After the recent three day price action blitz 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?
Well, I want to help.
So, I want you to do one thing for me… Answer the question below.
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. So if you want my advice, now’s the time to let me know what problems you are having with your trading.
Piero Pontrandolfi
Hey Nick!
I’m following you since december, I traded a small account riding news with all kind of errors a newbie can make (No Risk Reward – No Money Management – SL bigger than TP – No Strategy – No Trades Log).
Since I started following your strategy and rules (December 2015) I deposited more funds in my account. Now I’m profitable but It’s too early I suppose. I understood RR and Money Management basics and I’m improving my trading psychology. I was profitable in December, January, February but I had losses now in March cause I lost 4 trades. I think it’s not a big deal, but I analyzed my trading log and I discovered all my negative trades were at 4h and 6h time frames, 12h e 1d ones were all in profit (1 : 2 minimum RR ratio). In your last video I discovered that is wrong to trust 4h e 6h indecision candles on volatile pairs so I decided to pass on 4h 6h setups for any pairs and to consider 8h 12h 1d for most liquid pairs (EURUSD USDCHF GBPUSD USDJPY) and 12h 1d only for more illiquid ones. I’d like to know if you agree on this.
I actually risk 5% of my capital on every trade I do, I know it’s a lot but I’ve a small account (€ 5K) and I’d like to grow it at a minimum rate of 10% per month. Dunno if it’s possibile but, as I said, but I only enter with a minimum 1:2 RR ratio.
All said, would be great if you could give me any suggestion about all of this stuff. Thanks!
Nick
You are doing almost everything wrong.
First, it does not matter how good of a trader your are, you will suffer losing streaks eventually. It is just mathematics.
If you have a 60% win rate, over your next 100 trades, you will probabilistically suffer a 5-9 trade losing streak. 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.
So, what does this mean?
Well for you it means that in your next 100 trades, you will likely suffer 25%-45% draw down.
IT DOES NOT MATTER HOW GOOD A TRADER YOU ARE.
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….
…You are screwed.
All the progress you made on your account will be wiped out because you are risking 5% per trade. 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.
If you have £5,000 and you earn £500 per win, you will be down to £3,000 earning £300 per win.
What you are doing is in no way sustainable, and it is not smart at all.
ALSO.
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.
Piero Pontrandolfi
Ok Nick, so what do you suggest to me? I suppose to move down my risk % per trade and to keep trading lower (4h 6h) time frames for liquid pairs (EURUSD – USDJPY – GBPUSD – USDCHF)?
If so, what x% of risk do you think it’s affordable to grow a €5K account?
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.
What kind of yield per year should be targeted to sustainably grow a €5K / €10K account?
You destroyed me, but it’s fine! I still have a lot to learn it seems… Many thanks! Hope You’ll answer soon.
KAYSON CHAN
I m really impressed by Nick comments and genuine advise to Piero.
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 to plan your trade and trade your plan. Follow a strict money management and define a style that suits your personality.
For your information, statistically (confidential interval / hypothesis testing) you need a bare minimum of 30 (N) trades to forecast a profitability of your system. 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.
You cannot “assume” 4H is not a good timeframe just because of recent drawdown. 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 advises 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. ^^ Good luck guys!
Kris Watson
I would like to become a student or watch the price action blitz videos. I watched a lot of your free content and it’s helping a lot. I just started trading so not struggling as of yet but I know I will have ups and downs
Nick
The Blitz videos are here
https://bullrushacademy.com/forex-blog/forex-webinar-recordings/forex-price-action-trading-webinars-three-day-blitz-2016/
Michael
My biggest problem seems to be correctly judging price action after I have taken the trade. I neven know if I should close out because it’s going against me or not. 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).
Chris
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. Absolutely love your site and your blogs by the way, you’ve helped me no end!
Nick
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.
wandile
lock your profits thought nick did that in video i recently saw
Nick
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 that should help you out. However, without knowing more about your trading… I cannot be sure if this will help.
I often suggest to students who are new to trading that they do not try and manage open trades.
Why?
Well, let’s say you are learning to fly a plan. 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.
What you need to focus on first is consistency, and growing your account.
So, let me suggest this to you. Set a minimum risk to reward ratio for all of your trades. A good minimum is 1:2 (2RR). 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…
…Once you desensitize yourself, fear and greed have much less of an impact.
