Million in forex

I would be posting some of the quotes and secrets shared by some of the successful forex traders ..many staying away from the publicity…

These are the ones i have found will help any newbie as well as experienced traders.

I will start from the famous ones and then to the ones staying away from publicity ..Yes but i consider them same at the success level whether they are famous or not!

It wont be possible for me to add names of the persons as i have complied this from different places.

Here we go..

1 )  If you get good at taking only the best daily pin bars and you get 2 or 3 trades a month its really no different than waiting for the best 4 hour set ups
and taking 2 or 3 trades a week or 1 hour and taking 1 trade a day.

my bet is that NONE OF YOU that are trading 4 hour pin bars are taking only 2 or 3 trades a week. theres no way your gonna sit and watch a computer 24/7 and take that few trades UNLESS YOU HAVE A HUGE ACCOUNT AND THOSE FEW TRADES ACTUALLY MEAN SOMETHING.

jim

2)  your learning a great lesson ad but here is the truth.

the different time frames really dont produce a “better” pin bar accuracy.

its the trader skill level AND YOUR ATTENTION TO REALITY that determines success.

if you get good at taking only the best daily pin bars and you get 2 or 3 trades a month its really no different than waiting for the best 4 hour set ups
and taking 2 or 3 trades a week or 1 hour and taking 1 trade a day.

my bet is that NONE OF YOU that are trading 4 hour pin bars are taking only 2 or 3 trades a week. theres no way your gonna sit and watch a computer 24/7 and take that few trades UNLESS YOU HAVE A HUGE ACCOUNT AND THOSE FEW TRADES ACTUALLY MEAN SOMETHING.

if a great daily set up nets you 100 pips and makes you 10,000 dollars are you going to feel the need to trade all the time? if a 1 hour pin bar nets you 20 pips in 30 minutes and makes you 2000 dollars are you gonna jack around with less than great set ups? hell no your not.

BUT IF THE NUMBERS (ACCOUNT SIZE) ARE DIFFERENT YOUR GONNA BE A DIFFERENT TRADER ESPECIALLY ON INTRADAY .

if you just sat all night waiting for a 1 hour decent pin bar and it moved 20 pips making you 50 dollars what are most people going to do?

1. watch it turn into a loss
2. overtrade and take everything that looks like a pin bar.

why? BECAUSE YOUR TRYING TO CUT CORNERS TO GET TO A PLACE WHERE YOUR TRADING ACTUALLY MEANS SOME REAL MONEY BUT YOUR CUTTING YOUR OWN THROAT TRYING TO GET THERE.

its like working for a paycheck and never really thinking about your tax rate and how much is coming out. then voting for someone that is going to take out more but since you dont pay attention it goes right over your head because its gone when you get the check.

when does it stop going over your head? WHEN YOU HAVE TO ACTUALLY WRITE THE CHECK TO THE IRS EVERY 3 MONTHS AND YOU GET A KNOT IN YOUR STOMACH BECAUSE NOW IT ACTUALLY MEANS SOMETHING AND HAS SUDDENLY BECOME REAL TO YOU.

a couple of times a year i actually impress myself and its usually when someone triggers a painful memory in me

this just did it.

jim

3) Trading is all about probabilities. We look for good setups, to put us in the best position to win money. It is up to the market after we enter. We use proper money mgmt, to ensure we remain in the game long enough for our edge to play out.

mike

4)  ive thought about it a lot since entering middle age. i was taught as a child that there are two types of people. those that go down to the field to play the game and those that sit in the stands and watch. most sit in the stands which is fine but my father taught me that true happiness in life comes from not letting fear rule your life.

most people have dreams but are afraid TO REALLY TRY FOR THEM.

failing to me is just like edison said. i havnt failed ive just found 10,000 ways that dont work.

i dont know any other way to be. if im interested in something and the answers are hard to find then so be it. i will keep looking until my time here is up.

Jim

I will continue posting other quotations  in coming posts

As i posted yesterday Nzd/usd broke and hit the first target at 0.50 .

This level being the psychological level its important to watch the price action at this level and when confirmed a break which i am sure of with monthly and weekly chart price action its going to the lows .

Just keep trading with the trend and confirmed price action in any pair and you would be right.

Be straight and simple in your approach go with trend and enjoy pips.

Today being weekend would be looking for weekly close for the analysis to trade next week.

Also we will have monthly close with todays close and helpful for monthly analysis.

Price action holds the key ….

Hope you had month full of pips!

Today lets focus on Nzd/usd chart . I have been watching and trading this pair for some time and was waiting for a good opportunity to trade it . Now that even monthly price action has given good signal to trade it. Yes monthly as well as weekly have given good signals for its fall . just waiting for daily to confirm it. I have drawn important levels on the chart posted below. The confirmatory break of them and retest will give a good shorting opportunity . Monthly chart also showing retest of the broken 365 i.e. yearly EMA and continuation of fall . Now daily closing below these lines will trigger my sell trade. I would be shorting with initial target of 0.50 as its important psychological support and if broken it wont stop till 0.45 level. Hope you trade the pair for your profit as well. Here are attached charts with drawn important levels.

Dow chart is showing possible scenarios now.

Is the current strenth market is showing real? Or is it just a possible move to load more short  at better position?

I have put a chart  to demonstarte the possible levels we have to see where the Dow will move now.

I have put the picture above as a thumbnail you can click on it to enlarge and see it.

