Recruit Reign Reporting For Duty

Ricex

Sergeant
Messages
359
Even if your scalping Reign I would suggest that you use higher time frames to help you with direction. If your using 5min charts for your entry, try referencing the 15min or the 30min to help you scalp in the right direction. It should help your win %, instead of just getting lucky you will be trading with higher probability on your side.
 

Ricex

Sergeant
Messages
359
Reign, if you look on EUR/USD 1hr chart and draw a resistance line at 1.3654 you can see how the euro has been bouncing between the support line we were talking about and this resistance line, the price was caught in a large range of 200pips.

What we can see happening today is price breaking out of this range to the upside, the pound dollar is doing the same thing.Price moving from Range to Trend. This may not last of course, I'd be looking for the price to move above 3820 (previous swing highs) before starting to think about a more permanent trend change, but it's certainly worth playing, +80 pips as I type.

The 3 states of the market are important to recognise and understand.
UPTREND
CONSOLIDATION
DOWNTREND

..... that's all it does.
 

Reign

Corporal
Messages
42
Thanks for that info Ricex, and I can go back and see what you're talking about now. Unfortunately I was in class this morning (College student, and I work), so I couldn't take part in it, but I can see where the EURUSD went Long for quite a few pips.
 

Reign

Corporal
Messages
42
Ok, haven't hardly made anything with the Forex Rebellion system, so I'm getting ready to go to a proprietary trading system that involves paper. I'm starting to realize that to gain the knowledge needed for successful trading, you have to start from the simplest formulas. It's almost like going back to learn the basics of Algebra so you can master Calculus later. The day I can come on this website and say, " I just quit my day job because I made my years salary in a month", will be the happiest day of my life. So, as with anything, stay tuned.
 

Reign

Corporal
Messages
42
The Worst enemy of the trader is none other than:


FEAR!!! :hissyfit:​

I'm starting to realize that this is the underlying factor that keeps traders from being successful. I believe that 90% of the traders in the World fail because of fear. It plagues us when we're first starting off because of the guesswork that we have to do when we're starting our first initial trades.

To get past that, along with the emotional attachment, will truly make us great traders. I heard a trader say that this is gambling, and I kind of turned my nose up to it, because if its gambling, then what kind of hope do we have when it comes to actually legitimizing this as an actual profession?

Random thoughts. Any suggestions? :err:
 

Ricex

Sergeant
Messages
359
Fear is a powerful primeval emotion that used to keep us alive in the jungle, and is pretty handy in modern life too. Feeling fear when your trading is a disaster.

Fear in trading comes mainly from the unknown, a bit like the jungle.

To reduce fear, and ultimately try and eliminate it from your trading, you need to trade with a strategy that you know works. A strategy that you have tested and have proof, or have had a lot of experience with builds confidence. Confidence reduces fear.

Guesswork is all about subjectivity, what your feelings are telling you to do. You need to trade with objectivity and probability, and do what your strategy and rules tell you to do.

Trading is simple, the market repeats and we repeat the same trades, but trading is certainly not easy.

If someone thinks trading is gambling that's fine, I don't personally look at it that way though, as I believe there are many things we can do as traders to put the probability of something happening on our side, it is more akin to a business than a casino.

Of course you can play it like a gambler but do you want to be a gambler in the jungle?
 

Reign

Corporal
Messages
42
That's the hard thing, majority of the people in the Forex World don't have a beginning guide to trading Forex successfully. Developing a strategy is something that we all want to do (Well, those of us that are serious and are not looking for a get rich system).
 

Ricex

Sergeant
Messages
359
Yeah I understand what your saying, I passed many years trying out different strategies, each one seemingly more complicated than the last, and just kept going round in circles.

All the knowledge you need is out there, it's just a case of sifting through the cr@p and getting to whats important.

If I can offer you any advice it's to clear your charts of all the technical indicators you have, pull up a 15min chart of a pair that consists of a strong verses a weak currency, and look at the price action. Look and study the patterns that the candlesticks are making, look at how the price moves and try and understand how these patterns and movements repeat time and time again.

Focus your time and effort on recognising the difference between a trending market and the ranging market, and practice trading using support and resistance lines.

Two simple rules, first is in an uptrend buy at the break of resistance, second is in a downtrend sell at break of support. I know it doesn't sound very technical but seriously trading is not much more complicated than that, this will put the probability of a trade being successful on your side.

Try it and see what results you get and if you like it start to build up your strategy and rules around it.

When you make your first million remember who told you won't you! lol!! :)
 

cowmadagan

Sergeant
Messages
393
I tend to have crap luck with breakouts regardless of uptrend or downtrend. As a result, in an uptrend I buy after a bout of profit taking happens, unless I can't bear not to take part in a spike. In a downtrend I sell after a bout of profit taking. I then exit when it looks like it's running out of steam.

I definitely agree with searching out weak vs. strong currency pairs, but in longer time frame charts I tend to only go for reversals at lines of resistance (the ones you draw yourself connecting the peaks and troughs). That said, occasionally I'll do this but make my stop a higher number of lots than my original position in case it is a true breakout. I think you have to be really careful about that though.
 

Ricex

Sergeant
Messages
359
I tend to have crap luck with breakouts regardless of uptrend or downtrend.
Why's that cowmadagan?

Yes getting an entry position on a pullback is preferable but I would say that this is an advanced skill. A breakout is pretty easy to understand for beginners with a clear line in the sand so to speak to work from.
 
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