Well, I started having like 10 indicators or so then reduced to just three and then switched system to system and everytime I’ve felt like I was discovering a gold mine. The problem is we were programed to confirm our trades and most courses states that we must confirm with one or two indis wich I now think is BS. And so we get used to the morbid need of certitude. Of course most traders using Supply & Demmand and Price Action or any sort of Naked Trading are losing money; so does those guys using indies and fundies. Overall the big majority loses money.
The big problem I see with indis is the fact we are desesperated for certitude and when this finally comes in and ends with a loss, this loss feel like we were losing aq finger. Instead, trading naked ads a little emotion and when you lose you can say “uh well, there was no way I could posibbly know” and so you can move on quickly. You as trader you must not rely on a strategy only, you must trust your instinct, your experience and your hability to tolerate pain. ALso you must like incertitude, make it as part of your life. Even if you have a well established system and play each trade by it, every trade will always be differen and when you really don’t know how you are going to make the next trade after closing the last one, well it means you are trading in the zone. As Lex Van Dam said once: “Nobody saying you cannot sleep at night but if you do it very well, there must be something wrong”. There is no light at the end of the tunnel here, if you are in a situation taht makes you think you have found the holy grail, the chicken of golden eggs, well, I guarantee you that loosing streak is arround the corner and frustration is a certain thing.
There are some guys making money with indis but there is no fun on it for me, just like playing soccer without offside rules or playing Catan without robbers or the goddamed number 7, not fun at all.
I’m also a student of Mark Douglas, I apply his philosophy to a Supply & Demand approach which allows me to detach emotion from my set-ups. If it works it works, if it is breached then I’m sure there is a reason but I don’t care… I move onto the next set-up.
I came across a very good trading axiom the other day, it goes like this
[B]“If you wanna be here for the good days… then you’re gonna have to be here for all the days”[/B]
That pretty much sums up my mindset at the moment, the psychology and money management are subjects in their own right. Supply & Demand is simply just an entry strategy… and a very good one
Lot to take in here Everton,just when you.d thought you.d cracked it some bugger brings up something you hadent thought of.Nice work food for thought indeed.:34:
That’s a very good representation of Smart Money Trading. But where do you learn about this type of trading. I haven’t seen to much of it on Baby Pips. I did see something mentioned on Baby Pips where it says the Smart Money or Big Banks usually trade around the even number areas. Is there any good material to teach about this. Without spending an arm or leg.
apologies if im missunderstanding your coment ,I took it to mean the article was rubish ,looking again it could have ment it was a good subject and we need more indepth knowledge of it .so sorry if thats what you ment,good luck with your trading.
I suggest you watch all webinars by Sam Seiden located here Sam Seiden - Webinars and read the articles. He does a great job explaining the subject of supply & demand (the best I’ve seen online) and he trades forex futures so it’s easily relatable.
Once you’ve done that, you need to find a strategy based off of supply & demand, a very good strategy is breakout re-visits (first time backs)… you can read more about them here LJ Forex Group @ Forex Factory
Remember this is purely price action trading, no indicators.
Note: you do not need to spend any money to learn this material.
Allow me to add my two cents to the conversation. It does not matter what works for you as long as it does. It does not matter if you are the only who agrees with a certain strategy, indicator, trading style etc. There is no right or wrong as long as you are able to generate profits on a constant base. The markets will tell you if you have a profitable strategy or a losing strategy and the markets opinion is the only one that matters. I have come across several traders whose strategies I did not agree with at all, but they worked for them so who can argue with that? The most extreme case as a guy who based his trades on the gravitational forces of the moon…and he was trading for a living. All that matters is that whatever system you decide to use or create that you can generate constant profits.
What have you been smoking? The markets move on that, if it was not then why do we have econonies, as they are based on the same, as well as any business. So may be you know stuff that we dont, for a matter of the world. So may be you can get a nobel price for your new view.
Since my last post here, I have learned quite a bit about Supply and Demand. No I am not an expert, but I have studied VSA and the Wyckoff method both. I have also studied other systems. With Wyckoff he uses Point and Figure charts extensively. So that is kind of hard to adhere to since Point and Figure charts aren’t easy to find, at least the different box sizes are hard to come by. I currently use MT4, since it is free and I am only using a practice account. Oanda does offer point and figure charts but they are only monthly charts and only 3 different box sizes. Wyckoff used many different box sizes. The most popular is 1 x 3. Which I use but it isn’t enough. It’s the only one available. Many practitioners of trading say point and figure isn’t relevant for Forex. So you tell me? Well, still learning and reading Babypips. If I ever get rich I’ll be sure to leave the lights on!
Yes I have looked into the COT indepth. Useful if you trade the daily or higher. Not usefull for lower time frames. This is because of the COT report being updated weekly and the slowly changing figures gives you indication of a turning market, however to slow for trades on the 4hr and below which is probably 80-90% of people.
