This is not a question of seniority. For all I care, a good trader must have a good character, admitting mistakes and avoid one-way trading. A year of experience is enough, I believe, to find the toolbox that works for us, the method of trading that has already proven itself in backtests. It’s crucial to work hard in demo mode, testing the crap out the method.
Without knowledge you don’t know what to backtest. I dont understand your question can you make it more clear?
excellent advice having the new traders think about what they actually want/expect!
I’ve had the same goal for awhile now, averaging 10R per month. In the back of my head I know that amounts to an average of about 0.5R per day, but don’t really like having daily targets hanging over my head. It’s nice to be able to walk away from the charts for a few days while the higher TF’s set me up with something fun to play with 
As I’m concerned, I’m a bit of a fanatic. I just start trading on demo 3 weeks ago, but…I trade all day and night except the weekends when the markets are closed. I sleeped just 4 hours a night and so on. I have read a lot of informations, tones of it, including the school of pipsology, but today I just realized that the school of pipsology is indeed remarkable but is just the basic of forex.
I blew-up a demoaccount of 100,000$ but I have opened 6 demoaccounts.
After 3 weeks, last wensday I’ve made 2000$ but than I’ve lost 5000$.
Today, Monday, I’ve start to play a bit logical and I’ve made 300$ from a demoacount of 1000$. I will work hard because right now I’m not involved in any other project. This is the short story. Beside this, besides the money you can make or loose, as well, trading is fun as hell. I’m adicted allready.
But, in the end I just need a very serious broker. I think I will choose an ECN broker and I allso want a broker who provide a tight spread on majors but especialy on EUR/USD. I’ve tried to trade all the major pairs but I felt in love with EUR/USD.
In the end, I’m not concerned about the money, I just want to become a good trader.
I went of-topic a bit, sorry for that.
mikeanthonyb I’m looking forward for your next articles!
Mike Anthony great thread so far
those links you asked for…
Please post a link to the TT thread in here so I can read it
http://forums.babypips.com/free-forex-trading-systems/6632-alternative-technical-templates.html
http://forums.babypips.com/free-forex-trading-systems/19076-technical-templates-2-a.html
http://forums.babypips.com/free-forex-trading-systems/29902-technical-templates-continued.html
I will also attach a pdf I made a while agoi. It sums up Tess’ and co’s answers which gives a great perspective into there trading philosophy.
Alternative Technical Templates.zip (1.87 MB)
Lesson #4: What is all this nonsense about candlesticks!?!?
I know this is very basic but we need to have a strong foundation for newbies, if you already know this then don’t worry about it but we have to cover this to understand future concepts I will be discussing.
These are candlesticks that if found at the top or the bottom of a long trend up or down will indicate a possibility of reversal. They dont really mean anything in a channel so if you see them while price has been going straight accross dont jump to conclusions and think its a reversal signal.
It is important to use candlesticks with other signals as well. Do not just buy or sell because you see candle that looks like one of these.
Hammer:
Indicates that the price could reverse. What it means in this picture is that the sellers were beating the buyers but before this period closed the buyers won overall, we would then need to see what happens in the next couple periods to be sure.
Engulfing pattern:
you could flip it upside down and it would indicate a reversal to the upside
Piercing Pattern: indicates a reversal to the upside after a trend down
Railroad Tracks: reversal after a up or downtrend, found at the end of a run up or down, just flip it upside down for downtrend
Spinning Top:
Could result in a reversal but also indicates market indecision. It could go sideways for a while and continue up or reverse
Tweezer bottoms or tops: (flip for uptrend side)
strong indicator for reversal, price has failed at a price multiple times at a certain level
Again, these are indications of a POSSIBLE market reversal. You should always use other indicators in conjunction of candlesticks. The more things telling you that a reversal is possible the better. Also, the higher the timeframe the more truthful the indication of the reversal could be. Thats all for now
Exercise:
Go to your charting software and look for areas where the market reversed and went the other direction. See if you can find these candlesticks at the end of a run before a reversal. Try to find at least 2 of each kind
[B]let me know what you think of the changes or information provided, dig deep and make a clear picture of exactly what you want. the next step is to have a step by step plan[/B]
I will be reevaluating again! Thanks a lot for the help, and you’re right I tend to limit my beliefs because I am accustomed to things not working out l but I will work on this!
you are going to go a long way if you go through this topic and continue to ask for feedback. help is here and willing just for you. stick it out. take advantage of the help you are getting and unlike others that will just read what is being posted who puts it on the shelf and says well that was a nice article i can come back and review this at anytime so i know the information is here but doesnt do anything with it. be a DOER and not a WATCHER and you will get what you want
I’m surprised more people aren’t taking advantage of this thread. I may have to post my own list of goals here as well.
