This month has been tough but was a great lesson as well. Biggest lesson was probably AUDNZD pin bar which stayed stubborn for 2 weeks! Really taught me how sticking to the plan can really pay out (which I didn’t and got out at BE lol).
It will definitely take some time before I can completely stop myself from playing with my trades. If only Johno would be here to smack me when I do stupid things xD I gotta start slapping myself.
what do you guys think about this pinbar and BEEB on gbp/aud 4h yesterday ? it was a range trade .
I think the pinbar’s low is exactly on a support level .
Do you think it was an important support level and we should considered it ?
First of all if you are risking 3% from 1000$ it will be 30$ and not 15$. Other thing is your risk reward/ratio (RR) I would like A+ setup to have more space to move than 1:1.
Other thing what for are you looking in FX market. If you want to make living from it, than you definitely need bigger account or otherwise you will be risking a lot of money from your account. If you want to learn small account and small growth (hopefully) fits perfect. FX market is not “became rich fast” because then it is more like gambling.
i am not a senior here but i think i am right in saying keep your account small until you achieve consistancy in your trading. that includes the psychology of it also. you will never make a living until you do that.
achieving consistancy means applying your strategy boringly, ie you really know what to look for and when a setup comes along, you see it immediately and when you pull the trigger, you know what the probability of a win is.
only boost your account when you are ready.
i am at the stage of trying to get consistancy with my strategy and i will not boost my account until i get there.
the only argument against this is that if you are trading daily, you may want to boost it enough to allow for your risk tolerance of 3%.
I’m still in AUD/NZD and need to admit that I also had tough times fighting myself not to move my SL or get out of trade early, but decided to stick to my plan as already had a lesson when after BE trade went my wanted way and reached 1:6 RR.
The problem with correlation is, if you don’t have a setup on other pairs you have no target price. and you don’t have an idea if or how the other correlated pairs will move. That’s the issue
How much money you can invest is personal, but a few notes.
-3% of 1000£ = 30£ and not 15£.
don’t plan how much you gonna earn in Forex. Franky that’s mental mas*****tion.
And will lead to number one cause of losing money in forex, EXPECTATIONS.
you have the power of compounding on your side! I am certain that if you practice good trading traits you’ll sit on a fat sum in a few years.
Hi dude, i know a few people have already responded with some great answers, but I just wanted to share something. I once had an micro account and thought exactly like you. I was risking 3-5% a trade as I wanted to make more than £20 a trade right. And after the first week I was up by 20% which was only a couple hundred quid right, so I got greedy and lost and revenge traded to win it back and then pop!! My account was gone.
So honestly remove your self away from the $$$ and into the % because when you look at profit in gains % and not real money you can actually see progress and not reward.
Forex is marathon not a get rich quick plan and you need to be making 5+ year plans to see substantial growth with consistant profits.
So either:
demo trade a big account to get it out of your system.
Save up more money to open a bigger account but only use money you can live without.
Open a micro account and start small.
Find a new calling.
Hope it helps and if you need any more advice. I’m here.
First Class answer Francis!
All super true points. Honestly, from the pace you are evolving, determination and discipline you practice. I just can say way to go mate!
Unfortunately many many traders join here and engage in hot discussions but after a tough time abandon everything. They give up themselves,their strategy their hope. But it takes a tough nut to handle that pressure, that’s what makes a boy ,the MAN.
But on a serious note, if it weren’t for great guys like you Kas, Bhops, Dudest, Jon at FSO AND Others outside of this thread I would still be rolling in the mud. That’s what makes forex achieveable for the common man, helping others help themselves. And all I hope is that I can do the same for what others have done for me.
Have a good weekend all and hope feburary was a profitable month for everyone.
I’m concerned about the 0.9000 level, a very key level with BRN + several swing points touching it. The pin is not commanding enough for my liking as well.
Thanks very much for your inputs. Especially Kasravi and Darth :). What I infer is that I will need a lot of patience/discipline and I will need to follow strict management rules being a novice trader. At this stage, it is more important to groom myself in the forex environment before I start looking into any profits. In fact discipline and patience are going to work in every field of life :).
Further, Forex trading is my part time thing while I rely on software development business for my bread and butter. So, I will keep practicing forex trading with small account.
Thanks again guys, I am learning a lot from y’all.
Ok this is the last day of this month. It hasn’t bee a profitable year either that’'s for sure. Sadly :(with the last 3 trades I lost all the pips I gained with Jonathon’s PA strategy. I’m dismayed.
My only questions is What went wrong? They were good setups. Or it was just one of those days when everything just sucks no matter what you do?
Let’s see these 3 trades that ruined everything.
Number 1 EUR/AUD daily
Pin was formed at the right place and was protruding. besides it was a good setup.
Opinions: I think its a perfect place to be looking for shorts. - …- hopefully this trade can yet still turn around for you into a winner-… - I think the EURAUD and AUDCHF D1 pins are A+…-
and it turned out a big loss.
Nice pin bar protruding. It was counter trend but It could’ve gone into ranging and with the sell order form the pin bar we could’ve had good profit or at least some pips.- we’ve seen many, many examples like that. That’s why I took it. It turned out a big loss.
Sorry for your loss fjanos. I lost the EUR AUD trade aswell. This is not jonathon’s method…No one invented price action…i think jonathon and other senior guys are great at reading the story of PA and they try to teach us something. However, we’ll never be 100% sure about the results…that’s why we all lose…
hello guys. So this week i got stopped out with the EUR AUD trade but managed to get some pips out of EUR JPY. This was a huge pin and RR was poor but i just wanted those 70 pips between the break of the pin candle and next resistance at 141.
My concern was about the pin closure last night which was below 140 but all went well in the end.
Has anyone taken this trade and how would u grade it?
