100% and all that.............

[meanreversion]

Oh, Canadian jobs data? That might be craaazeeee, I'll stick around for that.

 

[DionysusToast]

This site prevents boredom trades.

 

[DionysusToast]

and trades I should have taken too....

 

[meanreversion]

$ catching a bit of a bid ahead of NFP - start of a new move or head fake??

 

[arabianights]

it moved on bullard

pay attention!

 

[Jason101]

No. That guy was so obviously full of cr@p though. And some people are still insisting that he was bullied off and that nonsense.

If everyone that was full of crap on here was bullied off, there would be a membership of about 3. There would be no advertisers and poor old Sharky would be back to shopping at Lidl again!

 

[squall321]

Now this statement is more interesting than most of the threads on t2w.

I get the sense that no-one's opinion is really changed by reading this website, be it a beginner or an old pro.. it's more that we absorb the occasional idea and perhaps subconsciously implement it when faced with deterioration in our trading results.

I have picked up some useful stuff on t2w over time but for the most part I'm on this website as a means of passing the time.. is that wrong?

i think it is a useful site for information like "which sb has the smallest spreads on blahblahblah" or "looking for option brokers in the uk" but totally pointless for information on how to actually make money

 

[FX Bandit]

I find the attitude of people on here a little dispiriting. I suppose it's mostly newbies so it's to be expected, but most people are not really interested in learning and working, they just expect the answers to be there to be picked up.

 

[Prawnsandwich]

I find the attitude of people on here a little dispiriting. I suppose it's mostly newbies so it's to be expected, but most people are not really interested in learning and working, they just expect the answers to be there to be picked up.

Why not contribute something then ..? Just a thought

 

[FX Bandit]

Why not contribute something then ..? Just a thought

Fair comment. I thought I had a couple of times with things like this, which I don't think is a bad contribution:

Simple really is (in my opinion) the best approach for a small trader. My approach is:

Location first, then a trigger, top it off with a quick look round to make sure you're not running straight into parity or something similar. Chuck in trend lines, divergence, whatever, if it makes you feel better, although personally I wouldn't bother.

The key for me is to identify where I think there might be significant order flow and wait till you get a signal as to which way it's likely to move. Both of these can be done very quickly and very simply.

Most people do not, and never will, understand that the method is the easiest part of trading. The ability to pick a good entry really is nothing to shout about.

Conquering impatience, fear and greed is the hard part. Impatience leads you trade when you shouldn't. Fear and greed prevent you from cutting your losses and profiting properly from your winners.

The other main obstacle that new traders face is the inability to understand that no-one can give you a "system" or a method. You must design it yourself, test it yourself, and ensure that it suits your personality. That will give you the confidence to trade your method successfully.

Now on that basis, if anyone wishes to say what I wrote is nonsense, all well and good. If they believe it to be so it certainly will be, at least for them.

If somebody needs 10 indicators and 6 MAs, that is absolutely fine. All things are derived from price after all and what matters is that your method works in your hands.

I like to look at the market for what it really is - people buying and selling. Buying and selling is what gives you your profits and losses, and all one must do is to position oneself on the right side of it. This will never change, and never can change. Hence my focus on the most basic tools - they have a tendency to reveal, where more complex ones often serve only to confuse.

That is why I prefer simple charts - it allows me to focus on what is significant, not what is incidental.

If you want a tip (or even if you don't) study support and resistance. Boring, old-fashioned, known by everyone. It is the single most powerful tool you have.

I'm happy to expand on this, in fact I'm happy to share my entire method. But very few people seem to be interested in that kind of trading. Most people want the equivalent of tips, or a ready made system and all that garbage.

Most traders here will fail because they refuse to recognise that trading is like anything else you try to do. It takes learning, hard work and practice. My method works for me because I've put in the effort and protected my capital whilst I learnt how to trade.

In fact, scratch that bit about "most traders fail because...". Most traders fail because they're f***ing lazy.

 

[Jason101]

FX Bandit,
For me, I doubt very much I will ever see a better post (or in such a concentrated format) as this one on T2w.
That post is about all you need to know.

Jason

 

[FX Bandit]

FX Bandit,
For me, I doubt very much I will ever see a better post (or in such a concentrated format) as this one on T2w.
That post is about all you need to know.

Jason

Wow, thank you .

It's all the work of other people obviously, I've just found bits and put them together to suit me.

There's nothing I know that isn't available on the web, or that couldn't be deduced from that which is. Are pivot zones (or price flips or whatever you want to call them) a secret? How about round numbers? If you want, you don't need to look anywhere else on your chart.

