In only eight trading days my aspiring trader has already made a 10% return for the month. Not too bad considering his financial advisor probably did not do that well.
So what are some simple ways to prepare yourself for pulling pips out of the market? Well to begin with clear your chart and clear your mind.
Clear your chart by getting rid of all those unnecessary squiggly lines on your chart the block your view of the price. Then get rid of all those squiggly lines underneath your price chart because there just repainted versions of history and will not do you any good either. With a clear chart your able to see what is currently going on in the market. Higher highs and higher lows were trending upward, look for entries, lower highs lower lows were trending downward, look for short entries, if you can’t tell stay out of the market until you can tell.
Clear mind the same way. Get rid of any distractions. To start with as an example. Set a garbage can next to your desk take your hand and swipe everything on your desktop into the garbage can (metaphorically speaking) a cluttered desk leads to a cluttered mind. You need only your trading computer, and a pen and paper for notes. You cannot concentrate on trading if you keep looking over at that stack of bills wondering when you’re going to pay them.
You do need a good trade plan. You don’t need a big account to get started. And you don’t need to catch 100 pips swings to make good consistent profits. Look to take with the markets willing to give. And when it is not willing to give stay out. Allen
Well said, most newbies tend to go all in, as far as the squiggly lines go, and opt for all the indicators on offer…and you guessed it, a lot of squiggly lines, and no show as far as profit goes…well said.
Your post is so simple, yet has a great wisdom to share among newbies :-D. From my personal experience, it took me twice the time to try to understand all of those colorful lines, indicators and so on…than to actually learn how all the NECESSARY features on MT4 work and elaborate a strategy. So I also prefer not using those expert DISTRACTORS!
You have good idea how to start and I would like to hear from you after a lets say one year how those $3000 will look like because that’s the most important:; being consistent on long term.
Care to elaborate more on why indicators are mere “squiggly lines”?
How do you gauge potential overbought and oversold market environments, which are conducive to trend trading?
At what point do you advocate an individual doesn’t look for short entries, if we’re in a “downtrend”?
If you go to his website it says that there is no such thing as overbought or oversold. Which of course doesn’t make much sense to longer term than scalper traders. I’d also love to know your stipulations to constitute a trend reversal traderbary. Maybe it applies to all time frames…
I just want to know how and inspiring trader hits 19 straight wins. Probably I’m the closest to TB trading style and I’m happy to get only half that. Its fairly simple lads only trading breakouts on the tick charts. That’s why we need no indicators. Also rarely would you trade against the trend so no need to worry about reversals.
I’m pretty sure if you read some of traderbary’s posts and check out his web site you’ll find he is a big fan of Bob Volman’s excellent book “Forex Price Action Scalping”.
IMO it’s an excellent book. Volman’s methods are straightforward, no fancy tricks or secrets, just good solid stuff.
If anyone is really [B]committed to putting in the necessary time and effort to learn how to scalp*[/B], I think Volman’s book is a great place to start.
*IMO, profit targets of 10 pips or less.
PS I started to read Volman’s book, realized I wasn’t [B]committed[/B] enough to scalping, so I gave the book to a friend. :56:
Its an excellant book and forms the foundations of my system. Scalping it is not. Its a day trading system. And you only get out of it what you bring to it. You also have to remember t was written in a time when moves on the loonie averaged 150 pips a day. But the trade set up are still vary legitimate and the tipping point technique for trade management is top shelf stuff. You sit at you screen hours on end doing nothing but when a trade comes on SL can be between 3 to 8 pips and if you let the trade run you can get R:R ratios greater than 1:5 easily. Still 19 wins in a row averaging 0.5% profit something is not quite right.
Does he have MyFxBook connected to his fascinating trading account so we can watch it and get decent dose of inspiration ;)? I think he is already on special account for investment and hedge funds…
Here is the update.
