Kickstart for newbies

Hi all,

Lemme skip all the introduction and get on with it. Starting off with setting your mind right.

  1. The market move 3 ways, Trend/Range/Breakout, you will be able to trade any of the way when your strategy is structured properly.
    You do not have to mess around with multiple time frame analysis trying to figure out the price shooting to sky or crashing like asteroid and be it Scalper/Day/Swing/Position trader, it can apply to all time frames you wish to trade.

  2. Every tool & indicators even the ancient ones provided by the trading platform will work and it will always work as long mankind exist and the market is moving.
    The KEY factor is about learning and especially understanding the characteristic and functions in order to have a proper combination.
    You do not need to make full use of an indicator and just the unique function it has that would allow it to be a part of your strategy.
    All the fancy indicators out there for free/paid to download are derived from those nothing special indicators already provided by your platform. You can skip it, save your money and time because it will never work when you don’t understand the concept of trading.

  3. Money management isn’t solely about risking no more than a % of your capital per trade.
    There are more on how you can have slower losses and faster growth in your overall investment.
    You do not enter trades or input different position size base on your gut feelings because proper strategy will tell you when to be conservative and when to be a shark.
    “Somehow I feel like this trade is perfect so let’s show hand” isn’t gonna work.

  4. If you are willing to spent money on trading course but afraid of being scammed, just question them to explain what is risk no more than 4% and if they answer on per trade, you can simply walkout.
    They are either hustlers or trade base on their gut feelings which can never be taught.

  5. Bad strategy = Bad money management = Psychological breakdown = Wipe out
    All these happen because ignorant from the start of your journey. Therefore, understand the tools & indicators right from the start would prevent you from making poopoo decisions and save you time from hopping to another strategy again and again.

Moving forward, I will update this bit by bit for better reader digest.
If you are hasty, you can start learning ‘candlestick pattern’.
Try to memorize as many patterns and understand what it meant, especially the ones with 1/2/3 candlestick.
I will give you the tip to clear the confusion on my next update.

Just a little cookie for you all.

Here’s my combination:

Trade Trigger - Candlestick Pattern
Strength of Trigger - Bollinger Band, Stochastic, Volume
Target Price Level - Pivot Point & Fibonacci Retracement
Filter Price Level - Support & Resistance

But not to worry because you won’t need everything to be synchronize at once just to fire a single trade. Which is the reason for money management to come in play.

Let’s Begin^^


LESSON 1 - Candlestick Pattern

The first strategy that I’ve picked up and my favorite even now because it is the most updated current sentimental of the market.
Solely using this strategy, I’m able to yard 300pips on average per month during my noobish days.
Nowadays, extreme high noise level caused by algorithm had made lives difficult to pick the authentic reversal patterns but that does not mean it isn’t valid. You simply need the help of other tools and indicators.

Learning these basic 9 sets of candlestick patterns are more than enough.

Neutral: Doji, Spinning Top/Bottom

1 Candle: Hammer/Shooting Star, Shaven Top/Bottom, White/Black Marubozu
For Hammer & Shooting Star, the color does not matter.
For Shaven Top & Bottom, the color does matter.
eg. When you are going to long, you must have a bull colored Shaven Top.

2 Candles: Bull/Bear Engulfing, Bull/Bear Harami, Piercing/Dark Cloud Cover, One White
Soldier/One Black Crow.

3 Candles: Morning/Evening Stars, Morning/Evening Doji Stars
For Morning/Evening Stars, the color of the Stars does not matter.

Almost endless of them to be memorized because created by my great grandfather Munehisa Homma who was too lazy to switch time frame. My apologies on his behalf but here’s an easy tip to remember.

Eg. If you are using 15mins time frame then Bullish Engulfing = 30mins Hammer or Shaven Top.

It’s alright to have mild wicks above the bull pattern vice versa and there is no need to have a pip break above or below to trigger a trade. Once closed, it’s confirmed.

Momentum loss before reverse patterns created for high probability isn’t as solidate as years ago.

Stop loss used to be a pip + spread away from the top or bottom which some times allow me to have risk:reward of 1:10+ but you can’t do it that way now due to extreme high noise that will poke you out for nothing and return back to your initial position. t(>.<t)

I’ll teach you on placing the stop loss and picking the high probability ones along the way. So chill for now~

End of Lesson 1


2 Likes

Two questions:

So for how long have you been trading???

And exactly what is your “little cookie” meant to be showing us???

Hey hey,

I have a decade of experience trading for companies.

The cookie is meant for newbies to know that they will be able to trade like me and there is no need for fancy indicators.

Hey, hey.

Well evidently other than Bollinger Bands and Stochastics (not to mention Fibs. and Volume) is what you mean??? LOL!!!

But alright. Fair enough.

Let’s see what you got. If for no other reason than that you put in a good effort in your first post.

Other than the ones provided by the platform, they would not need any unnecessary downloads.
I can teach moving average, MACD to more complex ichimoku but let’s start off with what I am using because they need only mild effort to digest.

updated as of 7/6/19

Elden, you are my man! Keep it up!
If you go through to Babypips College diligently, you will appreciate your stuff.
Come back quckly!

Hmmmm interesting info. I’ll try to use it on practice.