GeomgiusMilan
01-10-2016 14:05, 02:05 PM
Lets do so.
My initial live commerce was a fifty percent draw-down but that was a really long time ago today. I received into forex after reading an online advertisement, sold on the get rich quick thing. I didnt understand how hard is was likely to be and although my very first trade was a devastating loss I had been hooked. I remember I didn't even understand exactly what a chart was. I hadn't even conceived of its existence. I went studying full of trial and error and studying and studying. I tried it all. You name it I tried it and every-time I had a loosing week that I became increasingly obsessed with this game. I remember id be analyzing charts when I'd wake up to feed my daughter when she was born. Just a borderline unhealthy obsession that led me to where I am today. I'd spend as much time analyzing charts I would have dre about it. Finding out how to commerce and becoming a great at trading requires a complete lifestyle change. Find the time in your day to devote exclusively to charts and research. I suggest at least a minimum of two hours a day at least.
Some people dont understand the immense quantity of knowledge you want to absorb not to mention the degree of instinct you must develop to achieve success. With an alleged failure rate of 95% this is a challenging thing to do and takes a lot of perseverance and dediion. I can inform you that in the event that you keep at it one day youll just get it. Just like a punch in the face, itl hit you and youunderstand what. Youll start making pips and not return.
Produce a trading pattern. Create a schedule and stick with it like you will drop dead if you dont. Dont give up or curse the gods because you shed some pips. Everybody, whatever your skill will loose pips sometimes. Theres no quick and easy method to learn this but your only going to genuinely learn that from trial and error. Theres no holy grail each state. If there was a holy grail its called the net and everything you need to know about technical analysis is right online for free. I never paid for something. Everything I know about trading was found online. Dont waste your money. Theres no system out there you may purchase that you can upload into your MT4 that will make you a millionaire per month or even per year or whatsoever. Why? Because you cant expertise and app intuition . This isnt to say that a transaction cant be handled by a computer software. If there was a method to fully automate transactions and create sound pips as you sleep your not likely to find it for sale publicly online and it could be extremely pricey. You could not put a price on something that would make you infinite amounts of money.
So here we are fourteen years since I started with all these charts, technical s and fundamentals. Emotion vs logic and so forth, I find myself back here needing to discuss one last go and help people. People that really wish to learn the universality of great technical analysis. Also the best way to separate emotion from logic and form subject. With great time management, discipline, drive and following apparently simple rules you'll have success. If you do not have success, work harder. I don't have any agenda except to pass on some of the things that I've learnt.
Im not going to call this a trading system because its a way of doing things although it is somewhat orderly. Im just going to post my thoughts and reveal how I handle the market from time to moment whilst detailing my thought procedure. Some basic knowledge is required to understand how I transaction. Please make sure you understand support and resistance, drawing trend lines, moving averages and candlestick chart patterns. The core of everything you will find here can be used on any market producing enough volume to have the ability to trend on a short to medium term basis using a one hour chart framework. Below is all of my expertise put into simplicity. It works really well in the event that you don't alter anything. For me, this how its done. I'm going to show you exactly what I call defensive trading. The very first thing I consider is where things could go wrong. By trading defensively and having a specific method of doing things you'll have success in the long run. If your technical trading is strong its nearly impossible to fail if you don't get greedy. This is not some system that tells you to buy/sell blindly because the indior turned red or green. When you make a trade you will understand why your earning it and be conscious of your transactions negative and positive outcomes and possess a reaction plan in case that your trade starts working against you personally. However most transactions are profitable and losses aren't dreadful because of proper risk reward and confidence because of making logical decisions. My style of trading is particularly beneficial in a ranging market that's normally as a result of price actions inability to violate a support or resistance line. I find with positive control at a ranging market creates a certain level of assurance.
Here is the rules that I follow
-Never risk greater than one percentage
-Never mix logic and emotion. Emotion has no place in gambling. Emotion is your enemy and at the trading world its duality is logic.
Logic is your friend. If your about to make a trade based a fantastic feeling, stand up and run away from your computer.
-Ratio of risk to reward is 1:3 minimal and also predied on market performance and likelyhoods based on market expertise. By way of example, if the tendency is obviously reversing then close your commerce because hope is not likely to stop the market from eating you alive.
