Re: Beginner and Rookie Mistakes

11
jumping from indicator to indicator
jumping from system to system
keep adjusting settings on a indicator every time the market changes
using indicators you don't understand what they are doing
Be the casino, not the gambler


Re: Beginner and Rookie Mistakes

14
it's going on a clear down/up trend, it's too late to go down now.... market proceeds to go down all afternoon

it went down/up so much, it has to reverse, enter opposite to the trend, damn it, now it has to reverse FOR SURE, oh come on.... the let me catch this knife fail proof strategy...

Looks at past. This is easy, just follow the trend. Next day, candles go up, down, sideways, this is multidimensional chess, oh come on this is impossible to predict
Be the casino, not the gambler

Re: Beginner and Rookie Mistakes

15
Forexlearner wrote: Fri Oct 13, 2023 9:20 am it's going on a clear down/up trend, it's too late to go down now.... market proceeds to go down all afternoon

it went down/up so much, it has to reverse, enter opposite to the trend, damn it, now it has to reverse FOR SURE, oh come on.... the let me catch this knife fail proof strategy...

Looks at past. This is easy, just follow the trend. Next day, candles go up, down, sideways, this is multidimensional chess, oh come on this is impossible to predict
This why losses inevitable , position management the key
Its hold or fold just like poker
0 + 0 = 0
Infinite / Infinite = 1
1 way to Heaven & it matters


LikeRe: Beginner and Rookie Mistakes

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Chickenspicy wrote: Fri Oct 13, 2023 7:42 am Instead use the lower timeframe to validate and manage entries
Losses significantly smaller
no stop loss or take profit is need in this method
a hard stop would be smart but usually 1hr + is fine
Another way from grandmaster Bilbao

“If price move against me, i open opposite position to lock loss trade
Then open new order, when winning pip reach loss i must close”
0 + 0 = 0
Infinite / Infinite = 1
1 way to Heaven & it matters

Re: Beginner and Rookie Mistakes

17
1. Must consider the overall strength of each Currency index. It's all about strength vs weakness. Create a profile with each currency basket; use 2 moving averages to determine strength vs weakness (make sure the two moving averages are based on a higher TF); 2. Count each window in the basket (should be 7 charts per basket) and add the total (Strong vs Weak); 3. Now this should reveal which currencies collectively are the strongest and weakest. 3. Trade those pairs to increase your odds of winning.

I also recommend signing up for a free demo account at LiteFinance. They have their own version on indices that can give you the same information at a glance.

Trade management is also key. You should ALWAYS know how much you are risking on EVERY trade and NEVER over leverage!!!!!!
Always use a stop loss, because inevitable you will lose a trade, but with money management, you should live to trade another day...

Re: Beginner and Rookie Mistakes

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Things I learned that are truths :
EMA200
Highest probability time to monitor and trade (London/NY session - sit in front com 3 hours per session and done)
Manipulation of markets at Previous Day/Week/Month High Low
All analysis done on M15 (bring ema200 of h1 and h4 into m15 to get bias and stage of the trend) , Execution on M1


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