@Oli
Candles closing in your direction, engulfing previous candles, closing above moving average, multi-timeframe alignment.
Mark all the important levels on all major time frames within the current range every weekend. And let the fish come to you.
Don’t look for trades, just chart your shit and trades will present themselves.
Ellington said:
Don’t look for trades, just chart your shit and trades will present themselves.
I say to everyone who is learning how to trade this. Trading is like fishing. Wait for it to come to you, don’t chase it.
Ellington said:
Don’t look for trades, just chart your shit and trades will present themselves.
THIS!
I’ve been working on refining my strategy for better risk management and understanding how automation could enhance my trades. One of the approaches I’ve been researching involves using algo trading bots to eliminate emotional decision-making. Sites like algo exodus offer interesting tools for creating automated strategies. Has anyone here found automation useful for forex trading, especially when it comes to sticking to a plan and managing risk effectively?
My biggest ‘aha’ was figuring out that a YOLO on a prop firm is only risking the challenge fee and not my own money. So now I pass firms, then YOLO for as much profit as possible in one trade. The biggest risk is only losing my fee.
Simply when I discovered that the strategy that I currently use is actually working.
Range bars.
My aha moments were mostly just seeing the chart more clearly each week.
That there’s always tomorrow. No reason to overtrade and lose more than I should because there will always be another opportunity the next day. I remember whenever I’d lose, I’d almost make it into a game to make the money back by the end of the day. Taking trades that were more forced and not trades I’d usually approve of. Sometimes this would work well but realistically long term, it’s not a very good approach if you actually respect risk management.
Realizing that trading is a zero-sum game and everyone is trying to steal money from each other. That I need to outsmart the majority of traders to be able to make money. Don’t do what the majorities are doing but do what the minorities do.
Gauging sellers in a buyer’s market, gauging buyers in a seller’s market.
Never let a green trade go red.
“Why don’t I learn how the forex market actually works?”
“Oh, so this is how market makers and institutions work.”
“Ohhhh, so this is why they do XYZ.”
Aha!
My biggest ‘aha!’ moment was when I found out all I had to do was understand the fundamentals of economics.
Reuben said:
My biggest ‘aha!’ moment was when I found out all I had to do was understand the fundamentals of economics.
I am in the same boat, bro. What do you recommend for learning fundamentals? Where should one start?