Pure Price Action For Dummies



Just for today on eur/usd


Finally a profitable trade Just before it hit my TS


My second trade is on BE but have to see if it will make TP

tonyro44

In an other thread I red that you made 6% in some week. I am wondering because I am still loosing money on demo trying to make 10% or 20% in one week. What is a good average profit? Maybe even 3% is good and stop loosing money trying to hard to make 10% or more?

I lost 2 trades to go short on GUā€¦ How did you do?

Hi TC,

First short trade SL hit on GU as well, still holding 1 more short position on GU.

I can get 120-130 pips from these 2 trades but did not closed it or move to BE. Just trying to follow my new plan until January.

Letā€™s see how the week closed.

TCHolland , in that week i made 6 % it happened to be a great week for me. I mentioned those results because another trader posted a huge % that week and he could have made more. So i said i made 6 % and i am very happy with it.
TC Holland i can tell you this, you are loosing money because you are chasing profits and 10 /20 % a week is very hard to sustain . I really donā€™t worry about how much % i make a week because is to short of a time period . I really go by the month and if i can make 10 or more % , i am happy. KEEP IT REAL :cool:TC

I made 2 trades to on GU yesterday and i made a small profit. I do like the turtle and sometimes like the rabbit.

Hi TC,

Sorry to poke my nose in, I know that your post was not aimed at me (indeed, ā€˜who is this guy?ā€™, youā€™re probably wondering!) but personally Iā€™d say anyone hitting 3% a week is doing a great job and is clearly going to make a lot of money over the long haul. Trade a Ā£5000 account, compound it at 3% a week, and youā€™re laughing in the not too dim and distant future. So personally I would not advocate shooting for over 10% a week. There will be the odd amazing week when it happens, but other weeks I think one would simply lose profits outstaying oneā€™s welcome in the market. But this is just my opinion.

Sorry for the unsolicited interruption!

ST

Thanks Tonyro44

I am reading this high % everywhere and looking for what is realistic in % of the account in RR and average % winning loosing trades. You look realistic to me and 10 % a month is indeed very good (WOW on yearly and compounding) It is hard to find the real honest traders here, like you, Nikita , Sharebazar and others, to learn from and separate it from the bla blaā€¦

First goal is to be sustainable and stop loosing 5-10 times in a row

TC Holland i think you got the message and i am sure your going to do fine later on. Stay the course be patient learn from your mistakes like we all do .Simon Templar is right on , and some of us are here to guide you NOT to impress this work is not easy money other wise everyone would be doing it.

Hi Simon

Your interruption is welcome. I read many of your posts all over this place, so I am not wondering who is Simon

I see so many post with this high %, yesterday I found one with 135% a week, that I am looking for what is more realistic. I realize that even 1% a week is over 50% a year without compounding!

I made this week 1 live trade in oil on a small account I won over 15% but I know this is not realistic in therms of RR and this account is still 60% down.

I had some weeks with a positive result and in the 2 weeks after that I didnā€™t win a single trade loosing all and more One of the problems besides myself is not having an realistic target.

But you are right if anybody offers me 3% a week for a Ā£5000 account he or she can call me today :slight_smile:

TC

Hi Sharebazar

Looking at GU I think your trade is still open. Are you closing it for the weekend?

I got 68 pips on EY and 95 pips on the AU and I lost 95 pips on the 2 GU trades.

Anyway the last 2 trades are positive and more in line with this method

Have a nice weekend

TC

Well done TC, This method is very good without a doubt, if anyone follow it properly he/she will get good return.

Still holding my GU position, donā€™t know how long I can hold it for. Price are ranging for last couple of days, any way it breaks will move good amount of pips.

Have a safe and good weekend

Hi Simon,

Good to see your post here, always appreciate your valuable post.

I donā€™t know why all of you (knowledgeable,senior trader) donā€™t come to this thread anymore.

Have a safe and good weekend.

Hi there,

Thatā€™s a kind thing to say, thank you.

The simple reason for my very sparse posting over recent months is twofold -

Firstly, I have a very young family (four kids, aged 1-9) and have been doing a lot of the childcare etc, as my wife also works from home we do it all between us. Between that, my own trading, my wifeā€™s work and our other business as well as a few hobbies (Iā€™m restoring an old car and an old house, both of which are pretty labour-intensive), I have simply not been making sufficient time for forum posting.

