£80

[elitejets]

I did learn one at a time so its a good way to go. I would practice the inside bars for at least a few weeks, same way you did the pins (I prefer to call them hammers and shooting stars).
Levels are the most important and then learning all the candles so that you can read price action and what it is telling you. The more you learn the more you realise there is to learn.
I'm sending you a PM, I have some stuff I can send you.

 

[elitejets]

For me the most important things I learned, in order of importance, were:

1. Levels ... Support (AKA demand) and Resistance (AKA supply)
2. Price action
3. Candlestick analysis, Chart patterns, Trendlines, fibonacci, moving averages etc.

The support & resistance, supply & demand thing is the most important. Thats why some people trade succesfully just using line charts and not candles or bars.
Take a look at this thread ... http://www.trade2win.com/boards/forex-discussion/54114-trading-price-wasp-stylee.html

 

[£80]

Hunger for knowledge

I am getting to a point of wanting to know too much about the market and this has never worked for me in the past. The information that I have learned from Trader_dante's thread is more than enough because I don't think he trades any other way and the man is great at what he does.

My Hunger for knowledge has made me miss a few setups because I was more interested in what I was reading at the time instead of gradually feeding my appetite.

I remember when I first heard about the markets, this guy was making 30% a month and I thought to myself "I want to make 30% a month". So I followed his system and before I mastered his system I read about a guy making close to 100 pips a day and moved on to his system none of them worked for me. After about a year of jumping from system to system I realized that I didn't even understand the basics of trading.

For the first time in three years I might end the month in profit with a live account and it is just by trading the basics. I am done leaning all these other systems this that I doing now is all there is, the only other thing to do now is to improve on what I'm doing now.

 

[elitejets]

I am getting to a point of wanting to know too much about the market and this has never worked for me in the past. The information that I have learned from Trader_dante's thread is more than enough because I don't think he trades any other way and the man is great at what he does.

My Hunger for knowledge has made me miss a few setups because I was more interested in what I was reading at the time instead of gradually feeding my appetite.

I remember when I first heard about the markets, this guy was making 30% a month and I thought to myself "I want to make 30% a month". So I followed his system and before I mastered his system I read about a guy making close to 100 pips a day and moved on to his system none of them worked for me. After about a year of jumping from system to system I realized that I didn't even understand the basics of trading.

For the first time in three years I might end the month in profit with a live account and it is just by trading the basics. I am done leaning all these other systems this that I doing now is all there is, the only other thing to do now is to improve on what I'm doing now.

Congratulations on your first live profitable month.
Learning one candle or one setup at a time until you master it worked for me.

 

[montmorencyt2w]

I am getting to a point of wanting to know too much about the market and this has never worked for me in the past. The information that I have learned from Trader_dante's thread is more than enough because I don't think he trades any other way and the man is great at what he does.
[...]
I remember when I first heard about the markets, this guy was making 30% a month and I thought to myself "I want to make 30% a month". So I followed his system and before I mastered his system I read about a guy making close to 100 pips a day and moved on to his system none of them worked for me. After about a year of jumping from system to system I realized that I didn't even understand the basics of trading.

I've had a similar experience to you in some ways. Learning to trade without most of the conventional indicators is an incredibly liberating experience, and having a relatively clutter-free chart helps to keep the picture much clearer.

 

[£80]

What I have been doing?

I have been demo trading the DIBS method and it has been quite successful but I still use S/R lines and did not take a trade when it appeared at the S/R lines but traded towards it.

A strategy or system works better for me if it has my own input because that way I get a feel or understanding for the market, knowing when your system will work or not. I think most successful traders can't explain their complete system or strategy because of the understanding they have with the market.

I am only going to trade the inside bars and pin bars because knowing too much can be contradicting to a trade. I am still learning the art of technical analysis, and I believe these bars are all there is to it. Get into the right direction using these bars and nothing else matters.

 

[elitejets]

Nice going!
Good to see you back ...

 

[trader_dante]

...so I came across a trader by the name of Trader_dante [and] I thought I would follow his method for 50 days and see what happens to my account."

And just over one month later...

"I have been demo trading the DIBS method and it has been quite successful"

Stick to one strategy or you will never be successful.

 

[foredog]

Stick to one strategy (that works!!!)or you will never be successful.

 

[Splitlink]

If you are trading hourly then you want to check 4hrly and daily for trend really.
I see you use moving averages and they are a good indicator of trend.
Not all price action traders look at them but I do.