The levels to watch are 8500 level first and if broken then 8990 to 9000 region .

Though i am more of short biased when the pair reaches above level as i find these to be the levels where the BIG BOYS will enter short position heavily to break the lower  support level of 7800 or so .

This being one scenario we have other scenario where if price breaks 9000 it wont stop till 10000 region.And then start consolidating for next short move.

So be careful at these levels and see the chart before loading positions .

Update on yesterdays trades : Closed all in plus specially UJ and cadchf gave lot many pips ,nzd/usd gave 50 pips

I hope you will make more pips!

Ok so here is what i am trading for  now—–

I found some good set ups on the pairs and entered trade.

Following are entries and there status

CAD/CHF :

Entered short at 0.9366 

Currently running at + 60 

Here is chart for you–

 Next one is Short NZD/USD

the trade is 20 

Here is chart for you

Other than these 2 trades i am also short Usd/jpy and short Gbp/chf

Also added to the above trades short EUR/JPY 

I am locking in pips when the trade turns plus 50 or so ..This helps me stay safe and in green i.e. in profit. 

Also this is dependant on the price action formations to move my stop loss to correct level when my trade is running in plus .

I am going to hold these trades as long as i can as they are along the trend of those pairs and the trend has got enough room to show the bottom .

The aud/usd is on my eye as i am looking for good set up to enter the position trade there and hold it as long as i can .

The other set ups i am concentrating are 128 and 129 zone for GJ where on bounce to enter short or on break to enter long!

Wish you all many pips!

Oh…the much awaited (at least by the forex addicts like me !) forex markets for the week kicked off!

The trades i am looking forward are Short Gbp/chf and aud/usd. Though i am out of earlier trades with some good pips . I am now waiting for right price action formations to enter trade. Also looking at Nzd/usd for good long term short. Though i am also looking for some pullback to test previous broken lows this week on these pairs and trade them with confirmation . Also since there would be lot of data releases starting this week by various US companies this week would be interetsing to trade.  I would better stay out if there isnt any confirmation on right set up to trade than end up loosing  .

So i will post here if i get any new set ups for right entries though i have already opined on the ones above and will take them as soon as i see my conditions  met. Anyways i wish you many pips and keep your comments on the posts and views coming !

The weekend is about to get over and i am eagerly waiting for the forex platforms to open . Though Oanda is always running…

I have finished my weekend diary writing and also studied charts   with set ups and looking forward to see if any gaps happen on the open and trade them for profits!  Well i dont think though that there would be any because no big news or happening took place over last 2 days after the brokers closed for the weekend. I am having my trades running as posted in previous few posts and all are doing good till now . Looking at charts i am planning to move my stop loss to break even to secure trades and equity and let themm run till the desired target point. And will also add few trades that find most rightful for this week.

Looking for a great week ahead.

This month i had losses with Usd/cad only and most others hit there target point in plus so i am overall doing it in plus and already hit my monthly target long back. Wish you all the same and loads of profits and cash flow to your bank accounts!

Writing down daily or weekly  forex diary should be main part of he forex trader.

The diary is journey of where have you arrived from where and what has helped it reach that level.

This could be positive or negative results  journey but its necessary . The diary writing should be made a compulsory habit. The forex diary should consist of number of trades taken . Reason for taking trade. The money management used  and outcome or the result of the trade.

The timing or session when trade is taken.

The usefulness of this diary is in refining your trading skills . This includes your success or failure rate in particular session. The most profitable pair for your trading. Avoiding most unsuccessful session . Understanding what has been going wrong in particular time and what has caused the trade hit stop loss –is it release of economic news or something else? What can be done to prevent that next time.

This will help you inprove your trading filtering off the bad trades.

There are few people out in forex world who do an extra mile in earning trading forex.

You want to know how they do that?

They trade Monthly charts .Trade only few times a year and keep making cash more than a full timer!

How?

They have a larger cash trading accounts

They use Monthly charts usually and weekly for entry. They have larger stop losses and bigger take profit targets put .

They usually dont see the charts often only once in a month to check out whether either of the take profit or stop loss region has hit or not.

They have accounts mostly with banks providing forex platforms as they dont trust bucketshops…

There are only 0.5% traders in world doing this kind of trading.

They have more than one investments and they consider monthly trade as pure investment and not gamble as the intrady trader does.

They trade bascially price action as well as monthly pivot and S and R levels.

Today i will give you trading signals on various pairs and reason with chart.

First —Gbp/Cad

The chart and price action giving us short entry .

First target is 1.7160 region which is still 300 pips to achieve .

here is chart

Now next one is GBP/USD

Gbp/usd with 2 of the three bearish crows formed is targeting 1.35 region with third bearish crow completion

Here is chart

Now the next one is Chf/jpy

its too in sell mode with chart yelling target of 75.5 region

here is the chart for that

Now moving on to cad/jpy

we can see sell signals on Jpy related pairs as JPY has strenghned significantly in last 2 days and there ad been no seen effect on the Obama taking oath..the Obama rally went in exactly opposite direction…

So cad/jpy is sell once 70.50 region is broken targeting  69 to 68 region.

Here is chart

Now moving on to Eur/aud

Its in ranging mode between 1.95 to 2 region

A break of either side will give good rally of at least 1000 pips

Here is chart

Now finally an update on eur/gbp we are already +500 pips up on the pairs in last 3 days …

So enjoy the week and dont forget to post your replies when you make pips!