Hey jessoprules
I’m dropping this one after planting the seed of why technical indicators are “BS”.
I get too many spankings from the admins.
Cheers
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Open Positions
Left these 2 open. Bearing in mind its a 3 day weekend due to a Bank Holiday on Monday.
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Closed Positions
Made around £1209.90 this week, approx. 12.099% gain.
I say this week, I traded 30th May to 3rd April, 4 days. Tuesday to Friday.
1 hour invested scouting trades.
A lot of trades didn’t get going this week so I didn’t manage to bank some big clips as planned.
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Interesting first week. Could you let us know how you are selecting the trades?
thank you
It’s very simple. Follow the big players.
Steps
- Wait for weekend.
- Order pizza(s), with sides and drinks.
- Pull up monthly charts and determine if its an uptrend or down trend (forget range bound).
- Draw support and resistance.
- Drill down to weekly chart.
- Draw support and resistance.
- You’ll find an entry in there somewhere.
- Set your stop loss well away and out of the noise of the amateurs.
The last time my stop loss got pinged was over 8+ months ago and it don’t get pinged very often.
With this account, who knows.
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Hey Baller, thank you.
I fancy your point #8
We got killed due to strict ATR following, while amateurs numbers are so large, this has made the risk zone even larger.
Agree, but it’s up to the traders to use this tool. I use Autochartist as a signal, and so far it works well notifying potential trades really saves my time.
20 pips potential profits it’s said. $100 bucks with half standard lot from totally free signal, why not.
If you understand that support and resistance isn’t just a line, its a zone, then you will increase your win rate ten fold.
Many traders set their stop loss at the most obvious level, most of the time, a few pips away.
What are the chances the price will always respect that level down to the exact pip and reverse.
Many times price likes to prod the level and sometimes breakthrough it to have a look before reversing - that’s the difference between staying in the trade or getting stopped out.
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I know some traders that use it now and again and some that rely on it.
At the end of the day you have to ask yourself, why is my broker trying to help me with signals? Most of the time its not because they are your friend and want you to make money.
Even the official website states that brokers should implement it to retain their struggling traders, so the broker can maximise their profit per customer.
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To some degree, I can’t disagree with what you said about the S&R zone. Because I do not believe this strategy for a simple reason, it’s the most popular and widely used. Promoted by mainstream media, fully backed by the BIG institutions, any new trader will be introduced to Support & Resistance.
I just had a chat with @GilasTrading he booked an impressive stats with over 82% winning rate. When I went through his fxbook it’s fairly straight forward, only 29 losing trades out of 241, he booked his profits early and walked away happily. Similar to his losses, he will realize ahead of time and close trades immediately.
What conservative theory propagated by institutions were telling us about stop losses, stop loss buffer, ATR etc…if a million traders using the same technique it will only give a handy reference for the big fishes to read this footmark, then Boom --here is the Stop Loss hunt.
Yep. When I don’t mess around with my own concepts, then I combine Autochartist (Candle patterns) with TradingView technical analysis, they use 11 Oscillators and 17 Moving Averages to calculate the current short or long position of a currency pair. If both line up for the same direction of trade, then I am more inclined to follow the advice and open.
This doesn’t mean that I am lazy or not willing to learn more…Simply saves time since I comprehend their results. Added bonus of TradingView are the Pivots. Sometimes I will decline a trade if this 3rd factor does not line up, even though the 1st 2 looks awesome.
Uh, how did I get dragged into this discussion? Lol. I try not to book all my profits early. I tend to book some as soon as possible because I tend to enter at the first retest of potential support or resistance without confirmation. That way if I’m wrong the remaining tranches will get out breakeven or a small loss and it doesn’t affect my psyche much. A candlestick rejection pattern at potential support or resistance will TEND to go back to the other side, but at the very least usually gives a small nice pullback, for a nice small profit. That works for me just because that’s how my mind is, I hate taking losses.
I Like your last sentence 
Neither do I, but my losses so far are greater than my winnings.
You need to balance win rate and profit/loss per trade. If your win rate is really high, maybe 70% or better you can do with losing more per trade than you win. I lose about 15$ per loss and 12$ per win, but the 88% win rate takes care of that. With a win rate of 40-60% you really have to win double what you lose to make good money.
I know this is going to sound stupid…But if your losses are greater than your winnings, then you have the foresight that something is wrong.
Do yourself a favor…When you lose in a trade, open up multiple time frames of your losing trade…Chances are that 1 time frame will give you a “Bingo!” moment of what went wrong. If not, your strategy is flawed, not just a mishap on being on the wrong time frame.
Dump the strategy and build a new one.
That’s right, mostly I misread trends on different timeframes. That’s the reason I go to basics, and make use of EMA 50 & 200 only for indication. While Supply&Demand remains my bread and butter.
I’m fine with my strategy, but thanks for the input. We all trade differently. It’s been doing well for me lately 
Your comment isn’t stupid at all. If losses per trade exceed wins per trade that is not ideal. That’s poor risk reward. But as I said if win rate is pretty high it’s not a concern. My experience is if I shoot for resistance to get to support and vice versa before tranching out I have a much lower win rate and much more losses. I guess it depends on our expectancy and experience since we use different styles.
As long as you understand, pretty much every indicator is lagging and is telling you old news, what has happened in the past.
That’s why they are all BS.
This £10K account, is merely an experiment, my main account I throw big clips around and I’m prepared to lose some big clips as well, that’s part of the risk.
If you are making tiny profits per winning trade, how do you expect to put bread on the table?
You can see back in Jan, I took a loss on the chin. If you’re not making real money, its just a waste of time.
If you truly believe you have a solid strategy in place, you should be prepared to go in.
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