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Learning Forex the Electrofx Way
results of strategies applied in practice, sharing some trades, thanking the founder of the site. discussing the methods described here as they relate to trades
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Theo Patsios
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February 26, 2015 - 05:36
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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 geek

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:

  1. ** Register Here for Free Membership to see this image/link **
  2. ** Register Here for Free Membership to see this image/link **
  3. ** Register Here for Free Membership to see this image/link **

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 ** Register Here for Free Membership to see this image/link **.

 

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

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WeeMee
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February 26, 2015 - 06:53
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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 geek

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:

  1. ** Register Here for Free Membership to see this image/link **
  1. ** Register Here for Free Membership to see this image/link **
  1. ** Register Here for Free Membership to see this image/link **

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. 

hey you! remember to follow your bloody rules!

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February 26, 2015 - 07:29
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I'm glad you see the value of defining risk and reward, it's a basic yet overlooked element, basic math alone could be a strategy all by itself but for me it is just one piece of the puzzle.

As for waiting for a losing trade to turn around; I have been there, you have been there, probably everyone trying their hand at this has been there. I traded for a while with that mindset and it worked for me long enough that I thought it was the way to go, then one day it bit me in the ass and all of a sudden about a months worth of trading was destroyed in a single trade. All of a sudden the value of always knowing and controlling my risk came in to play.

you will learn all about how to make each pattern as safe and confirmed as you can in the VIP section, it's not really something I could fit in to this post anyway. No matter what you do though you will not win all your trades, it is impossible, you can slowly edge closer and closer but with correct risk and reward in play you won't need to win every trade. Accepting losing as part of your strategy is just 1 thing that will help with the trading psychology piece of the puzzle.

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February 26, 2015 - 08:42
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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...

hey you! remember to follow your bloody rules!

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February 26, 2015 - 23:25
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Once again you describe things that I feel everyone has done and it is most definitely a stage. It is ALL about confidence in yourself and YOUR ability to choose, execute, and manage trades... and trust in YOUR own judgement. You will be the one physically trading your account, not your friend, not your teacher/mentor. This is why I put a huge emphasis on trying to help people develop this confidence and trust in themselves that they need... instead of in me. I do tread a fine line with that in the EFX Live Room though because I am telling people what trades I am looking for next each day... and through that Pinterest board even... but I feel the educational use of what I do choose to do is well worth it. 

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February 27, 2015 - 09:55
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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. 

hey you! remember to follow your bloody rules!

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March 1, 2015 - 11:27
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well i finally upgraded my membership am going through the vip video course now.

 

one thing i was wondering already now, why do you recommend 1 meta trader for each pair?

 

anyway, can't wait to start using all the new tools when the market opens up again, although i will probably need to watch the set up section again as i'm actually setting up all the additional trading tools, indicators, charting package and ea's etc.

 

anyway i suppose it's time to start a new thread about my electrofx journey in the vip section.

hey you! remember to follow your bloody rules!

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March 1, 2015 - 11:51
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You don't have to set up 1 pair per MT4 but this is my optimum recommendation for performance.
It is also my preference for visual clarity so I don't have too many charts cramped up on 1 screen.

Most computers these days are quite powerful and the main performance bottleneck when using software within MT4 is MT4 itself. You should have no problem with 2 pairs per MT4 if you don't mind the cramped screen space but since I can have as many MT4's as I like tabbed up on my taskbar, plus I have plenty of monitors I will always recommend a 1 pair per MT4 setup.

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i did the upgrade and can only recommend it to anyone out there wanting to learn price action based trading. i have more material to cover, but already my level of understanding is like night and day compared to before. Theo has a concept or strategy thats complete and through studying him go over trade after trade telling you what he see and thinks, you really start to see things your self.

 

anyway as i'm working on the vip course material i can't really continue the blog of my learning journey here. but i will be updating my general progress as a trader here every once in a while.

 

WM

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March 17, 2015 - 11:47
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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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hey you! remember to follow your bloody rules!

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March 20, 2015 - 11:20
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quite a good day today, won a couple of 1 to 1 trades, got 2 break evens, 2 losses and 1 awesome 2 to 1 buy on the gbpusd, was very cool, was able to walk my take profit and stop loss up with the price action, in the end i had to take a bathroom break so i got stopped out for 42 pips profit. :)

 

i took it as a breakm out trade from the box. price had been going up steadily so i decided to risk going with it. was a 21 pip stop loss, as i have big spread to account for and i wanted to be safe. still at 2 to 1 a respectable trade. love it when you can lock in profits. nice way to end the week.

 

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hey you! remember to follow your bloody rules!

