Good Afternoon All,
Well since its quiet here i thought of having a look at the charts and seeing how it is all organised (atleast in my opinion). Though it is NOT random over 70% of traders or participants still fail in the long run. From what i have experienced in my trading, its extremely hard to trade live markets the same way we trade demo. Emotion just takes over and we are scared when we see a drawdown. Most times we are right in our analysis but the swings just take us out or we manually close the trade BUT on demo we tend to let it run and when it hits our TP we have this satisfaction and feel we are ready to hit the live market. No matter how much we tell ourselves that we will stick to our plan as human beings we hardly do that. Well there is one of the reasons why so many fail. There are so many other reasons too but this is something that i experienced. At the end of the day its just emotions on the chart we see and how traders react to it. Institutions have a bigger budget so can take more losses to gain and thats why banks and other big institutions do well in the long run. Its not that they don't fail but most banks and institutions make big bucks from it. I still get trigger happy at times and lose, its just what humans do. There are some very good traders on this thread who probably trade fulltime and make a decent living out of it. I bet they have spent quite some time to understand the market and at times still muck it up. To limit all this we have STOPLOSS..lol. I have tried a few strategies, indicators but have kind of stuck to the TARGETS. The price has to get to it somehow. May take minutes, hours, days or months. The important aspect is that targets are created, taken out everyday, which one and when it will be taken out is the question. There are so many ways to trade but after searching for awhile i kind of got a little bit of success through this thread. Some very helpful and smart traders nudged me in the right direction. At the moment i try to trade small looking for 5 to 10 pips. To be honest i still get scared to lose and start sweating when there is a big swing against me. I follow Timetells to understand the short term trades and have been in touch with Bluesteele to understand more about how to grab 20 pips or more. Why i have mentioned these two traders is cos they have always answered my questions on the thread and also through private message. They are my seniors in terms of trading and in life and always had great inputs for a new trader like me. And always mentioned that there is no one way to trade. I have marked some targets and why i feel the market is highly organised. Some say that formations and candle patterns don't work...well for me they are confluences after the 2 most important ingredients, RN and Time. For me these two work well. Time cos we need to know when the big players are entering the market, RN cos big banks and institutions target them. Confluences that help are candles, Pivots, Targets, PFH, PFL, Session Hs, Ls, Monthly, Weekly, Daily, Hs and Ls. The more the better. Do the analysis and trade. No Guarantees cos it can still go wrong and for that we have STOPLOSS. I was at my day job so didn't place any trade but it was so clear today on the GBP/JPY after about an hour into Tokyo open. I mostly look and this pair cos it has decent movement during Asia session. I also look at London session and may place a trade but NY session is way too late for me. I have a day job so the aim is to trade fulltime in future. I have marked targets on the chart and it was quite easy to bag atleast 15 pips an hour after the Tokyo session. Targets were known in advance. Its not this clear usually and if you don't see it just stay out. I have put some points on the chart, hope it is clear. Its what i have learned so far. Many ways to trade. Whatever works for you. Trade Well All.
Well since its quiet here i thought of having a look at the charts and seeing how it is all organised (atleast in my opinion). Though it is NOT random over 70% of traders or participants still fail in the long run. From what i have experienced in my trading, its extremely hard to trade live markets the same way we trade demo. Emotion just takes over and we are scared when we see a drawdown. Most times we are right in our analysis but the swings just take us out or we manually close the trade BUT on demo we tend to let it run and when it hits our TP we have this satisfaction and feel we are ready to hit the live market. No matter how much we tell ourselves that we will stick to our plan as human beings we hardly do that. Well there is one of the reasons why so many fail. There are so many other reasons too but this is something that i experienced. At the end of the day its just emotions on the chart we see and how traders react to it. Institutions have a bigger budget so can take more losses to gain and thats why banks and other big institutions do well in the long run. Its not that they don't fail but most banks and institutions make big bucks from it. I still get trigger happy at times and lose, its just what humans do. There are some very good traders on this thread who probably trade fulltime and make a decent living out of it. I bet they have spent quite some time to understand the market and at times still muck it up. To limit all this we have STOPLOSS..lol. I have tried a few strategies, indicators but have kind of stuck to the TARGETS. The price has to get to it somehow. May take minutes, hours, days or months. The important aspect is that targets are created, taken out everyday, which one and when it will be taken out is the question. There are so many ways to trade but after searching for awhile i kind of got a little bit of success through this thread. Some very helpful and smart traders nudged me in the right direction. At the moment i try to trade small looking for 5 to 10 pips. To be honest i still get scared to lose and start sweating when there is a big swing against me. I follow Timetells to understand the short term trades and have been in touch with Bluesteele to understand more about how to grab 20 pips or more. Why i have mentioned these two traders is cos they have always answered my questions on the thread and also through private message. They are my seniors in terms of trading and in life and always had great inputs for a new trader like me. And always mentioned that there is no one way to trade. I have marked some targets and why i feel the market is highly organised. Some say that formations and candle patterns don't work...well for me they are confluences after the 2 most important ingredients, RN and Time. For me these two work well. Time cos we need to know when the big players are entering the market, RN cos big banks and institutions target them. Confluences that help are candles, Pivots, Targets, PFH, PFL, Session Hs, Ls, Monthly, Weekly, Daily, Hs and Ls. The more the better. Do the analysis and trade. No Guarantees cos it can still go wrong and for that we have STOPLOSS. I was at my day job so didn't place any trade but it was so clear today on the GBP/JPY after about an hour into Tokyo open. I mostly look and this pair cos it has decent movement during Asia session. I also look at London session and may place a trade but NY session is way too late for me. I have a day job so the aim is to trade fulltime in future. I have marked targets on the chart and it was quite easy to bag atleast 15 pips an hour after the Tokyo session. Targets were known in advance. Its not this clear usually and if you don't see it just stay out. I have put some points on the chart, hope it is clear. Its what i have learned so far. Many ways to trade. Whatever works for you. Trade Well All.
Attached Image (click to enlarge)
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