But, I now know my limits and trade one day at a time.
It’s been a long journey. I still remember my first time like it was yesterday… day trading for dummies by Ann Logue… 2004. There was nothing like it. I was hooked.
I’ve gone through books like cordwood in Alaska!
Countless hours upon hours upon hours of YouTube and all sorts of videos. It’s very very easy to learn the information it’s a completely different story to own it and be able to implement it. It literally takes practice looking at the charts bar by bar.
Granted it wasn’t like this every year however going through all this learning and assimilation I’ve ended up coming back to a strategy that’s fairly simple and straightforward…
you need a strategy that will produce positive pips and then take money off the table. That sounds very simple. And it is! Doing it is very difficult I would say it’s more mental head games than knowledge.
Though all this is coming from a forex demo trader. My live trading experience was in options.
I would suggest going through all your trades put together a list of questions you have then use the search tool above try to answer them as best as you can and then bring back what you’ve learned and additional questions you may have for forum members…
Its very clear at this point that nothing I have been doing is working. Trying to trade the short time frame has been nothing but a disaster. I’ve been reading up on the higher time frames. They appear to provide the clarity I need to good trading. So I have been looking into Strat’s PASR Trading System. Price Action Support and Resistance.
You examine the Monthly and weekly time frames. If they agree, look for entries on the daily time frame in the same direction. You then use support and resistance with price action/candlestick patterns for your entries.
You should read the @Trendswithbenefits befuddled thread! It will definitely get you heading in the right direction. Type in the word - befuddled - into the search bar and it should be the first return.
For support and resistance or Supply and demand, type in - kate supply and demand - That’s another great one!
Nah. If this dude was serious I’d have seen him on my thread already.
Now like I said: are you not supposed to be moseying on over to that other thread and telling us about Options!!! LOL!!! (As opposed to trying to save the world).
How was “Kou Lee FX”'s signals? I just saw his kindle book listed on amazon for $150 ?!?
yt video comments look like a bunch of shilled and fake id’s. blech
Hi guys, I honestly recommend “Nononsense forex”, take the time to learn what VP has to offer. It’s the real deal. There’s a YouTube channel, blog and website. Go get it
It took me a lot of losses (approx Php 160k?) before even learning how to do it. A piece of advice, find a “mentor”. You can’t do it on your own. Goodluck!
I spent £3k on training and a system 3 years ago and have made money ever since. Trend-signal . I’ve also recommended friends who have achieved the same. It’s set and forget and just follow the rules. 20mins a day.
You should try ICT (Inner Circle Trader). He is an old guru here and his methods works. Some might not agree with me on this but I have back tested most of his concepts though I am yet to try them on a live account as I am still learning from his free available videos. Go to his website and make an account most of his concepts are available for free
Stop paying for courses. Instead use the money to buy a couple of good books on trading, investing and other ‘making money’ books. There are good lists on this website, here is a book list from on of the main contributors here. Try out the trading systems here that have a proven track record. Instead of short time frames, try a simple RSI on a weekly chart with 2x weekly ATR stops.
My favourites are the Cowabunga system and the SMA crossover, for their ease of use and simplicity. I don’t currently use them but you can find your own system from those listed.
The final thing not mentioned is why the trading systems are not working. Are the systems rubbish (probably) or are your emotions stopping you from executing your trades effectively or interfering? I know they have interfered with my trading. If the systems of others aren’t working, try compose your own unique one. The long time frame systems always seem to work best when I back test.
Go to youtube. Search for Sam Seiden. FXStreet posted hundreds of his webinars, some are recent from this year, some are as old as 2008. Watch as many of them as you can.
I am an OTA [online trading academy] student. I am a full time trader who quit his day job a year ago. I paid over $20,000 for education from OTA. This education allowed me to quit my day job. The information FXStreet posted on Youtube for free is the same information I paid to learn from OTA. Thank me later or never. Good luck.
80% of retail traders LOSE and probably more than half the remainder don’t make enough profit to class trading as anything more than a hobby.
2nd thing.
I done a trading course with an ex prop trader of 20 odd years when he was just starting out, so paid only $500 per term, for 12 live lectures which lasted anything between 2-5 hours each and was accompanied by 12 one to one online tutorials. Demand for Brian Beamish’s or ‘The Rational Investor’s’ courses has exploded since then, and his prices have taken a hike, and the 1-1 tutorial sessions have been dropped in favour of 1-1 group tutorials…BUT his program is excellent. From have learned how to trade from this guy, I can safely say that most of the free trading setup advice you will find online and certainly the training courses offered by brokers, are fkn terrible and are only setting traders up to have a false sense of confidence, and then to go into the market and LOSE.
3rd Thing.
Until you have statistical confidence in your ability to read the markets and execute certain types of trade set up with a 50% or greater success rate. DO NOT TRADE WITH REAL MONEY! This was the advice I was given, and advice I totally ignored as I didn’t see the point in trading without having any skin in the game. With hindsight I realise that this totally hindered my learning progress which meant it took longer for me to get to a competent level as I was fighting with all the strong emotions that come from getting fk’d over by the market and which totally cloud and taint your judgement.
4th thing
If you are going to be good at trading, you have to LOVE the game for itself, regardless of having money on the table or not, and when you do have money on the line, you have to act like you don’t, relentlessly following the successful strategies that you have internalised as having more probability of working or not without any emotion. No fear, and certainly no greed. To this end the amount that you can risk on any given trade has to be an amount you genuinely don’t care about losing.
Final thing.
The real trick to a finding a successful trade setup, is being able to read the market state. Read the market state correctly, and any old half baked trade setup is likely to work. With so many conflicting indicators and signals across so many different time frames, reading market state boils down to more of an art form than a science and to this end, again, before you trade real cash, paper trade any given asset class like crazy until you begin to feel you have your finger on the pulse of the markets character.
If your tired of paying for trading courses that don’t work look up no nonsense forex. VP will guide you through a process of building a trading plan that you can go pro with.
He will guide you but you do the work. And it’s all free.
