learned something,in scalping trade doesn't enter the next day. take what the market gives at the same day and run along.
still on scalping things,looking to buy nzdusd off the 30mins tf for a quick 50pips risking only 10pips.

JLINE:

meanwhile keep in mind that eu daily is currently sitting at the norm...screaming sell too. i will let the bulls and the bears decide which side we ride,then will follow. think i still have a buy here i took off the 4hr tf 10 trading days ago.

buy closed,eu respecting the daily norm...a sweet 500+ pips to be made here. missed my first entry,will wait out a re-test.

JLINE:
learned something,in scalping trade doesn't enter the next day. take what the market gives at the same day and run along.
still on scalping things,looking to buy nzdusd off the 30mins tf for a quick 50pips risking only 10pips.

Scalp is per session
Day trading per day

The market always teaches something new all over again.

Cheers!!

Feshizzy:


Scalp is per session
Day trading per day

The market always teaches something new all over again.

Cheers!!

yes bro

JLINE:
learned something,in scalping trade doesn't enter the next day. take what the market gives at the same day and run along.
still on scalping things,looking to buy nzdusd off the 30mins tf for a quick 50pips risking only 10pips.

just bought with 10pips stop...trade at traders risk,might want to consider higher stop cos of broker differences like around 15pips(use this,its safer for you) and 49pips tp instead of the 50pips...spread and other things join,just to be safe.

just saw cad news coming up...going to check cad pairs,let me try news its been a while though.

JLINE:
just saw cad news coming up...going to check cad pairs,let me try news its been a while though.

from my chart cad news will come out negative most probably...buying uc now will give me 150pips but waiting for those mofus to push it down a little for more profit before entry. still have like 3 hours before news,will keep track of my chart.
meanwhile nzdusd has moved just around 8pips +,no need to move stop to b.e you might get stop out. i have 2 positions,one position for 1/2 target and the other for the full target.

ipledge01:


Thanks for this. Price seems to always shy away from those fib lines, have you tried it with binary?

btw are you gatorinle?

bro,thanks for this...went back on lower tfs and started working it on binary,3wins and 1loss so far and i know the reason for the loss. maybe after one month of testing,will finally know if i will walk that lane again.
Thanks again.

JLINE:

from my chart cad news will come out negative most probably...buying uc now will give me 150pips but waiting for those mofus to push it down a little for more profit before entry. still have like 3 hours before news,will keep track of my chart.
meanwhile nzdusd has moved just around 8pips +,no need to move stop to b.e you might get stop out. i have 2 positions,one position for 1/2 target and the other for the full target.

won't be trading the news jare...but would have bought usdcad and audcad now with minimum 100pips stop each and tp will be just after news.
will watch from sideline,not ready for anything funny taking a break.
EDIT:still bought,my guts...hope i don't regret this. out now,stop will determine. usdcad tp is 150pips and audcad tp is 300pips

Brethren, I greet you all. Please I have a problem of fear in this business. Most times when I place a trade and it goes in the direction I want I will be ecstatic (who doesn't feel that way) but when I notice a two or three candle retracement I quickly jump off the trade (at reduced profit or sometimes at nothing) only for the market to continue going in my previous direction. That's the only problem I have been battling with since I started trading last year. I don't panic when a trade starts going against me or hits my SL immediately I placed it though. I can comfortably and confidently say that I don't over-leverage or trade any more since late last year. My problem is not being able to see my trade through once there's a retracement. Are there any solutions, hints, tips or rules to follow.

zenith7:
Brethren, I greet you all. Please I have a problem of fear in this business. Most times when I place a trade and it goes in the direction I want I will be ecstatic (who doesn't feel that way) but when I notice a two or three candle retracement I quickly jump off the trade (at reduced profit or sometimes at nothing) only for the market to continue going in my previous direction. That's the only problem I have been battling with since I started trading last year. I don't panic when a trade starts going against me or hits my SL immediately I placed it though. I can comfortably and confidently say that I don't over-leverage or trade any more since late last year. My problem is not being able to see my trade through once there's a retracement. Are there any solutions, hints, tips or rules to follow.

You say you are not over leveraging your account but you are. Your problem is a common problem. You are still trading with funds you cannot afford to lose. When you start trading with money you can afford to lose, fear will disappear.

zenith7:
Brethren, I greet you all. Please I have a problem of fear in this business.
My problem is not being able to see my trade through once there's a retracement. Are there any solutions, hints, tips or rules to follow.

