Trading Forex

[BackInTheGame78]

That’s entire day was risk, all day long. Let’s say Russia does something dumb, you don’t have a single dealer supporting that pair, it’s you and your broker and now your pair is 1000 pips wide. You’re doing good but this is crucial to think about. Don’t trade when the big boys aren’t trading.

Fair point...currently I'm only trading small amounts in my own account and am more focused on getting funded...there I am trading futures, mostly metals and agriculture

 

[Divorced w 3]

Fair point...currently I'm only trading small amounts in my own account and am more focused on getting funded...there I am trading futures, mostly metals and agriculture

That’s awesome but when our guy earlier says two weeks does not make a difference this is what he meant. One day could not only blow you out for the month it could have taken your drawdown line with it. That’s all. Trust me on this.

 

[jaygreenb]

Yes that's because most of them are not disciplined, don't really have any system or rules they follow and revenge trade like MOFO's if they start losing instead of setting a daily loss limit and then walking away for the day like I do.

They also swing big and miss big instead of taking layups, using good risk management and making $200 5 times to make $1000 instead of trying to make $1000 in a single trade opening you up to a big loss as well if you get stopped out.

In addition, it's pretty amazing how many have no idea about concepts like order blocks, liquidity and even basic things like market structure, change of character and break of structure concepts. Without those they might as well be gambling.

I've worked my fvcking ass off to improve, learn, live and breathe these not only when I am studying it but also I can almost instantly see them live on charts. THAT'S where you need to be able to see it...live in action. Until you can do that, knowing the concepts won't help because you won't be able to see how it plays out after on the chart until after you have to act.

Basically, if I want to do something, I literally become obsessed with it and work exceptionally hard and am relentless in pursuit of it. I take my lumps and I learn from my mistakes and tend not to make the same ones twice. I'm probably not the person you want to bet against.

It's funny because people have been doing it my whole life telling me what I can't do or will never happen and there is nothing I take more pleasure in using that as jet fuel and lighting a match and then burying them and letting them know about it.

Just like I was told at age 40 that nobody would hire me as a software engineer with no professional experience, no computer science degree and was laughed out of multiple IT recruiter offices. Did I let that stop me? Hell no...I worked even harder, found a job myself, impressed the hell out of the entire development team and IT manager with how much I knew and learned on my own, how many college classes I took on my own thru EdX.com and how passionate I was about it. I got hired on the spot and within 4 years I tripled my salary and reached senior software engineer, switching jobs 2 times in the process.

So if you want to make damned sure that I make it and make it big, keep doubting me. I will take great pleasure in posting my PL's for you to see.

I'm almost $3800 of the way to $6000 and I've used exactly $39 of my $3000 trailing drawdown.

Meaning I am 62.5% of the way to my goal and have used 1.3% of my drawdown. I would have to really, really F up pretty bad to blow that drawdown before hitting my profit goal.

Was +500 Friday, and would have once again been up much more if not for my paper hands in trades. But it does have the nice effect of almost never triggering a trailing drawdown since I am getting out of the trade at its highest point many times.

I am only going to say this because I like you and want to see you do well. The biggest thing that is going to hold you back is your EGO. You have been doing the full bravado I'm always right, I know what I'm doing for years now. Look at these posts from 2021, basically word for word on you can't tell me nothing, I know what I am doing. You are doing yourself a great disservice by over estimating your abilities and not taking in the advice from those who have experience and been there before. You do not always have to have all the answers but when you lack the self awareness that you think you do, that is when you really get yourself in trouble

That's because they don't take the time to understand the technical analysis, understand chart patterns, and know the general market trends. Right now, I probably wouldn't be trying it...the altcoins are exploding or getting ready to. In a consolidation pattern? All day long. Easy money. Easy share accumulation.

I am a software engineer, this fits perfectly with how I think. When you see it trading between support and resistance and there has not been any breakout, it's pretty easy to do it.

Am I wrong sometimes? Sure...but the one thing in crypto is that it will always come back to test resistance at some point so you just be patient and wait for it to drop to you. It might only test it quickly before taking off again, but it will test it.

People think about it wrongly. They think dollars instead of shares/coins. Anytime you sell and buy back lower you end up with more shares/coins. It is simple math. Doesn't matter what the starting point was.

When you do it via major corrections, you are going to gain a boatload of shares.

There is absolutely no reason to be holding something when you know it is going to drop by a large amount when you can sell and buy back lower.

Where are the bitcoin lovers now?

