Then the answer is simple. You do not have a strategy that works. Look up market maker trading. You will learn how to follow the central banks who control and manipulate the forex market. Do not become the one who gets manipulated. Become the one who follows the manipulation.
Hi @SMIfx -
Maybe you should start a thread on the subject of market maker trading. I’m sure you have mentioned it previously so you must have some useful knowledge that could be helpful to traders at all levels.
Part of my reason for the suggestion is that I’m not sure it can help in my own trading - I only trade with-trend on D1 - but I’d love to understand it better.
My own initial research suggests market maker trading in forex is an imaginative theory but I can’t see any evidence to prove its more than that.
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I can. Would need to make time for it though. So that is a matter of when.
You can also Youtube ICT, you will get what you need lol. Just watch his videos. Especially as you trade on the D1 timeframe, you will be good. D1 is mostly used to identify market structure and higher timeframe ( leading ) trend. Let me PM you as I am not allowed to send links here.
Thanks for steering me back towards ICT - I need to watch more of his stuff.
What puzzles me is that the theory only matches what we cannot see and does not match what we can. For example the first Youtube clip that Google shows me when I search on this term is this -
The guy suggests that there will be a large cluster of invisible private retail trader buy orders above a recent high in a EUR/USD uptrend. Probably true but nobody can prove this: but what we can say is that most private retail traders who are watching this uptrend will be short - this is a fact that’s visible through broker clients’ sentiment percentages. In any case, what private retail traders do is irrelevant to EUR/USD price.
I’d say the rest of his clip is entertaining fantasy, like The Matrix.
I couldnt help but smile when I read that last sentence. What does that say about yours truly? Interesting indeed.
It has been well over a year since your initial post. How do you feel about your trading these days?
I think one must get good at trading with consistent practice. on weekends I analyses my strategies on charts to make them more worthy over different time-frames.
With consistency and lots of backtesting!
The only way to get good at trading forex is by learning from your trades. Irrespective of how your trades go, all traders should backtest their trades and analyse the market. This will help them trade better in future, and it is something which traders have to do forever.
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If you are facing issues in your forex journey, it is essential for you to practise a few things before getting back into trading using a live account. Here are some things that aided me during my trading journey such as creating a trading routine, having a sound knowledge of indicators, patterns, market analysis, following risk-reward ratios, win rates, stop-loss and take profit orders, tracking progress through maintaining a trading journal etc. Most importantly, it is essential to have a disciplined and focused routine throughout.
Continue practising in the demo account until you have made consistent profits, and then take risks with smaller accounts.
It is also critical to constantly improve your forex skills, strategy, and knowledge.
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With psychology and trade management too. This is whats needed and it takes a while lol
I also think that scalping is too exhausting. I prefer to trade on bigger timeframes like H1 and H4. Such a type of trading allows to think twice and make a deeper market analysis which is far more interesting than just analysing the chart patterns. I advise you to try your hand in swing trading and see whether it suits you. I wouldn’t say that the profits from swing trading are lower than from scalping, so, you will not lose your profits.
At first, I want to make sure that you guys already know the basics of forex trading. So, please take a look at this key points and be sure that you mark out everything. If you do then surely you can make some profits and if not then try harder to learn these things.
Start small
Select an appropriate currency pair
Define your objectives
Keep it simple
Evaluate the past
Manage your money
Know your own statistics
If you’re losing money, take a break
Concentrate on one trade at a time
Be aware of trading costs
Getting good at anything requires time, practice and experience with that thing to create an in-depth understanding about it. Forex trading also demands time with trading, practising the various methodologies of trading and experience in different market scenarios in order to improve oneself to perform better.
No one is born a great trader. Becoming a trader takes a lot of hurdles and a long journey . These are the 4 points which are most important for any trader to improve in their trading style. Maintain a trading journal, adapt your trading plan, practice consistently and stay confident.
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One gets good at trading like they do with everything else - study, practice and learning from one’s own mistakes instead of repeating them.
You can only get good at trading with experience. In order to make profits, it is essential to study and analyse the market constantly and devise strategies that cater to you.
Constant practice and dedication help you achieve your trading goals. You don’t have to make money every day but if your profits are more than your losses, you are doing better than most other traders.
Getting good at anything needs practice for a long time consistently. If you could do that, you can definitely learn more and become a good trader.
Basically, you get good at trading by trading. Practice makes perfect, that is all there is to it.