Hi guys, have just joined, hoping to join the fx mentor thing in a couple of days,
55 yrs old, joiner all my life injured (knees) 2 years ago, and trying to reinvent myself.
To this end I have been reading as much as I can regarding the forex markets, I have bought lot's of indicators, done a number of courses, truly I have been obsessed spent lot's of hours in front of the monitors, I simply live and breath Forex, my thinking was become absolutely obsessed for a period of time then when your stable/consistent start getting your life back, it's been 18mths now, blown £500 and £1000 accounts, and I cant say consistency is my best pal.
Just coming back from hitting a brick wall, where every trade I placed was a frigging disaster , was doing ok before I bought yet another indicator, this ( I suspect ) knocked me of course.
Add the age factor / learning is a little more challenging I am finding.
I don't seem to have a system, what I mean is I have multiple systems,I don't know if this is a good thing or not.
Example
MT4 MacD, Stochastic, EMA 30 (cross & close confirm Macd), 50 (Trend Direction S/R), 100 (S/R), 200 (S/R).
I have 4 hr & 1hr charts, I use the 15min chart to enter, I use the dly fibs and wkly fibs on my 4 hr chart ( if it doesn't look to busy), I also use trend line if it brks and closes above below, and trade is with the trend then I'm in, if I am trying to find tops & bottoms, I use the fib strike method previous candle I subtract the low from the high, divide this with fib number = X then I either subtract or add X to the close, this way (in theory ) the market comes to me.
Divergence on the MacD hourly chart mostly I wait for the stochastic cycle to be either O/B or O/S, I enter,
Divergence on the stochastic confirms cycle low/high price has retraced to the 15MA trading with the trend, I'm in,
Price is at resistance/support wkly and dly fibs lines are very close creating a strong support or resistance, I use the fib strike method, I'm in
My stops are in the obvious place I can see, either previous high/low or above/below support/resistance lines, but hit often, what I find is that my stops are hit, then price moves in the direction I had traded for,
I use 2 lot's for every trade, 0.10 x 2 this way I like to take some profit, move the stop to brk even and see what happens, if price fall/rises more I move my stop into profit, I have difficulty in knowing where my exit's are, I have closed trades and then watch them go another 40pips +
Gear... I have 3 monitors, I also subscribe to Accu Strengh Currency Strength feed, I have forex factory / calendar and I have Talking Forex News, although the talk part is switched off.
All that crap, all the methods and yet consistency is like smoke in the wind, I can go through a period of doing well then it ends and I struggle, which makes me feel like looking for yet an other bloody indicator, my obvious faults are impatience, waiting for the stochastic cycle is like pulling teeth.
Forums, I think this one might be different ( I hope so) the BS filters you need when reading anything from them, they mean well, but there is just to much crap out there, and I feel I have read most of it.
Any advice would be sincerely appreciated
Hello Magician.
A warm welcome to the forum.
I think choosing this forum is the best place if someone wants to learn how to trade.
We have the same age and more or less going through the same path. I can exactly understand what you are talking about, except that I have 4 screens instead of 3 (lol).
I will start next week my new adventure that you might like.
I started about 1 month ago trading without any indicators.
Just support and resistance lines and some simple principles.
I use short timeframes. The setup is done on the 30 min and the trades on the 5 min.
The key is to find something that you trust and that makes you feel comfortable. Pierre's ES is excellent but I do not like having open trades when I sleep. I also like to trade 1 or 2 pairs. 10 pips a day is enough if we are consistent. Or maybe 50 pips a week. If done on Monday then we could just make some more during the rest of the week with reduced risk but increased focus.
So stay tunned and we are going to have a nice journey.
Hi Capsmart, great to hear from you, I think we mature guys are in the minority when it come to Trading, haven't read that anywhere but just a feeling.
I have thought many a time going into 5 mins 15 min charts, initially that was the reason I subscribed to the Accu Strength Currency Feed, however after a few weeks at trading, felt that it wasn't for me, but I look forward to your updates.
I bought a course from John Templeton “Trading in the Buff” for the price it was very helpful, what I cant get my head around is when to enter, ok trend line simply enter when it breaks, closes, your in then it shoots right back up, out of frustration you check the Stochs to find there pointing the opposite direction, how do you get round this ?
Again it's good to know there is a more mature set out there
Hi Sanfo.
Why do we need fundamental analysis for any pair? Price action is enough.
If all central banks decide to put trillions of dollars in the market, if I am lucky and have a trade in this direction I will make a profit, if not it is going to be a 15 pip loss.
But watch today's chart and compare it to yesterday's.
The high of the day yesterday was at 1.3520 and surprise, surprise price today before NFP got that far and stopped.
Of course if went up to 1.3540 to sweep the stop losses before coming down. The NFP (fundamental info) was as expected and now price is nicely retracing to the next support area around 1.3450.
Hello Magician,
Sorry I answered Sanfo and I did not see your post.
Stay tunned and there is a lot of interesting things coming.
All indicators are based on history.
There are two types of indicators. The first is a moving average type and we wait till enough strength is accumulated and hope that it will continue.
The other type are oscillators and we just hope that when they will go to overbought or oversold area they will indicate an entry.
Then we start adding filters and exceptions to the rules ignoring that in reality there are people taking trading decisions.
Since so many people base their trades on indicators they cannot be ignored, so we are going to have a look at them from time to time.
And for Sanfo you noticed that price has moved well beyond the area I suggested.
Yes Gary it is going to be in my corner.
This is actually an adventure I am starting, so do not expect a teacher.
It is not exactly a system but an approach that I am currently implementing (soon to learn more about it).
As I said I have been doing this for a month so even if it is a profitable month it is not a proof that it works.
you cant go wrong with forex mentor pro. read all the educational stuff a couple of times and you will see the changes for the better. I was losing exactly as you have till I joined. I dont buy indicators etc( dont think you need them) and have only one monitor () but I am in profit for the first time in over a year.
I am not a member at the moment as loss of job/income meant something had to go but I will certainly rejoin when things get better.
best of luck
John
Hi Munnyman, losing your job is a B*st*$D, I hope things pick up, thanx for the heads up regarding Fx mentor Pro, it's good to get some feed back from those who have done it, no more daft indicators,
Hi Gary,
your welcome, I know what its like. Every trade goes opp direction to the way you want it. I am on a micro account at the moment and got more wins than losses all down to good system and money management.
Lots of good advice on this forum also I have a look in every day.
best of luck.
John
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Greetings and Salutations
my thinking was become absolutely obsessed for a period of time then when your stable/consistent start getting your life back, it's been 18mths now, blown £500 and £1000 accounts, and I cant say consistency is my best pal.
, was doing ok before I bought yet another indicator, this ( I suspect ) knocked me of course.
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