Yeah, I’ve been there. Haha
I’ve learned that you don’t enter a trade unless you have your exit strategy first.
I actually learned to apply these lessons to other aspects of my life.
1 Like
Ok, it s a matter of probability. From my point of view, and looking at my results, with a good strategy you can be constantly profitable, not obviously at 100%, but 90% is enough to whitdraw every week. There are some circumstance in the market that are anyway inevitable. i ll give you some hints: positive-negative correlation, High/low alerts, more indicators=more confirmation, time frame H8.
Yes, trading is all about probability.
Your selection of H8 as your favoured time-frame is unusual - my platform doesn’t even offer it (not that I would fully trust any broker on this). I’m going to assume your H8 periods run from midnight UK time to 0800 to 1600 to 2400 again - would that be right? Why have you gone for H8 and not H4?
1 Like
It is unusual, true. If your broker has MT5 or 4 platform aviable, using them you should be able to find H8 by rightclickin on a opened chart.
I ve found H8 very trustable, the open/close prices i obtain on this time frame are very helpfull for my market analisys, signal are more clear and most important i can see better the switch from Asian-European-America sessions. it s in that phases where i ve founded more easy and fast pips to catch when i trade on scalping mode. 
1 Like
Haha. I thought the same thing. Why not H6.5?
I have a broker that offers H8, but I never thought to look at it. I could end up reading the market wrong somehow.
8 hour charts have been a favourite of mine for a long time. I even wrote a post on them.
3 Likes
Interesting…
I suppose I should take a look. I’ll read it.
But 8-hrs based on what time zone? I guess I should read the article before asking questions.
I saw this in the summer but forgot it - or did I? Soon after this I started trial running basket trades across the London session - in at 0730, out at 1630. So perhaps it was an influence in my thinking after all. Many thanks John.
2 Likes
On my FXCM charts, the bar changes at 4.00am (here in Thailand), 12.00pm and then 8pm.
That pretty much correlates to close of all US trading, 6.00am GMT and 2.00pm GMT.
1 Like
@Johnscott31 Of course i ve not discover anything new by using TF H8, furthermore you ve made a nice advice writing a post about. I ve read it now and basically there are almost what i founded useful from myself.
@dushimes Funny boy. time frame 6.5. LOL i will ignore the fact that probably your intention was to mock me. In that case, i m not your man.
Haha. Yeah, I never looked into the H8 before. However, @Johnscott31 got me thinking about trading certain sessions again.
But, my problem is that I try to journal all my trades. And it takes me a while.
So, to do all that work just for a 10% profit (for example), I’d rather put in that same journaling work and try to get 30 or 40%.
That’s why I’m resisting the urge to keep myself busy for the sake of feeling like I’m working hard (from @Johnscott31‘s article), and I’m switching to the D1. I don’t have enough time for the H4 or H1.
Nevermind the M15, for me.
2 Likes
Not all platforms offer 8hr charts, unfortunately. I think OANDA’s platform does, but MT4 or TradingView (free platform) doesn’t.
If I ever start paying for TradingView then I would probably use that timeframe.
1 Like
You know, the funny thing is that, I’m never 100% confident in a trade, but when I hit my SL I am 100% sure what my mistake was.
The hard part is applying that lesson to the next trade.
But you can’t keep changing your strategy again and again. But you can fine tune it.
2 Likes
I think no, but I’m 99.99% sure I won’t lose some guaranteed amount of money in a trade since I never forget to set stop loss.
Same here, Even I have lost on trades in which I felt the trend is bullish so it is really uncertain at times.
i had been sure about my trades. may be thats my personal instinct or guts but that has worked for me.
The best traders are never right all the time, they make losses too. Focus on getting more trades right than wrong and you’ll be considered successful.
That’s great, do you follow some strategy for that?
Never. I do not even think that anyone can be 100% sure about the trades they place. Undoubedly, the proportion of risk can be reduced and with market fluctuations so prominent and all the speculations, it is impossible to be 100% sure about the trades.