The conspiracy theory right now is that the reason the feds don't care about printing so much money is that they are planning to spin it into fedcoin. China already has digital yuan. People think of crypto as untraceable, but when the government starts running it, then crypto will be the...

www.sosuave.net

 

[BackInTheGame78]

I am only going to say this because I like you and want to see you do well. The biggest thing that is going to hold you back is your EGO. You have been doing the full bravado I'm always right, I know what I'm doing for years now. Look at these posts from 2021, basically word for word on you can't tell me nothing, I know what I am doing. You are doing yourself a great disservice by over estimating your abilities and not taking in the advice from those who have experience and been there before. You do not always have to have all the answers but when you lack the self awareness that you think you do, that is when you really get yourself in trouble

Where are the bitcoin lovers now?

The conspiracy theory right now is that the reason the feds don't care about printing so much money is that they are planning to spin it into fedcoin. China already has digital yuan. People think of crypto as untraceable, but when the government starts running it, then crypto will be the...

www.sosuave.net

I appreciate what you are saying and I definitely have learned a lot from 2021. The thing is that I know I don't have all the answers yet, nobody really does, but I have got enough of them to be really good on the setups that I take, which are limited, granted.

The bravado isn't coming from a place of me thinking I know it all. It's coming from a place of confidence in myself that whatever I set my mind to do I succeed at. It's been like that my entire life.

Mostly because I work my fvcking ass off. While other people are watching Netflix or movies or going out to bars, I am sitting at home watching videos pertaining to price action trading or entries/exits, or whatever else I feel I need to work on, reading books, studying chart patterns or going thru bar replays of my trades and journaling what I could do better. While other people are driving listening to the radio, I am streaming videos to listen to about trading.

I have begun to eat, sleep, breathe and live this every day, all day, not just while I am trading. The obsessiveness in which I approach things and my relentless pursuit of those leads to my ultimate success, not because I don't fail a bunch of times in the process. I fall down and I pick myself right back up, dust myself off and keep moving towards the goal. I don't really care how often I fail as long as I don't fail the same way over and over again. Fail once, try again. Fail again, fail different, fail better. Try again. Over and over and over until I finally start succeeding more than I fail and then start succeeding a LOT more than I fail.

My girlfriend even helps me by setting random bar replays on things and then turns the laptop around and then I have to guess the direction and set entry/exit points on the trade I would take. Even if it's not something I would take, I still have to guess the direction.

There are probably a lot of good setups that I am missing. I acknowledge that. But the ones I take are mostly layups now and the biggest issue I have is my in trade management of them.

My discipline to stay out of trades I don't like is very high. I am no longer impulsive, I don't revenge trade, I set a daily loss limit and if I hit it I spend the rest of the day analyzing where I went wrong.

My discipline to wait for confirmation thru candle close and volume to avoid being trapped in fakeouts is very high . However, I am "Edward Paperhands" when I am in a trade.

That's what I need to work on the most right now. That would take my trading to the next level. I win 70-75% of my trades, should be 80% but I took a few L's that would have turned into big wins if I was a little more patient.

Currently at a little over $4,100, +400 today and close to 70% of my profit target of 6K.

Drawdown is still only $39 out of $3000 allowed so I am in great shape there.

I am still a work in progress but I am getting better every day.

 

[BackInTheGame78]

$DXY in a massive Cup and Handle on the Daily chart...in the handle position about to make that turn...look out below Foreign currency pairs...next week could get ugly.

 

[Murk]

Prefer S&P and ETH/SOL/MATIC (they move so well) futures to forex. Too busy with my business to watch charts all day buy I will take a few trades a week and still holding some positions from months ago. I prefer to find a solid entry on bigger timeframes and ride a move rather than scalping or day trading. Less time and stress involved.

Edit: Long term spot/investor in stocks and crypto mainly a place to store my profit from business/work.

 

[Divorced w 3]

The only strategy I’ve ever seen work consistently is below

http://dl.fxf1.com/files/books/english/Joe%20Ross%20-%20Trading%20The%20Ross%20Hook.pdf

 

[BackInTheGame78]

The only strategy I’ve ever seen work consistently is below

http://dl.fxf1.com/files/books/english/Joe%20Ross%20-%20Trading%20The%20Ross%20Hook.pdf

Smart Money Concepts(SMC) works consistently. It has to, it's the concepts market makers and big institutions use to get their orders filled and take liquidity from retail traders to fuel moves in the opposite direction.

Many other systems are basically just SMC concepts with different names or a twist of only using part of the entirety of it.

If you ever hear people talking about Order Blocks, Breaker Blocks, Change Of Character, Break of Structure, Fair Value Gaps, Buy Side Liquidity, Sell Side Liquidity, etc...

Those are all SMC concepts. Been around for decades, highly used and highly valuable because they work.

Effectively, like the saying goes for traders:

"If you don't understand the concept of liquidity/inducement, you ARE the liquidity/ inducement".

SMC is designed to place you on the right side of that equation

 

[FlirtLife]

Planning to prepare for a few months then work on getting funded by a prop firm.

No updates in the past 4 months. What happened?

 

[BackInTheGame78]

No updates in the past 4 months. What happened?

