trends turn into range and range into trends, a pull back can be a complex one like three swings before it continues in the previous direction, with more than three swings a range may develop, if that is the case fading the new extremes with a reversal bar can be the best option.
NVP
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agreed............I work hard to create a directional bias for my forex trading and stick to it ....until it is breached of course and I change to the new directional bias.....................the market will try hard to shake you out all the time
the last hour has been a real pain for me as my southerly bias on usd was tested and retested but I waited ...........the 1.30 new bar rewarded me as the usd slammed south again
N
The market leaves prints on our mind that can be very dangerous for the following days especially when it works in our favour....because of that subconsciously we trade as those prints are going to repeat again, but the market is an emotional beast and does what has to do and not what we expect to do.......
The market is always right, it is our perception of it that is wrong......
The solution for me is not to take any more trades for 15 minutes after my initial losing trade, in those 15 minutes I will go back and try to understand why I took that trade, I will zoom out to get a different perspective, maybe look at different timeframes, often it helps me to adjust my perception of what is really going on and from there I do trade in a positive way......If I do not (which it also happens) and have another few losing trades, I pack up, many times I gave away in one day all the money that I have made in the previous week and that is a NO NO.
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tokyojoe
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Hi Fugazsy, you seem to be in a very similar place to me exploring more on the psychological side of the game.
The print side of it, patterns & set ups are now blindingly obvious, as it is, or will be for most people who have studied the real time charts for long enough.
But as you know, this is such a small fraction of trading after you become accustomed to the various set ups, pa manipulation etc then it becomes much more about avoiding inducement traps & avoiding certain price behaviour around key levels, & cherry picking in the AREAS of interest. I try not to fixate too much on key levels & precise entry points anymore, because this has often placed me into the positions way too soon, then the possible chop & churn, now it's better to see what the pa behaviour is like around my pre determined points, then momentum is my main ally.
good luck today
ps what happened to the tech quant guy ? seemed to have good insights, however abrasive he was.
Joe
I agree with you totally on all points. Myself I would explain it better than you did.
It is not easy but if we have the patience and being selective about our trades we will all do much better, trading is very addictive, there is a constant impulse to enter trades when they have little chances and then everything becomes more harder because impatience and restless is running our moods and deep inside we know we cannot make at a greater level.....
We only need half trade a day to make this work at great levels..... and the technicality side is a part of it as with psychology , I think they are both intrinsically very important and we need to work on both.
Thank you for you post.
NVP
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was this taken at around 8.20ish this morning uk time ?
NVP
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some good points here......................
most half decent systems will produce pips if traded correctly..................
and you don't need to pay thousands of pounds for a suit to teach you either......its all out there for free if you look hard enough.........
the problem with trading is us........the humans sitting with our fingers on the trigger
we are fraught with emotions and opinions and subjective thoughts regarding the market .
in a youtube video I did a while back regarding a beginners guide to trading I said that just 10% of successful trading is down to a good system ...........the rest sits purely in the hands of us frail humans and our complete inability to do the right things at the right time
that's why 95-99% of wannabee traders fail
N
most half decent systems will produce pips if traded correctly..................
and you don't need to pay thousands of pounds for a suit to teach you either......its all out there for free if you look hard enough.........
the problem with trading is us........the humans sitting with our fingers on the trigger
we are fraught with emotions and opinions and subjective thoughts regarding the market .
in a youtube video I did a while back regarding a beginners guide to trading I said that just 10% of successful trading is down to a good system ...........the rest sits purely in the hands of us frail humans and our complete inability to do the right things at the right time
that's why 95-99% of wannabee traders fail
N
tokyojoe
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Part of the reason I do not write hundreds of posts is to stop myself becoming entangled in personal BS due to a misunderstanding or getting in the way of someones ego. To say "myself I would explain it better than you did" is perhaps a fair point & maybe you would explain it better than me.
I am not giving English elocution lessons, I am simply giving a view, I expect anybody with basic intelligence to decipher what I am saying.
On that note I will say I do like your thread & just thought I'd add a little post.
Joe
Misunderstanding, my fault, sorry, I meant: myself I would NOT explain it better than you did, it was a complement but I forgot the NOT.
your replay for a bit too strong I think.....
Not ego down here, yes I have a huge one but we made a deal, he needs to keep a bit of a distance.
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tokyojoe
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Joe
Misunderstanding, my fault, sorry, I meant: myself I would NOT explain it better than you did, it was a complement but I forgot the NOT.
your replay for a bit too strong I think.....
Not ego down here, yes I have a huge one but we made a deal, he needs to keep a bit of a distance.
Hi Fugazsy, thank you for clearing that up. Apologies if my reply seemed too strong, & this reply a little late, I never usually look at anything trading related between 11.30am & 1pm. I am a generally positive person & can see that you most certainly are.
Good luck this afternoon mate
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