6 responses to binary options charting with tradingview
After the recent three day price action 6 responses to binary options charting with tradingview webinars I held, forex4noobs has blown up. This has brought countless new traders to the site, and I have received a lot of emails from struggling traders asking for advice. Which makes me wonder, how many of you guys out there are also struggling? What are you struggling with most in your trading that is stopping you from being profitable? Leave a comment below and let me know.
I will read and reply to every comment personally. Click here to cancel reply. Email will not be published required. Since I started following your strategy and rules December I deposited more funds in my account. First, it does not matter how good of a trader your are, you will suffer losing streaks eventually. It is just mathematics. A losing streak of 5 is normal, and you may have that more than once.
A losing streak of 9 is approaching abnormal, but the mathematics says it is still possible. Probability is just math, you cannot change it. Your next losing streak will happen soon, it could run for 9 trades, and if it does…. So you will lose a huge portion of your account. And getting your account back up to where it was will be much, much harder. You cannot change your strategy based on data from 4 losses. If ever time you take 4 losses — which is statistically normal — you analyse those losses and change your strategy… your strategy will become very restrictive by years end.
You will be skipping many good trades because of nonsensical rules you created, based on no real evidence. The 4 losses you took in a row are statistically normal. They are just normal losses you would expect to take when trading. There is absolutely no reason to analyse those losses to trade and figure out what went wrong. When you have a group of 40 or 50 losses, then you have some real data, at that point you can analyses those losses for patterns.
Ok Nick, so what do you suggest to me? Is it correct to skip 4h and 6h setup on illiquid pairs? Watching your daily analysis you clearly said you need more confirmation on 12h while watching a 4h setup. I still have a lot to learn it seems… Many thanks!
Many mentor promises you that you can make money purely using their system. However, there is no one holy grail that can works for everyone — more important is 6 responses to binary options charting with tradingview plan your trade and trade your plan. Follow a strict money management and define a style that suits your personality.
Generally, the more trades you have, the more accurate you can determine whether your strategy be it using 4h,8h or 1d will be profitability in the long run — i will suggest at least 50 trades per type of strategy.
Best is also taking into account the standard deviation of the profits traded under the 4H trades, the period you traded them does it all happen on the same month or week etc.
This is where a trading diary will come in handy! Anyway, from all the video, blogs posted and 6 responses to binary options charting with tradingview given, nick presented to me a really genuine and sincere mentor to all the other traders. He is really straightforward in his teaching and i believe you will soon succeed under his mentorship.
I would like to become a student or watch the price action blitz videos. I just started trading so not struggling as of yet but I know I will have ups and downs. The Blitz videos are here https: My biggest problem seems to be correctly judging price action after I have taken the trade.
It seems I always let losses run all the way to the stop, but cut my earnings or close out at a loss when the trade eventually goes my way. I have the same problem as Michael — I seem to be quite good at identifying initial price movement, but my in-trade decision making is poor. I am often hitting my Stop Loss after being previously within just a few Pips of my Target and, conversely, I will close orders early which would have otherwise gone on to make big gains.
Glad you like the site! My response below should apply to you as well as Michael. Let me know if you need more help though. Managing open trades is definitely one of the trickiest things you will learn. Sadly, most of it comes down to experience. There are a few thing you can do right now 6 responses to binary options charting with tradingview should help you out. However, without knowing more about 6 responses to binary options charting with tradingview trading… I cannot be sure if this will help.
Your first few lessons will not be on how to pull a plane out of a nose dive. This is an extreme analogy, but it is somewhat accurate. So, let me suggest this to you. Set a minimum risk to reward ratio for all of your trades.
A good minimum is 1: When you take a trade, do not manage it at all. Enter the trade, set your stop, set your 2RR target, and let it run. If your strategy is good, and your are picking the right trades, you should be making some profit like this. The idea is to desensitize yourself to price movements. You are not really looking to grow your account, you may grow it anyway, but it is not the goal. Desensitizing yourself to price movements in an open trade strengthens your trading psychology.
This will put you in a much better position to manage open trades. A lot of the mistakes you are making with managing open trades are fear and greed based…. Then the next part of this process is to learn to manage open trades… this requires three core skills.
The first two skills are experience based, and desensitizing yourself, combined with taking a lot of trades will give you those. The third is more difficult to master because there is a lot of annoying math involved…. However, I am not able to share those right now. I will work on a video, or a webinar covering some of the math behind managing open trades. I know it sounds daunting, but the math of money management helps a great deal in managing open positions.
Set a 2RR minimum on all your trades, and start trading. You need to desensitize yourself to price action on open trades. There are some shortcut 6 responses to binary options charting with tradingview like using Forex Tester 2. This will allow you to take hundreds of trades on real Forex data by replaying old data. I use it quite a lot and it helped me even now, after trading profitably for years. As for consistency, first we need to define what consistency means to you. So, tell me, what does consistency mean to you?
How many trades will you lose in a row before deciding you are not consistent? I often do not wait for my exit and take it to soon: Do you have a money and risk management plan?
If so, you should have a minimum risk to reward ratio. Once you have your minimum risk to reward ratio, all you need to do is enter a trade, set your stop, set your target, 6 responses to binary options charting with tradingview then leave!
I have a great problem of identifying a trend and when to enter a trade. For example I can see that the trend looks downward on a daily chart but on hourly chart it is going up. That is normal for trends. Trends never move straight up and straight down all the time… trading would be easy if that were the case. After many trails, I got the impression that Price action is my personality.
But I just need to consistent and profitable strategy out there with little stop losses and high 6 responses to binary options charting with tradingview of profitability. I liked your style and I intend to attend your next advanced course when opened. You are focusing on the wrong thing.
Right now you do not need a strategy with a high hit rate. Staying in the trend until it ends. Once in a winning trade, I set my stops to make sure I end with a winning trade.
Problem is that I only end up with a small profit as the stop is hit then the price continues in the same direction as before. 6 responses to binary options charting with tradingview end up with a few dollars win. If I set my stops to large so as not to be stopped out, then I end up with a big loss. My wins are smaller than my losses. No matter what limits I use. Every pair has a different personality, and a pairs personality can change on a whim. First, thing you need to learn about targets and stops is price action.