want to get in touch with traders who are trading forex with the aim of discussion of trading strategies.
forex trading
- Thread starter padutrader
- Start date
I trade FX.
Strategy:
1. Simplicity
2. Establish market bias
3. Measure strength
4. Set S&R zones
5. Wait for cycle against current bias and confirm validity
6. Enter
7. Protect
8. Extract profit
9. Celebrate
10. Repeat
Strategy:
1. Simplicity
2. Establish market bias
3. Measure strength
4. Set S&R zones
5. Wait for cycle against current bias and confirm validity
6. Enter
7. Protect
8. Extract profit
9. Celebrate
10. Repeat
nice to meet you
you seem to have it all worked out
i have been trading forex for a few years now and quite ashamed to say i cannot be considered as a successful trader
i too see market bias....or trend.....that is everything once you see the trend the less ananlysis is done the better it is.. if market is like this chart below eurusd live just now....then do all the analysis and SELL
do you use stops or like me, when i see something like the chart below, just trade small and forget....make love to my wife or if she has a headache see porn
you seem to have it all worked out
i have been trading forex for a few years now and quite ashamed to say i cannot be considered as a successful trader
i too see market bias....or trend.....that is everything once you see the trend the less ananlysis is done the better it is..
if market is like this chart below eurusd live just now....then do all the analysis and SELLdo you use stops or like me, when i see something like the chart below, just trade small and forget....make love to my wife or if she has a headache see porn
i trade only eurusd....what about you?
You're funny.
The hardest thing in trading is to have discipline. There are tons of trading strategies and methods and most will work well - if you can follow the rules. That is the secret, the holy grail of trading: discipline. It seems new traders (and old) are on a quest for the big secret to success, when it will never be found in a book or on some scammer's website. The answer is in the mirror.
Patience is a discipline. If your rules have not lined up, then you don't enter the trade. So many traders break their own rules (if they have any) because they lack the patience to wait for the trade to align with their rules. So they jump in and lose. Or, they enter properly and then fail to follow their exit rules. You first need to create a set of rules. Then you need to abide by them.
I don't use stops. I have not lost a trade since May of 2015 - that's when I stopped using stops. But I also don't over leverage my account and I only trade with positive carry. So if my timing is slightly off and the trade goes against me before going in the direction I entered, I can just wait it out and get paid to do so. This happens once in a while if I'm hunting a trend reversal and it's not quite there yet or there is some chop at the top or bottom of the range. Again, patience.
Do you have rules?
The hardest thing in trading is to have discipline. There are tons of trading strategies and methods and most will work well - if you can follow the rules. That is the secret, the holy grail of trading: discipline. It seems new traders (and old) are on a quest for the big secret to success, when it will never be found in a book or on some scammer's website. The answer is in the mirror.
Patience is a discipline. If your rules have not lined up, then you don't enter the trade. So many traders break their own rules (if they have any) because they lack the patience to wait for the trade to align with their rules. So they jump in and lose. Or, they enter properly and then fail to follow their exit rules. You first need to create a set of rules. Then you need to abide by them.
I don't use stops. I have not lost a trade since May of 2015 - that's when I stopped using stops. But I also don't over leverage my account and I only trade with positive carry. So if my timing is slightly off and the trade goes against me before going in the direction I entered, I can just wait it out and get paid to do so. This happens once in a while if I'm hunting a trend reversal and it's not quite there yet or there is some chop at the top or bottom of the range. Again, patience.
Do you have rules?
seriously ,not really, no rules but i try to discern what the market is doing.
i really appreciate your advice, your big heart because i know how much effort goes into these forum posts
i have recently started trading ridiculously small so that is line with what you do.
i think these rules are good
1.do not lose money
2do not lose money
3
do not lose money
i stopped using stops because if you put them above an extreme-swing high or low-the market usually tests that,as it usually tests everything like trend lines,highs lows, and triggers them.
it is not stop running but it is how market works so traders think it is stop running.
i have drawn some trend line in the chart below: the market testing a trend line.... any thoughts on this
i really appreciate your advice, your big heart because i know how much effort goes into these forum posts
i have recently started trading ridiculously small so that is line with what you do.
i think these rules are good
1.do not lose money
2do not lose money
3
do not lose money
i stopped using stops because if you put them above an extreme-swing high or low-the market usually tests that,as it usually tests everything like trend lines,highs lows, and triggers them.
it is not stop running but it is how market works so traders think it is stop running.