Dear Mate,
My Oga at the top has mentioned the very important factor. Fear!!
To master the trade you must first master yourself and overcoming fear.
You need have more screen time,
Keep testing your strategies and taking notes.
You are already flowing through the system, also allow the system flow in you.
Well, do you mind sharing a chart of the trade you took?
To help analysis and state a few adjustments.

BTW, it's happens to everyone, but a few has manage to see through the deception of the market/ fake outs.

Cheers!!

What is happening with the GBP pairs is one of the reasons, if you are a swing trader, to understand the difference between a retracement and an actual trend. Not knowing the difference will burn you terribly. If you are a trend trader, it doesn't matter the difference.

JAkpayen:

Where have you been? Really miss you. Are you out of battle field now

My bro, i was in Afghanistan ooo. Just got back. How trading?

JLINE:

from my chart cad news will come out negative most probably...buying uc now will give me 150pips but waiting for those mofus to push it down a little for more profit before entry. still have like 3 hours before news,will keep track of my chart.
meanwhile nzdusd has moved just around 8pips +,no need to move stop to b.e you might get stop out. i have 2 positions,one position for 1/2 target and the other for the full target.

cad news came out negative and some others were unchaged...trades in positive.
gbpnzd following wella,2nd buy position to be initiated when price comes back to close above the marked x line AT .79681

usdcad has a valid .29813 move to do...by then maybe the sellers will run the show but for the now,already in buy till that level.

JLINE:
usdcad has a valid .29813 move to do...by then maybe the sellers will run the show but for the now,already in buy till that level.

audcad has a valid .9941 norm move to do.

oil finally topped...46.57 most probable next move point to initiate a 2nd position.

JLINE:

gbpnzd following wella,2nd buy position to be initiated when price comes back to close above the marked x line AT .79681

lower mofu line held...criteria are creating,just the above remaining.

JAkpayen:

Trading is not fun like before. The house don scatter and everyone's gone solo. When you go come fight BH? Avengers don cripple the economy too!

Lol...sorry to hear that. I got a taste of the mood in the house myself. Wetin we go do? They will weed themselves out the thread eventually. It always happens. And on the issue of ND Avengers, i hope we come oooo.

JLINE:

gbpnzd following wella,2nd buy position to be initiated when price comes back to close above the marked x line AT .79681
lower mofu line held...criteria are creating,just the above remaining.

2nd position triggered...up 13+ ...LIFE IS A CHOICE,TRADING IS FUN.

You sure the buyers still stand a chance??

JLINE:

2nd position triggered...up 13+ ...LIFE IS A CHOICE,TRADING IS FUN.

jorel1:
You sure the buyers still stand a chance??

bro don't really know,just doing what my chart is telling me...though so far hh and hl are creating on lower tfs too,which will reflect on higher tfs later on by days or weeks but by then price might have gone far too but if this buy works out i should be up around 450+ on the 2 positions by friday next week.

Good Day Mate,
Here is my Friday Trade,
I must confess the battle was a bit very rough,
Arewa Boys bin no wan gree o, but there's no party like the Lagos Party
Lagos Boys Held it down literally,

NZDUSD 2 trades = +59 pips



GPBUSD 4 trades = +214 pips



Total Pips +273 pips

To My Bosses still in the market, I hail oo! keep bringing the pips back home
Happy Pipping,

Regards,
EF

JLINE:

bro,thanks for this...went back on lower tfs and started working it on binary,3wins and 1loss so far and i know the reason for the loss. maybe after one month of testing,will finally know if i will walk that lane again.
Thanks again.

You're welcome Boss, glad you're working out something.

Feshizzy:


Dear Mate,
My Oga at the top has mentioned the very important factor. Fear!!
To master the trade you must first master yourself and overcoming fear.
You need have more screen time,
Keep testing your strategies and taking notes.
You are already flowing through the system, also allow the system flow in you.
Well, do you mind sharing a chart of the trade you took?
To help analysis and state a few adjustments.

BTW, it's happens to everyone, but a few has manage to see through the deception of the market/ fake outs.

Cheers!!

