I am not a fan of high-maintenance trading. For me - and many others - it is stressful, and it makes me feel nervous, and rushed. How can you learn to trade, or make consistent profits, when your charts require almost constant supervision, and your trading is stressful? Before you keep reading about my strategy, and before you commit to watching the six hours of videos below, you need to ask yourself one question:.
Should I trade low-maintenance price action and do I really want to? My low-maintenance price action strategy is designed for people who cannot - or don't want to - spend several hours per day monitoring their charts. It is based on the idea of trading profitably with as little as thirty minutes per day chart-time.
On 8 hour charts trades for and trigger much slower. It is like trading in slow motion. It takes a minimum of 16 hours for a trade to trigger, and be over. It also means if you are busy, you can fit Forex around your schedule. To catch a trade on the 8 hour chart, you only need to check your charts two to three times per day. This chart could have been spotted, planned, entered, and closed, even if you only checked your chart once every 8 hours.
As you can see, you had at least 16 hours to plan this trade. At no point are you rushed into entering. You can think the trade through in detail. You can make a logical and relaxed decision about entering. So, enough about why I trade the way I do. Now let's take a look at my free price action strategy. Below you will find the webinars.
Part 1 - Candlestick Analysis Candlestick analysis is a vital tool in Forex trading. I am not talking about simply knowing the list of patterns showing you dojis, morning stars, and hammers.
When I talk about candlestick analysis I mean understanding the price action behind the candle stick. Do not skip the webinar below because you feel you already know candlesticks. This is the foundation of the entire strategy.
Support and resistance is vital in Forex even if you aren't using my strategy. It shows you where buyers and sellers are grouped. This means that you can predict with a high degree of accuracy where price will stall or reverse. Part 3 - Trading Reversals In the final webinar I show you how to combine candlestick analysis and support and resistance to take reversal trades.
If you have any questions or need any clarification, please ask below. I will answer all questions. I'll come back with my questions if some come up after studying the vids -which will take some time I think Iv went on your site a while back and you have some good info there, very similar to how I trade.
Yeah, it's almost four hours of video. I get a little off track at the end of them as I am answering questions. The first hour is pretty good content though. Depending on your own specific goals, I'd pose the following question.
In trading, we all know or some have yet to learn that what you put in is what you get out.. Do you confidently believe that allotting "10 minutes every 4 hours" is going to lead you to a level of professionalism? I appreciate feedback on my thread. In future could you please be direct with your critique?
There really is no need to veil your criticisms by formatting them as answers to somebody else's post. You suggest that what you put in is what you get out. In some ways I agree, however, that adage does not properly encompass Forex.
I prefer the quote from Thomas Fuller to describe Forex. Forex is very difficult to master. It takes a long time to learn to trade Forex consistently. I have seen some people take as long as four years. I rarely see anybody become consistently profitable in less than one year. You cannot learn to trade Forex with only thirty minutes per day , that is not what I am suggesting. However, once you understand price action you can limit your trading to thirty minutes per day.
You need to put in a lot of hard work input to learn price action output. Once you have learned how to use price action effectively, you can trade Forex around a busy schedule. To me professionalism is about competence and efficiency. Spending eight hours per day looking at large time frame candles is not efficient. There is absolutely no need for a trader to watch at an 8 hour candle if no valid setup is forming.
Wasting time is not professional, input is not always equal to output. I usually set a pending order to get me into the trade. Generally the pending order should be place around pips away from the trades trigger. The trigger is usually the high or low of indecision. Pending orders are generally a better way to deal with entries when your first start trading.
New traders tend to jump the gun and enter early. I would stick with pending orders until you get comfortable with the strategy.
All things equal, most would agree that trading is a never-ending-learning-process. At no point would an individual be considered a professional if they simply wash their hands of the learning process and toss the need to remain resiliently dynamic to ever changing market-environments i. That term "consistently profitable" is one which I've been moving away from over time. It's an empty buzzword thrown around by everyone, yet, no accepted definition exists.
Does the phrase factor in drawdown, risk of ruin tables, sharpe ratio, and a myriad of other key metrics which ultimately provide insight into a system's ability to generate returns? At what point does the term consistent get busted?
Traders can experience multiple consecutive days, weeks or even months of losses depending on strategy obviously , which in the longer-term perspective of their trading career may just be mere blips on an upward slopping curve.
The most important part of the learning process in trading is interacting with the market i. In other words, "doing". You can read 20 books, watch 30 hours of youtube videos and make posts on babypips, but until emotions and live capital are on the line where the rubber meets the road no "real-learning" has occurred- the brain needs to make neural connections to solidify new concepts.
Emotions play a major role in cementing those experiences in. On the flip side of that experience, let's say you executed according to your strategy, and netted a nice profit whilst learning something about you as a trader, and your trading plan. Eventually, you get to a point where emotions aren't involved all, and 8 or 9 times out of 10 you're executing accordingly due to pure classical conditioning.
Clearly, the learning experience and actual experience of trading walk hand-in-hand. You literally can't have one without the other, because as market dynamics evolve, you as a trader need to evolve alongside it or get burned.
The input will always be equal to the trading experience coupled with non-stop continuing education. Here's what I'm getting , and I'm not trying to levy any type of attack. I understand why people trade H4, H8, D1. What I don't understand, is how people generalizing here think that 30 minutes a day is all which is required to become a successful trader who earns a living from the markets. Just read that sentence out-loud.
It shouldn't sit right. I know this wasn't mentioned specifically, I'm just bringing the topic up for discussion. At the end of the day, why do any of us trade? Of course we want financial freedom in the form of being our own boss! Trading goals are going to differ from person-to-person, but the majority on mostly any forum are there because they want to quit their job, trade for a living and be their own boss. However, I'd follow-up with this.
I've already made the argument that trading is learning and learning is trading. Input will always equal output. Let's look the below hypothetical:. It's commonly accepted that to "master" your term, not mine anything it requires roughly 10, hours of emotional experience and direct interaction. Person A attains "mastery" in 80 years Person B attains "mastery" in 10 years Person C attains "mastery" in 5 years.
Don't take the above hypothetical too literally. I can read every single book about golf, watch Tiger Woods swing a million times, buy the best golf clubs and gear- but, if I'm not hitting balls every single day at the range, and playing at least rounds each week, I'll never have a chance making the PGA tour. I know what im looking for, have my levels marked. All Im looking for is a confirmation signal to enter thats why it takes 10min when new candle opens to make my decission.
You were levying an attack.More...