-that I only trade the one hour chart because the way I exchange is tailored to it and it satisfies the risk and reward ratios. I Also, I will watch up to ten charts at a time because of this one hour increments, thus insuring every chart gets the attention it requires. Previous I chased by the five minute chart but as matters eventually evolved further I found myself drawn closer and closer into the one hour chart due mainly to larger profits and reduced risk. Using a time frame like one hour makes it possible for the time to watch several charts appropriately. By not rushing your earning sound sensible decisions with multiple setups on different charts letting you spread your risk or pick the best possible trade from your many charts.
-Always await the candle to close before you open your own position.
-Don't assume things because the market will run you over. Decisions are based on logic only.
I spend as much time as possible viewing charts and awaiting setups .Instead of chasing trades im already there waiting for them to happen Like a sniper in the shadow. When the markets are available I sleep in the least five to six hours a day and make most of my transactions in the London open into the New York close. I nearly always have a open commerce. If you want it bad enough you will put at the time and nothing will stand in your way. When you get good in trading any market becomes a sort of production line manufacturing pips at a constant and continuous manner. Just how much money you could have is all dependent on your efforts. Start small and learn. As you get better you create more and more pips. When you get good at trading you will know it. It can be felt by you. You understand this is it. Then all of a sudden there is no limits and you wish to spend all day and all night on the charts. Its like some extreme romance and you cant get sufficient as you understand to yourself that all you want to do is keep doing what your doing. It feels like the very first time you got on your bike without training wheels and before you began to rotate the peddles you just knew that this time you got this and that was it. After that moment, you were free.
Trading Specs
-commerce station is MT4
-that I exchange at the NY time zone
-Anything on a one hour chart
In your chart
-24 WMA (yellow) hl/2
-24 SMA (red) hl/2
-Some trend lines
All transactions are dependent on the price action and technicals data in the chart your looking at. I exchange bounces of major tendencies lines and increase my position on conclusion of retracements indied by the price action and stature of both moving averages. Trade direction is dependent on the side the yellow WMA is on compared to the position of the of this red SMA. Consequently, if the WMA is below the SMA, I am searching for bearish trend continuations (a finished retracement that has made a lower low) and when the WMA is above the SMA then I am searching for bullish trend continuations (a finished retracement that has made a higher high. I do not trade breakouts. Instead I wait for a retracement then a continuation to validate the trend and build on my position based on retracement then continuation ect only as long as the trend is sufficiently strong. Nearly every trade should move in your direction nearly immediately or over the first fifteen minutes. Before I open a commerce im looking at exactly what could happen and where will the price rise or fall into if the transaction does not work in my favour. I think to myself what I have to loose although its only one percent. If a trade does not have the capacity to return three times the risk with no breakout I will likely sit on the sidelines because its not worth it. I'd rather watch from the sideline, await the break out and the take a position on the trend continuation.
The Installation
-Zoom all the way out on a fresh 1h chart with only the two MA's plotted on your chart
-Draw one support trend line connecting the two most obvious lowest points
-Draw one resistance trend line connecting the two most obvious greatest points
-zoom in on your chart
This gives you the medium term support and resistance trend lines. Now your moving to plot your short-term trend lines to determine the short-term trend. When that is completed you Have your basic chart setup. You should be adjusting these trend lines as support and resistance modifiion for every chart your viewing. For demonion purposes I've prepared the 1h Eur/Usd chart for this coming week. Look below for your instance. Once you have the basic setup your prepared to begin searching for trades outcomes. Having all the outcomes that are probable figured beforehand lets you be prepared. Please don't hesitate to post your charts in the event that you'd like so long as they're in the format listed above so thats its easier to follow together.
Https://www.nigeriaforextrading.com/attachments/1518234888.jpg
https://www.nigeriaforextrading.com/attachments/1518234891.jpg
https://www.nigeriaforextrading.com/attachments/1518234893.jpg
And here is a Fast overview of last week plus a range of potential for the start of this coming week around the EUR/USD
https://www.nigeriaforextrading.com/attachments/1518234896.jpg
So let us start.
