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.
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.
It’s so difficult to survive with low winning rate, especially these days when the market is choppy, rarely I got more than 3:1 RR.
Oh sorry I thought you were referring to me.
Even an average winning rate isn’t enough to put food on the table - it depends where you live no doubt.
I doesn’t matter if your win rate is 90% - if you’re making few bucks here and there, what’s the point.
Someday you have to step up and try to make a living out of this.
We trade differently my friend. That’s all. You made 1,200 this week on 10K capital. I made 1,100 this week on 3K original capital (about 4,200 I guess at the start of the week). It’s not a contest.
Swing for a homerun or take a few bunts here and there. Really depends on what people are comfortable with. I admit my skill set does not let me swing for home runs. So I have to take more trades with small wins, and it’s more stressful and time consuming. But it adds up. If you only make 10$ a trade on 20 trades a day that’s 200$. Or you can take two trades and it goes 200$ in your favor, that’s great. At the end of the day, what suits one person might not suit another.
I guess coming from a hedge fund, everything is a contest to me, and it was back then as well.
If you’re a part timer making a side income, then go for it.
If planning to make a living out of it, you’re gonna have to get used to losses.
I’ve never seen scalpers or day traders last more than a couple of years on a live account, 3-4 years max before they are finished.
The more trades you take, the more chances of losing.
10 trades that all have a 20 pip stop loss, or 1 trade that has a 200 pip stop loss. You know which one makes sense long term.
Don’t say it in public, you know it.
Have blown up many accounts the past 2 years. So yeah, used to losses. More than I would like to admit. You got me beat in experience and skill and knowledge for sure. I’m just hoping not to blow up this account again.
Not a part timer. Doing intraday trading 6-12 hours a day for over two years. Taking this seriously. Was just responding here cause I got tagged.
Peace?
Taking this seriously is a start at least. More than can be said about most guys on here.
More power to you.
Experience, maybe. Skill, I have no skills - and I don’t think the markets give a hoot about skills.
Every week is different, every month is different. For you, every hour or every day is different.
Chances are I’ll blow this account before you.
I hope we both don’t blow up. Last year I took 1500$ and turned it into 4600$ in 5 weeks. Blew it up the following two weeks. Damn, that was horrible. From a feeling of being on cloud nine to hell. We’ll do better this time friend.
Agree, every hour, every session (Asian, European, US) for an intraday trader is different. A lot of stress and agitation. The life of an intraday trader I guess.
If you want to share trade ideas I’d be more than happy to do so 
Hit me up with a DM. I’d love to hear your trade ideas as well.
Yes that is the problem with intraday trading, you are stuck to the screen for the whole day, the pressure and stress that come with it is something else.
I’m more, set it and forget it.
But if it works for you, it works for you.
No issues with sharing ideas - although they are very simple, and when I see a short, you will see the opposite, either due to different time frames or strategies.
Here is a simple one to start everyone off CADJPY.
Something fruity going on there. Some money to be made I would say.