I tend to agree with you. Entries are the most important for me, both in my systematized strategy book as well as for discretionary trading. Just to give one example, when I start to build a position, entries, as you pointed out, do not only tell me whether I am aligned with current momentum but it also affords me the opportunity, when being right, to reset my stop loss to entry levels (and to later adjust to capture profits). Nothing is more satisfying for my bank roll than to see a trade working in my favor and knowing that the trade turns into a virtually zero risk trade. It gives me a lot of rope in terms of letting the position run. From my experience it keeps me in trades way longer which empirically benefits my p&l.
Not easy indeed like as me till now also still like as on stagnant walking, and no improvement, but in trading I am only look on simple way with using chart pattern on various timeframe as trigger analysis, might still close as speculating trading
Wait for the soon to be stock market crash. Wait for the calamity to bottom out. Buy 10,000 shares of marijuana penny stocks-per company.
The "brokers", forex bookies make it a scam; they're taking your action and toying with your stops. A common practice.
Because you have to try every combination of everything until something sticks, then it will only stick for a short time and you have to revise it, usually confusing yourself in the process. Do that long enough and enough times and something tangible will come out of it, most never get there because the more money you want to make the more perfect you need to trade. Why do so few succeed, you need to read this which is in order of the best approach coming from the populace https://www.elitetrader.com/et/threads/recommended-prop-firms-or-lessons.304047/#post-4353282 Then you need this diagram for it to make sense which flows from center to right up through to left back to center Then from the first link you need to understand that: 0) is mass populace generating 0.2%/mth; 1) is the left generating 20%/mth; 2) is any or all depending on the firm and your position in it; 3) is the right generating 2%/mth. The reason, you are stuck as a follower, you haven't even made it in to the right where all the delusional people are. If you are one of them you stay in there at 2%, if not they spit you out from where you came less your capital and often less some humanity, a select few, <1% fight through it to get to the left hopefully with everything intact. Or you skip all the drama and just follow 0) or 1), I've followed the whole chain from left all the way around. If you want to know what hell feels like just go and sit on the right for long enough, they're idiots. Fortunately for me it didn't have any material effect as I came from the left, but I feel sorry for any populace who try and make the journey, they just won't have the tools to understand what's going on. Forex is the epicenter for the right, you chose the worst of the worst.
Thank you all for the insane number of replies, I have read and will study all your suggestions and currently reading the 2 book suggestions. I will update you guys on my progress and ask questions, thank you.
Sure... read those books and study these answers then come back with your same BS talk (I've tried everything Nothing Work) next year. See you.
Yeah, that looks promising. A 2006 thread on a forex forum about an old "floor trading" method that was never intended for retail forex. Even back then, the first few responses debunked the idea.
Congratulations ! You just graduated first level in Trader's Academy, upon which most of the newbies usually come to the correct conclusion that nothing publicly available works on its own and about 80% of whom decides (absolutely correctly for them) to abandon that stupid idea to become a trader. Inward. keep thinking and keep trying they said it's idiocy to keep repeating the same over and over and to expect different results... but they are wrong because it just looks the same ... everyday on the market is different and even the same approach over and over after so much repetition will give you enough food for new thoughts and new ideas nothing now its time to generate ideas on your own ! in what? in God we trust ? He-he....i doubt he will help, even if he exists As Nietzsche said: "I am the God !" so the only believe and faith one should have is in himself .... even when realistically there are no logical reasons for that when one looks for the black cat in the dark room, not being sure if its there at all... good luck
I had traded something similar many years ago, but adapted it so the risk was much much less. The 15 minute trend is ok, but used more of a close below the lower band after lower highs. As far as the 5 minute, unless both moving averages were sloping in same direction as 15 minute trend, there were no signals I would take. I waited for deep retracements and never ever got married to it, if one bar later I had smallest of profit, I'd put in breakeven stops and if at a loss, target was plus one tick. I never risk more than 8 ticks. Would trade like half at very doable exit and 2nd half for much bigger profits, I often didn't get filled cause disciplined to wait for deep retracements. And if you can read charts as far as topping/bottoming patterns, you will save losses. It pretty much will work in almost any instrument but retracements and risk/targets have to be back tested. And you can change the 15/5, to 5/1, day to 8 hours. But like anything, if you can't read charts like breathing, you will most likely lose. Good traders learn to adapt cause they can read charting. Topping/Bottoming charts tend to do one of two things, sharp movement up/down-like a knife(anything that goes in one direction hard and fast-often reverses) and pivot highs/lows are broken by smaller and smaller ticks(many oscillators will show divergences), when these happen, can expect reversals. SO instead of waiting for 15 minute to start closing on other side of high/low moving averages, when you discover reversal patterns, stop taking trend trades. Many newbies get courage after a few profitable trades goes by then they take the next one after chart showing a reversal and they lose. Best to do is study price extremes, charts tends to show when it is losing strength to continue.