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In a definition of Price Action trading (PA) strategy, it is an act of responding to ways and manner that price behaves or behaving during a period in time. With PA, you are going to trade what you see and not relying on any complex indicator that you did not even know how it’s been calculated. You act based on some laid down rules as regards price behavior.
Although, price action is best recommended for anyone who’s just beginning in financial market. I could recall my first encounter with FX market, I was so overwhelmed with a whole lot of different trading strategies. They all appear great in theory, but ugly in practice. Not until I’ve learn to settle down for price action strategy and the reward was huge.
No strategy is fail safe, price action inclusive. No strategy or system will single-handedly give you consistent result or profit. Every time we speak of consistency in Forex trading, little do we know that it cut across the way we interpret the market, the way we stick to a strategy over a period of time, the way we keep to a leverage size and the time we open and close the trading terminal every day.
Well, I wouldn’t want to bug you with too much talk. If you’ve been in the…
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JockPippin avatar
JockPippin 13 June

Sound words and a sound plan  .Something similar to my mindset and I have achieved what I set out to do in Forex .

WallStreet6 avatar

If we only knew to which signals we should listen to:)

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12/23
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1- Trading as a performance activity
It is important to consider trading as a performance activity that requires the same level of discipline and commitment as chess, professional sport or military training.
As Steenberger asserts, a trader should acknowledge the need for a "high ratio of time spent in practice/rehearsal relative to actual performance." Generally speaking, a trader should spend more time analyzing economic fundamentals or refining entries with historical data, than executing trades. They should also spend significant time testing strategies before taking them onto a live account.
Steenberger outlines further similarities with performance activities, such as the need for "rapid and comprehensive feedback to allow performers to learn from their practice/rehearsal and incorporate changes in future performances".
There is also a need for "a teacher who guides rehearsals by creating demands sufficient to challenge the performer, but not so overwhelming as to create frustration and failure."
A trader can fill these voids by immersing themselves in a vibrant community in which to exchange ideas, and interact with successful and struggling traders who are undertaking the…
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15/40
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I am often asked, "how do i find a good trade setup?" my answer is, you must train your brain to see what most traders cannot see.The next question is "How do i do that?" my answer is, get the right education and also find someone that is already a successful trader to mentor you.The next question is "How often do i have to do that?" my answer is, the same way any shopper finds a good deal at bargain price. In order for a shopper to find a good deal at bargain price, they have to drive from store to store, shopping for food bargains, so it is for trading, you need to become a professional shopper to find a good trade setup. Good trade setup's can neither be created nor destroyed, if they are present, they are, if they are not, they are not, there's no other way.Kissing many frogsI will use these fairy tale "the princess who had to kiss a lot of frog in order to find her handsome prince" to make my points lucid in this article.You have to kiss a lot of frogs in order to know which one is the handsome prince. In trading and many aspect of life that statement holds true.The tragedy is that most people avoid kissing frogs due to alibis, so they marry them instead. What i mean is that, …
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kelvindfxguru avatar

@Efegen, i will try to do as you have said

kelvindfxguru avatar

Thanks to all traders that have commented, i appreciate your kind words, God Bless all.

kelvindfxguru avatar

Until you get clarity in exactly what it is that you want to do
when you sit down at your computer, I think it's fair to say that
trading is always going to be a struggle. Ask yourself: Do you know
which direction you want to trade in? Which pair(s) you want to
trade? What setup (pattern) you're looking for? How you'll get in?
How you'll get out? I think you get the idea. You absolutely need
to develop consistency in your trading approach.

Delossan avatar
Delossan 30 Mar.

It is good to repeat your stuff but learning new aspects is best. Good article.

kelvindfxguru avatar

@Delossan, i absolutely agree with you, it is very good to learn new things every day, and also diversify if you are not profitable with the current trade strategy you are using, because diversification is always, used most times as a protection against our ignorance, so never hesitate to diversify until you have found a system that truly works with your lifestyle.

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13/51
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One of the biggest mistakes traders make is to keep changing from one system to another. Quite often traders will search through forums and to find the next system they think will bring them the profits they seek. The trader will then try a new system out for a week or more and at the first sign of the system making a loss, they will dump it and move to the next indicator or special black box that this time will make them rich and them the same thing will happen again, and the process goes on and on.So, in retrospect You have to let go of the thought that there is either a “Holy Grail” system or that there is a trading method that will win 100% of the time. It has simply never existed and it never will exist. Quite often when I try to explain this to traders I can tell they still don’t believe me. I can see their brain ticking over thinking to themselves “just because he hasn't found the 100% correct system doesn't mean that I won’t!, does it sounds familiar? i guess it does.The Holy Grail Trading SystemYou have to let go of the thought that there is either a “Holy Grail” system or that there is a trading method that will win 100% of the time. It has simply never existed and it nev…
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GreenTrader avatar

good one....

kelvindfxguru avatar

@LSD yes, When you start any thing new, it is best to always diversify when you are ignorant and focus only when know what you are doing.

Quote: "Diversification is a protection against ignorance, it makes very little sense, if you know what you are doing" warren buffet (America's Greatest Investor)

doctortyby avatar
doctortyby 20 Feb.

This is a battle of probabilities and my main question when I create the scenarios is where will the market proove me wrong?...

kelvindfxguru avatar

I do not care whether i win or lose any one trade or strings, as long as each time i win my gain is one and half minimum or more the amount i lose on each trade.

SpecialFX avatar
SpecialFX 22 Feb.

I identify myself with several points you mention, when I started trading. I had profitable systems back them, but I kept losing faith in them. Basically I didn't have faith in myself... :) Anyway, once that changed I got my very own Holy Grail: being able to trade confidently and completely emotion-free. That to me is more important than any system, because developing good systems was never a problem, following the rules consistently was the issue :)

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