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March 21, 2015 - 08:48
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Nice WM... you're skills are improving at high speed cool

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March 21, 2015 - 12:20
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Hi Theo,

 

i really am noticing improvement. it's amazing to think back to my first day in the live room and to now, even though it's not more then 2 weeks. on the one hand taking trades has helped me quickly realize when i'm following the system and when i only thought i was, but missed something. it's also been great seeing the others post up their trades and give a few pointers here and there.

 

what i'm getting at the moment is that we have to adapt to the market and that means trading with the trend. it's hard to put into words but understanding what it really means to follow trend has taken me till recently and i'm probably still  gonna learn more on that subject as time passes, but i know how to recognize the ideal trend continuations now with real confidence.

 

i still need to keep practicing and of course it's all for nothing if i can't actually be profitable. at the moment it's a bit of a back and forth. as i am not always entering the same size trades my end results aren't as good as my trades would make one think. but day by day i'm getting the system and my own rules set, i have to spend less and less time thinking about what to do. so with a bit of perseverance i think i'll be going to a real account in the not too distant future.

 

i had a couple of nice trades on oil and gold, but the position size was so small that it didnt help to balance out the losers like it normally would. still i now know about sizing gold and oil positions and how the tm needs to be set to trade them. you will never get it to enter a trade with a 3 pip buy/sell buffer, or a 5 pip spread for example.  so yeah it's all a learning curve one just has to go through it and learn ones lessons.

 

new account manager guy is already asking when i think i will be ready to go real. and the old account guy is emailing me to say how many x k he would have made me with x size account. hehe...

 

if and when, i go back, it will be to earn back my 500 bucks on my own trades, :) mind you their spreads are high so might not bother with them again.

hey you! remember to follow your bloody rules!

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March 24, 2015 - 06:37
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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.....

hey you! remember to follow your bloody rules!

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March 24, 2015 - 10:21
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ok so i went on to try and get some more eu short profits and got stopped out.

 

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a bit later i found the gold price had pulled back to around the three point turn entering point, so i entered it long thinking price was in a strong up trend. trade took many hours, but went as planned. moved the stop 2 times and went to break even, so 3 times moving the stop loss during this trade to keep things as much in my favor as possible. take profit was over 1 to 1 from the original stop loss, so all in all not a bad trade.

 

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should probably quite while i'm ahead for today, lol. we will see if anything else tempts me. coming down with a cold so nothing else to do then sit at the comp for now.

hey you! remember to follow your bloody rules!

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March 25, 2015 - 00:02
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WeeMee said
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.

 

** Register Here for Free Membership to see this image/link **

 

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

Judging by your screenshot you are risking $10 per trade and that means that if you are maintaining a constant money management plan, as you should be, then in order to lose $200 you would need 20 losing trades. You also said that you had some break even so that means that you took well over 20 trades in 1 day. Now, I trade fast, but I don't see 20 acceptable setups in a day, ever. This tells me that you are most likely over trading and perhaps allowing the loss to effect you emotionally where you feel you need to get it back and the over trading begins?

I may be wrong as I had to make assumptions there...
but I have seen it many times before and it is a common set of events wink

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March 25, 2015 - 10:11
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many thanks for your feedback Theo,

 

i really do appreciate it.

the over trading is a valid point, it's not quite as bad as it looks however. i am opening some trades by instant script and when i trade stocks the minimum size is different to oil and gold, this is again different to currencies. so on the whole my trade size hasn't been as consistent as it probably should be. i also some times open slightly bigger trades when i thought it was a good set up.

 

i really appreciate you picking my trades apart when you have time, so i'll post todays, maybe you can point things out to me that i should have considered.

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the first trade was stopped out, the second one went to break even as i thought a higher high had to come, then i had to good sells

also entered this when it looked like we were going back into the down trend, just over 1 to 1, wasn't watching or i might have moved the tp line a bit.

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i then saw this and got part of it, this saved my day as again trade size was decent at instant sell scrip default. this time i was lucky, if trade size is bigger then i expect on a losing trade it hurts the stats more. i will get the hang of it. the bellow was easy as the trend was totally behind the move i was hopping for.

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edited to add:

found 1 more setup i couldn't resist on oil, it's self explanetory. didnt use the tm as i wasn't sure whether i'd need it on another profile and i was there watching it. made me very close to 3 to 1, the blue line is the buy price, can you see how close i judged the tp :) i pulled the tp line 1 spread thickness away from the box.  some how i think we might be seeing the turn around with oil that Rob was talking about a while back.** Register Here for Free Membership to see this image/link **

hey you! remember to follow your bloody rules!

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March 25, 2015 - 14:32
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check this out, 400 pip spread! is that normal for nas100?

 

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March 26, 2015 - 05:08
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I have saved your images from above to review at this weekends Webinar in the Live Room

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March 26, 2015 - 13:04
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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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