Thank you x
Iām definitely feeling better this week! thank you! Iām really fortunate so many people have offered up such great advice on this thread. Thanks everyone xx
You are welcome.
Youāre very welcome. You will, over time, settle on your preferred approach, but one thing I think all successful approaches probably share is that they are methodical, bordering on mechanical. If I see a potential setup, then there is simply a set list of things I do next to see whether it passes my tests. I do them in the same order, I apply the same judgement to it, so I am almost entering on autopilot. Being boringly consistent in your approach might makes your returns boringly consistent, too. I always figured that I am happy to be boring at work, as I can have my fun when I am spending the proceeds!
Simon, i didnāt Check your past entries but did you ever share this list?? Iām curious about this test Like āiāll get in trade if itās double top/bottomā or Like āif itās triangleāā¦ Ä°f you didnāt, could you please share?? Iām trying to set up A strategie also Like, iāll trade only if the price hits to trend line or s/R line for the third timeā¦ May be i can enrich mine, with your tests or rulesā¦ Thank you in advanceā¦
Welcome to BPs!
Itās a great itās a great place to learn & meet new Forum friends!
Good luck!
KC
I think I have historically a few times, years ago. Iād caution against looking for someone elseās off the shelf list of criteria, though, as context and experience are as important as anything on the list. But Iām not being resistant. Itās in my head, these days, but it would be something like:
Daily chart, is there a clear trend or range or reversal?
Monthly/Weekly chart - is there an obvious level?
Within the clear trend/range or reversal on the Daily, is PA giving a likely setup, where in the cycle are we?
Throw on S&R levels - do they intersect with PA?
Is there an EMA in that same zone?
Have Fibonacci levels been powerful within this move (not for ranges or reversals, just for trends, for me)?
Do those last few suggest any future level Price might reach?
Is RSI showing overbought/oversold?
Is there a news event about to get in my way?
Does the proposed TP give me room for 1:1 or better?
Does the PA/cycle on the 240/Hourly support my idea, and does it give scope for a more elegant/efficient Entry?
It would be something like that. Not claiming that it is exhaustive, or that it will make you rich, but Iāll be in that zone for most setups I take. I scan a lot of Pairs and only take the strong ones, am happy to sit out not losing money rather than be in taking setups which donāt really fit enough criteria.
Sorry again to be so slow responding, and I hope that that gives you food for thought. Weāre all different and took different routes to our own today, so it might be complete junk for you. Just please donāt shout at me if you adopt that and lose money. You wouldnāt be the first!
ST
Hello Lily,
welcome to the Babypips forum! Feel free not only to learn and observe but to participate in the discussion too, weād all love to have you!
Hi! I am still here and still trading. Iāve just been answering some questions to help with an article about female traders so that was really nice to be involved with. Iām not sure I made much sense but still. Health wise Iām totally fine now, I had a minor operation that sapped all my energy for a week or so but I am good now. How have you been? How is your trading going? xx
Thank you so much xx
Oh hello, great to hear from you, back in full health!
Can I ask who the interview was with, or even better, would you share the link (if online)
when published?
Look forward to your posts.
Itās more of a community engagement initiative actually not really an article. So it will be on baby pips. A lovely lady penelopip asked me to take part in it. I know sheās still waiting on some responses so it might be a little while before itās posted yet xx
We look forward to reading it!
What are you trading, by the way?
I trade forex and occasionally some commodities. What about you? X
Oh yes, I meant which forex pairs ?
I am still trading exotics (TRY, MXN)ā¦
Ahh right haha! I did wonder as I thought I had mentioned that I trade forex before to be honest I donāt exclusively trade certain pairs. I stay away from anything with a high spread. Mostly I trade EUR/GBP/USD/AUD/CAD/CHF and JPY pairs. Over the past few weeks Iāve mostly been looking at AUD pairs. Do you think itās more beneficial to set a few pairs and only concentrate on those? Xx
I see ā¦ Yes, exotic pairs do suffer from lower liquidity and higher spreadsā¦
You would not like them very muchā¦
There is no real advantage in diversifying if you are diluting your time
and energy at the detriment of focus; however, for people with small
accounts it may feel difficult not to shop around for better deals when
their currency pairs/asset class of choice is so calm that nothing
moves and no money can be made thereā¦
Because we do not know how our chosen asset will behave in the future,
and we only traded (for example) a singe asset - say, one currency pair -
we may face a difficult choice when, while sitting on our hands for several
weeks in a quiet period (e.g. very small pip movement, directionless, not
enough to call it a ārangeā by any stretch of the imagination), we start
wondering how long the quiet period will lastā¦ Indeed, if we did nothing
there could be the real possibility that we could cut ourselves out of
months of potentially good trades by just adhering to the 'I must stick
to my rulesā mantraā¦ Sometimes rules have to be broken and it is not
a bad thing: for example, if your chosen asset is not correlated to other
assets that move better during a quiet period, why not branch out and
try just one more?
What do you make of this angle?
Hi sorry it took me a while to get back to you. I hope youāve been ok. Thanks for taking the time to write all that out I really relate to that actually as not trading is something I struggle with. I make bad trades sometimes just so that Iāve got something running which is something Iām working on and definitely getting better atā¦ slowly haha. Iāve lost a bit of confidence in myself recently, I just havenāt been trading as well as I was before. So this week Iām going to self reflect and look back over some of my recent trades xx