I just signed up to write pretty much the exact same thing! Looking forward to becoming a part of this!
Great info so far mikeanthonyb, thanks!
I applaud your intentions mikeanthonyb!!
While I’m not a newbie nor a pro… I’m a consistent 400 to 600 pip guy a month… Everyone can learn something, so I will be following you along your thread as well…
Cheers
I would say 400-600 a month is pro enough but there is always room to learn. Im sure the question of why I am willing to spend the time to teach on the forum will come up so let me address this now as it is fitting.
You can never learn enough about anything you are passionate about. By teaching I am getting the ability of learning even more because when you teach something you learn yourself.
Back in the day when I was selling health insurance (which by the way I was a top producer) my manager gave me this paper that was AWESOME and it changed my life. Let me share it with all of you:
To Achieve your Drams, Remember your ABC’s
Avoid negative sources, people places things and habbits
Believe in yourself
Consider things from every angle
Don’t give up and don’t give in
Enjoy your life today, yesterday is gone and tomorrow may never come
Family and friends are hidden treasures, seek them and enjoy their riches
Give more than you planned to
Hang on to your dreams
Ignore those who try to discourage you
Just do it!
Keep trying no matter how hard it seems, it will get easier
Love yourself first and foremost
Make it happen!
Never lie, cheat, steal - always strike a fair deal
Open your eyes and see things as they really are
Practice makes perfect
Quitters never win and winners never quit
Read, study and learn about everything important in your life
Stop Procrastinating
Take control of your own destiny
Understand yourself in order to better understand others
Visualize what you want
Want it more than anything
Xcelerate your efforts
You are unique, nothing can replace you
Zero in on what you want and take it!!
This was like a thunderbolt hitting me, I have been looking a lot at positive actions, consistent focus etc. It is strange that I have read so much materially on NLP, finding your passion, peak performance, and so much is interlinked.
In my life time I have been an accountant, banker, online poker player. I have always performed well, but have never believed that I have reached my full potential. I make a good living as an accountant/analyst for a bank, and semi-pro poker player, but strive to achieve more.
My question to you Mike, is I feel with all other committments in my life I could commit 10-15 hours a week, to studying till the end of the year, I have the capital to start trading next year, but would only be able to trade 2-3 hours a night, and most of one of the weekend days. My goals are to build an account from a $5k start. Can I reach for the stars with this little time.
I am a very motivated person.
Any advice would be great!
Regards,
Alex
What can I say but fall in luv with your concept about life and forex Mikeanthonyb… Its obvious you are good at what you do.
I am a year plus on FX trade, Have blown two live accounts so far due to poor money management and basically inexperience.That not withstanding I have not one day dreamt of giving up my dream to become a profitable FX trader and live a life through it
I presently work a full time job in one of the leading banks in my country and really looking forward to actually learn alot from you and all the nice people in this forum, keeping in mind that someday I would voluntarily resign to be an active FX trader and also follow my child hood dream of owning a ranch and investing in properties…
Much luv…
In the post nr.39, mikeanthonyb just said:
“You can never learn enough about anything you are passionate about. By teaching I am getting the ability of learning even more because when you teach something you learn yourself.”
'love you Mike!!!
It is exactly what I’ve learned in my life until now: the more you learn others the more you learn your-self!
P.S. I was in the inssurance industry too! :):)
I realy enjoy this thread and this forum and I’m having a good time here with you guys!!!
Best regards from Romania, Grigore!
Mike I was after your advice if you don’t mind. If starting with a £1000.00 do you think it would be more wise to start with a micro account or mini? If your answer is micro, at what point (when your account balance has grown) would you suggest changing from micro to mini?
Best Regards,
hello mike,
thanks for this list … i’ll strive to apply maybe some points and i’am confident that will be seen some improvment
all the best,
Micro would be my opinion.
Although if you go to IBFX you can open a mini account and trade as little as $.01 a pip (nano) to over a $1 a pip.
It’s a lot easier manage your risk when you can have custom lots.
Nice thread so far, I’m enjoying the info posted here.