Been busy renovating an old farm house this week, so I only added a handful of trades. Still have not had any losing trades with a month, which is slightly better than normal. For me it’s been a great month at 222 pips profit. As for my aspiring trader with a small account. She is now sitting at just under $400 profit so far for the month. Daily updates can be seen here: MY TRADING DAY
From post # five There is no such thing as overbought or oversold market. This is a falsehood that is sold to aspiring traders. Any indicator that is supposed to measure overbought or oversold always looks beautiful in hindsight, since every one of them with no exception repaints.
The correct question to ask yourself when looking for where the market would likely turn is “where are the buyers and where are the sellers” expect the market to pause in these areas. That doesn’t mean the market will stop and reverse, however, when your trading into one of these areas you want to be able to cover your position or watching very closely.
From post # nine You don’t have to sit at your screen for hours on end. My trading time is from 8 to 1040 New York Times. Occasionally I’ll take a news trade during the Asian or euro session. The basis of my method is FPAS . However, if the methodology as a whole that makes you profitable, that’s what a lot of people don’t understand how you enter a trade is the least important.
I’ll probably continue with the new trader account for another month unless I get bored. I have yet to figure out how to create a formula in Excel 2 skill the account down properly. I still have to figure it out, mostly by hand.
My advice for the new trader. You don’t need gimmicks. Your chart should be kept clean and clutter free. If your chart is cluttered your mind will be cluttered, you’ll make more mistakes. Before you add anything to your chart ask yourself what value does it add. Do you need to add a trend indicator? No, you should be able to recognize easily with a little practice higher highs and higher lows, or lower highs and lower lows. If you cannot tell at the moment you do not trade at the moment.
If you see price has stalled out in the not so distant past, expected to start again. Do not place trades into support and resistance. By add support sell at resistance. Most of all keep it simple.
Think the only renovating going on is your website. Keeping up with the Jones lmao. Hey, any old how, good to have you back. That’s some pretty fantastic results. 25 wins in a row. Wish her the best.
Do not place trades into support and resistance.
A good practice and a key. There needs to be room for the trade to work. Just out of interest, how many pairs do you trade? I only trade the loonie so need to spend a little more time in front of the charts. Not a lot just a little. Like at the moment watching as Jannet speaks. Lots n lots of opportunities but already got 10% from it so why risk losing that
With only five trading days to go for the month are scaled-down trading account for the beginning trader of $3000 now has $3472 in her account for a gain of 15% for the month. That includes 30 trades with only one being a loser (that one loser coming from the fact I had entered a trade then got distracted for a minute and did not adjust my profit and target, the stop was hit before I turned back to the trading screen to make my changes)
Now you might be thinking what tools do you need to place 30 profitable trades at only have one losing trade? What magic indicator do I use? Is there a secret squirrel formula? Insider-trading may be? I mean really the place so many trades and have no drawdown. There must be some secret ? Okay, here it is what you need to be able to make consistent winners and not make consistent losers is a simple, clean candlesticks or bar chart with no distractions on it. A clean, clear chart and a clear mind is all you need. Anything else you add you’re creating losers. Just my opinion, not everyone else on the forum. But my opinion. Allen
Look your preaching to the converted as far as I am concerned bro. But who is trading this account, your mystery female apprentice or you. Your words suggest that this infact is one of your accounts. Whats the go bro?
You can have many winning trades before you lose, i think my record was 85 and i had a 99% win rate. It is a holy grail system that i had in demo lol, basically bet small and never use a stop loss, once i had my demo go 40% down but then the next day came up as a win. did that for a year and it works. With my real account i could never do it because i dont have gigantic balls of steel, at the same time as long as you bet small you will win all the time.
Sorry if you misunderstood, this is an exercise to show you don’t need a large account and you don’t need a bunch of magic software or secret knowledge to succeed in the Forex market. I trade a much larger accounts, however my results me nothing to someone new starting out. So I take my trades that I make all live and real, then scale it down to proper money management for a small account that is what is shown here. A small account with the same profit and loss as pips is my account. Every trade is real every trade is live with real money. However if you are starting out with a small account as shown and you followed proper money management and proper trade management you can still not only succeed, but you can outperform your neighborhood financial planners.
Do you really have time to switch between, and manage, scalping trades on desperate accounts? And is that picture photoshopped? Because it looks like something from a horror movie!
