This is my diary of research and my adventures into trading egies in the forex world.
I am simply keeping this diary so that I can look at it after I ran the trade and bounce my ideas of how to enhance my own trading egy.
If anybody is interested in discussing egies here, all are welcomed, if you have some new ideas that you need to bounce of someone, you're also welcomed to do so here.
I'll only post trades if I feel like it, and only if I have time.
That I have started trading about 2-3 years ago, and during this time that I have chanced upon the thread Technical Analysis Fallacy, here in Forexforum.co.za.
It's a wonderful thread, where some of the top traders in the world hang out.
Everything you'll never get here, is rigid, start looking for some indior setup and trade it sort of thing. As the markets are constantly flowing, the conditions change to be able to adapt to the fluctuations in the market, an individual must understanding market structure, and understand player profiling.
Quoting from the AoW, know thyself and know thy enemy, and a hundred battles, an individual need not dread.
I don't assert that I trade like in the TAF thread, what happens, I've learnt some really useful things, mainly how to read price action, money management, and love of the 3 kingdom, also known as, the connection of the forex currency pairs. And in addition to that, I added in my own touch.
So my methodology is my own, forged by my own experience, and from knowledge from various sources, especially from the TAF thread, but maybe not only from there.
You may see elements of how I trade to include stuff from the TAF thread, but I don't follow it completely, I think there's more, and that I feel the thread is only a small fraction of FTI's true capacities. My gut sense, but I feel there are alot more that he didn't reveal perhaps its because its not usable in retail trading, applicable only to individuals money.
You may also not receive any type of fundamental analysis, as I just cannot understand fundamentals very well, and won't use that sort of analysis.
Technical Analysis is only, the analysis of price, time and volume, as place forex doesn't have quantity, and I am not sure about futures I don't have a live feed too, so I don't use quantity and I don't use futures. But it's an ANALYSIS and STUDY of price and time, there's absolutely no rigidity in it, what people have as an idea of Technical Analysis really is nothing but hogwash, since they enforced their own assumptions of what exactly Technical Analysis ought to be instead of what it actually is. If you disturb contrasting people like wyckoff and wd gann and jesse livermore, how they traded, that is true technical ANALYSIS they used their wisdom and knowledge to create profits. People in the TAF thread is currently doing it assessing price action, then with the right MO, manage and handle the trade appropriately, according to the terms the market attest then and there. Then contrast it with the black box rigid method expert indior kind of trading where it's stochastics more than 80 percent, market, that is not analysis, since the model is so restricted, and prohibitive, to local price action and doesn't factor the grand scheme of things and the general conditions of the market, RIGHT NOW, the key would be RIGHT NOW. People who love to say that this system is 70% accurate and blah blah blah, will learn it the hard way when the kick, it only indies that did not wish to utilize their brains and their own discretion. Profitable traders deal with the RIGHT NOW, and manage it. There is alot of misconception about but what I CAN tell you about ANALYSIS, is you need to use your brain and believe alot.
As jesse livermore pointed out, trading isn't for the idle, and people who refuse to use their brains or are too idle, will only lose their money.
The resources I use to trade, price action, ro3k and money management, I will not elaborate, if you do want to know more, take a look at the TAF thread.
Specific egies, which can be used in conjunction to price action and ro3k, is your ro3k spreading. Which is a method to spread out positions and rotate currency pairs in the portfolio for example exposure is different in accore to how the market is moving .
I basically follow the trend, but if it ranges, I'll trade ranges, and if it's sudden counter impulse changes, I may spread it out or find ways to manage it, in my risk tolerance limitations.
Also, whatever I say here is but my view/opinion of how the market works and how I manage it scenarios.
I trade intra-day, using the 5mins charts mainly and zoom out of there all the way from 5mins to daily, for analysis, sometimes I look at the 1mins charts if things feel funny.
Really, the reality is, to trade exceptionally well, it doesn't only require you to be hardworking in the average way. It requires extreme dediion and to be on the ball all the time.