Sitting on the sideline and seeing big moves in the market can be very hard. What is worse is when you spot a setup that you didn’t take because it wasn’t perfect and the market plays it out flawlessly.
These things are nerve racking, mix that with a few lost trades and you will have a very hard time. That is a major pitfall in trading, a pitfall that everyone has experienced and are well known with.
However there are ways to stay clear of trouble;
First you need to see it coming. When you see those feelings , you need to address them. Don’t play macho, that is a real cyclic danger that needs to be dealt with. Don’t down play it either, because it is there.
Secondly you need to remember that you are doing business. It is not very common in social cycles that you meet someone who is trading for a living. Why? Because it takes a lot of discipline to stay on top of your business that is based on probabilities. Majority want to get paid by the end of the month. Hence as a self employed person you need to be your own boss and make sure that you keep your trading plan in check. Which takes us inevitably to the next point.
There is no right or wrong. You have a set of rules,and you will have to follow them. As said be your own boss. Your boss doesn’t really care what you think of his/her work ethics,all that is important to him/her is that you do as you are told and that you do it good. So stick to what you know is working and don’t question your boss or risk being sacked!
Trading psychology is truly what stands out in professional traders. An inexperienced trader reads these words and thinks nothing of it. But on the bigger picture having the right mentality and mindset is your only goal that needs to be mastered.
Becoming a professional trader you’ll need to stand your ground and only strike when it is the very best opportunity. We all have the tools of PA. If not further education is necessary. I suggest instead of isolating yourself with timeframes or pairs you should discipline yourself in only taking the very neatest of setups.
Statistically we have an average of 5 PERFECT setups a month. Combined timeframes maybe 10. If you can master to limit yourself to a set amount of trades then you are half way there of being successful with this strategy. Limiting yourself to a set amount of trades will mean that you are going to be supper picky with your trades because you know you won’t have many shots.
How badly do you want to be successful in the forex market? All that it takes lies right in front of you be the one who sizes it!
Bambino I value your ethics and humblness.
But you are 1000% WRONG with that statment.The only thing that will stand between you and a high success rate will be your itchy finger!
If you take the very best of trades,as few as they might be you will have a high success rate. Wether you are new to trading or not. Understanding Johnathon’s PA system takes no more but a few days to read and a month or so to implement. It is your mindset that will make you profitable.
Excuse me for being blunt but you cannot argue those facts.
Please enough news. A lot of your posts start with “I know we don’t talk about news” and then goes on to discuss news…
I don’t think you are fully grasping why it is what we do… or why we do it.
Reading price action is not just finding levels and slapping signals on them. Reading price action is learning to read price and learning to read human behaviour through a chart.
The reason we don’t need to watch the news and the reason we don’t follow the news is because we are following the news is the price. We are analysing the news and what news has done in the price and how price has moved.
News does not move price and that’s why we don’t follow it. Traders are what changes the price and this is what we follow. The only way price changes is when traders bid price up and down. News does not push price up and down. This is why it is very common for news to come out and for price to do the exact opposite as what everyone expects. Once again, it is not the news that moves the price for it is was price would always move the way we expected.
Every time you go and look at the news you are making it so much harder for yourself to make money and have a successful price action trading edge. You are over complicating something and forming biases which in turn is leading to over analysis and not trading what is on the charts and what the price is telling you and what is clear. Basically it has no bearing what the news is saying or the fundamentals because if the traders don’t see if that way or if something else happens they will push price another way and you don’t need to know any of that if you can have a simple egde and read price. Every time you go and read news you confused all that.
Obviously it’s your own trading, but whilst in here please cut the news talk.
No hard answer to your question. This is where our uniqueness as individuals ( and practice ) shows through.
Essential: The trade plan ( BEFORE entering the trade ) is not just entry, SL and TP. It is also [B]what to do when price gets to given levels[/B] [ including any adverse situations you can imagine ]. Of course we can’t tell the future, but you’ll be amazed at how your MIND will find it much easier to make an informed decision when there was at least a pre-plan.
Ok,
I don’t want to make this thread messy so this is my last reply. Don’t want to be quarrelsome.
I read lot of books and articles about price action, listen lot of mentors (Nial Fuller…).
In general I belive that most successful traders are price action traders. Big corporation use price action. All big players use it.
It is great system. So why all “normal people” on forex don’t use it too? Why is on this thread only few active members? If it is so easy and profitable for everyone and it requires only few days learning? Everywhere where are “easy” money there is lot of people (people aren’t idiots, if they see oportunity they take it). If PA is so great and easy why use indicators, news trading… it is nonsense if PA has no negatives.
In fact in PA there are no strict rules when you trade PA.
Ofcourse we have basic rules what to do. But if you say PB should be approximately same size as previous bars (what is approximately, how many previous bar, where is edge that this PB is large enough and this not???). There should be no mess on left side (what is no mess??? there is always something, it is FOREX, where is edge???). This BUEB close 1 pip above my support it is valid but is my support on the right place or should I place it little higher (now the entry isn’t valid, where is edge???). Drawing S/R lines is one of the most dificult (and most important) what you can to in forex analysis. How is it possible that people on this thread have problem with it (if it is only about few days to learn it???). No there are no strict rules. Strict rule is when you say trade when EMA’s crossing, trade when RSI above 70. This is strict rule. In price action there aren’t strict rules there are basic criteria basic recommendation, that is all.
For me PA is most powerful trading metod but one of the most difficult to master it.
That is reason why not a lot “normal people” trade it … it is not easy.
I’m probably idiot.
Don’t waste time with me
Cheers
Depending on how you look at it, it can be a major plus!
Your morning is London open, and your afternoon is the overlap between London and NY (read: intra-day heaven). And most D1 setups are still intact as at London open…
Thanks ever so much for the help here, hopefully you can set me straight if I’m wrong. So I see it as being at a swing low but indeed traffic is pretty close by above and would be against the trend. Would this be correct?
Totally agree I just need guidance to learn how to set such a plan…
I learned how to set the the different TP and move to BE or trail the SL etc… but all this is after FTA is reached
In that trade price reversed on me before FTA something I wasn’t prepare for and, if I was on a live account, I guess I would have panicked and closed it to secure some traffic.
Since I was on demo i kept cool and just moved my SL to BE
So I was wondering what senior members do in their trade management…
I think you mentioned a lot of essentials . lots of fundamental questions which probably most traders have.
Some require experience to master and that is why we have a thread with experienced traders who love to share their knowledge wherever they can.
