Hi guys, firstly I want to thank all that has been contributing and giving advises to my question. I had a trading system of moving averages cross over before that I copied but over time…it uses three indicators MACD RSI and stochastic. But now I realize am comfortable trading with price action, fib, trend lines, candlestick patterns and the likes. But I dont know how to have a preside trading system combining all this to ensure discipline and less emotional trading.
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Hi, what do you expect from community?
Sorry…what do u mean
Are you looking for someone who will guide you through the learning process step by step?
In fact, everyone chooses what suits them best… And this is perfectly normal…
I like the progress you are making. You are reliably identifying trends from price action and trend limits from trend-lines, and you have abandoned the random signals given by MA cross-overs.
I like that you have dropped the three off-chart indicators, but how are you using Fibonacci?
Use higher timeframes like 1H, 1D because it takes time to create and elaborate trading setup in price action. Also increase lot size and make trades less frequently and pay attention to the risk management - always know in advance how many pips you target from a trade, what will be profit and stop loss in absolute terms.
We need to understand and use such kind of Time frames in doing our trades that are easy for us to folllow like the M15 and the H1
It is important to find out what works for you. You cannot keep risking and losing your money just anywhere.
Checking the price movements to make decisions is the easiest thing you can do.
Could you be more specific about your entry/exit criteria and trade management?
Hi,
It’s good that you stopped using indicators, as they are a lagged tool that doesn’t do anything.
You say you are comfortable with price action yet you are using Fibs? Fibs is a complete subjective tool that is showing discounted price, not something used by the big boys. Trendlines is also something you don’t need at all.
All these “technical analysis tools” explained by “gurus” from books or courses etc is just to make it look fancy. They talk about confluence as if this guarantees anything and it obviously doesn’t. The reality is that you can’t create a proper trading system that you follow blindly with all these “tools”.
And I must say it is great from your part that you are looking for a system, this means that deep inside you feel that you don’t see the market clearly and don’t understand what exactly is going on because there are too many answers because of all the “tools” and “confluences”, right?
Listen, the markets are algorithmic, run by banks and institutions. And they have only 1 goal, which is to buy low (cheap) and sell high (expensive). This is basic supply and demand. This has been going on for ages and ages and obviously not alone in trading.
People tend to overcomplicate stuff in trading. We need to keep it simple. We don’t need an opinion on the market, we have to see what the big boys are doing and we just have to copy them.
Emotionless trading comes through having a proper trading and profit system that you can follow blindly.
I could write a book about any topic in trading but I’m afraid it won’t fit on the thread lol.
Hope this helps in some way
HorusFX Capital