The second reason is that latterly, when I was posting, I was increasingly getting a lot of static from a few posters telling me that I had no right to post advice or opinion if I did not post my own trading history via myfxbook. I donā€™t have a myfxbook account and am not really interested in setting one up (I keep my own records to audit my own trading, as anyone running a business should, in my view) so basically stopped posting, as it seemed to cause more antagonism than positivity, so I questioned the point.

Anyway, I am sorry for the absence, and I am still trading, very much so, and always will. I have just been spread a little thin since my daughter was born last year, and lost faith in posting among the naysayers.

But I appreciate the kind words and do hope to post more now that things have calmed a little. I have always enjoyed your posts, too.

ST

Wow, Nikitta and now ST popping up.

Good times!

Not been posting much, trading not going well for me generally, just about at the point of giving up but was thinking of you ST the other day when I saw a lush MG in town.

Itā€™s also nice seeing the old guard are still trading, gives some validation that at least it was a worthy pursuit even if I couldnā€™t make it work myself.

SimonTempar I did see some of the naysayers comments and i must say , you handle it very well. As far as having a myfxbook account, you can dummie it up too, i donā€™t have one either. You spent some of your valuable time on this thread to help out, and is very much appreciated by those that are having trouble. For those that want prove of your work , I say " why " ?? are they paying you for your service NO. I like what you are doing and so does many others, and that is my 2cents.

Agreed 100% with tonyroā€¦ You are here to help out newbies like me, and we donā€™t even pay for your services. Donā€™t need to even bother what they have to criticize, no matter how good one can be, they are sure some idiots in the world that like to sing opposite. Not only in forex, everything else in life alsoā€¦

I must say I really gain a lot of insights thru this thread by reading from sharebazar, nikitafx, ST, bob, tonyro, TCHolland and so on. Although I am still losing quite a far bit of money, I believed you guys have really made it, and one day I shall be in the league too!

cHEERSā€¦

Hi Slip,

Good to hear from you.

Would be a shame for you to give up, although I understand the sentiment, if it isnā€™t going well and has been a long time. After all, the principal reason to trade is to make money, surely, so it can be a pretty brutal reality check.

It is a worthy pursuit, it does work, it just takes time, focus and a certain mental approach - assuming an underlying aptitude, obviously. But most of all it takes time and ruthlessly mechanical consistency, in my view. I have basically applied the same approach for years, I donā€™t look for excitement or one big win, I just try to take consistent money out of the market, and over the long haul it works. I donā€™t care if I donā€™t see a setup that fits my criteria - I just stay out of the market until I do. Iā€™m looking to take money over the month, or even the year, so if I have a week or two that donā€™t give me any setups that suit me, I donā€™t mind and just donā€™t trade.

I did, however, have the advantage of being able to give this complete focus for two years when starting out. I was able to give it full-time job effort while having no idea whether I would be profitable. That, for me, is an example of how putting the time and focus in can help. For me, the biggest challenge with trading is being able to put in sufficient time for long enough to get a real grasp on the market. It can be an antisocial thing, which absorbs time out of all other aspects of life, at least until it all becomes second nature. Juggling that alongside a regular job is always going to be mighty tough.

For anyone struggling with those issues, personally I am a big advocate of EOD trading. Scanning for setups late each evening (UK time), on a Daily chart, looking at the Weekly and Monthly for some context, then placing orders which might or might not trigger over the next 24 hours (ie. during the course of the next bar on the Daily), then cancelling any orders that donā€™t trigger, is something that doesnā€™t take too much time, can work around other things in life, and has worked for me consistently throughout my trading career.

Anyway, you know too much to change too much based on something you have read on a forum, but rather than stepping away Iā€™d try paper trading EOD orders for three months and just see. If you make a little return it could be a low-impact way to stay in the gameā€¦

And I slung a new set of tyres and refurbed wheels on my car this week, so while not yet lush it was a step in the right direction!

Good to hear from you.

ST

Hi Simon T

Something we have in common. I have a car with the engine out to restore it. It is from 1992 so not really old. And I built my own house and it still not finished I have only one kid and that is enough work. I can not imagine how you find time for all this and still trading.

I opened a MT4 account 3 years ago and lost some small money. Programming EA and trying a lot of things, I understood that I had to learn trading first. Just like you a could spend the last 2 years almost full time to learn trading and I think it start to pay of. Most things I learned on this thread with the setups from Nikkita, Sharebazar and others. And they are not trying to sell you some software or membershipā€¦ Maybe you can post some setups of your way of trading as well?

Regards,

TC