Have any of the moaners looked at combining floor trader pivots with basic price action on, for example, index futures? Add round numbers and support and resistance and you've got a solid foundation in terms of a "method".

It seems though that all people want to do is say "I've found some support and resistance that didn't work, it must be a load of rubbish".

If it's not a magical money machine, it's a case of bin it and keep looking for the golden ticket.

Thanks again for your kind words (they're not deserved, but I'll take them anyway ).

 

[Jason101]

"Conquering impatience, fear and greed is the hard part. Impatience leads you trade when you shouldn't. Fear and greed prevent you from cutting your losses and profiting properly from your winners."


The bit I love best is when you have been waiting for days or even weeks for your set up, for price to hit a certain point.

And then the moment comes to pull the trigger. Then and there you know you have traded really well.

Whether the trade works out or not, but you know you have traded really well because you waited patiently for the trade to come to you, and your set up.

 

[FX Bandit]

"Conquering impatience, fear and greed is the hard part. Impatience leads you trade when you shouldn't. Fear and greed prevent you from cutting your losses and profiting properly from your winners."


The bit I love best is when you have been waiting for days or even weeks for your set up, for price to hit a certain point.

And then the moment comes to pull the trigger. Then and there you know you have traded really well.

Whether the trade works out or not, but you know you have traded really well because you waited patiently for the trade to come to you, and your set up.

Low stress, logical trading following your own reasoning .

 

[Prawnsandwich]

Fair comment. I thought I had a couple of times with things like this, which I don't think is a bad contribution:



I'm happy to expand on this, in fact I'm happy to share my entire method. But very few people seem to be interested in that kind of trading. Most people want the equivalent of tips, or a ready made system and all that garbage.

Most traders here will fail because they refuse to recognise that trading is like anything else you try to do. It takes learning, hard work and practice. My method works for me because I've put in the effort and protected my capital whilst I learnt how to trade.

In fact, scratch that bit about "most traders fail because...". Most traders fail because they're f***ing lazy.

That all makes perfect sense of course..but you can understand newbies frustrations with being constantly being advised of this....

Everyone needs a starting point, and in my opinion a sound method is the starting point...

You can have all of the money management and emotional control in the world, but if you are starting from the wrong place, its not much good...and what makes it even more problematic for newbies is the endless amount of rubbish to wade through...

 

[FX Bandit]

That all makes perfect sense of course..but you can understand newbies frustrations with being constantly being advised of this....

Everyone needs a starting point, and in my opinion a sound method is the starting point...

You can have all of the money management and emotional control in the world, but if you are starting from the wrong place, its not much good...and what makes it even more problematic for newbies is the endless amount of rubbish to wade through...

You make a sound point, although for myself if I could start again it would be with principles (how the markets work, psychology, MM and so on) and not with details.

But in that post I have outlined the structure of a method. Nobody has asked me, for example, how to pick an area to consider for a trade. Nobody has asked what a reasonable trigger might be once we reach those areas. Again, nobody wants to know what factors they might wish to consider when determining whether to take a trade that is at a good area with a good trigger, and nobody is interested in how to read the chart and make logical judgements about trade management and stop placement (I'm not talking about WirralScammers-style "stop is 50 pips, no 100 pips, no 150 pips, oh I took full profit in the middle of the night" nonsense either).

I set out a blueprint for a successful trading method as concisely as possible. But people are far more interested in shysters posting bogus "live calls", or "buy when RSI does blah blah blah".

 

[FX Bandit]

What's a good area? Flips in support and resistance, large round numbers? Is any of this a secret?

Or, for example, Toast has talked about using the "order book" in conjunction with PA. Sounds interesting to me, DOM and all that stuff. Are newbies pumping him for information to add to the fruits of their own research into PA and S/R? Are they googling DOM to see what it might mean so that they are at least moderately well-informed before asking for his opinions. Somehow I doubt it.

I suspect they are more concerned with buying systems and looking for places that will give them daily trading tips.

 

[Prawnsandwich]

You make a sound point, although for myself if I could start again it would be with principles (how the markets work, psychology, MM and so on) and not with details.

But in that post I have outlined the structure of a method. Nobody has asked me, for example, how to pick an area to consider for a trade. Nobody has asked what a reasonable trigger might be once we reach those areas. Again, nobody wants to know what factors they might wish to consider when determining whether to take a trade that is at a good area with a good trigger, and nobody is interested in how to read the chart and make logical judgements about trade management and stop placement (I'm not talking about WirralScammers-style "stop is 50 pips, no 100 pips, no 150 pips, oh I took full profit in the middle of the night" nonsense either).

