Theo Patsios said

WeeMee said
one question i do have is, whats the best use of my time for this project of learning to become a profitable trader; should i finish all the courses in the baby pips school first? or should i spend as much time as possible demo trading? or am i best off just focusing on this sites info for using these methods you teach?

how much do i need to know about eliot waves, or harmonic patterns if i plan to trade with your price action based method?

I'm afraid this answer is going to make me sound big headed

I am of course biased to my way of doing things, or I wouldn't have built this website, but the way I have built this website from the ground up is to be a 1 stop shop for any trader of any skill level. Whilst babypips gives you all the basic info and it is not incorrect, it includes useless info that I never needed to know. I found this was the same everywhere I went online, tons of info for the sake of it being tons of info, I would imagine for search engine purposes, and to be thorough of course, but without any real direction. What I did was create a free 3 step process which I feel replaces any babypips style school but with real focus on building up the knowledge that you will need and use with the style I teach, nothing more. This means that I didn't expect anyone to know anything when I created the lessons, and if they did then I ask that they try and forget everything they thought they knew and go through the lessons with a clear and open mind. Later on you may see that things you previously had discovered just slot right in and enforce your knowledge in that particular area.

 

That 3 step process is of course:

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Each step of that 3 step process contains a series of its own lessons, all presented in the order in which I felt it should be. In my mind this is enough to get people started even if they have never heard of trading before. If anyone, with or without prior experience, goes through that 3 step process and doesn't understand where I am going with things then there is no need to continue here at EFX. If however the person in question does see what I see then I encourage them to either proceed on their own or take a step deeper in to my mind and grab a VIP Membership

 

I hope this post doesn't make me sound like a know it all but after 10 years I know a fair amount.

it doesn't sound big headed, i did ask after all. i think while i'm waiting to go vip i will spend my free time reviewing the free content again.

 

what i like about this site is that it is not just educational, you actually trade and even show people the trades you have taken.  i love that your method doesn't include ever waiting for a losing trade to turn around, it's clear what you risk every time you enter a trade.

 

for now i'm still really bad at placing trades with a tight stop, it seems rare that i get those trades just right. time after time my stop gets hit and price turns a few pips later. but thats because i still have trouble differentiating some of the basic set ups. often i think i'm looking at a double tap, but then it ends up continuing up or down anyway. what i had some success with recently is the V shaped trend continuation trade, but with those i still have trouble locating when the pull back is finished, but at least those set ups seem to have better odds then the double tops or bottoms for me at the moment. need more practice to spot what makes real valid double taps. after watching your price action video for the third time i think i'm starting to understand the 3 point turn trade too. 

yeah i can see that it will be a struggle to begin with to trust my trades, i find it hard not to take profit when i see some, even if i think the original target should be reached, i have seen it not get reached so much that i have a hard time not interfering, this then means the only trades i let run are the losers, which means i never make enough profit to compensate me for the losers. the only remedy i see is getting my education to the point where i can start trusting my setups to be winners at least 50% of the time, that way i won't have to worry about closing trades before they go in the wrong direction.

 

like i mentioned, i seem to be getting a handle on candle stick signals, i notice almost all my trades go right for a while at the beginning now, but when it comes to longer term, my calls are still too unreliable.  i'm not yet good at reading the signs that say that i'm not alone in my trade ideas. all things i have to practice...

oh, you actually tell people what trades you are seeing developing? thats really cool, i think if i would see you do it enough times, i'd start to see what you are seeing, in the end practice is a good way to learn, but seeing something happen over and over is also a great way for things to get stuck in ones mind.

 

it's quite funny because on the one hand i'm telling my self to stop trying to find the top or bottom in the market, but then when i do treat a situation as a continuation, it turns out it was the bottom or top after all. lmao.

 

yesterday, after that huge 100pip drop with the eu i though, ok this has to bounce a bit, opened a buy tight stop, made 15 pips then started to question myself, maybe this is just a pull back? so i get the fibs out and see that it's just reached the 23% fib line and looks like it's about to turn back down, specially as i had only counted 1 down wave, thinking there will be at least 2 more down waves, so i better better jump out of my buy and get ready to sell  the continuation, but of course nothing like a continuation was to be found, instead the whole move was retraced back up, by midday today. so yeah i have so much to learn. 

 

i can't wait till i have my vip account.  Monday or at the latest Tuesday i will be doing the upgrade. 

well im deffinetly getting better, knowing the system is one thing, but learning to trust your trades is quite another. so to help with that i'm gonna record some of my trades recently here. you will see i jumped out scared too early 2x, got stpped out once and finally let a trade go to tp. was cool the m33 chart let me trail the stop a bit so waiting was easier knowing some profit was already locked in.

 

anywyay, i'm in draw down on my demo account and that is putting pressure on me that doesn't help at all. trying to just take it day by day, with the aim of ending the day in profit. at the same time the more trades i'm doing the more i'm learning automatically, even if it's just knowing that i was right and shouldn't have closed early

 

so here my oil trades

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well it seems i was getting ahead of myself, had a really bad day yesterday, lost 200 bucks from 4300.- demo account. like every trade i was doing went to break even or stop loss. so today, with much hesitation i decided to jump in the eu sell at the nyo and lo and behold the damn thing went even better then planned. a 1 to 1 trade became a 2 to 1 in the end with a chance of 3 to 1. locked in 2 to 1 with my stop loss. love these trades.

 

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still, days like yesterday make me realize that i have a ways to go yet.....

check this out, 400 pip spread! is that normal for nas100?

 

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cool, i really look forward to that.

took a couple of sells on the gu after news caused a couple of sell triggers, went along for 1 to 1. i know you don't trade news, i was thinking to just go along once the direction is clear. worked ok today.

 

then after i got home i used the tm to open an oil trade. i told it to risk up to 35 dollars, but being oil it opened a position that was looking like it could risk up to twice that amount. is that due to being oil? i thought when i use mm 4, it would automatically risk 2%, but it seems the risk amount will over ride the MM 4 setting? anyway finally i'm getting to know exactly how all this stuff works. should help...

 

actually the oil trade was/is a dumb trade, i just opened it with the idea of oil needing to go up. yes there was a trigger, but the market structure was not really good, too many things in the way of my tp. i'm thinking i should close it before the loss goes all the way. not really sure, though as it's been moving up quite nicely over all. also i was having trouble letting trades run their course, but im letting my winners run nowadays, so this might be a time to close a loser early?

 

i turned the tm off so i could put hard stop and tp. i tend to use the tm more for managing trades when it comes to gold oil and stocks.

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