FJ
My initial live commerce was a fifty percent draw-down but that was a really long time ago today. I received into forex after reading an online advertisement, sold on the get rich quick thing. I didnt understand how hard is was likely to be and although my very first trade was a devastating loss I had been hooked. I remember I didn't even understand exactly what a chart was. I hadn't even conceived of its existence. I went studying full of trial and error and studying and studying. I tried it all. You name it I tried it and every-time I had a loosing week that I became increasingly obsessed with this game. I remember id be analyzing charts when I'd wake up to feed my daughter when she was born. Just a borderline unhealthy obsession that led me to where I am today. I'd spend as much time analyzing charts I would have dre about it. Finding out how to commerce and becoming a great at trading requires a complete lifestyle change. Find the time in your day to devote exclusively to charts and research. I suggest at least a minimum of two hours a day at least.
Some people dont understand the immense quantity of knowledge you want to absorb not to mention the degree of instinct you must develop to achieve success. With an alleged failure rate of 95% this is a challenging thing to do and takes a lot of perseverance and dediion. I can inform you that in the event that you keep at it one day youll just get it. Just like a punch in the face, itl hit you and youunderstand what. Youll start making pips and not return.
Produce a trading pattern. Create a schedule and stick with it like you will drop dead if you dont. Dont give up or curse the gods because you shed some pips. Everybody, whatever your skill will loose pips sometimes. Theres no quick and easy method to learn this but your only going to genuinely learn that from trial and error. Theres no holy grail each state. If there was a holy grail its called the net and everything you need to know about technical analysis is right online for free. I never paid for something. Everything I know about trading was found online. Dont waste your money. Theres no system out there you may purchase that you can upload into your MT4 that will make you a millionaire per month or even per year or whatsoever. Why? Because you cant expertise and app intuition . This isnt to say that a transaction cant be handled by a computer software. If there was a method to fully automate transactions and create sound pips as you sleep your not likely to find it for sale publicly online and it could be extremely pricey. You could not put a price on something that would make you infinite amounts of money.
So here we are fourteen years since I started with all these charts, technical s and fundamentals. Emotion vs logic and so forth, I find myself back here needing to discuss one last go and help people. People that really wish to learn the universality of great technical analysis. Also the best way to separate emotion from logic and form subject. With great time management, discipline, drive and following apparently simple rules you'll have success. If you do not have success, work harder. I don't have any agenda except to pass on some of the things that I've learnt.
Im not going to call this a trading system because its a way of doing things although it is somewhat orderly. Im just going to post my thoughts and reveal how I handle the market from time to moment whilst detailing my thought procedure. Some basic knowledge is required to understand how I transaction. Please make sure you understand support and resistance, drawing trend lines, moving averages and candlestick chart patterns. The core of everything you will find here can be used on any market producing enough volume to have the ability to trend on a short to medium term basis using a one hour chart framework. Below is all of my expertise put into simplicity. It works really well in the event that you don't alter anything. For me, this how its done. I'm going to show you exactly what I call defensive trading. The very first thing I consider is where things could go wrong. By trading defensively and having a specific method of doing things you'll have success in the long run. If your technical trading is strong its nearly impossible to fail if you don't get greedy. This is not some system that tells you to buy/sell blindly because the indior turned red or green. When you make a trade you will understand why your earning it and be conscious of your transactions negative and positive outcomes and possess a reaction plan in case that your trade starts working against you personally. However most transactions are profitable and losses aren't dreadful because of proper risk reward and confidence because of making logical decisions. My style of trading is particularly beneficial in a ranging market that's normally as a result of price actions inability to violate a support or resistance line. I find with positive control at a ranging market creates a certain level of assurance.
Here is the rules that I follow
-Never risk greater than one percentage
-Never mix logic and emotion. Emotion has no place in gambling. Emotion is your enemy and at the trading world its duality is logic.
Logic is your friend. If your about to make a trade based a fantastic feeling, stand up and run away from your computer.
-Ratio of risk to reward is 1:3 minimal and also predied on market performance and likelyhoods based on market expertise. By way of example, if the tendency is obviously reversing then close your commerce because hope is not likely to stop the market from eating you alive.
