I think enough said really on K2A and how these guys operate.
ALL NEW POSTS WILL BE POSTED TO MY NEW HOSTED BLOG AT : http://intradayforextrading.co.uk/
So a session of consolidation on EURUSD and Cable during the European session and I couldn’t find much to get excited about. I took a trade at 08:15 long on EURUSD but there wasn’t the buyers left it seems to take the price to the 1.3900 mark. I was able to take the trade-off after 30mins, for zero loss,when it appeared quite clear to me that action wasn’t around.
Current stats since going 30min charts (22nd Sept) and narrowing to USD major’s (EUR, AUD and GBP Only) :
14 Trades : 7 going to 1%, 7 Breakeven and 0 Losses
+217pips for those that like to count these things
I am personally very happy with this level of performance to date. Less trading, less pairs but bigger returns……I like.
If you’re consistently losing, come here and maybe stop the habit 😉
After many months of just keeping my head above water sticking to my strategy on 5mins I decided I needed a change or frankly get back to the rat race. “Do what you have always done and get what you have always been given” an old adage from a business mentor I once had. So I had to re-look how I was tackling the market.
I had been watching some chaps progress on Forex offline for about 2 months and I liked his style. Problem was the blog marketing was slick and everything looked too much like a scam to me to take part in the 150 eur’s per month webinars and signal service. I thought, to myself I’ll give it a go for 1 month, it is a fraction of what I have given other educators and I least I will get 4x3hr live sessions per week for my money. I started middle of August and have not looked back really. I am sure it’s not for everyone, but when it’s quiet at 0700 its good to have a bunch of people looking at the same chart you are – with the same puzzle to crack for the day!
The big positive takeaways for me are :
a) It’s very OK to be flat
b) Not to scan charts of different pairs all day searching for that 1 trade. Analyse deeply into 1 pair and you will find your trade. Maybe not every day……..but you will if you are patient.
c) You do not need any indicators except a few pivots to guide your intuition
d) Taking into account the bigger picture on the 4H, daily and weekly charts
e) Taking time to understand price action patterns
f) Taking time to understand horizontal price points of price resistance and support
What is the webinar experience like ?
It is not rush rush, place trade here place trade there, as you might expect. It is a relaxing experience and StP talks occasionally about what he is thinking and possible trade ideas for the day. Somedays we don’t place a trade…and this is because the market is not ready, maybe as it is to risky to place. Money Management………think of your account.
Can I give any criticism ? Sure…..
I don’t like his trade sizing, as its very risk advserse for me and he talks alot about PIP growth vs Account Equity Growth which is the most important objective. We all know you can be PIP positive and at the same time be equity negative.
StP is Swiss but from Italian canton ….I love the Italian sound but maybe difficult for some to understand.
Sometimes the webinar doesn’t work 100% as planned, the mic or the internet….for me it is these things that make the whole experience natural and honest. But maybe for others they see this as unprofessional. Life happens………Last time we didn’t meet as planned StP gave us a 10% discount for the next month. It has only happened once in last month.
Lastly, there is always the concern as to what is more important…..the service to subscribers or the growth of the StP business. Well that is my issue that i will have to gauge over time. Whilst I am growing my account and growing my knowledge I will stay.
If you want a signal service generates money for you without doing any work……join the rest of the queue of 1m people who want something for doing nothing. This isn’t for you – this is a learning service.
If you are serious about trading Forex and want to learn a different method than the endless indicator reliance methods of RSI, MA Crossovers, Stochs etc etc than give StP a try…..but not too many of you please…….2’s company 3’s a crowd if you know what I mean!
I have started eating porridge in the mornings; maybe that’s the reason ?
Or maybe I am on a run of luck ?
Maybe as it’s started to rain and the wind is coming in from the North ?
No, I think it’s still down to the bigger picture perceptions I am taking of the market place and the eradication of other minor crosses from my field of vision.
Yesterday was a Breakeven day…..couldnt find a reason to trade until 13:35. I went long on EURUSD, got +20pips moved Stop to Entry and the price didn’t move after that and I got out for Zero Loss.
Today was different, price had dropped off really nicely and bounced on the Weekly Pivot. Then tested the Daily Pivot with a nice retrace. I took a long position at 1.3725 for 30pips and taking the price back into the established consolidation area between 1.3785 and 1.3715. Maybe today this area will be broken ? Either way I am out of the market now for the day, I deserve an afternoon off as we’ve had some long waits recently.
I will get a loss soon, for sure, but for now keep eating the porridge and don’t allow the fear of losing into my psyche.
Another small record for my forex journey.
Today I recorded my 10th non-losing trade on the row (2 BE’s in the mix) brought my intraday trading to 87pips for the week.
Today though was special…..without my mentor in tow it really was my 1st trade without indicators, well none of the curly kind that can distract us from the real price action picture on show. Trend lines, 30min candles, a couple of pivot points and support and resistance lines.
I am in a happy place……better than those golfers in Wales right now……cold and wet or what 1
End of the month – strange was September.
The month started with my worst 2 weeks of trading in 6 months………..and after several months of not hitting my targets a radical re-think was required. An old adage was replaying in my head “do what you always have done and get what you have always been given”. So have to admit a few things :
1) I cannot manage the market successfully on 5min or less timeframes
2) Equally I cannot manage 5min timeframes and many pairs to boot
SO from mid sept I changed tack, not overall strategy but how I was to perceive the market :
1) No more 5min timeframes……..I will assess the market on 30mins / 1hr
2) No more chasing the dragon……I cannot possibly understand all the delicate nuances of each pair traded in the market. My mentor is helping, he trades just 1 pair on intra-day and suggests I choose one and do the same.
Results were quite startling……..from 50% win/loss ratio at the beginning of the month to 85% non-losing trades in the 2nd half. Of course I need to use this new “bigger picture view” when the market is in its different cycles to assess my true performance but the signs are better
3 winning weeks on the trot on intra-day trading……1st time ever !
Typical trade today on EURUSD a 1-2-3 over DP on the 30min chart for 30pips