Nadia, I was wondering where have you been? It looks like we are again on the same path
. I will not quote you, as there is too much that corresponds to me too. What can I say my friend, we are up on our feet again
.
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DislikedHello everyone. ( again). Well some of u already know me but a lot of newcomers dont. I have been following Phillip's 4 hour system for a while now . But recently i was taking sometime off from the forum and chat room to focus within. you could call it soul searching i guess. After quite a few frustrating months of not GETTING IT i think i am finally on the right track, If u bear with me for a few minutes i would like to write down a few thoughts.
When the more experienced traders would give an advice i would think in a Positive way that it is easy for them to say something because they have been doing it for so many years, BUT the reason they were saying it WAS BECAUSE THEY HAVE BEEN trading for a certain amount of time. Sounds simple enough eh? it is not. I have come to discover that only you yourself can develop yourself as a trader. no amount of signals and systems can do it for you. Only thing you need is a system that suits you, a good support system( positive mentoring from fellow traders) and IRON STRONG DICIPLINE. and of course time and effort.
Dont get lost in the crowd. Make your own limits and rules for trading ( not system rules)AND STICK TO THEM.
For the last couple of weeks a lot of things that i have read and heard about trading were clear to me.
If i dont see a trade i dont try to make one happen.
The market is ever flowing , when i see an opportunity staring at me , I do not hesitate to take it.
I can take a loss pretty well , like the one on euro today. It was a Valid set up but it just did not work out as anticiapted.I dont get frustrated and upset because i only risk what i can afford to risk.
The market does not owe me anything. But i owe it Respect because it is my source of income.
I cannot predict the next candle i can only anticipate in advance and when the opportunity shows it self then trade IN THE MOMENT. what are the charts showing me NOW .
Dont try to be like a trader who is doing well , be successfull in your own way.
It will all come to u in good time , Never underestimate or put yourself down because some else made 600 pips in 2 weeks, If you are hardworking, persistant and learn with an open mind your time will come too.
This post is not directed to any one in particular but are my own stages that i am going through. i have to train my self first before i can call my self a trader, there is only so many times that i an get lucky but then it will come down to how i manage my business. and still be profitable 10 or 15 or 20 years from now. Money management is the Holy Grail of forex.
Leave your ego at the door . its not about , " see i was right. look a pair did exactly as i said. Wow i am so good" was cable or euro listening to your thoughts when you made that prediction. i dont think so . I think one of Phillip's greatest quality of many that he has is Humility. he gets praised everyday but still he is the same as he was on his first post. ( so is his system).
Anyways. i hope i made some sense. I know this thread is for the 4 hour system but i think Phillip will not mind something that can help to develop as a trader as well. I wish u all the best . trade well.
Nadia.Ignored
DislikedThe power of having a short term strategy as well. Sometimes you miss a 4H trade and watch it going. The short term gets you in and can even win some pips back if you failed with the 4H.
Got exactly my 38 pips loss on 4H back.
Nice weekendIgnored
DislikedHello everyone. ( again). Well some of u already know me but a lot of newcomers dont. I have been following Phillip's 4 hour system for a while now . But recently i was taking sometime off from the forum and chat room to focus within. you could call it soul searching i guess. After quite a few frustrating months of not GETTING IT i think i am finally on the right track, If u bear with me for a few minutes i would like to write down a few thoughts.
When the more experienced traders would give an advice i would think in a Positive way that it is easy for them to say something because they have been doing it for so many years, BUT the reason they were saying it WAS BECAUSE THEY HAVE BEEN trading for a certain amount of time. Sounds simple enough eh? it is not. I have come to discover that only you yourself can develop yourself as a trader. no amount of signals and systems can do it for you. Only thing you need is a system that suits you, a good support system( positive mentoring from fellow traders) and IRON STRONG DICIPLINE. and of course time and effort.
Dont get lost in the crowd. Make your own limits and rules for trading ( not system rules)AND STICK TO THEM.
For the last couple of weeks a lot of things that i have read and heard about trading were clear to me.
If i dont see a trade i dont try to make one happen.
The market is ever flowing , when i see an opportunity staring at me , I do not hesitate to take it.
I can take a loss pretty well , like the one on euro today. It was a Valid set up but it just did not work out as anticiapted.I dont get frustrated and upset because i only risk what i can afford to risk.
The market does not owe me anything. But i owe it Respect because it is my source of income.
I cannot predict the next candle i can only anticipate in advance and when the opportunity shows it self then trade IN THE MOMENT. what are the charts showing me NOW .
Dont try to be like a trader who is doing well , be successfull in your own way.
It will all come to u in good time , Never underestimate or put yourself down because some else made 600 pips in 2 weeks, If you are hardworking, persistant and learn with an open mind your time will come too.
This post is not directed to any one in particular but are my own stages that i am going through. i have to train my self first before i can call my self a trader, there is only so many times that i an get lucky but then it will come down to how i manage my business. and still be profitable 10 or 15 or 20 years from now. Money management is the Holy Grail of forex.
Leave your ego at the door . its not about , " see i was right. look a pair did exactly as i said. Wow i am so good" was cable or euro listening to your thoughts when you made that prediction. i dont think so . I think one of Phillip's greatest quality of many that he has is Humility. he gets praised everyday but still he is the same as he was on his first post. ( so is his system).
Anyways. i hope i made some sense. I know this thread is for the 4 hour system but i think Phillip will not mind something that can help to develop as a trader as well. I wish u all the best . trade well.
Nadia.Ignored
DislikedI went short EurUsd. Hanging man and shooting star off 21ema on 4H.
Early on 1H after strong 1H candle
Entry 1.4606
Stoploss 1.4644
1st TP 1.4540
Edit 1
Got stopped out at 1.4644
Afterthought
07:00
I went for an early 1H entry after the price pulled back to the 21ema on 4H with strong bearish 1H candle
Risks
No 4H signal yet to go short. The pullback to 21ema and the strong 1H move away was my motivation for going short. It was more of a positioning as the posibility could have been that the move was in the direction that supports the NFP.
1. 200sma support
2. Stoploss should have been above 21ema. Too large.
3. Friday and NFP
See post 9207 for the chartIgnored
DislikedHaving two systems is a great idea Philip. I use a 1m system on the eur/jpy from 1hour to London open all the way till I go to bed. I am a bit of a trading addict , I need action! (i think that's a bad thing.)
It's very similar to your 5 min system. It's called the Floor Trader Method, I got it from Naked trading website. you wait for the ma's to cross over to tell you the direction, then u enter off 3 entry types L1 L2 L3.
best is L1 were the pa goes into the ma's touches the 30 wma and then makes a lower hight or higher low (depending on the cross direction) Normally the best trades come off the first retrace after the cross. Philip I did steal one thing from your 5 min system, the angle of the cross, I won't trade unless it greater then 30 degree's the sharped the angle on the cross the better.
keeps me busy while i am waiting on the 4 hour bars to form/ confirm.
Have a good weekend PhilIgnored
Dislikedhi phillip
i do the same trade hopping the h4 cnadle signals for sell.but after it doesnt confirm the sell signal and MACD still remain green i close it -10.
but i think u still hold till sl hitted.why u didnt do that?do u beleived it could go even down?(just for learning from u ,maybe i was wrong and it could went down )Ignored
DislikedHi, Ira! I agree with your analysis 100%, but imho given, that we are between 89 and 200, it's most likely going to oscillate between them for some time and then go up or down. And it shoild show us the direction while oscillating.Ignored