Where to start?

[K-FX]

Hi Tro,

I have flicked through a couple of your YouTube videos and you are a legend, so I joined your forum.

There's a vast amount of information in this site, and I'd be grateful if you could let me know where to start? I've been trading Forex for about 1 year and am breakeven at best.

Are there posts or methods you'd suggest to focus on and look at within your forum.

Thanks in advance for pointing me in the right direction.

K-FX

[MightyOne]

I'll help get you started while you wait for TRO to respond.

Setting up the Wick-zone:
1. hit F8
2. click 'common'
3. put a check-mark in the 'show period separators' box

A Wick-zone is exactly what it sounds like, it is the D1 wicks turned into a zone and you simply trade price leaving the zone.

If you only trade 2 or 3 pairs then you can easily draw the zone yourself, but if you are going to be watching dozens of charts
for a signal then you are going to want to grab the donational indicator.

EURUSDM30.png (39.38 KiB) Viewed 6515 times

[MightyOne]

A Rat-zone is drawn from the daily extreme to +/- 20 pips and it is only traded down from the high or up from the low.

If price is going up then you only trade green zones and if price is going down then you only trade red zones.

rat-zone.png (38.66 KiB) Viewed 6508 times

You can enter as price leaves the zone but it is usually a better deal to enter at the extreme of a green bar that has
closed up from a new low:

EURUSDM30.png (46.22 KiB) Viewed 6508 times

[MightyOne]

The Buy-zone is created by centering a 20 pip zone around the open price and then sandwiching a 16 pip zone in the middle of that.

If you have a bias then you would rest the 20 pip zone on the open instead of centering the zone around it:

EURUSDM30.png (29.13 KiB) Viewed 6498 times

[TheRumpledOne]

Hi Tro,

I have flicked through a couple of your YouTube videos and you are a legend, so I joined your forum.

There's a vast amount of information in this site, and I'd be grateful if you could let me know where to start? I've been trading Forex for about 1 year and am breakeven at best.

Are there posts or methods you'd suggest to focus on and look at within your forum.

Thanks in advance for pointing me in the right direction.

K-FX

A legend? LOL!

This is Michal Kreslik's forum.

Where to start? You can start anywhere. But it is where you want to go that gives you direction.

MightyOne has gone over the basics of some of my methods. Pick One. Master it. It will be all you need.



ALL YOU NEED TO KNOW ABOUT TRADING

* Price either goes up or down.
* No one knows what will happen next.
* Keep losses small and let winners run.
* POSITION SIZE = RISK / STOP LOSS.
* The reason you entered has no bearing on the outcome of your trade.
* You can control the size of your loss (skill) but you can't control the size of your win (luck).
* You need to know when to pick up your chips and cash them in.

Expectancy = (Probability of Win * Average Win) - (Probability of Loss * Average Loss)

You cannot control the probabilities of wining or losing.

You cannot control your average win size.

The only part of the equation that you can control is your average loss size.

PRICE ACTION

“Now, 2 patterns of market behavior happen on a regular basis:

1) the price breaks to new high's (or low's)

2) the price reverses from new high's (or low's)

They happen regardless of time frame .

They are phenomena that can be exploited without the fear if found out by others, that they might cease to exist.” - H. Rearden

1) Price will either breakout of the high, low or both of the previous bar

2) Price will not breakout of the previous bar.

You cannot reduce it any further. Anything else complicates the issue.

ENTERING A TRADE

You either decide to:

1) Wait and do not enter a trade

2) Trade a breakout

3) Trade a reversal.

Those are your ONLY 3 options.

That is all you need to know about trading.

[K-FX]

Dear the MightOne and TRO,

Thank you for your comments and a push in the right direction, I'll look at the posts that MightyOne has posted above and search for the methods in more detail as you have said TRO.

Much appreciated guys, thank you.

K-FX
London

[K-FX]

Dear TheMightyOne and TRO,

I took a closer look at the screenshots and guidance above, thank you. I'd like to understand them a bit better such as the rules, and I believe that you need to help yourself before things move forward. I've been searching for threads from MightyOne showing the way that TRO trades, but struggled to find them or these strategies in more detail.

I'd like to understand the strategies better and then go and test them for myself until I totally get it. So I'd be grateful if you could post a couple of links to the threads where I can learn the current strategies and work on them.

Thanks in advance guys,
K-FX

[K-FX]

OK found it. For any newbies check this link below. I looks to have everything you need to get cracking!

therumpledone

[MightyOne]

Go long where you see buying and go short where you see selling.

Every entry method is just a horizontal line with risk attached to it.

The best way to learn is to start your own thread, mark charts with your ideas,
and listen to what different people have to say about it.

for_you.png (27.22 KiB) Viewed 6303 times

[MightyOne]

As TRO says, trading is guessing and managing risk:

EURJPYM30.png (26.81 KiB) Viewed 6277 times