I placed my trades at the levels marked with the check sign with my TP at the levels marked with the stop sign but I exited at the thumb down levels.

jorel1:
GBPJPY , Have a feeling the Asians are coming to send prices higher , In asmuch as they lack power to breakout brexit low I dont see any strong economic data this week to send prices lower for a breakout .. I was foresaw a bullish week The Americans already gave the signal.
about 450 pips more room higher to complete the average weekly range ..take advantage of it
If price crosses #130.45 below , then selling continues for the week
ofcourse except tomorrows FOMC minutes triggers an unexpected surprise ..
INFO for those itching to buy this pair

Didn't get the 450 pips+ I dreamt off , weekly closing price approximately equals opening price of the week ,which is a strong reversal sign for candle stick believers coupled with the fact its forming on a Brexit low a significant support area + technically a double bottom on that low as well..
As long as #130.018 doesn't get breached , buying continues ... depending on outcome of BOJ Governors speech come Tuesday , I expect a long bullish weekly candle next week ..
The trend remains downside anyway hence buying with caution. #130.018 is sell trigger , which would change dynamically as price moves.

its difficult to scalp... i try taking trades off lower tfs just to catch some few pips and it turns out to be a long swing trade maybe a few that just do a quickie.

#copied

The 5 Steps to becoming a trader

Step One: Unconscious Incompetence.

This is the first step you take when starting to look into trading. you know that its a good way of making money because you've heard so many things about it and heard of so many millionaires. Unfortunately, just like when you first desire to drive a car you think it will be easy - after all, how hard can it be? Price either moves up or down - what's the big secret to that then - lets get cracking!

Unfortunately, just as when you first take your place in front of a steering wheel you find very quickly that you haven't got the first clue about what you're trying to do. You take lots of trades and lots of risks. When you enter a trade it turns against you so you reverse and it turns again .. and again, and again.


You may have initial success, and thats even worse - cos it tells your brain that this really is simple and you start to risk more money.


You try to turn around your losses by doubling up every time you trade. Sometimes you'll get away with it but more often than not you will come away scathed and bruised You are totally oblivious to your incompetence at trading.

This step can last for a week or two of trading but the market is usually swift and you move onth the next stage.

Step Two - Conscious Incompetence

Step two is where you realise that there is more work involved in trading and that you might actually have to work a few things out. You consciously realise that you are an incompetent trader - you don't have the skills or the insight to turn a regular profit.

You now set about buying systems and e-books galore, read websites based everywhere from USA to the Ukraine. and begin your search for the holy grail. During this time you will be a system nomad - you will flick from method to method day by day and week by week never sticking with one long enough to actually see if it does work. Every time you come upon a new indicator you'll be ecstatic that this is the one that will make all the difference.

You will test out automated systems on Metatrader, you'll play with moving averages, Fibonacci lines, support & resistance, Pivots, Fractals, Divergence, DMI, ADX, and a hundred other things all in the vein hope that your 'magic system' starts today. You'll be a top and bottom picker, trying to find the exact point of reversal with your indicators and you'll find yourself chasing losing trades and even adding to them because you are so sure you are right.

You'll go into the live chat room and see other traders making pips and you want to know why it's not you - you'll ask a million questions, some of which are so dumb that looking back you feel a bit silly. You'll then reach the point where you think all the ones who are calling pips after pips are liars - they cant be making that amount because you've studied and you don't make that, you know as much as they do and they must be lying. But they're in there day after day and their account just grows whilst yours falls.

You will be like a teenager - the traders that make money will freely give you advice but you're stubborn and think that you know best - you take no notice and overtrade your account even though everyone says you are mad to - but you know better. You'll consider following the calls that others make but even then it wont work so you try paying for signals from someone else - they don't work for you either.


You might even approach a 'guru' like Rob Booker or someone on a chat board who promises to make you into a trader(usually for a fee of course). Whether the guru is good or not you wont win because there is no replacement for screen time and you still think you know best.


This step can last ages and ages - in fact in reality talking with other traders as well as personal experience confirms that it can easily last well over a year and more nearer 3 years. This is also the step when you are most likely to give up through sheer frustration.

Around 60% of new traders die out in the first 3 months - they give up and this is good - think about it - if trading was easy we would all be millionaires. another 20% keep going for a year and then in desperation take risks guaranteed to blow their account which of course it does.


What may suprise you is that of the remaining 20% all of them will last around 3 years - and they will think they are safe in the water - but even at 3 years only a further 5-10% will continue and go on to actually make money consistently.


By the way - they are real figures, not just some ive picked out of my head - so when you get to 3 years in the game dont think its plain sailing from there.


Iv had many people argue with me about these timescales - funny enough none of them have been trading for more that 3 years - if you think you know better then ask on a board for someone who's been trading 5 years and ask them how long it takes to become fully 100% proficient. Sure i guess there will be exceptions to the rle - but i havent met any yet.


Eventually you do begin to come out of this phase. You've probably committed more time and money than you ever thought you would, lost 2 or 3 loaded accounts and all but given up maybe 3 or 4 times but now its in your blood

One day - im a split second moment you will enter stage 3.

