I have set out on a 12 month journey to reach a goal of trading $2740 on average per day by the end of that period. Its 12 months of 7hrs a day study and trading. I have chosen price action trading as my weapon of choice with three trading methods. I will master each of these methods 1 at a time. They are:
[ul]
[li]Pin Bar
[/li][li]Fakey
[/li][li]Inside Bar
[/li][/ul]
I am looking for quality info and or advice from traders that use the Pin Bar (and its varieties such as a pin bar reversal etc,) as one of their methods when trading.
a true ninja never exposes his stealth. Anyway, there tons of pinbar guides on the Internet. Why don’t you post your specific questions about them instead so it will be easier to help you with.
Only advise I will give you is since you named them you probably can spot them so what advise are you looking for. Keep reading on price action and how these setups can be used with other correlations (for lack of a better word) i.e. support and resistance levels, pivot points, trendlines, and fibs the list goes on. I dont care for inside bars to be honest they happen all the time others will disagree but thats my opinion. Fakey I am not good at trading so no comment it is a good setup but just not for me. The pin bar I use as reference however it imo is a decent setup and is valid but not holding a real high probability unless other things are in play in correlation with it. With a pin bar in mind the higher the time frame the more probable it becomes imo only because you can drop to lower time frame to see price action within the next bar (if that makes sence to you) so you can filter out the noise. Also depending on the time frame the pin bar shows up (remember you cant use a pin bar alone it means nothing without other factors to back it) and it is a little to big for risk management what you can do is (and with this its a good idea to study fibs so much you dont have to draw them to know where key levels ride) is wait for a retracement of 50% of the wick to hold down risk. With that said and I have no fact to back this its just what I have seen. When the very next candle hits 50% of the wick and bounces from that. They tend to be higher probability but thats just my experance with them. For your goal from your other thread price action is going to be your best bet to learn first. IMO it is the the second most important piece to building a foundation of any trading strat period end of story. First is and always will be the holy grail IMO managing risk. As long and you can manage your risk the rest really dont matter. If money management is on point the rest of your strategy is just to make you feel smart thats all. You could flip a coind to decide weather to buy or sell any market at any time and thats a profitable strategy right there but your risk must fit your trading style. More on that when you get that far
I like your enthusiasm. How did you arrive at $2740/day? Just curious. Here is my 2 cents:
I think you are on the right track with Price-Action. This is simple and effective if done right. I like price-action because it forces you to make discretionary decisions. Over time, your natural genius will get it right.
How will you measure success? For example, how will you know when you have mastered pinbars? You should write this down as a goal. You need a metric to know when to move to the next step of your journey.
I wouldn’t box your learning into a 12-month period. That’s great if you have 12 months @ 7 hours/day to study and learn. But the realization of your wisdom is not a fixed variable. Personally I think a healthier attitude would be: I’m going to figure this out no matter what it takes, or how long it takes. First I will write down my goals and then I will focus on reaching each milestone until I have achieved my overall objective.
there are some great videos on youtube by nial fuller…on exactly these three set-ups check them out if you haven’t already. may i also recommend the book, “Diary of a Commodities Trader,” by Peter Brandt (he actually trades forex more than commodities according to his book, but I suppose he started out/still trades commodities quite a bit. anyway, the lessons in the book are fully applicable to forex and just concern reading charts…which he has over 30 years experience with. good luck!
I have only watched Nials videos on Pin bar so far, I will check out some others too. The thing I am trying to avoid is cross-contamination of to many conflicting points of view. It has been in my nature to take on too much information and overanalyse things. I am aware of it now and need to work around it. Where is the sweet spot…if only we new.
I don’t like posting about other sites but if you Google “jankone m5 thread” the first result should be the one. It’s one a site that rhymes with “vortex quackery”
[QUOTE=dusktrader;283652]I like your enthusiasm. How did you arrive at $2740/day? Just curious. Here is my 2 cents:
$2740 x 365 days in a year = $1million. However, i am not suggesting that i will make $1million in my first year trading, a am suggesting that I will get to a point at the end of the 12 months that i will be able to trade consistently on average the sum of $2740 per day over the course of a month.
I think you are on the right track with Price-Action. This is simple and effective if done right. I like price-action because it forces you to make discretionary decisions. Over time, your natural genius will get it right.
Agreed. I want the raw stuff without any indicators bar a few MA’s. It’s a bit like if you hade all of your possessions taken away from you, what skills would you have.
How will you measure success? For example, how will you know when you have mastered pinbars? You should write this down as a goal. You need a metric to know when to move to the next step of your journey.
hmmmmm, nice point. As i am focussing only on a handfull of methods, and given the time frame of the challenge, I would estimate 1 month to each trading method to get it down pat. This is without knowing the depth of each method but I would say 1 month per method will be suffice. Thats’s fulltime learning 7.5 hrs/day
How will i know, as i am learning i will get a feel for the 80/20 point based on other traders and tips/points from the material i use to learn from. Also, feedback from the 3 forums I am in. I cannot give a definite tool of measure as I am trying to measure something I know little about. Do you have any suggestions for performance measurement in learning a method?
I wouldn’t box your learning into a 12-month period. That’s great if you have 12 months @ 7 hours/day to study and learn. But the realization of your wisdom is not a fixed variable. Personally I think a healthier attitude would be: I’m going to figure this out no matter what it takes, or how long it takes. First I will write down my goals and then I will focus on reaching each milestone until I have achieved my overall objective.
I am certainly not going to stop learning after 12 months. The 12 month challenge “is” my goal. For me when I have a tough challenge set with a finish date in mind it keeps me motivated. At the end of the 12 months I will likely set another over ambitious target to motivate me again. Perhaps perhaps raise the bar of the monetary goal, perhaps start a fund, perhaps both. The point is I work well with dates in the future to work towards and I have always bitten off more than i can chew and learned to chew it on the way.
Thankyou for the response Dusk, you and many others in my threads are contributing to this challenge an for that I am grateful
Yes, nial is pretty much the person I have learned from in the last week. I have read all of the articles/videos on his site and as you know there is quite a bit on there. I like his keep it simple style.
Diary of a Commodities Trader, ok, i will get it and consume it. I am just about to start the day learning pin bars (only) as I have just set up a demo platform after much grief. i am on a mac and to be honest they are rubbish when it come to FX platforms. But i have managed to ACM trading console to work afetr Oanda and a few others would not. Anyway, i dont need the best just yet, i just need to see the charts and get used to viewing them and the candle stick patterns (everchanging i know)
I consumed already all of the info on his site (not the paid course as the amount and quality of the free content is extensive). I will be referring to it over and over as his style gels with me (as much as i can tell at this stage)
Man, I dislike using macs. They are not conducive to trading platforms. FXDD looks awesome, its for pc tho and i am on an iMac. I know you can run parralels , vmfusion ware and the others but at the moment i just cant get things to roll. So, i am just playing on ACM forex trading platform at the minute. Literally set it up this morning not 30 mins ago. The rest of today will be going back to nials site and hitting the info on pinbars only. Then over to youtube to find more. At the end of the day i will reflect on what the majority spoke of in there videos articles and they will be the factors that i spend the most time on.
Thanks Ramah
NJ (that smiley face cracks me up every time i see it :18:)
check them out if you haven’t already. may i also recommend the book, “Diary of a Commodities Trader,” by Peter Brandt (he actually trades forex more than commodities according to his book, but I suppose he started out/still trades commodities quite a bit. anyway, the lessons in the book are fully applicable to forex and just concern reading charts…which he has over 30 years experience with. good luck!