Not required at all, just like a lot of other stuff! It is very simple, no fancy business plan or pondering over what happened and how you might stop it happening. Open your trading account. Pick your market. Allow max of 1% per trade. Place your trades. Now, if you get 10 trades in a row wrong, that is fine, as you now know you haven't a clue what you are doing. Stop immediately. Say I am not going to repeat this 10 losing trades in a row. I will sit back and wait before I enter the next time. I will wait for price to move, then stop. If I am wrong I will get out immediately and I will reverse if price breaks the level that it stopped at. The more I do this way the better I will get at not having 10 losers in a row. My results will improve. My confidence is now good. I now know what not to do, and what I need to do. Rinse..Repeat
2. Harmonics Harmonics are derived from EW in the sense that they represent PA making repeated moves based on Fibonacci. These harmonics show where the PA will probably change direction, bounce of support or turn down at resistance. They can be observed on any time frame. Again, plenty of resources on net about harmonic patterns so I don’t feel I should dig deeper to explain, however there’s one very important fact I’ll address here. I use harmonic patterns different than harmonic traders. While harmonic traders wait to enter on pattern completion I trade into pattern completion. So, what is for a harmonic trader the entry point represents an exit point for me. You can say I trade the opposite way. I used to trade like every harmonic trader but found out that trading into completion makes far more profit because entering on completion is usually counter trend while trading into completion is in trend. I’ll give you 2 examples on harmonic patterns that occurred recently on Nasdaq futures and Gold spot. On NQ_F there was a harmonic Bearish Crab with completion at 5482. I marked the entry point for going long INTO completion since markets are still in a bullish trend, this has been a trade with trend. Exit point is pattern completion and made 62 points in total over 2 days. 2 breakouts for 2 entries. On Gold was a harmonic Bearish Butterfly with completion at 1266.18. Since it was in the very early morning I have placed a pending long at conservative 1254 (I’ll explain later why it was conservative) that night with exit at pattern completion 1266. Both NQ_F and Gold spot are bullish and I was trading long not interested in shorting, however, the last charts show that entering ON completion (counter trend) produced the same profits. One might say why not go long INTO completion and then reverse ON completion short and make money both directions? Worth a try but as you see the stops on Gold short should have been placed at 1270, a bit too much risk for my taste. Don’t take this as a perfect example because this was an extraordinary situation – Bombing of Syrian air base. You get the idea how to use harmonic patterns.
Astonishing, mate! It might be that easy for you but most poeple who think that's all to it will end up broke in one single day.
Maybe so, I'm not interested in entering the hall of fame nor leaving a mark. I will repeat once again, I'm just presenting my trading strategy that provided me sh*t load of money. Nothing else.
Harmonics. Sounds complicated. Heard of it but have absolutely zero experience with such a thing. Where do i find out more about it without buying some course or high dollar book??
I see skippy (aka mr.scalper) has showed up with his 123...abc...plan. He does cut to the chase rather quickly. But he can catch the fish. Just ask surf.
Volpri I went back and checked. It was you in your post #27 that answered the question with your answer being general patton. Sorry about that.
Cheatsheet All of them in one place https://protrader.org/upload/568d203093122.png and here a short article which should get you going http://stockcharts.com/school/doku.php?id=chart_school:trading_harmonic_patterns Be aware that it takes some time to remember them all and be capable to see them on charts. Since I'm using them for years I can see them in a blink and just need to measure AB retrace of XA to know what pattern is in play, pretty good at determine the pattern by naked eye. Needs time to master them.
3. Support/Resistance - Supply/Demand - Channels - Outer/Inner Trend Lines Now, this is basic stuff and have no intention to explain them since everyone who ever read anything about trading must have stumble upon them imidiately.