I was in a trade for ~2 weeks. Was capturing 170 PIPs. I let my emotions get to me, family; fear and paranoia snuck in and I moved my stop profit beyond my entry; I feared the market would suddenly dip and take me out. I didn't look at fundamental announcements to back this up, there was no logical reasoning for me to do this. I did what I did as a result of my emotions. Sure enough the market dropped ~60-70 PIPs, took out my new stop loss and I got away with 70 PIPs. Good news right? No, here's what gets me nightmares till this day. The market reversed exactly like how I analysed it would and at the opening of the new week, the market raced towards my T/P at 200 PIPs. I could've walked away with a potential $2,000 instead I walk away with $700. It's all wrong. By rights it shouldn't be like this. But is is. It's like in the great stories, my Forex traders. The ones that really mattered. Full of darkness and danger they were. And sometimes you didn't want to know the end. Because how could the end be happy. How could the world go back to the way it was when so much loss had happened? But in the end, it's only a passing thing, this shadow. Even darkness must pass. A new day will come. And when the sun shines it will shine out the clearer. Those were the stories that stayed with you. That meant something. Even if you were too small to understand why. But I think, my Forex traders, I do understand. I know now. Traders in those stories had lots of chances of adjusting their stop losses but they didn't. They kept going. Because they were holding on to something. Forex Traders: What were they holding on to, Forex Sensei? That there's some good profit to be made in this market, my Forex traders. And it's worth trading for. TL;DR: Once your trade is set up, analysed, confirmed. Enter and don't touch it unless you have a sound, logical reason to do so. Control your emotions of greed, fear, and paranoia. I'm still new to this so is this a good lesson?
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http://twitter.com/forex_in_world/status/1273939913872998400GBP/USD Forecast: Failure to recapture critical support pointing to further losses after BOE blow https://t.co/SPtiAD3uAA— FOREX IN WORLD (@forex_in_world) June 19, 2020
http://twitter.com/forex_in_world/status/1265589002805092353EUR/USD Forecast: Failure at 1.10, intensifying Sino-American friction, may fuel a fall https://t.co/8veC81xGWh— FOREX IN WORLD (@forex_in_world) May 27, 2020
http://twitter.com/forex_in_world/status/1263777421167341568EUR/USD Outlook: Euro remains within larger range after failure at 1.10 resistance zone https://t.co/fVeFko0nAA— FOREX IN WORLD (@forex_in_world) May 22, 2020
How many trades contained your longest winning strike on Forex?
Welcome Traders I am preparing for an agrresive operation on forex market and i need some motivation energy from your answers before the market will open. The informations about pip-per-trade can also help but its not necessary . I will not approach the details of the operation, but I managed to succssfully apply it with different levels of capital about 5 times and the duration is about 3 days. Minimum WR for that operation is 80%. Even though we are intelligent creatures, so much fear of failure will always haunt us. That is why, despite past victories, I have fear (need to pay rent from profit too). Big thanks for possibly answers
Hi there, My husband and I have been working on forex trading for a few years, and we are getting rather close to using trading to "retire" from traditional 9-5 jobs. Our concern, though, is that it looks like just about every US broker is uninsured and state that if the company becomes insolvent, they may liquidate all margin accounts. Oanda, for instance, states "In the event OANDA should become insolvent or file for protection under the bankruptcy laws, it is possible that you would lose the entire amount in your Margin Account. " My question is if anybody here has found a way to "insure" the account to avoid this problem. The last thing we want is to pour our lives into it and rely on it, only to fall victim to a companies failure. I know, I know, its unlikely. But so was Lehman Brothers, and call me paranoid, but I am not one to want to rely on a corporation to put its customers first. Thoughts?