I set out a blueprint for a successful trading method as concisely as possible. But people are far more interested in shysters posting bogus "live calls", or "buy when RSI does blah blah blah".

In fairness, in terms of the actual method you posted that you look to "identify where I think there might be significant order flow and wait till you get a signal as to which way it's likely to move" so you cant say you set out a concise blue print for a successful trading method...

By the way I'm not necessarily concerned with your actual trading method....just clarifying what was posted

 

[forker]

You make a sound point, although for myself if I could start again it would be with principles (how the markets work, psychology, MM and so on) and not with details.

But in that post I have outlined the structure of a method. Nobody has asked me, for example, how to pick an area to consider for a trade. Nobody has asked what a reasonable trigger might be once we reach those areas. Again, nobody wants to know what factors they might wish to consider when determining whether to take a trade that is at a good area with a good trigger, and nobody is interested in how to read the chart and make logical judgements about trade management and stop placement (I'm not talking about WirralScammers-style "stop is 50 pips, no 100 pips, no 150 pips, oh I took full profit in the middle of the night" nonsense either).

I set out a blueprint for a successful trading method as concisely as possible. But people are far more interested in shysters posting bogus "live calls", or "buy when RSI does blah blah blah".

nobody has asked you because they are so caught up in finding their own success that they are blinded by gems such as your outlined method. perhaps i am biased as i trade the same way but it works and there is no debating it. I think the life cycle of a retail trader has to do a 360 turn. well for me it was anyway, my cycle went something like this

1) start with the basics (great start) but inexperience lead to failure
2) i need more information (the hunt for the super hero indicator) Things seem more clear now, but maybe some more info will do.
3)charts are cluttered with flashing lights and super hero indicators everywhere. **** i am still not winning. what's going on
4)the hunt for the problem, it must be time frames the 5 minute chart isn't working for me, ill start with the higher and line them up with a smaller one for a winning combo.. failure again
5) nimble is the game, perhaps if i shot in and out without anyone knowing ill start finding success... account = death by 1000 cuts
6)hunt for a mentor.. if i cant do it ill find someone to teach me.. offload thousand to the mentor , he is very happy.. months later still losing.
7)mentor no good, need to find a new mentor.. same result
8)mentor no good, need to find a new mentor, same result
9)search for successful traders, find some nugget threads. hmmm, the collective history is starting to fall in place, failure (ongoing but pace slowing)
10)back to basics, single time frame, single currency pair being watched... still losing but a little less
11)must be over trading, move up to daily time frame, sit on hands for days to weeks before trading, patience being learned although there were moments of stupidity that lead to failure. 2 years later patience not a problem any more, failure halts and begins to oscillate around break even.
12) the aha moment, learning to focus on the most obvious areas that everyone can see. aligning all skills learned (countless screen time and exhausting failure) account begins to grow.
13)confidence increases, overconfidence settles in (something new that i haven't experienced before) losing streak hits with a bang,i thought i was king of the markets, humbled as a result
14)everyday becomes a process, key lessons keep me on the right side. trading account growing. consistency settling in.
15)trading seems simple, how could i have taken so long to learn. account growing and future looking bright..

back to your post and the topic at hand.. i truly believe that in order to become a good trader, you have to go through the cycle. 90+% fail in this game but if you have half a brain and can get up after being knocked down countless times you learn how to do it.
when i was a young lad i couldn't ride a bike, my dad had to put those little wheels on either side to support me. when he eventually took them off it took me a while and a couple of falls but i eventually learned how to do it.

perhaps i should have stood aside with 4x's thread and let the cycle of lessons proceed for learning traders. although,i would like to think that if i was still trying to get consistent that someone would have done what i did and derailed the ego maniac .

 

[Prawnsandwich]

What's a good area? Flips in support and resistance, large round numbers? Is any of this a secret?

Or, for example, Toast has talked about using the "order book" in conjunction with PA. Sounds interesting to me, DOM and all that stuff. Are newbies pumping him for information to add to the fruits of their own research into PA and S/R? Are they googling DOM to see what it might mean so that they are at least moderately well-informed before asking for his opinions. Somehow I doubt it.

I suspect they are more concerned with buying systems and looking for places that will give them daily trading tips.

I was going to mention the other main proponent of order flow / DOM on T2W...DT, but I better not go down that route...