Trading since 2001. About the balance between fear and greed. Humility and arrogance. Patience is key.
#GBPUSD
10-15 pips a day Do your own Analysis.
@hedgedash
All your trades should end in one of four ways:
1. A small win
2. A big win
3. A small loss
4. Break even
You should never experience a big loss. If you can get rid of big losses, you have a great chance of being profitable for years to come.
@SJosephBurns
posted this
Best thing about trading is that it humbles you. It teaches you that it’s ok to make mistakes. It’s part of the learning process. All you have to do is show up each day and keep smiling. Then one day you will say. I got this. 🙂💤💤
Fx trading goes something like this.
How hard can it be. Buy if it’s going up. Sell if it’s going down. 🙂
When that fails 99% of people go on an endless search for the perfect system that doesn’t exist. 🙂
Those who make it simply use a simple system and control risk 🙂
Just keep trading on a demo or very small. Don’t trade with real money if you are continuously losing. Learn to identify levels. Then one day it will all come together. Never Give Up. 🙂
Statistically going back 5 years the next 3 hours is the best time to scalp
#EURUSD
in my opinion. The 2nd best time is 2am to 5am NYT.
Realising this years ago helped me to stop over trading and focus on the times that count. Hope it helps someone. 🙂
Taking a few months off to travel. Haven’t done it for years. If you are serious about learning to trade talk to
@timkirkfx
or
@waltervannelli
My 2 cents worth is just study price action during 2am to 5am and 7am to 9 am. NEW YORK TIME. That’s where the action is. Good luck. 🙂
All your trades should end in one of 4 ways.
A small win.
A big win.
A small loss.
You should never experience a big loss.
If you do the above you will eventually become a professional trader. 🙂
For a long time now my only interest has been
#XAUUSD
. So I am only going to post about Gold from now on. I have also found I can make good pips on it in Asia which suits me. Trading is the best biz there is. 🙂🍻🍻
When I started trading fx in about 2001 I was a big fan of Richard Donchian the father of trend following. So I still do it but on a one minute chart at specific times. No big deal. No analysis required. Just need momentum. Hence the 7-9 New York time slot.
There is no holy grail. If there is it is the ability to focus your mind on a simple system that you can repeat day after day. Win some lose some. But stop searching for the perfect system. It doesn’t exist. There are analysts and traders. The later make the money. 🙂
My opinion only to save yourself a lot of time and money.
Buy or sell around daily central pivot. Wait for the market to come to you. Don’t chase it. If you are wrong get out and add if you are right.
There is no magic bullet but the one fact that will kill your account is over leveraging and over trading.
Traders go on tilt because they don’t have a plan. So they are at the mercy of their emotions.
Keep your leverage low and relax.
It’s a marathon not a sprint. 🙂
The Average true range on the eurusd on daily is 108 pips. As a trader we only have to get 20 of those pips each day to make a good living. It’s all about the time of day you trade not about endless hours of analysis. That’s why it’s called trading not analysing. Keep it simple.
There is a huge difference between an analyst and a trader. Traders have the ability to make money on any given day while analysts make predictions on what may happen. Be a trader. 🙂
Why stare at the screen like a demented person.When if you trade at the right time. When there is obvious momentum. You can be done and dusted in an hour. I continuously remind myself of this fact. No analysis required. 🙂☕️☕️
Confidence is important. It is so important you don’t trade real funds until you know what you are doing. Otherwise you do damage to yourself and those around you. We are gamblers folks. Don’t pretend otherwise.
The main reason I only look for shorts is obviously the euro is in a major downtrend but also it makes me focus on a particular set up and also cuts down on the number of trades I take and when I look for trades. My aim is to be in the market for minimum time for maximum results
This business is 90% mental attitude. Everything in your life will show up in your trading. Use a demo or micro account until you get yourself sorted out. The market is the best teacher but it takes time.
The market is the best teacher. You can hear and read countless times that trading less is more. But until you stop staring at the screen looking for trades that aren’t there nothing will change. One day you will just stop have an epiphany of sorts and start trading sensibly.
#EURUSD
Pivots to help you identity levels. Plus best times for action is European and New York Opens. Nothings perfect. Just a guide. Relax. Just know your levels and when to expect good moves. Don’t go out in the water if there are no waves 🏄♀️🏄🏿🏄♂️Waste of time. Use alarms.
The best teacher is the market. Just watch how the one minute and 5 minute charts move between 2am to 5am & 7am to 9am NEW YORK time. Just look for a 20 pip run.
Make no mistake about it. Fx trading is a casino designed to take all of your money if you don’t take the time to learn an EDGE and execute it professionally.
I didn’t take buy signal because my bias was short. Really stupid mistake. All one has to do is follow price. TRADE WHAT YOU SEE. NOT WHAT YOU THINK. 💤💤Back Monday. Late here.
You must be confident to trade well. So if you are not. Stop trading real money. Go to demo. Work out a plan and stick to it. Doing that will give you confidence to try again. Winning is a mindset. It is a serious business. Treat it as such.
Between 2am and 5am which is now is a great time to trade. Usually good momentum and quick pips. Not for feint hearted. You must know what you are doing.
Trading is like surfing. Some days are great. Some are not. But you have to know when it’s worth paddling out and then be-able to put yourself in the best position to catch a few good waves and know when to get off. 🙂
Warning if you scalp the lower timeframes. 1 or 5 minutes your stop must be a max of 10 pips trailing. That is why you must only trade when MOMENTUM is clearly apparent on the screen. Therefore at specified hours. Keep it simple.
The hardest thing to do when you start trading is pick one simple strategy that works and stick to it. The reason why most people fail is that they are on an end less quest to find the perfect system. It doesn’t exist. There in lies the cause of continuing failure. 🙂☕️
London opens at 6.30pm my time. So over the years I have learnt to scalp the London open. I have found it more profitable to pick up 20 pips or so and walk away. Also if I get it wrong I also walk away as there is always tomorrow. Less screen time = Better life 🙂🍻
If you want to overcome (over trading),(monkey mind), (Tilt).🙂Just understand there are only a few hours each day that are worth trading. Those hours are in my opinion after 22 years (2am - 5am)and (7am - 9am)NEW YORK time. Study those hours. It is obvious.
I trade like I do at European open because I only want to be on screen 2-3 hours max a day. Rather gets 10- 20 pips a day quickly and be done with it. 🍻🍻
Todays move was unusual. ATR on daily
#eurusd
it is currently about 108 pips. A trader/Scalper only needs 15 to 20 pips a day. I don’t chase big moves. Used to trade 2am to 5am NEW YORK time but find 7am to 9am is better now. Just follow price. The market is the best teacher.
#EURUSD
I am travelling next couple of weeks. So will only post if analysis changes. Try to buy or sell as close to pivot as possible. Use stops. 🙂If you are not making pips go to demo.
The best thing about watching
@waltervannelli
trade over the years is that he doesn’t care if his entry price isn’t perfect. He just gets on with it and manages trade. 🙂
I have been trading fx for 20 years now. 10 years full time. Spent 20 years in my own successful Real Estate Business. Everything is about risk reward and leverage. If you can’t set stops in a sensible manner with sensible leverage you will do damage to your account and yourself.