-that I only trade the one hour chart because the way I exchange is tailored to it and it satisfies the risk and reward ratios. I Also, I will watch up to ten charts at a time because of this one hour increments, thus insuring every chart gets the attention it requires. Previous I chased by the five minute chart but as matters eventually evolved further I found myself drawn closer and closer into the one hour chart due mainly to larger profits and reduced risk. Using a time frame like one hour makes it possible for the time to watch several charts appropriately. By not rushing your earning sound sensible decisions with multiple setups on different charts letting you spread your risk or pick the best possible trade from your many charts.
-Always await the candle to close before you open your own position.
-Don't assume things because the market will run you over. Decisions are based on logic only.
I spend as much time as possible viewing charts and awaiting setups .Instead of chasing trades im already there waiting for them to happen Like a sniper in the shadow. When the markets are available I sleep in the least five to six hours a day and make most of my transactions in the London open into the New York close. I nearly always have a open commerce. If you want it bad enough you will put at the time and nothing will stand in your way. When you get good in trading any market becomes a sort of production line manufacturing pips at a constant and continuous manner. Just how much money you could have is all dependent on your efforts. Start small and learn. As you get better you create more and more pips. When you get good at trading you will know it. It can be felt by you. You understand this is it. Then all of a sudden there is no limits and you wish to spend all day and all night on the charts. Its like some extreme romance and you cant get sufficient as you understand to yourself that all you want to do is keep doing what your doing. It feels like the very first time you got on your bike without training wheels and before you began to rotate the peddles you just knew that this time you got this and that was it. After that moment, you were free.
Trading Specs
-commerce station is MT4
-that I exchange at the NY time zone
-Anything on a one hour chart
In your chart
-24 WMA (yellow) hl/2
-24 SMA (red) hl/2
-Some trend lines
All transactions are dependent on the price action and technicals data in the chart your looking at. I exchange bounces of major tendencies lines and increase my position on conclusion of retracements indied by the price action and stature of both moving averages. Trade direction is dependent on the side the yellow WMA is on compared to the position of the of this red SMA. Consequently, if the WMA is below the SMA, I am searching for bearish trend continuations (a finished retracement that has made a lower low) and when the WMA is above the SMA then I am searching for bullish trend continuations (a finished retracement that has made a higher high. I do not trade breakouts. Instead I wait for a retracement then a continuation to validate the trend and build on my position based on retracement then continuation ect only as long as the trend is sufficiently strong. Nearly every trade should move in your direction nearly immediately or over the first fifteen minutes. Before I open a commerce im looking at exactly what could happen and where will the price rise or fall into if the transaction does not work in my favour. I think to myself what I have to loose although its only one percent. If a trade does not have the capacity to return three times the risk with no breakout I will likely sit on the sidelines because its not worth it. I'd rather watch from the sideline, await the break out and the take a position on the trend continuation.
The Installation
-Zoom all the way out on a fresh 1h chart with only the two MA's plotted on your chart
-Draw one support trend line connecting the two most obvious lowest points
-Draw one resistance trend line connecting the two most obvious greatest points
-zoom in on your chart
This gives you the medium term support and resistance trend lines. Now your moving to plot your short-term trend lines to determine the short-term trend. When that is completed you Have your basic chart setup. You should be adjusting these trend lines as support and resistance modifiion for every chart your viewing. For demonion purposes I've prepared the 1h Eur/Usd chart for this coming week. Look below for your instance. Once you have the basic setup your prepared to begin searching for trades outcomes. Having all the outcomes that are probable figured beforehand lets you be prepared. Please don't hesitate to post your charts in the event that you'd like so long as they're in the format listed above so thats its easier to follow together.
Https://www.nigeriaforextrading.com/attachments/1518234888.jpg
https://www.nigeriaforextrading.com/attachments/1518234891.jpg
https://www.nigeriaforextrading.com/attachments/1518234893.jpg
And here is a Fast overview of last week plus a range of potential for the start of this coming week around the EUR/USD
https://www.nigeriaforextrading.com/attachments/1518234896.jpg
So let us start.
FJ