In contrast to what many believe, it is not the setup that is the most important. It is your bias. Where did price come from and what is it seeking? Aka where is the liquidity that is drawing price like a magnet.
At first it might look complex, but it just takes lots of practice and strictly following the rules existing in this algorithmic based (the market being controlled by a programmed system with manual interventions by central banks) method.
You can check out ICT on Youtube.
Hey Mcell
Thanks for sharing opinions
Well i guess learning how to develop fundamentals in daily trading is a lost piece that many traders like me aren’t aware if so surely I’ll check the dude you introduced
Two years!! I have been trading for nearly 20 years, and I am still not consistently profitable. I know what my faults are, and unfortunately keep committing them. Chief among these are not sticking to my rules, and not being disciplined in keeping a journal.
Why do you not follow your own rules?
I struggled with that myself for a long time and came to realize that you must know yourself in order to be disciplined.
I believe it is down to that old devil, fear of missing out!
Very true statement - going against the trend is known as the Monte Carlo Fallacy or Gamblers Fallacy - the Monte Carlo aspect is a long story (1913), but worth a read for learners.
Anyways happens that commercials go against the trend and therefore by default speculators do the opposite - and both succeed.
As Eur rises against Gbp commercials sell their Euros for Pounds - money is stock and as stock rises in price commercials sell.
These same Euros were purchased with Pounds when those Euros were cheaper.
Here is my EG chart - cannot remember the detail of the up arrow but would have been a Fundamental reason, likely recent UK political/economic chaos - anyways that was a ‘setup’ time to get ready to sell Euros and buy Pounds.
When eventually price reaches back down to the horiz (which goes back about 18 months) then time to take stock and figure next likely direction.
Edit: the up arrow was when some of the details of the UK mini budget were leaked - the next large up candle was the actual announcement.
A six year old comprehensive video from trader Tom Dante…
Contains explicit language but very informative and straight to the point!
Serious traders should definitely watch this… Enjoy
Too true. I have a friend that only uses simple moving averages and nothing else. He pulls no less than 10% per month on the 1 hour chart.
10% per month?
After 4 years, of putting 10% on a 10K account every month without fail, would turn that account into 1M.
I don’t think there are very many traders out there delivering that sort of return. Making 10% on some months is one thing. But every month?
I agree. I can understand why beginners don’t make this sort of return but I have always puzzled why it seems competent experienced traders can’t do it either.
(By the way, I know why I don’t…)
Hey EdHirsr.
Well i think for el brooks it took 10 years to become profitable so it is fair to take a long time for becomeing a profitable trader.
But maybe you weren’t under the pressure to make it work i think sometimes when we are under a little pressure to do things we do it better.
Hey Peterma
First of all thank you so much for sharing your valuable experience with us here.
I’m agree with you opinion but the thing i didn’t understand was that Do you sell when the news show some bullish signals and buy when they represent bearish signals?
Or maybe you do the old saying like buy the rumours sell the news
Bro Trendswithbenefits
I guess the video you shared with us was one of the Best videos of all time about trading . Actually nobody tells things like this at the beginning of a journey and you masters who share good information are pretty rare and unknown
Thank you again if you know any other else useful piece of information please share it like that.
Hey Themighty J
Thanks for replying.
Well I’ve seen people like that who claim to earn that much but that seems to be unrealistic for amateur trader to earn that much just like after 5 or 6 month of getting into market
So where is psychology, where is journaling and experience.
I guess they usually have super good mentors
The indicators you see come with every platform I know of. They are the 21, 50 and 200 Simple Moving Averages (sma).
Take a look at the right of the chart. Do you see how the candles keep getting smaller while bouncing off support and then cross it going down? I would have set a sell-stop right there with the open set to 1/2 of the high/low range of the trigger candle.
Why? Simple. Confluence!
All sma are in descending order and curving down. That’s a very powerful set of confluences!
For most of what you see, price tested the support very often, lost steam just before the sell-stop.
If you’re being conservative and using a 1:2 R/R ratio, you would’ve pulled 2% out of thin air in less thanan hour. If you would’ve let that puppy run, well, that’s at least 6% for a days work!
What I just showed you is the skeleton…it works well enough alone, but if you beef up your entry, maintenence, and exit rules, you have yourself a strategy that will knock financial worries on the head!
So, yeah. 10% isn’t really all that hard.
Well, everyone who got funded with Prop Firm done 10% in a month (or actually 100% if the truth be told), but they done so generally taking outsized risks that they would not take with their own real money…or even their own prop accounts after they got funded, and for very good reasons.
To be honest, I had no mentor.
I did the trial and error thing on demo for a couple of years. There wasn’t as much content as there is online now.
Success in forex comes not from the perfect system, who you know, the perfect EA or anything else along those lines. These things help alot but before they CAN help, you need to develope patience.
Patience to wait for all the backtesting proof that your strategy works. Patience to wait for all your signals to kick and confluences to be met. Patience to exit at the right time and not too early or too late.
The psychology is a different matter entirely. Recall something you did for the first time…one of those things you weren’t sure you could do. Do you remember the feeling you had? I’m betting most if not all traders get that feeling. It went away though, right? Now you’re good at that thing you tried. More to the point, you’re so good that you can do that thing in your sleep!
You’re going to go through that with trading too. Trade on demo until it goes away to build your confidence and do it all over again when you go live.
Burn out the fear, greed, indecision and all the other emotions and all you’re left with is logic!
BURN IT ALL OUT LOL
Some people are risky. The percentages I gave in the example are with a 1% risk
But what about the moving averages on the 30 minute, they would have likely gave you at least a couple of false signals that would have got you stopped out? Or if you were looking at the 4Hr chart, perhaps you wouldn’t have got a signal at all. You may argue, “ah, but I trade the 1hr chart”, but I would say to you “the market doesn’t care what timeframe you trade”.
I look at that configuration and I could think of plenty of situations where the market would just b1tchslap anyone hitting on a break of that level as well as some situations where it might work. All depends on the bigger picture. When you get more experienced, you will learn that any given setup in and of itself isn’t worth a whole lot. It is knowing when to use it…and even then, like any trader (apart from Nancy Pelosi) you are taking a leap into uncertainty each and every time, with constant uncertain outcomes that will surely keep your 10% per month well suppressed.
Or maybe I am wrong, you are right, and you are set to turn a small account into over 1 million within 5 years?