I have had some excellent runs by going with the averages but the entries need something more because averages also create whipsaws, which can be devastating. I use pullbacks. For exits, I'm afraid that there is nothing graceful about what I do. If I think I've made enough, I grab it quick! The market will reverse on me, for sure.

Mister Charts philosophy on trading suits me. Spot a good trending share and grab a safe mouthful in the middle. He trades US stocks, though, I the FT and I haven't the software for scanning, as he probably has. Could be good for Forex, though.

 

[£80]

I have had some excellent runs by going with the averages but the entries need something more because averages also create whipsaws, which can be devastating. I use pullbacks. For exits, I'm afraid that there is nothing graceful about what I do. If I think I've made enough, I grab it quick! The market will reverse on me, for sure.

Mister Charts philosophy on trading suits me. Spot a good trending share and grab a safe mouthful in the middle. He trades US stocks, though, I the FT and I haven't the software for scanning, as he probably has. Could be good for Forex, though.

Hi Splitlink, thanks for your input. I am still learning and I think that if you are making money consistently its graceful enough for me or any newbie trying to get in this game.

What would you say makes you think that you've made enough?

 

[Splitlink]

Hi Splitlink, thanks for your input. I am still learning and I think that if you are making money consistently its graceful enough for me or any newbie trying to get in this game.

What would you say makes you think that you've made enough?

My method of trying to catch the best of something trending might tell you something that I have found over the years.

My theory is that Mr Market will wake up to what you are doing, when you are winning, and will try to take it back. Traders, especially the newer ones on the scene, get blasé about their winning streak and hang on too long.

Circumstances have made me change my trading habits to just the morning sessions. Before, I would hang on all day and, if there was a profit, hold overnight.

Now, I can't do that and close out and plan an exit at lunchtime. I have found that, in late morning, after a run, there is a period of whipsawing that it, simply, isn't worth my while to be in.

Take a look at Mister Charts thread. How he enters a trade is not, exactly, my way but we are all different on that point. What is well worth reading, though, is his philosophy of getting only the best trending shares. As I said, He trades US stocks, which have to be scanned on an intraday basis, something that I am not prepared to do (age has a lot to do with that, plus getting suitable scanning software).

Sorry, it 's Mr.Charts

http://www.trade2win.com/boards/us-stocks/38036-how-make-money-trading-markets.html

 

[motion100]

Hi £80, You sound like you were in a similar situation to me. I've been in the market for nearly 2 years and have had my account wiped. I believe its mainly down to my emotional decisions as opposed to poor understanding of TA. I think that writing a journal is a route i'm going to go down. I know that writing some of the trades i've taken in the past for a forum to read would be embarassing so I hope that in future, knowing I have to justify my decisions to the forum will make me think more wisely before i execute.

I'm going to open a VDM account ASAP so if you want to refer me then we can both get £100? Let me know either way as I'm keen to get started. Great thread by the way. Trader Dante - I'm also a massive fan. Finally made my first post after months of sitting and reading.

Reckon there's room on the forum for another low stakes journal?!

cheers
steve

 

[£80]

Hi £80, You sound like you were in a similar situation to me. I've been in the market for nearly 2 years and have had my account wiped. I believe its mainly down to my emotional decisions as opposed to poor understanding of TA. I think that writing a journal is a route i'm going to go down. I know that writing some of the trades i've taken in the past for a forum to read would be embarassing so I hope that in future, knowing I have to justify my decisions to the forum will make me think more wisely before i execute.

I'm going to open a VDM account ASAP so if you want to refer me then we can both get £100? Let me know either way as I'm keen to get started. Great thread by the way. Trader Dante - I'm also a massive fan. Finally made my first post after months of sitting and reading.

Reckon there's room on the forum for another low stakes journal?!

cheers
steve

I think there is always room on this forum for traders who want to be successful in the art of trading regardless of the trading capital but you must follow with your journal, this is just my opinion.

Good luck with your journal

 

[£80]

Trading Plan

This is my trading plan it amazingly took very long, might need a little tweaking if so can you guys help me.

Trading Plan


Trading Times:

I will be trading every Monday, Wednesday and Thursday from 7am – 3/5pm because these are the days I have free.


Markets:

I will be concentrating on the foreign exchange market and gold.


