Hi traders. Can you share the top 3 things that made you profitable?
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I used to use a ridiculous number of strategies cribbed from books, friends, forum chats, magazines, Youtube clips etc. The first breakthrough was realising that whatever strategy I used the outcomes were always better when the position followed the prevailing long-term trend.
The second breakthrough was realising that the entry signal was not critical, the trend was what was important.
The third was that when you have a winning trade, you can add to it, and make it a bigger winner, without increasing risk to your capital.
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- Trading with the daily/weekly trend
- Trading on Daily TF’s
- Wider SL’s
I will also add that I don’t pay much attention to reversals or a high R:R anymore. I’m finding that with a R:R of just 1:1 my win rate is much higher, growing my account faster than trying to wait for more. If my account is at a certain percentage in profit I will close everything at EOD.
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First thing is, I listened to advice
I took my time learning.
I continue to learn from those who know more than me
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Till now I’m learning but honestly my Price Action trading skill is my main strength! Personally I don’t use any so called indicators on my trading chart!
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I must say, my trading chart reading skill; in my trading I always start my analysis part, by reading the chart! It took such a long time to learn but now I’m enjoying my time!
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Use HTF analysis to help form a bias, build a solid base of data on which you can build confidence in a strategy and don’t be in a rush to use live funds.
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I think I still have a long way to go but I can say that it took a lot of patience to keep pushing through when things went against me. I have made some progress and will continue to be patient and grow at my own pace. In short, patience, discipline and determination is all I needed to get past the initial hurdles 
I am taking my time to learn and I am okay with that.
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That’s quite interesting, but may I know your main time-frame for identifying the daily market trend?
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I use 2 different methods to identify a trend. For the overall, long-term trend I just look at the weekly chart:
For day-to-day trading I have been using the 20MA slope:
If/when price breaks out of the 1D trend and the 20MA starts sloping down then you could consider it a continuation of the overall, long-term trend.
I use the 20MA, but you could also increase that to 30, 40, 50 etc, for a stronger trend, it depends on your preference. Everyone has a different opinion on what is classified as a trend.
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Hi you meant forex
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How can you make your profit bigger in a winning trade without risking ones capital
A simple method is to wait for the position to make equivalent profit to your stop-loss. Then move the stop-loss to the entry price and open a new position, using a stop-loss also set at the first trade’s entry price.
Your position is now twice the size of the first trade but the risk has not been increased.
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Market analysis is essential for being successful in trading and I prepared myself as a good analyzer and thus I reached the door of success.
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How can one achieve that sir?
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A simple method is to wait for the position to make equivalent profit to your stop-loss. Then move the stop-loss to the entry price and open a new position, using a stop-loss also set at the first trade’s entry price.
Your position is now twice the size of the first trade but the risk has not been increased.
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Win Rate * Risk-Reward Ratio = Profit.
And you take 200 trades in a month (on average every option trader in Angel takes 200 trades in a month). So, with 60% win rate in 200 trades, you will be profitable in 120 trades and the loss will be in 80 trades.
1 , trading only one pair
2, journaling my trades
3, Reading out my trading rules every morning.
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knowledge
knowledge
knowledge
#1 trading pairs only when there are no fundamental events for those pairs upcoming
#2 avoidng indicators / using only the best indicator: price itself / price action
#3 trading higher timeframes