100-300 Pips Per Day Any Pair Any Timeframe Using 2 Indicators - page 96
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Thank you very much! I did some profits before some person that trade for me make my big lost-but all i'm asking if joe's method works-i know i'm gonna lose but if it's only 1%-2% i can live with that (as long the profits will cover).Sure i will try demo first to see in my eyes when to enter and when to exit. I think the lost 1%-2% is because you don't know when to exit if i understand the problem in that method-but in the long time i will make money? I saw here a great profits am i right? I trade in the demo and the real account the same so it's not should be a problem for me
Hi Tal,
I have not traded much with Joe's method; I'm always interested in other systems, in case there is something I can incorporate into mine. I suggest you try one of his methods for a month and see what you think.
Cheers,
Mike
Knowledge comes first and the profits will come later.
99% of people have no idea what really moves the markets and will give up after losing their money.
Forget indicators except a few to show you where the overall trend is and study the higher time frames. It's not rocket science when a daily chart has broken through major support and is in an established down trend that you can pick up pips on 4hr and 1hr charts.
Forget scalping. Learn money management not only risk to reward etc but scaling in and out of a position etc. etc. There is a fair bit to cover but once you learn it you will start making money.
TAL1983 - stop trading live NOW and go back to demo. $183 is not a whole lot to play with but maybe try mini/micro lots once you get some confidence.
And the fact you are looking for a system still, shows you had no system to start with. I do know some professional traders and they trade nothing like the 'systems' I see floating about on here.
I would type some more but my keyboard is busted lol.
Good luck.
P.S. Unless you have an understanding about support and resistance dont even think about trading.
B2b
Knowledge comes first and the profits will come later. Unless you have an understanding about support and resistance dont even think about trading.
Hi Tal,
Olives is absolutely correct - learn about support & resistance first. I strongly suggest you try www.4xfornoobs.com/forex-plus/forex-ebooks.php
The owner Nick trades exclusively using S&R and his explanations about whether bears or bulls are in control of the trend, candle patterns and 'big numbers' are very good. If he trades successfully using no indicators, then it can be done! KISS.
Cheers,
Mike
How you getting on Mike?
How you getting on Mike?
Hi Olives,
No too good. I had a moment of madness and traded against the GBPUSD trend last week, trying for counter-trend trades. Phew - another expensive lesson learned!
Currently licking my wounds, but still sharpening the axe! I'm still trying to decide on a trading system that I feel comfortable with, but it looks like it must seriously consider S&R levels, I was impressed with Nick B's understanding of S&R levels and will study that more closely. I need to find a system that suits my temperment - I am a choleric by nature and tend to jump in a bit gung ho! I need to temper that down a bit and believe what my eyes are telling me!
Thanks for your enquiry.
Mike
knowledge is power
Knowledge comes first and the profits will come later.
99% of people have no idea what really moves the markets and will give up after losing their money.
Forget indicators except a few to show you where the overall trend is and study the higher time frames. It's not rocket science when a daily chart has broken through major support and is in an established down trend that you can pick up pips on 4hr and 1hr charts.
Forget scalping. Learn money management not only risk to reward etc but scaling in and out of a position etc. etc. There is a fair bit to cover but once you learn it you will start making money.
TAL1983 - stop trading live NOW and go back to demo. $183 is not a whole lot to play with but maybe try mini/micro lots once you get some confidence.
And the fact you are looking for a system still, shows you had no system to start with. I do know some professional traders and they trade nothing like the 'systems' I see floating about on here.
I would type some more but my keyboard is busted lol.
Good luck.
P.S. Unless you have an understanding about support and resistance dont even think about trading.Olives,
I completely agree with you about the fact that 99% of people have no idea of what really moves the markets. Indicators only tell you what has already happened. Support/resistance are the only indicators that you need to trade successfully, but sadly, even these are completely misunderstood.
All the support/resistance indicators I have come across in the last 20 years, are static by design, while the market is a live entity
There are many many levels of support/resistance for each timeframe, and there is a natural order in every market and every timeframe, but for those that know nothing about this natural order and cannot figure out why a price reacts at certain levels even in small timeframes, this is referred as a "noise". I don't like to post, I'm busy trading, but today is Sunday, and I'll make an exception. There are many misconceptions about this business.
First and most important of all, and never ever pointed out in any tread, is "timing". When you trade leveraged instruments, timing is everthing. You can be correct about the direction of the next move, but if you don't "time" your entry correctly, you're doomed for failure. That's my opinion.
Second misconception: never ever trade against the trend, because the trend is your friend. I make my living daytrading against the trend, sometimes banking 5 pips, sometimes 15 or 20. Why? Because I know where support/resistance lies, and I don't need to know anything else to be successful. I buy and sell on volume, rather than sitting and waiting for days with a single contract, and most of the time, I risk much much less that another trader holding a single position. Of course this is not for beginners and not even for 90% of seasoned traders. It is like trowing yourself in front of a running train, if seen by the prevailing opinion. What I see instead, is a train that is coming, but missed the last stop, and has to go back to that stop, before returning here, if it will ever return. But maybe words are not giving a clear picture of what I'm saying, so I'm uploading a couple charts of how the GBPUSD behaved last friday. There was a 250 pips drop from the top at 1.4752 to the bottom at 1.4502. Could anyone in his right mind have gone against that running train and make some money? Maybe............
peace to all
Hi lfibonacci,
Thanks for sharing your insight into trading using S&R levels. Can you please point me at some literature that fully explains the method/system you use?
Cheers,
Mike
Does an alert exists when a candle closes above a resistance / below a support ?
Hi Tal,
Olives is absolutely correct - learn about support & resistance first. I strongly suggest you try 4xfornoobs.com/forex-plus/forex-ebooks
The owner Nick trades exclusively using S&R and his explanations about whether bears or bulls are in control of the trend, candle patterns and 'big numbers' are very good. If he trades successfully using no indicators, then it can be done! KISS.
Cheers,
MikeI totally agree Mike, Nial Fuller is another one of the "no-indicator" forex teachers. I really have gotten a lot of value out of his price action videos and articles. I think the fact that he basically condenses his strategy down to master just 3 simple setups really makes trading much easier. I have seen a significant turn around in my trading since following his methods. Go over to youtube and watch some of his free stuff if you are interested.