I’ve been studying Forex for a couple years through reading books and YouTube videos. I’ve most recently been learning about Fibonacci and applying it to trading, but I’ve also tried to teach myself Elliot Wave Theory and price action. Although I’ve been learning these for a couple years now it still sometimes feels like I’ve not made a lot of progress. Generally when I do make trades it seems that I opened the trade at the end of the trend or at the start of the opposite trend I was opening the trade for.
I do have a full time job so I’m only able to look at charts in the morning and evenings and then I get some time to look at them over the weekend. I just wanted to see if anyone had any advice for getting to the next stage of trading where profit could possibly be more consistent although I know that’s never a guarantee. Any advice or help would be greatly appreciated
Drop down to the simplest price chart and you will be able to see what you are doing right. Look for the simplest set-up - if you can’t see this from across the other side of the room, do not start looking for an entry pattern: if you do see it, you must get closer and find a way to get in.
There is no such thing as a chart set-up for a reversal. Its not important to get the perfect entry
Thank you for the advice Tommor. I think I do tend to always look for a perfect setup which makes me miss out on a lot of trades so hopefully I can improve in this in the future
Thanks!
Thanks Greg that’s really helpful. Did you ever go through a similar situation where you had to trade with a full time job before eventually being able to make trading your full time job?
I applaud you for your perseverance. Clearly, though, I think you haven’t focused on a strategy that works for you, and you may never find one. Which means you need to know yourself a lot better than now.
Which is what I did over the last two years until I found that focusing on process, being confident with it, and letting my trades run to their conclusion saved me a lot of heart attacks. It’s not ideal, but being consistently profitable, albeit small, is the first step to success.
The simpler the strategy, the better. I know some traders who buy the green candles and sell the red ones. Best of luck.
The thing to keep in sight is that if something has the same basic characteristics as a text-book pattern, then whatever you’re looking at will behave in the same basic way. So it might not be an exact text-book example, meaning only that you will not see an exact text-book outcome - but it will be similar.
Its a rule in trading that its rarely a matter of right or wrong - its OK to be right enough and to be not too wrong.
Hello guys…well am a newbie here…and this is a very great community and site am very happy to be in…
Well in this great ART of trading…,to all other newbies out there learning and practicing…pls never give up
TrUST the process…
Sometimes you think you’re getting everything right and you’re on the right part and another time u feel all what you’ve learnt are rubbish cus u seeing lots of losses right ….
Hey everyone is been there too…that’s just the devil trying to pull u back…
U don’t give up…keep on pushing…
And soon,you will see yourself getting more better each day you keep on learning …
Okay ask yourself…with all the knowledge you have right now and your daily losses🥲
Can you compare yourself to when you knew nothing abt FOREX….…that’s its man.Trust the process you’re getting there…As for me…am on the bridge of that ■■■■ right now but no going back 🥲:sunglasses:……,….
I would advise you keep it as simple as possible and look for a rule based strategy that you can execute maybe before going to work with a fixed stop loss and target. I was in a situation much like yours always on the wrong side of the market. So now I have a setup that dictates my entry based on strict rules and I just follow that.
Read the book Trend Trading by Dr Barry Burns. Then go to his site TopDogTrading.com. Also, Look up Don Singletary on YouTube, and he has a book on Amazon about E Micros Index Futures. Very inexpensive books, and it might open some eyes for you, it did for me.
Jesse Livermore… A man who bankrupt a couple of times… then shoot himself, one of his wives shot herself, and his son … shot himself too. This is clearly showing us, how destructive a man he was - a beautiful example to follow. I think you found “nice words” on the internet without knowing who was really Jesse Livermore.
To be consistently profitable takes a significant investment of time. When it comes to having a successful career in trading, patience is absolutely necessary.
To become an expert at something takes a considerable amount of time. Trading is another activity that falls into this category. Keep going. Have patience.
I would like to say spend some more time in forex trading and practicing. It will help you to clear your head and see where you stand in the market. Ultimately you will get better as a forex trader.
agree, forex is definitely not a get rich quick scheme. it take years to master and able to make a consistent profit in trading. There is no short cut around it
trying to pull u back…