Step 3 - The Eureka Moment

Towards the end of stage two you begin to realise that it's not the system that is making the difference. You realise that its actually possible to make money with a simple moving average and nothing else IF you can get your head and money management right You start to read books on the psychology of trading and identify with the characters portrayed in those books and finally comes the eureka moment.

The eureka moment causes a new connection to be made in your brain. You suddenly realise that neither you, nor anyone else can accurately predict what the market will do in the next ten seconds, never mind the next 20 mins.


Because of this revelation you stop taking any notice of what anyone thinks - what this news item will do, and what that event will do to the markets. You become an individual with your own method of trading


You start to work just one system that you mould to your own way of trading, you're starting to get happy and you define your risk threshold.

You start to take every trade that your 'edge' shows has a good probability of winning with. When the trade turns bad you don't get angry or even because you know in your head that as you couldn't possibly predict it it isn't your fault - as soon as you realise that the trade is bad you close it . The next trade or the one after it or the one after that will have higher odds of success because you know your system works.


You stop looking at trading results from a trade-to-trade perspective and start to look at weekly figures knowing that one bad trade does not a poor system make.


You have realised in an instant that the trading game is about one thing - consistency of your 'edge' and your discipline to take all the trades no matter what as you know the probabilities stack in your favour.

You learn about proper money management and leverage - risk of account etc etc - and this time it actually soaks in and you think back to those who advised the same thing a year ago with a smile. You weren't ready then, but you are now. The eureka moment came the moment that you truly accepted that you cannot predict the market.

Step 4 - Conscious Competence

You are making trades whenever your system tells you to. You take losses just as easily as you take wins You now let your winners run to their conclusion fully accepting the risk and knowing that your system makes more money than it looses and when you're on a loser you close it swiftly with little pain to your account

You are now at a point where you break even most of the time - day in day out, you will have weeks where you make 100 pips and weeks where you lose 100 pips - generally you are breaking even and not losing money. You are now conscious of the fact that you are making calls that are generally good and you are getting respect from other traders as you chat the day away. You still have to work at it and think about your trades but as this continues you begin to make more money than you lose consistently.

You'll start the day on a 20 pip win, take a 35 pip loss and have no feelings that you've given those pips back because you know that it will come back again. You will now begin to make consistent pips week in and week out 25 pips one week, 50 the next and so on.

This lasts about 6 months

Step Five - Unconscious Competence

Now we’re cooking - just like driving a car, every day you get in your seat and trade - you do everything now on an unconscious level. You are running on autopilot. You start to pick the really big trades and getting 200 pips in a day doesnt make you any more excited that getting 1 pips.


You see the newbies in the forum shouting 'go dollar go' as if they are urging on a horse to win in the grand national and you see yourself - but many years ago now.

This is trading utopia - you have mastered your emotions and you are now a trader with a rapidly growing account.

You're a star in the trading chat room and people listen to what you say. You recognise yourself in their questions from about two years ago. You pass on your advice but you know most of it is futile because they're teenagers - some of them will get to where you are - some will do it fast and others will be slower - literally dozens and dozens will never get past stage two, but a few will.

Trading is no longer exciting - in fact it's probably boring you to bits - like everything in life when you get good at it or do it for your job - it gets boring - you're doing your job and that's that.


Finally you grow out of the chat rooms and find a few choice people who you converse with about the markets without being influenced at all.


All the time you are honing your methods to extract the maximum profit from the market without increasing risk. Your method of trading doesnt change - it just gets better - you now have what women call 'intuition'

You can now say with your head held high "I'm a currency trader" but to be honest you dont even bother telling anyone - it's a job like any other.


I hope youve enjoyed reading this journey into a traders mind and that hopefully youve identified with some points in here.


Remember that only 5% will actually make it - but the reason for that isnt ability, its staying power and the ability to change your perceptions and paradigms as new information comes available.


The losers are those who wanted to 'get rich quick' but approached the market and within 6 months put on a pair of blinkers so they couldnt see the obvious - a kind of "this is the way i see it and thats that" scenario - refusing to assimilate new information that changes that perception.


Im happy to tell you that the reason i started trading was because of the 'get rich quick' mindset. Just that now i see it as 'get rich slow'

If youre thinking about giving up i have one piece of advice for you ....

Ask yourself the question "how many years would you go to college if you knew for a fact that there was a million dollars a year job at the end of it?

Take care and good trading to you all.

I left of the name of the author of this piece by mistake. If anyone knows the name of the true author, please let me know and I'll add it here. Thanks and sorry for the confusion.

SHALOM