Wasn't going to really post anymore in this these since most of what it brought was negative energy and I don't really have time for that.

Long and short is that I took 6 evals, passed 3 challenges, blew one of the accounts after passing, still have the other two and have made 6K so far in payouts, which more than pays for the money I spent on the evals and the funded accounts(around 700-800 in total)

Not life changing money yet, but still working on my consistency and entries and exits for maximizing profits and minimizing losses. It's a long process of learning and experience that really doesn't have any shortcuts.

Also have my Forex account that I am trading my own real money in that I have taken from $225 to over $1200 since mid March which is effectively over a 500% gain in about 6 months.

 

[FlirtLife]

Wasn't going to really post anymore in this these since most of what it brought was negative energy and I don't really have time for that.

Long and short is that I took 6 evals, passed 3 challenges, blew one of the accounts after passing, still have the other two and have made 6K so far in payouts, which more than pays for the money I spent on the evals and the funded accounts(around 700-800 in total)

I'm responsible for much of the negative energy. The only way I can convey risks is by being negative, to warn of even worse pain if risks materialize. Congratulations on earning $6,000 in payouts from your effort at $800 USD of investments.

Not life changing money yet, but still working on my consistency and entries and exits for maximizing profits and minimizing losses. It's a long process of learning and experience that really doesn't have any shortcuts.

Also have my Forex account that I am trading my own real money in that I have taken from $225 to over $1200 since mid March which is effectively over a 500% gain in about 6 months.

Consistently earning +470% every half a year would turn $225 into $5.2 million in 3 years.

In my view, learning is vital to investing. But ego often gets in the way, which is why I tend to criticize people and see if they would prefer to learn or be prideful. As a far greater investor than me liked to say, "I hope you lose", and people would either be insulted or interested in learning/discussion.

Recently, professional investors panicked out of the "carry trade", trying to profit off international interest rate differences (like JPY and USD bonds). A couple recent market drops were caused by professionals unwinding these carry trades, causing selloffs in U.S. equities. When I invested actively, I viewed the market as a dangerous enemy, who would pounce on any complacency. Perhaps the professionals got complacent. I hope you avoid that mistake.

 

[BackInTheGame78]

I'm responsible for much of the negative energy. The only way I can convey risks is by being negative, to warn of even worse pain if risks materialize. Congratulations on earning $6,000 in payouts from your effort at $800 USD of investments.



Consistently earning +470% every half a year would turn $225 into $5.2 million in 3 years.

In my view, learning is vital to investing. But ego often gets in the way, which is why I tend to criticize people and see if they would prefer to learn or be prideful. As a far greater investor than me liked to say, "I hope you lose", and people would either be insulted or interested in learning/discussion.

Recently, professional investors panicked out of the "carry trade", trying to profit off international interest rate differences (like JPY and USD bonds). A couple recent market drops were caused by professionals unwinding these carry trades, causing selloffs in U.S. equities. When I invested actively, I viewed the market as a dangerous enemy, who would pounce on any complacency. Perhaps the professionals got complacent. I hope you avoid that mistake.

I am pretty obsessive about things that I take an interest in...if I am driving in the car I have YouTube videos on about trading concepts, etc not music. If I am on the elliptical I am watching YouTube videos about trading not shows.

It's a constant 24/7 thing for me, not just wake up and do something for a few hours then walk away.

Main thing is to never think you have the market figured out because that's when it kicks you in the ass and teaches you the harshest lessons.

Never stick to what you "think" is going to happen...always be flexible enough to adjust to what the market is telling you is happening.

People's egos tend to get in the way more than anything I think. They think they got it all figured out...but you never do.

 

[BackInTheGame78]

Just passed another Eval so I have 4 to copy trade now.

 

[BackInTheGame78]

Was listening to one of my favorite YouTube content providers on trading and he said something that finally broke thru to me and since then my consistency has been off the charts good.

He said:

"Most traders actually believe their number one function is to make money. And that's absolutely wrong. It is not your job to make money, it is the market's job to make money. It is the market's job to go up or down. It is the market's job to behave. It is your job to kill the market when it is not behaving.

Most traders have their job in this game wrong. They are trying to win. That's not your job, it is the market's job to win. They are trying to make money, it is not your job to make money, it is the market's job to make money. They are trying to do the market's job.

Your job, your most important function in this equation is to kill the market, to chop the head off the market when it is failing to do it's job.

In a very real sense, you are the employer, the market is the employee. And the moment you enter a trade you tell your employee you either do your job or you get eliminated. But where do you get eliminated? You have to be able to eliminate the trade when you are supposed to eliminate it.

So the first act towards becoming a better trader is to lose consistently. Not to have your losses be all over the place and be all different types of sizes. Not adhering to a maximum loss per trade and per day, which will make all of your losses consistently smaller."