[Strategies] Here is My Trading Approach, Thought Process and Execution
Hello everyone. I've noticed a lot of us here are quite secretive about how we trade, especially when we comment on a fellow trader's post. We're quick to tell them what they're doing isn't the "right way" and they should go to babypips or YouTube. There's plenty of strategies we say but never really tell them what is working for us. There's a few others that are open to share their experience and thought processes when considering a valid trade. I have been quite open myself. But I'm always met with the same "well I see what you did is quite solid but what lead you to deem this trade valid for you? " The answer is quite simple, I have a few things that I consider which are easy rules to follow. I realized that the simpler you make it, the easier it is for you to trade and move on with your day. I highlight a few "valid" zones and go about my day. I've got an app that alerts me when price enters the zone on my watchlist. This is because I don't just rely on forex trading money, I doubt it would be wise to unless you're trading a 80% win rate strategy. Sometimes opportunities are there and we exploit them accordingly but sometimes we are either distracted by life issues and decide to not go into the markets stressed out or opportunities just aren't there or they are but your golden rules aren't quite met. My rules are pretty simple, one of the prime golden rules is, "the risk is supposed to be very minimal to the reward I want to yield from that specific trade". i.e I can risk -50 pips for a +150 and more pips gain. My usual target starts at 1:2 but my most satisfying trade would be a 1:3 and above. This way I can lose 6/10 trades and still be profitable. I make sure to keep my charts clean and simple so to understand what price does without the interference of indicators all over my charts. Not to say if you use indicators for confluence is a complete no-no. Each trader has their own style and I would be a narcissistic asshole if I assumed my way is superior than anybody else's. NB: I'm doing this for anybody who has a vague or no idea of supply and demand. Everything here has made me profitable or at least break even but doesn't guarantee the same for you. This is just a scratch on the surface so do all you can for due diligence when it comes to understanding this topic with more depth and clear comprehension. Supply and Demand valid zones properties; what to me makes me think "oh this zone has the potential to make me money, let me put it on my watchlist"? Mind when I say watchlist, not trade it. These are different in this sense. 👉With any zone, you're supposed to watch how price enters the zone, if there's a strong push in the opposite direction or whatever price action you're observing...only then does the zone becomes valid. YOU TRADE THE REACTION, NOT THE EXPECTATION Some setups just fail and that's okay because you didn't gamble. ✍ !!!IMPORTANT SUBJECT TO LEARN BEFORE YOU START SUPPLY AND DEMAND!!! FTR. Failure to Return.(Please read on these if you haven't. They are extremely important in SnD). Mostly occur after an impulse move from a turning point. See attached examples: RBR(rally base rally)/DBD(drop base drop). They comprise of an initial move to a certain direction, a single candle in the opposite direction and followed by 2 or more strong candles in the initial direction. The opposite candle is your FTR(This is your zone) The first time price comes back(FTB) to a zone with an FTR has high possibilities to be a strong zone. How to identify high quality zones according to my approach:
Engulfing zones; This is a personal favorite. For less errors I identify the best opportunities using the daily and 4H chart.
On the example given, I chose the GBPNZD trade idea I shared here a month ago I believe. A double bottom is easily identified, with the final push well defined Bullish Engulfing candle. To further solidify it are the strong wicks to show strong rejection and failure to close lower than the left shoulder. How we draw our zone is highlight the whole candle just before the Engulfing Candle. That's your zone. After drawing it, you also pay attention to the price that is right where the engulfing starts. You then set a price alert on your preferred app because usually price won't get there immediately. This is the second most important part of trading, PATIENCE. If you can be disciplined enough to not leave a limit order, or place a market order just because you trust your analysis...you've won half the battle because we're not market predictors, we're students. And we trade the reaction. On the given example, price had already reached the zone of interest. Price action observed was, there was a rejection that drove it out of the zone, this is the reaction we want. Soon as price returns(retests)...this is your time to fill or kill moment, going to a 4H or 1H to make minimum risk trades. (See GBPNZD Example 1&2)
Liquidity Run; This approach looks very similar to the Engulfing zones. The difference is, price makes a few rejections on a higher timeframe level(Resistance or support). This gives the novice trader an idea that we've established a strong support or resistance, leading to them either selling or buying given the opportunity. Price then breaks that level trapping the support and resistance trader. At this point, breakout traders have stop orders below or above these levels to anticipate a breakout at major levels with stops just below the levels. Now that the market has enough traders trapped, it goes for the stop losses above or below support and resistance levels after taking them out, price comes back into the level to take out breakout traders' stop losses. This is where it has gathered enough liquidity to move it's desired direction.
The given example on the NZDJPY shows a strong level established twice. With the Bearish Engulfing movement, price leaves a supply zone...that's where we come in. We go to smaller timeframes for a well defined entry with our stops above the recent High targeting the next demand zone. The second screenshot illustrates how high the reward of this approach is as well. Due diligence is required for this kind of approach because it's not uncommon but usually easily misinterpreted, which is why it's important it's on higher timeframes. You can back test and establish your own rules on this but the RSI in this case was used for confluence. It showed a strong divergence which made it an even easier trade to take. ...and last but definitely not least,
Double Bottom/Top. (I've used double bottoms on examples because these are the only trades I shared here so we'll talk about double bottoms. Same but opposite rules apply on double tops).
The first most important rule here is when you look to your left, price should have made a Low, High and a Lower Low. This way, the last leg(shoulder) should be lower than the first. Some call this "Hidden Zones". When drawing the zones, the top border of the zone is supposed to be on the tip of the Low and covering the Lower Low. **The top border is usually the entry point. On the first given example I shared this week, NZDCAD. After identifying the structure, you start to look for zones that could further verify the structure for confluence. Since this was identified on the 4H, when you zoom out to the daily chart...there's a very well defined demand zone (RBR). By now you should know how strong these kind of zones are especially if found on higher timeframes. That will now be your kill zone. You'll draw another zone within the bigger zone, if price doesn't close below it...you've got a trade. You'll put your stop losses outside the initial zone to avoid wicks(liquidity runs/stop hunts) On the second image you'll see how price closed within the zone and rallied upwards towards your targets. The second example is CHFJPY; although looking lower, there isn't a rally base rally that further solidifies our bias...price still respected the zone. Sometimes we just aren't going to get perfect setups but it is up to us to make calculated risks. In this case, risk is very minimal considering the potential profit. The third example (EURNZD) was featured because sometimes you just can't always get perfect price action within your desired zone. Which is why it's important to wait for price to close before actually taking a trade. Even if you entered prematurely and were taken out of the trade, the rules are still respected hence a re entry would still yield you more than what you would have lost although revenge trading is wrong. I hope you guys learnt something new and understand the thought process that leads to deciding which setups to trade from prepared supply and demand trade ideas. It's important to do your own research and back testing that matches your own trading style. I'm more of a swing trader hence I find my zones using the Daily and 4H chart. Keeping it simple and trading the reaction to your watched zone is the most important part about trading any strategy. Important Note: The trade ideas on this post are trades shared on this sub ever since my being active only because I don't want to share ideas that I may have carefully picked to make my trading approach a blind pick from the millions on the internet. All these were shared here. Here's a link to the trade ideas analyzed for this post specifically Questions are welcome on the comments section. Thank you for reading till here.
