Hello babypips members,
Its been a while since I posted, and I’m pleased to see this forum doing so well. I went through babypips school many moons ago and learnt some valuable lessons.
Right, the Holy Grail:
After a long time searching involving much pain and anguish, I have found the Holy Grail at last.
If I give you my trading story maybe it would help you to understand. Like many I entered Forex blindly and looked to wherever I could for advice and guidance.
Firstly, when I started trading, I just entered trades thinking �I am sure price will go here…� Unfortunately I was correct, this lead to the feeling of �this is easy, I�m an expert…�LOL. Of course the emotions had taken control and before I knew it I was trading with huge risk. The days came when the market decided I was just another wannabie and killed my account.
I was naive and believed in a quick route to riches.
Having lost money numerous times again, I decided to check through the forums looking for a profitable system. I thought to myself �OK, I�ll just copy what other profitable traders are doing with indicator x, y and z. Collecting pips will be like taking candy off a baby� Yet again I was disappointed. Systems that worked well in ranges chewed up accounts in trending markets and visa versa. I would stare at the charts and see that the indicators were telling me BUY/SELL and watch with distain as the trade went in the opposite direction to what the indicators showed was a great entry.
This was the point that I noticed that if I had gone with what I saw in price instead of what the indicators were saying, I would have been successful. I couldn�t go down this route though, surely I must be wrong and it�s just a fluke? Nobody can trade like that? It�s just suicide. I dismissed those thoughts of just trading price action and persisted with indicators/systems until I yet again began to lose money.
I had actually seen that if I had just traded what �I SAW� and not what the indicators said I would be surviving the markets, but still I refused to believe in myself.
This is the point I came to, I had ruined my first 2 accounts and lost tens of thousands of pounds (real money), I was so emotionally drained I just pulled out the remainder of my cash and thought �It�s just not possible to make any money in Forex over the long term. I�m sure traders in the 5% are doing well, good luck to them, I�m just not cut out for it�.
I turned my back on the markets for a while until I was watching CNBC one day and saw a commentator talking about commodities with a gold and oil chart thrown up. I was looking at the chart on TV and thought…I would sell right �here�. Gold hit its high the next day and fell the next week without looking back. I posted this on another forum just to record my trade and gave a commentary as price was about to drop. The forum still exists (that forum is not Forex related but has the trade time/date stamped.) I still didn�t want to trade again even though I would have made a fortune. Next I looked at the OIL chart, same again, just a naked chart. I watched the ticks and saw where to sell…I sold $2 from the high. May sound like complete bullocks to many of you and I wouldn�t blame you if you didn�t believe me, I have nothing to prove to myself.
Like a scolded child, I reopened my forex charts…I saw the indicators…off they went. I ditched the candles/commentary/pre-news release expected figures/experts advice/S=R/Pivots/Fibs and just looked at price �now�.
I thought to myself �OK. I don�t have to make this work. I don�t have to make money. I don�t need forex. The promise of �get rich quick� had faded into distant memory. The hype of �Well, the advice from Mr X must be right because he is a chief trader for a major institution� passed me by. I frankly didn�t care what anyone said about price direction.
I watched the price again and again, hour after hour, day after day. Nothing else. I began to place my trades again. The first few trades were profitable, but I had learnt not to let my ego and emotions take over. I had lost any kind of feeling and knew it was a good thing. The trades were numerous and consistently profitable, but still I always thought before entering a trade �How much could I lose here?� instead of �How much can I profit?�. My main purpose was to ensure I didn�t try and get revenge on the market if price went against me. Losing trades became just a number; winning trades became just a number. A losing trade resulted in thinking �I was wrong. The market wasn�t ready for my entry. Move along.� and was quickly forgotten about. Likewise, a winning trade jumping +300 pips with a 10 or 15 SL resulted in my thinking �I was right. The market was ready for my entry. Move along.� And was quickly forgotten about.
I wouldn�t try and add up my wins/loses until I had finished trading every day. If I had a great day, I would think �OK, don�t change anything.� If I had a losing day I would think �OK, don�t change anything.�
I gradually learnt that the only way to learn trading is the hard way. I have learnt my lessons from my past mistakes and now just see trading as �slightly boring�. I have learnt there are no get rich quick holy grails. I have learnt that the only profitable way to trade for me is by just looking at price.
I really don�t care what is happening on the news tomorrow; I don�t let it affect my trading. I don�t care what �might� happen with interest rates. I don�t care that the market is �showing a potential retrace� according to experts. All I care about when I trade is �now�. I am absorbed into the chart and price, I see nothing else. Nothing distracts me whilst I trade. (Posting my trades here in real time was difficult but is becoming easier), the time passes quickly and then I know when to stop. When I stop I count the results for the day, but even if negative it doesn�t bother me. I know the week will be positive.
I have learnt to disassociate myself from �feeling� whilst I trade. I only trade what I see. I trade the miniscule movements second by second and watch as they unfold into large positive trades. I can�t put it into words, really. It�s just something that develops within you over time. Time and anguish spent learning the hard way brings many to this point of just watching price.
I don�t think I am great, I don�t think the market owes me… I do care that each week collects a profit from the market table.
I can�t say anymore than that really. It�s a voyage of self discovery. It hurts, but eventually yields results.
I should have stuck with my original trading style at the very beginning, but the problem was I needed to learn Money Management, Emotional control and numerous other aspects of trading… the hard way. I look at it as a blessing in disguise to have arrived back at this point.
The route down this trading path has turned out to be a complete circle, the circle leading back to myself.
I have found the �Holy Grail� after much searching. We just �don�t see the wood for the trees�.
[B]The Holy Grail is within you.[/B]
PS I wish that newbies entering into Forex where not taken for a ride by the “Snake Oil” salesmen peddling their “Buy my system”, “Buy my Expert Robot” etc. I wish they would ask themselves why the owners of these systems arent using them to make billions? Much respect though to those who offer their advice for free and readily show others an edge using what works for them
Unfortunately I have been there and fell for the Snake Oil when I started trading, I understand why newbies fall into this trap. I hope they read this and learn that price action and dedication is all you need.
Best Regards
Shakesfx
PS Admin, if the link is not allowed, I will delete it. I hope it stays though as I havent had time to post in 2 forums at the same time due to trading timeframes.