Entry & Exit Strategies:

I will be placing trades on the 1 hour chart using the 50EMA to give me an idea of market behaviour.
• I will take trades off or around support or resistance levels/zones and use Fibonacci levels to strengthen S/R levels (confluence).
• When price moves to either one of these levels I will wait for a specific candlestick to form (pin bar or inside bar) and my entry will be three points below/above the candle and my stop will be two pips above/below the candle.
• I will exit my trade once I have reached my target which will be the next S/R level
• If price breaks through support/resistance while I am in the trade I will move my stop below the candle that broke through.
• I will also trade breakouts of S/R levels provided price pulls back and forms an inside bar


Pre-Session Routine:

At 6:00am each day I will prepare for the following session by looking for new support/resistance levels


Risk/Money Management:

I will be using a strict Stop Loss policy defined before entering a position. This stop-loss will be placed according to the particular candlestick pattern.

I will risk 2%, 3% and 5% depending on the strength of the trade, I will also be using a minimum risk: reward of 1:1

If I experience two consecutive losing trades I will stop trading for the day.

​

 

[trader_dante]

This is my trading plan it amazingly took very long, might need a little tweaking if so can you guys help me.

This is not bad but needs more detail. I hope you don't think I am being pedantic but a plan is not a proper plan unless it covers all contingencies. I've been through my plan and compared to yours and added some points for you to think about. See my points in red.

Trading Times:

I will be trading every Monday, Wednesday and Thursday from 7am – 3/5pm because these are the days I have free.

3/5pm? Is that your cut off time? What if you are in a trade that is trending in your favour? Are you going to work past your cut off time in order to trail your stop or are you just going to close it? What if an excellent new setup occurs at 7pm? Do you take it?

Markets:

I will be concentrating on the foreign exchange market and gold.

And if you hear of or see a great setup on Crude? Do you take it? Are there any markets you won't ever trade? I personally do not trade fx minors or exotics no matter how good the setup looks.

Entry & Exit Strategies:

I will be placing trades on the 1 hour chart using the 50EMA to give me an idea of market behaviour.

How? If price is below you look for shorts and vice versa for longs? If so, then clarify: your plan must be concrete.

• I will take trades off or around support or resistance levels/zones and use Fibonacci levels to strengthen S/R levels (confluence).
• When price moves to either one of these levels I will wait for a specific candlestick to form (pin bar or inside bar) and my entry will be three points below/above the candle and my stop will be two pips above/below the candle.

You say you need s/r levels and Fibonacci levels to strengthen them. So, you would not take a trade unless it had both? What about if it was a good looking pin at a very significant level but there was no fib confluence?

You say price has to move to a level? How close does it have to get? Would you take a pin that comes 20 ticks from one of your levels in Crude? What about 50 ticks if its a great pin? Will you then start telling yourself its a zone rather than a level?

• I will exit my trade once I have reached my target which will be the next S/R level

How close to your target will you take profit? Sometimes price can get 5 pips from your target. If it doesn't hit it exactly, do you give the whole profit back and let your stop get hit? Or would you be better off saying, if price gets more than 75% to my target I will move my stop to breakeven and if it gets within 5% of the target I will trail my stop aggressively incase it turns just ahead of it?

Will you use limit orders or exit manually?

• If price breaks through support/resistance while I am in the trade I will move my stop below the candle that broke through.

What if some news comes out and price breaks through it in a candle that is 170 ticks long and your target still hasn't been hit? Do you really put your stop 170 ticks behind the price or do you consider exiting some on extraordinary occurences?

• I will also trade breakouts of S/R levels provided price pulls back and forms an inside bar

Or a pin I take it?

Nice technical rules you have here but let me ask you something: What happens if you see no technical setup but news hits the wires that a bomb has just gone off in Canary Wharf? Do you immediately hit sell on the FTSE? What would your stop be in such an occurence? Would you wing it? What if you hit sell at max size and the market goes parabolic against you and you don't have a f*cking clue why its doing that? Do you come out?

Pre-Session Routine:

At 6:00am each day I will prepare for the following session by looking for new support/resistance levels

Will you consider any news that is due out that day?


Also, what about a MID SESSION routine? Here is an excerpt from mine:

- I will remain focused throughout the trading day on what I am doing.
- I will not talk to others and I will ask others not to talk to me whilst I am in a position or contemplating taking one. Others trade off different TFs with different objectives. I do not want their opinions or positions to affect mine.


What about an AFTER MARKET routine? What do you do at 3 or 5pm when you stop trading? I would suggest you analyse each and every trade you made that day and/or make a note of how you feel emotionally.