It is said that the failure rate in the forex industry is very high, with more than 95% of aspiring traders expected to drop out of the game within their first few years of trading.. At this rate, you might have a better chance of surviving the Hunger Games than becoming a successful forex trader!. In his book One Good Trade, proprietary trader Mike Bellafiore outlines the main reasons why ... In forex trading, leverage means that with a small amount of capital in your account, you can open and control a much larger trading position. For example, with a $1,000, your broker might allow you to open a $100,000 position. This is 100:1 leverage. The advantage of using leverage is you can magnify gains with a limited amount of capital. The disadvantage of leverage is that you can also ... Types of Failure Patterns in Forex. There are two basic types of failed chart patterns in Forex. They can be classified based on how far the price action has gone into the creation of the pattern. There are chart patterns, which are already confirmed, but still fail, and there are patterns, which have formed, but have not yet been confirmed. Non-Confirmed Patterns that Fail. These patterns are ... Unprepared = Forex Trading Failure. Newbie traders just love to step into the Forex arena unprepared – I kind of don’t blame them, they just want to get their feet wet and join in to the excitement. But, with no plan, no understanding of how the market works, or really no idea of how they are going to approach their trading – the chances of getting anywhere are slim. Uneducated newbies ... Risks of failure in $6.6tn forex market at record high, study shows . Dominant settlement service has not kept pace with market evolution, says its CEO ‘Given the way FX trading has evolved, we ... Risks of failure in $6.6 trillion forex market at record high, study shows – FT NEWS Jul 24, 04:11 GMT By Anil Panchal. Early Friday, the ... r/Forex: /r/Forex is your forex trading community here on Reddit!! We cover trading setups, trading strategies, fundamental and technical analysis … Press J to jump to the feed. Press question mark to learn the rest of the keyboard shortcuts. r/Forex. log in sign up. User account menu. 2. Failure Stories? Close. 2. Posted by. u/narcoleptic_insomnia. 5 years ago. Archived. Failure Stories? I ... How to Trade Forex Market Successfuly? Welcome to How to Trade Forex Market.Here you find the right answer in the shape of educational material from Basic to Advance level. Different well known trading methodologies like Candle Stick Patterns/Signals, Price Action, Supply n Demand, Elliot Wave Theory and Volume Spread Analysis (VSA) has been explained in a very easy and comprehensive way. Failure to comply with the market: Before the market opens, you must develop a plan for each transaction. Scenario analysis and planning trends and offsets for each potential market situation can greatly reduce the risk of huge and surprising losses. As the market adjusts, it offers new possibilities and dangers. In the long run, no panacea or foolproof “system” can succeed consistently ... What Is a Pullback Failure in Forex Finding an edge in trading is not easy and if you consider how markets actually move, you can make that a little easier and pullbacks should be considered. Markets, regardless of the instrument, have a basic movement of consolidation, breakouts, momentum moves, mean reversion, momentum…..it keeps playing out.
October 7th, 2017: In this Montreal Forex trading vlog, I discuss the topic of Forex trading failures, and most importantly, why failures matter. Vlog #196. Vlog #196. In this video, I am discussing how to trade range support and resistance levels but looking deeper into the failures and how to trade failures. I show an example of how to trade support and ... Most Forex traders fail. The statistics that are often quoted on the internet suggest that 80-95% of Forex traders are not profitable. In this video, I will share with you why most Forex traders ... Discover the real reason why most traders fail at Forex Trading and how you can avoid it. **SUBSCRIBE TO RAYNER'S YOUTUBE CHANNEL NOW** https://www.youtube.c... DONT GIVE UP - SEE Forex accounts getting blown - forex brokers taking money from forex traders - forex fails. Forex accounts blown - forex accounts getting ... The number 1 reason why traders fail..... - Duration: 10:28. Ezeetrader 8,935 views. 10:28. Interview with Kevin Ng'ang'a, CEO of EGM Securities. ... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. We interview traders and educators regularly. So Subscribe if you want to learn while being entertained. Please like the video and comment if you enjoyed...