90% of traders fail...

Yes, the markets are fractal in nature; however far you drill down you always see the same patterns. These patterns occur in all time frames, the only reason for trading the higher time frames is more profit and less erratic behaviour, also any indicators you use will give slightly more realistic/useful results.

I set my candlesticks to the same colour (not red/green) as this one thing causes so many problems. If we're buying and a candlestick turns red we immediately panic and think the market will now plunge against us! Without the colours changing, you can take a more relaxed attitude to how things are playing out and not have your panic button triggered so often.

Also, stop getting obsessed with the candle's open and close. This is irrelevant. I'll prove it to you.......

Find a significant 'next candle open/close' on the H1 time frame. Mark it.

Now go to the H4 or Daily time frame. Where's your precious open/close now? Exactly!...... Lost inside a larger candle and not relevant at all. John Bollinger says something very similar in one of his webinars, and has even programmed candlesticks with no wicks (just the body) as he feels, as I do, that the open/close thing is just a distraction. (anyone know where I can get these?)

Are we born losers as you suggest? Certainly some are, but these people shouldn't be trading with real money!

Just my thoughts, feel free to disagree.

I won't leave a trade on overnight unless the content of the market suggests I should do so. The last time that occurred (which is the exception, not the rule) happened during this past Rate Decision.




I will not leave a trade in over the weekend because of how wide the spreads can get and also because of the psychological toll it takes. When I would leave a trade in over the weekend, it took up approx. 20% of my psyche, making for a not totally enjoyable weekend.

Rest is key.

By day trade, I mean I may have a trade on for a few hours at the absolute most. Many times for less than an hour, depending on what the content of the market suggests

I'd say most of if not all time, the market tends to signal what it is about to do. The bigger the down move, the bigger the up move before the down move - but sometimes it could simply be a consolidation that goes on for the longer the bigger the move following is going to be.

Something that is personally concerning to me is - if I'm using leverage, what happens or what will I do should spreads widen a lot. I haven't seen any regulation that says that markets have some max spread. It seems, the more often and the longer you keep leverage on, the higher probability is that one day could end up being a really bad day. It might be years away or tomorrow. Few probably expected eur/usd could gap over 1% recently.. the bigger surprise should have been that it only gapped that much.

pharley and traders , is it possible to start 1st entry with 0.05 lot then 2nd entry with 0.04 lot ... as it come down to 0.01 lot and carry on with as long as it goes ....

in my opinion some factor that make fail is:
1. not know and understand about ourself. about what? about desire, lust, greed, psychology on ourself (are we a calm person? can we patiently waiting for long big initial setup? or we a type of fast&furious? etc)
2. not learn about what is this forex market fundamentally. I mean fundamental is not about economic or business news.
3. because of not knowing number 1 above then jump to the market with nice beautiful system and all whole indicator, look on the backtested and wow conclude it we can make money here there, setup here there suddenly the market move "tomorrow" is not like on that backtested and the heart beat, emotion warm, head dizzy then pray oh god please please....and etc.
4. and the most disaster is the circle of learn not start from number 1 above. that is doom

Hi Terminator,

Yes of course - anything is possible.

I prefer to scale up rather than scale down. I use a position size calculator http://www.babypips.com/tools/forex-...sitionsize.php
like that one from baby pips. Easy and quick.

THat allows me to always know what lot size I should use for a given entry.

I was going to mention - when I started out I used to be horrified at 100 pip stops. Now it doesn't bother me at all. My $ risk is the same if the stop is 150 pips or 30 pips. I just adjust the lot size according to the trade.

I read a lot of information on the forum concerning the negative side of trading and for sure there are risks involved. Years ago as a noob I was always reading that stuff and thinking - I'll never make it. Took a massive break from it to do a lot of analysis and learning and came back feeling refreshed and much better informed.

Find a method that works for yourself. It's got to suit you and you've got to enjoy trading your method. Then be disciplined in the approach and patient. Master how you trade and your trade set ups and don't flip between different trading methods. If you've a good one, stick with it.

