Im sorry but I somehow am very skeptical when I come across books written by successful traders wanting to share market secrets for about 30 or 40 USD a pop.
I had a book by Allan Farley. A very thick book, a very good one also. Only problem is it didnt teach me a single thing because it was all in trade speak.
The best resource so far that I can think of is babypips school. You can print it if you want a physical copy.
That is where you can find explanation to things written in lay mans terms.
And hey, why buy a book when u can learn from a forum like Babypips where its as interactive as it gets.
The BP school is incredible and definitely a must for people learning to trade fx, My question is; is the material a little basic and general to be used to actually prepare someone to trade. I think itās essential for learning, just as college is essential, but do you think that it goes in to enough detail about the topics to give traders a real practical edge, or is it more for a foundation. I thought this would be a good question, as I know you like to keep things basic, but are also a successful trader. Iām hoping to copy your trading style a bit as well.
Hogarste, I am at 48% of preschool, 65% of middle school and 42% of Summer School in Babypips. The rest I have not completed yet.
I am hoping that one day I will finish it!.
Details written in a book or a forum or webpage and translating them to real life trading is difficult because we are not used to reading a technical chart.
Practical edge only comes when we can equate what is being thought or shared online to the chart real time.
I can bet you less than 30% of readers in this thread can visualize a BPC situation.
Not because of anything. Its just that we are not use to trading from a candlestick chart.
Videos are great. But again the problem is when we are trying to translate it to real life action be it demo or live.
Only other option is to find a trader who can help out in real time for the fastest results.
The yellow arrow the right is the candle where we TPed yesterday. I advised against selling at this point, saying price will retrace up to previous levels before continuing on a downtrend.
So today morning price goes up and then look at the candle on the right most downward arrow.
Ideally we would have sold on the next H candle, after the pullback.
These are the areas where we pick candle stick patterns and pay attention to pullbacks etc etc. We dont simply sell or buy on every other candle patterns that form randomly.
I, unfortunately was still in bed so missed that one.
Price Action trading is a bit like a conversation among friends, that price can go up, price can go down, and price can go sideways, and the trick to successful trading is to intuit of the conversation just which way price will go.
Yet there are rules to the conversation, and that is what BabyPips.com teaches, the rules.
I was hanging out at babypips chat and apparently there was Eurozone news and market shot up. So as usual I waited for it to be over before taking position.
Its been like this for the last two plus hours.
So its not always so rosy and immediate profits.
BENITO I am sorry I cant say if you should hold or cut it off because I dont know what is your money management and risk you taking. I can only tell you what I am doing with my trade.
Thanks Nikitafx!!
Definitely helpfulā¦you also eased my mind on other strugglesā¦should I go ahead and jump in, should I wait?
LOLā¦youāre right, there is no right answerā¦unless brokers allow us to start trading from the middle of the chart. : )
Thanks for all ya do. I can definitely say, youāve shown me ways to be a much better fundamental trader.
It did the same for me one day. It just hit me like a tonne of bricks one day when I was looking at a UCHF chart.
Its just a matter of fine tuning and getting it to an art after that. Takes alot of practice but loading up to 20% risk can be done on occasions. Just remember to calculate SL for a 100 pips and be patient for entry. When you can predict where prices are going to end up, you can up ur risk considerably. No more predicting and guestimating with 1% to 3% risk for a ratio of return of 1:x.
Trade only when u can see it building up for a move and enter on a SL as low as you can.
I got Euro Aussie also teb5108. That is the fifth pair I am holding on to at the moment. Havent had a trade on it since last week.
Before it got into the current D TF range bound area it was a very good pip giver and it followed price action on H4 to the book. 100 to 200 pips per trade were the norm. So I am still keeping an eye on that.
I have dropped UCHF after it costs me about 6 grands. I still cant read it as much as I would like to. I am watching, but I make it a point not to enter even if I see a valid set up.
I think 4 to 6 pairs is more than enough with this method. You will get 4 to 5 solid entries that requires no guessing.
I dont collect 100 to 200 pips a day like some I meet on babypips chat room, but its enough to hit a very high rate of returns weekly.
EUR/AUD tends to trend really cleanly and responds well to PA analysis. USD/CHF used to be great, but the SNB ruined it with their intervention and pegging, took away all our easy pips lol!
Iām not familiar with the term divergence. What I mean is that I am able to predict the moves of say AUDUSD by what is going on in other charts or visa verse. Which I though was correlationā¦
Iām still playing it safe at 1-2 percent risk because Iām not sure I have the mental strength to do up to 20% haha.
Hehehe I remember you were one of the other silent one, like me, who was continuously shorting UCHF non stop for weeks, ST
Good old times.
I think UCHF alone helped me to hit atleast 50 over solid trades on shorts alone! And not a single loss cause you could always count on it to fall back!
Now waiting for some other pair to do that one more time before the end of the year. It will be a solid new year no doubt.
Indeed, every system has its happy hunting season and USD/CHF definitely gave us one then, happy days!
Would be great if you are right and we get another of those before the end of the year - not enjoying the current choppiness half as much. Have to remember to tough it out and trade mechanically through the lean times, I guess, waiting on the market to come back.
There is no āvolumeā information, and some traders substitute tick counts, but a handy substitute comes from the variable spreads offered by some dealers, that when volume is up and liquidity is high the spread tends to narrow, and vice versa, which can give some indication of market interest, and market direction.
Just as we are professional traders, variable spread quotes can allow us to evaluate the market opinion of professional dealers, including the Interbanks themselves, who presumably are competitive dealers and who therefore offer competitive deals to traders, thereby a realistic picture of actual market conditions as they exist [U]RIGHT NOW[/U].
That could be a legitimate part of Price Action trading, eh? But, as time goes along, keeping track of the variations of such spread quotes is a job which the trader must do, as price moves along.
It comes down to a matter of choosing a dealer who offers āhonestā spreads, as useful information. Ideally, we retail traders could get the equivalent of Interbank quotes having a wider, but consistently wider, spread, including dealer profit.
Ok peeps. Using Nikitaās PPA method I avgāed 35 pips each day last week. I made some minor tweaks to suit my style based on some backtesting I did.
Got a bit c0cky on a Monday today and broke my rules. Was down 60+ pips at one stage and recovered to post 12 pips profit. Phew!
This week I am targeting min of 40 pips per trade and that will be my min TP for the foreseeable future. Am still targeting end Nov to go live.
For me personally I only enter at a significant S&R line normally the monthly S&R. Anything remotely far from that line and Iāll skip. Of course the bias and currency correlation plays an important role in this. I am tuning it still as I believe my entry can be improved.
All I can say is this is a very simple but super effective method. If all goes according to plan this week Iāll start posting some charts and the tweaks Iāve done next week for critique.
