.
AUDCHF, 6/9/2013, there was a pinbar. i thought it would reverse but noticed a double bottom as stated in babypip school. if i had traded to go short, i would have been stopped out by my stop at 0.86805.
i would like to ask, what other things or indications could have signalled that the trade would not have reversed other than the double bottom, and would anyone else have assumed that it was a valid pinbar?
Thanks!
Hey, looks like we are having lots of great advices these last few posts! Me personally? I have been following Jon and the seniors for about a month, and I am not afraid to vouch that these guys are real deal. Johnathon Fox is essentially rising an army of consistent profitable traders, and in return these new traders spread Jon’s teaching of Price Action all over the world -and I’m not making this up, Jon really has loyal followers from virtually every major continent on this planet-.
I told you mate, I had been blowing up dozens of demo account before, and I had also been delusional when I opened a live account thinking things would be different! Well, let’s just say almost 30% drawdown later, I came to my own sense and realized that I needed a reliable mentor. That’s when I started studying Forex seriously from many websites until finally ended up at Babypips (and completed all the free online courses, you could check my profile if you don’t believe me). I was still being delusional though. I thought that Holy Grail existed, and so I simply copied any system from their Best System of the Month. To cut the crap short, I only burned my account sooner than later.
To be honest, I was kinda scared when I first read Johnathon Fox’s Price Action thread. I thought ‘OMG, this guy has more than 1000 pages already! Must be too complicated to read and follow!’ I cannot be further from the truth. Not only this thread is the simplest of all thread I have ever read inside and outside Babypips, this is also the only thread where I feel that everyone is really being honest with their trade and not lying to themselves with all their Holy Grail-wannabe indicators. It’s all about the very fundamental of economics, the concept of supply and demand in Price Action! And to think that before I incorrectly assumed that I needed to have a highly sophisticated mind like those Nobel laureates in Economics to succeed in Forex. Fool. :34:
Not only I have become a better trader, I also like to think that I have become a better man. If you think about it, Forex really shows you who you truly are. You really cannot lie about your own patience, perseverance, decisiveness, and determination as how you think and act will be directly reflected at your account balance. I learn more about myself everyday as I follow my trade routine, and it’s like a thousand-mile journey of self-discovery. It’s like being a ‘Kwai Chang Caine’ from ‘Kung Fu’ TV series if you know about it. 
Could you post a couple of charts to see the different? I would like to check the part about comparing the last move and the strength of the setup candle.
Thanks you for the post.
Regards,
What do you guys think about EUR/GBP?
If it ends the day like this, wouldn’t it be a A+ setup? It has got a nice pinbar that’s longer than the body, and it has just dipped below a very strong ressistance line.
I’m still learning about PA, and still trading demo, so your comments would really be appreciated
I did. I discussed this trade yesterday. You can see the posts and conclusions above.
Regards,
The majority of us use NY close charts, which is 5PM EST. That is still 6 hours from now, in which price can move drastically. If anything, I’d like to see price break down through that .8400, then come back up to test it, and look for PA to go short. Put it this way…I erroneously entered a position on 9/6 to go long and look what happened.
Yes guys! Thats the Spirit! Lets all work hard to make this a better thread!
I come to you blowing 50% of my equity so basically want a safe shot to regain confidence
i am not even sure want to pull the trigger another time
Been there!
But how did you blow it? Using PA? What pair?
Welcome brother (or sister if I’m wrong)! Demo or live?
No not PA, pure silliness from my side on EUR / JPY crazy performance yesterday
Live it was not a big account but still not an easy hit
thank you for the comfort if anyway can share an A+ setup that can help me move along i would appreciate it
I wouldn’t call it blowing, merely a minor set back.
You know when a sure fire trade comes around.
Cheers
Now now, Kasravi. Let’s not sugarcoat it, shall we? Blowing 50% of one’s equity is [B]NOT[/B] ‘merely a minor setback’. Heck, I had 30% drawdown in my live account if you read my posts before from many rubbish trades here and there, and I was so upset back then that never I considered it ‘merely a minor setback’. :58:
For A+ setup, my best recommendation is to read the first 50-100 pages on this Thread. Especially useful if you read any chart setup from ‘Forex School Online’ or ‘bhops’ as they are the best of the best of this thread. Cheers! :44:
You blew 50% of your account in 1 day? You have me beat out, my record is 20% in a day, haha. Not sure what your leverage is, but in the United States 50:1 is max so it makes it hard to lose more than that. No worries though, you will get there. Now that you have felt the sting of defeat, you absolutely must look back and painstakingly analyze every mistake you made in those losing trades and then make a “plan” that will ensure it doesn’t happen again.
Another suggestion that will help you psychologically with the loss is don’t look at your current balance as 50% of what it was a day ago. Look at it as a new starting balance, and your current balance is your new starting balance. Otherwise you get caught in the trap of making up your losses, and that will most definitely guarantee a blown account.
I recently made some bad trade decisions that I normally don’t make, so I ended up transferring half of my trading account into my savings account. After I transferred the money, I am treating the left over 50% as my new “starting” balance, and adjusting my money management and risk accordingly. Once I prove to myself that I am disciplined enough to not make the same mistakes again, I will transfer that money back into my trading account and trade the full amount again.
less than one day actually just a few hours 
I am trying to move on guess that’s the only thing to do
trying hard not to make silly decision to “make up” that will only make me lose further so won’t be trading for the end of this week
Hoping for a better start next week