Ok, this should cause some interest - If you want to turn $2,000 in to $100,000 (and more) in a few weeks, it can be done. And not with crazy stupid risk either. Just with a normal size risk of say 3% to 6% of your account. The key is getting on a decent run and entering multiple times. Decent runs come from the longer timeframes such as weekly. If you look at those earlier pics I put in, look how far price travelled - if you know how and where to enter multiple times and use strict risk mgt to keep your overall risk at around the 5% level, there are massive gains to be had. I used to think you needed to take big risks to get big gains. That's just not the case.

Ok, all the naysayers can have a go now. I'm just pointing out to new traders that it can be done and is being done. So go learn how to do it properly - have that goal in mind (have to have a goal).

Good luck all.
Cheers

It can be done - don't give up!

pharley, i wont give up and trading so far with AUDUSD on weekly , I am using HA smooth with dim grey colour and u can see black box inside gives u fulfilling prophecy , i only find out , been checking all other charts and yes .also using B B and Drake Delay Stochastic , I must stay with it . Very difficult for me to read P A alone .

Hi Terminator,

Yes it can be difficult to give up on indicators and going naked! I remember doing that and I felt lost at first without a stochastic or a MACD.

Anyway, if it works for you then great, keep going. Manage the risk so you're always able to trade and if you get stuck, go back to a demo account for analysis.
Good luck mate!

Sorry, just can't help myself.

==> The forex trader-at-home millionaires: do they exist ? (:

When I first trading , i lose more than half of my capital.
I notice the reason behind my lost is:
1: Against market trend,
2 Buy too many at one time
3. Didn't put a stop loss.
4. Not focusing on the chart pattern of all timing.
5. Not focusing on the news which might trigger massive move.
6. trade too high leverage that you can lose half of your capital.
7. Trading Gold, Silver and AUDUSD. Gold is 0.5 to break even, hard to make money and inconsistent chart pattern(manipulation), Silver doesnt move much, AUDUSD not consistent in pattern.
8. Using too much indicator, confusing result.
9. Lack of experience in looking for chart pattern.
10. Follow those stupid news. Example Goldman Sach said gold will drop 1000 below! Indeed it will drop soon or later but not now which showing gold is up again to 1100.
Now I feel I am getting more experience in trading, without blowing my demo account that I set my capital of only 300USD.
If i can persist for 2 weeks with profiting result, Im gonna get into real money.

oh indeed yes

pharley , Where do u learn to trade Price Action from , Because it is the best to trade and do u always trade weekly instead of daily , Seems weekly is more popular

Ok. Are they invisible and only you can see them ? (:
Is that why there is absolutely no trace, nor is there any indication of their existence ?

Hi Terminator,

Some resources I used to learning (and still learning) price action are:

https://www.forex4noobs.com/

http://www.learntotradethemarket.com...to-trade-forex

http://www.forexschoolonline.com/

Then specific ones such as:

http://forex-strategies-revealed.com...ading-strategy

http://www.forextechniques.com/forex...-strategy.html

http://www.dailyfx.com/forex/educati...f_a_Trade.html

I also have my own screen shots of what I'm looking for - handy to look at every now and again to remind yourself what to look for. I add to those or chnge some when I see good ones. It's just practise at looking at market structure on the larger timeframes - monthly, weekly, daily.

I look at monthly and weekly to get the market structure and draw major support and resistance level from that. Then I move to daily charts and wait for price to move to the already drawn SR areas. Then I wait, looking for a candle on the daily timeframe to tell me that S or R has been confirmed, then I go to the 4hr charts for entries based on the setups I'm looking for.

Hope that helps.

Cheers

Hi Mingary,

I've read through your older posts - funny! Even made me laugh on your profile where it says - I should be on your ignore list. Keep it going mate, it is funny.
Can I ask, do you trade yourself and if so, what sort of methods are you using?

Cheers!

Terrific article from Nial on exactly the sort of thing I do and definitely worth a read:

http://www.learntotradethemarket.com...0DSHwtMW#close

Ok I started a thread - Support and resistance trading - Pharley - to put it all together.

My own brew made up mostly of some sort of home made order flow tracer thingy...

http://www.forexfactory.com/showthread.php?t=409396

Warning label: Consider it absolute non-sense because my brain is like a forex price quote short of a full pip. (:

Pharley , How long it took you to learn Price Action , I know everybody is diiferent , starting on Nial Fuller ,NOW
I ve been doing trading for 6 years but tried different method , now realize only price action works ,
Will gain expereince faster (hope so)