nanningbob wrote:allisonmagic wrote:hey nanningbob when you say to take profit from line to line, you mean we can try to take profits from pivot to pivot or resistance to pivot or resistance to resistance 2 .. things like this ?
How do you go from pivot to pivot? There is only 1 pivot line. I dont understand your question. Taking profit from one line to another is the only way I can explain it. If I enter at one line and price moves to the next line I take the profit or maybe two lines. Price moves slower at the beginning of the week and faster and more volatile later in the week, so then maybe 3 lines. Big news story hits maybe 4 or more lines. If you are looking at hard fast rules this business is very fluid so hard fast rules dont apply. My biggest profit on a single trade was just over 100 pips (3 plus lines) my smallest was 2 pips last week, my average was 38 pips. That is a lot of discretion between trades.
If you are new to trading and you trade from one line to the next and pocket small profits until you learn the business then that is where you can start. You have to get a feel for the markets, I know many of you like dashboards but you dont learn the markets watching a dashboard. You learn the markets by watching price action and studying charts, over and over and over again. I dont condemn dashboards but you wont learn the nuances of trading from them. They dont tell you trendlines, previous R/S positions, news, time of day, time of week, difference between jpy, eur, usa, aud/nzd sessions, candle patterns, chart patterns, etc. That only comes from watching charts, year after year after year. I trade differently on Monday and Tuesday than I do on Thursday and Friday. The answer I give today I wont do on Thursday. That is Forex. Keep asking questions and keep studying charts and price movement. Go read news stories and learn what really moves markets and what is just fluff and BS. I am going into my 7th year in trading and I finally have begun to truly learn what a real trend is in trading, a dip/rally even though I heard those terms from day one.
Most of you don't know me, some do from FXAW or another forum or two. I spend most of my time lurking about here, keeping tabs on what's happening. Since I don't use EA's or indicators in my trading, I find little to add anything of note to most threads here. I retired from a great job last year, to be a stay at home caregiver for my wife. I make my living in the forex markets and I've paid my dues on the way up.
As a person who has spent a lot of time trying to "teach" others not only to trade the forex markets, but also how to "see" what they are trading, I wanted to thank Bob, first and foremost for his efforts in doing the same. It takes a lot of dedication on his part and countless hours, helping people to find a way to stop "bleeding" their accounts dry, and helping them to "learn" to make a profit from this business. Pay close attention to his advice before you ever try to trade his systems. You WILL save yourselves a lot of money in doing so.
I no longer look for the next "holy grail" EA or tradings system. I do continue to read and take advice from experienced and or "educated" traders such as Bob. You can never learn enough in this business, and that learning doesn't begin until you quit searching for something that doesn't exist. No matter how slick the marketing is, there is no canned EA or system that you can follow, from A-B-C, that is going to make you consistent profits, until you "learn" to trade and "see" this market for what it is. Like Bob says, "trade to trade another day". Most people in this market are under capitalized, and are looking for the "quick cash" of a big score. Understand that your trading platforms, all the tools you use to trade, most indicators, systems and EA's are created by people who design them to take your money, not provide you with money. Most people would do better if they keep their trade sizes small and try to grind out the gains. The market in itself is designed to feed your greed with a small gain, only to see you double up your trades and have it all taken back, and more when you end with a margin call or closeout. Those small gains Bob speaks of are 1000% better than a closeout of your orders.
I spend hundreds if not thousands of hours looking at charts with NO indicators, across all time frames. I tend to base my trades on H4, D1 time frames and have recently begun to scalp the 5m and 15m time frames. I trade solely on price action as I look past the glass of my computer screens to what lies beyond, which is price itself. Listen to what Bob says about dashboards and all the other "helpers" out there. All they do is cloud your vision, and distract you from what you should be looking at, PRICE. Price alone in the only no lag indicator there is. All others react to what price has already done, and show you a picture of what has past. Nothing shows you what's to come, but I have other thoughts on that too. Price is always moving, time is constant. Price is all that matters. Train to "see" price and not something that lies on the surface of the window, like dirt clouding your view of price.
Candle patterns, fibs, and supply/demand areas can help you learn to "see" price and what it is doing. Price either moves up or moves down. Without time, price would represent one single candle, with price ticking higher or lower within that candle. What do you see when you look at a D1 chart? Each candle on a D1 chart is formed by a multitude of candles, formed on the lower time frames. A single D1 candle is comprised of 6-H4 candles, 24-H1 candles, 48-30m candles, 96-15m candles, 288-5m candles, and 1440-1m candles. That's a lot of price action contained in that one, single D1 candle. When you understand what is happening within these candles, you will complete more successful trades, with better entry and exit, providing much, much high R:R value trades. On the H4 time frame that Bob uses for the 10.4 system, there is a simple candle pattern that take a 1:1 trade and turn it into a high probability trade of 1:10+ or higher, once you know and understand what takes place in that one pattern.
I spend most of my time at FXAW and it's a quiet time there right now. I've taken that time to read this thread and several others here at Steve's great forum. Trust me when I say, people like Steve and Bob are far and few in between. Most seek to prey on human nature, or peoples greed, and make a lot of money for what is offered here for free. I know some of the traders here but not many. What I see in this thread and others are a lot of people looking for that "A-B-C" or "1-2-3" trading system or plan that they wish to follow to a "t" in hopes of making a profit. What I should be seeing, instead of people asking where "exactly" to place their orders and when should they be closed, are people asking why they are placed where there go and what creates those "areas of interest", either a buy or sell area or a take profit area. Once you understand these concepts, as Bob recommends, you won't have to ask those questions as to where to place your orders or where to close them.
Bob has presented a great "blueprint" for learning these concepts or price action, while creating a very nice system, using these concepts, for a trading system. I hope it doesn't sound like I'm talking down to anybody here, because I'm not, I'm just very direct and to the point when posting. Those who know me can vouch for that. What you will find later in your forex journey, is that while Bob has created the "blueprint", each person who uses it will add what they know about trading to make it "their" plan. Bob trades his plan Bob's way. If I were to trade it on a live account, it would be much different than Bob's way of trading it. Nobody here could trade it as I would as I would adapt it to what I know. It's been mentioned before, there are basic rules that Bob has laid out for using this system, but there is no "single" fast and hard way to trade it. If 100 people were to start trading 10.4 using the basic rules as laid out by Bob, we would have 100 different trading histories. That's not due to a bad basic rule set, it's due to each individuals own level of knowledge or experience or lack thereof, in applying those rules to their trading styles.
Your success or failure with this system, and it is a well thought out system, is entirely based on your skill set and what you have learned or failed to learn about the forex market. It all comes down to reading what's posted, understanding why you do something when you do it, and not just following a given set of rules. As Bob says, spend time in the charts. I know a lot of you work and time is limited, but unless you spend time in the charts, you might as well toss your forex fund money into the fireplace. In other words, if you don't have time to review charts and live price action, save your money as forex isn't for you.
Just wanted to thank Bob for his efforts and toss a few words of advice out to the masses.
CJ |