i have drawn some trend line in the chart below: the market testing a trend line.... any thoughts on this
"the hardest thing in trading is to have discipline. There are tons of trading strategies and methods and most will work well - if you can follow the rules. That is the secret, the holy grail of trading: discipline"
I agree totally....but it [discipline] ain't available on Amazon
I agree totally....but it [discipline] ain't available on Amazon
i forgot to tell you
I am 60 years....retired keep aside money every month from my pension for trading mostly i have been losing...because i used to trade too big i live in India and i trade to keep busy and because i can go at it alone and with ridiculously less capital [that is why i am attracted to forex]
ok i will give you enough time to digest all that but trading is my passion
I am 60 years....retired keep aside money every month from my pension for trading mostly i have been losing...because i used to trade too big i live in India and i trade to keep busy and because i can go at it alone and with ridiculously less capital [that is why i am attracted to forex]
ok i will give you enough time to digest all that but trading is my passion
Stop hunting may or may not be a true market phenomenon. I do know that stops as well as buy/sell orders tend to be clustered in key S&R areas and when price enters those areas, it can trigger volatility in the direction of those orders. I will often use that zone as an opportunity for order fill at the extreme levels depending on my targeted outcome.
Since you posted that chart with the trend lines, price has broken the lower line and is currently in a small retrace. Perhaps it will resume the retrace it has been in this morning but 1.20 most likely has enough institutional interest to keep trading in that zone for a bit. I don't trade for 5-10 pips on 5 and 1 minute charts. Too much noise. That said, trend lines can provide some guidance but I would not use them by themselves.
Trading small is relative to the account size. I don't over leverage my account. That's different.
Plot a 5 and 20 EMA on a chart. Then add a 5,3,3 regular Stochastic.
When the 5 crosses the 20 down, wait for the Stoch to also cross downward over its D (average) if over 50%. The higher the better. That is a sell.
When the 5 crosses the 20 up, wait for the Stoch to also cross up from under 50%. The lower the better. That is a buy.
If the 5 stays above the 20, you can add to your position whenever the Stoch crosses upward from below 50%. The first and second cycle are usually good and then the processes weakens. True in the reverse for sell trends as well.
If, on any Stochastic cycle the EMAs cross, then it's not a trade. Too much chop. The best case (for a buy) is a deep cycle down in the Stochastic and for the 5 to remain above the 20. That will show that short price action was strong enough to create cycle depth but not strong enough or long enough to weaken the short term average.
Play with this on an hourly chart and you will see how cycles of momentum can be used to determine entries and exit. This simple method is VERY basic but it's a good tool for recognizing price rhythm. It's also not perfect, as nothing is. But it will also show you when conditions are ideal and when they are not.
Place a vertical line on the chart every time the exact conditions were met. Find as many as you can. Count up the wins vs the losses (price went in the direction of the entry).
Compare what the factors of the losers were. Flat trend? Weak trend? Choppy? News?
Compare things in common with the winners?
On an hourly chart, how many pips on average did each winner produce if you exited at the first reversal of the next Stochastic cycle? Best? Worst? This gives you an idea how to set your profit expectations.
This is how you build a rule base.
Since you posted that chart with the trend lines, price has broken the lower line and is currently in a small retrace. Perhaps it will resume the retrace it has been in this morning but 1.20 most likely has enough institutional interest to keep trading in that zone for a bit. I don't trade for 5-10 pips on 5 and 1 minute charts. Too much noise. That said, trend lines can provide some guidance but I would not use them by themselves.
Trading small is relative to the account size. I don't over leverage my account. That's different.
Plot a 5 and 20 EMA on a chart. Then add a 5,3,3 regular Stochastic.
When the 5 crosses the 20 down, wait for the Stoch to also cross downward over its D (average) if over 50%. The higher the better. That is a sell.
When the 5 crosses the 20 up, wait for the Stoch to also cross up from under 50%. The lower the better. That is a buy.
If the 5 stays above the 20, you can add to your position whenever the Stoch crosses upward from below 50%. The first and second cycle are usually good and then the processes weakens. True in the reverse for sell trends as well.
If, on any Stochastic cycle the EMAs cross, then it's not a trade. Too much chop. The best case (for a buy) is a deep cycle down in the Stochastic and for the 5 to remain above the 20. That will show that short price action was strong enough to create cycle depth but not strong enough or long enough to weaken the short term average.
Play with this on an hourly chart and you will see how cycles of momentum can be used to determine entries and exit. This simple method is VERY basic but it's a good tool for recognizing price rhythm. It's also not perfect, as nothing is. But it will also show you when conditions are ideal and when they are not.
Place a vertical line on the chart every time the exact conditions were met. Find as many as you can. Count up the wins vs the losses (price went in the direction of the entry).
Compare what the factors of the losers were. Flat trend? Weak trend? Choppy? News?
Compare things in common with the winners?
On an hourly chart, how many pips on average did each winner produce if you exited at the first reversal of the next Stochastic cycle? Best? Worst? This gives you an idea how to set your profit expectations.
This is how you build a rule base.
thanks i will check it out
using indicators need practice.
appreciate your help
using indicators need practice.
appreciate your help