Risk/Money Management:

I will be using a strict Stop Loss policy defined before entering a position. This stop-loss will be placed according to the particular candlestick pattern.

I will risk 2%, 3% and 5% depending on the strength of the trade, I will also be using a minimum risk: reward of 1:1

So if it feels like a dead cert but its a 0.8:1 you won't take it? Are you sure? 2, 3 and 5% depending on the strength is way too vague. Fair enough if you don't want to reveal the ins and outs here but you better make sure you know yourself what a setup has to look like to constitute taking the extra risk.

If I experience two consecutive losing trades I will stop trading for the day.

How will you enforce this? Turn the screens off and do something else or just sit there, watch and learn but not trade?

Also consider:

- What are your annual and monthly financial targets?

- How will you reward yourself if you meet these?

- Will you pyramid when in a trade?

- Does anything change if it's a big news day? Would you still hold a currency pair over the weekend if there is a G8 meeting? Would you take a signal in the GBP/USD 30 minutes before Non Farms?

I know its a pain to consider all this mate but it's well worth it. A lot of your plan will be made AFTER you start trading as you will add and may even take away elements but it really helps to start off with as many contingencies as possible covered.

 

[£80]

Trading Plan

Thank you very much Trader_Dante for taking the time to go into depth with my plan. I feel that you have challenged me and how do I better my trading if I am not challenged. Some of the tings you said really made me think about my trading for example what do I use the 50 EMA for? I removed it from my chart and still saw where price has been and I still had the same idea of where price was going. Another thing was my risk, I said I would risk 2%, 3% and 5% depending on the strength of the trade now my question to myself was why get into a trade if the probability was not high enough.

I have made a few changes can you please go through it again and let me know where you think I can better it

Trading Plan


Trading Times:
I will be trading every Monday, Wednesday and Thursday from 7am - 3/5pm because these are the days I have free. The last trade will be placed at 5pm if it is a valid setup. If I am still in a trade after 5pm I will monitor that trade until I am out.


Markets:
I will only place trades on foreign exchange market and gold.


Entry & Exit Strategies:
I will be placing trades on the 1 hour chart and will be using Support or Resistance levels or zones (zones being 20points below and above S/R levels) and candlestick patterns to confirm my trade.

• I will take trades off or around support or resistance levels/zones and use Fibonacci levels to strengthen S/R levels (confluence) but if it is a significant S/R levels there will be no need for confluence from Fib levels only if it is a good setup.

• When price moves to either one of these levels I will wait for a specific candlestick to form (pin bar or inside bar) and my entry will be three points below/above the candle and my stop will be two pips above/below the candle.

• If not stopped out I will exit my trade once I have reached my target which will be the next S/R level or zone.

• If price breaks through support/resistance while I am in the trade I will move my stop below/above the candle that broke through and let my profit run to the next level, on some occasions when the news moves price through S/R levels I will exit half my position manually and move my stop to the level that was broken.

• I will also trade breakouts of S/R levels provided price pulls back and forms an inside bar.

• I will be aware of upcoming news events using Forex Factory but I will not place a trade based on the news.


Session Routine:
• At 6:00am each day I will prepare for the following session by looking for new support/resistance levels every hour after that I will check my charts to see what the market has done at my levels.

• On every trade I enter I will take a screen shot so that I can analyse what I have done right and what I have done wrong.


Risk/Money Management:
I will be using a strict Stop Loss policy defined before entering a position. This stop-loss will be placed according to the particular candlestick pattern.

I will risk no more than 3 % of my overall capital on a trade. I will also be applying nothing less than a risk: reward of 1:1 on a trade

If I experience two consecutive losing trades I will stop trading for the day.


Goals/Targets:
My monthly target will be a minimum of 30% and a maximum of 300%. If I reach 300% before the end of the month I will stop trading for that month.
​

 

[rawrschach]

So if you're having a great month you'll quit?

why?

 

[£80]

So if you're having a great month you'll quit?

why?

I am not greedy

 

[advfntrader]

£80 you seem to be at the same stage I'm at after 2-3 years of trading....

- lose a lot of money
- start again when you think you know better and lose more
- lose more again and again...
- had enough and take a break
- come back with more knowledge and a plan
- lose more
- tweak the plan and add to it as you go along....

the difficult part is STICKING to your plan, not letting emotions scare you from deviating from it....I've not got there yet either