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…
… I use some custom made calculators in order to calculate this stuff quickly. 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.
So, step one, what you should do starting Monday.
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 options 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.
Nick
You should also check out this really long comment I made in reply to Dudley
https://bullrushacademy.com/forex-blog/forex-tips/what-are-you-struggling-with-most-in-your-trading/#comment-21563
Genesis
Knowing the best time to enter a trade and consistency…
Nick
What is your trading strategy? The best time to enter a trade is defined by two things…
If you cannot find the best time to enter, one or both of the above are lacking or missing.
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?
Nikolay Tzolov
I’m struggling the most with my psychic. I often do not wait for my exit and take it to soon :}
Best regards, Nikolay.
Nick
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, and then leave!
Stop watching your charts.
Make a rule that you check your trade once ever twelve hours AND stick to that rule.
Also, this may help:
https://bullrushacademy.com/forex-blog/forex-tips/what-are-you-struggling-with-most-in-your-trading/#comment-21550
Edwin Mtshali
Hello Nick
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.
Please help
Nick
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.
Do you have a trading strategy and a trading plan? It sound like you may now have those.
Ahmad Bedewi
Hi Nick;
I think I’m struggling in forex primarily becuase I have a huge room for emotions and my trading strategy is always being breaked out. 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 percentage of profitability. I liked your style and I intend to attend your next advanced course when opened.
Regards;
Ahmad
Nick
Hey Ahmad,
You are focusing on the wrong thing. Right now you do not need a strategy with a high hit rate. Your hit rate can be as low as 40% when you are new (yes that means 60% losses). Don’t get me wrong…
…Having a better hit rate should be your goal eventually, 50% or 60% would be much better than 40%. However, you can easily survive on a 40% hit rate while learning to control your emotions. If you think about it, a 40% hit rate may be beneficial while you are mastering your emotion. If you can keep a positive attitude when you are winning only 40% of trades… it will be easy when you are winning 60%!
Anyway, it’s just something for you to think about. You can be profitable with a 40% win rate, so focus on emotions first.
Terrell Ashe
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. I 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. Can’t seem to find the sweet spot so to speak.
Nick
You are making a very common mistake…
…There is no such thing as a sweet spot. Every pair has a different personality, and a pairs personality can change on a whim. You might find a theoretical sweet spot today on AUD/USD, but tomorrow it could change.
First, thing you need to learn about targets and stops is price action. Your targets and stops must be defined by price action!
Using price action you need to find a target that is easy for price to hit, and you need to find a stop that is hard for price to hit. How do you do this? I explain it in the three day prize action blitz, watch the recordings here:
https://bullrushacademy.com/forex-blog/forex-webinar-recordings/forex-price-action-trading-webinars-three-day-blitz-2016/
Beyond this, you nee to focus on learning money and risk management. I am doing some webinars on this in the coming months. Having a good money management plan is one of the most important aspects of managing open trades.
You can read more in my response to Michael above:
https://bullrushacademy.com/forex-blog/forex-tips/what-are-you-struggling-with-most-in-your-trading/#comment-21550
cyril
How to identify the good entry as well as exit after knowing the trend
Nick
That is what a solid trading strategy is for. Have you checked out the Three Day Blitz webinars?
https://bullrushacademy.com/forex-blog/forex-webinar-recordings/forex-price-action-trading-webinars-three-day-blitz-2016/
Grayson
I’m struggling with generating wins that hit my take profit. Many times I just miss my t/p and end up with a loss, or because of a previous loss, I take my profit early and watch the price continue for another couple hundred pips after I exit.
Nick
It sounds like you are not using proper money management. Can you please take a look at your stats and tell me specifically:
1. How many trades missed your TP and reversed on you.
2. How many trades you closed out early and then went on to hit your target.
3. How many trades that hit target normally.
4. How many trades hit stop normally.
5. How many trades you have taken in total.
With that info I can run some numbers and give you a better response. If you do not have that info, then you are not tracking your trades properly….
…If that’s the case let me know and I will help.
Catalin
Hi Nick,
…there are several things…
I trade mostly pullbacks, channels and sometime reversals…I do know that reversals are your thing.
Below are my common mistakes:
-getting out of a transaction too early and staying on losing one too long hoping for the trade to go my way
-doubling down on a losing trade…sometimes recuperating a losing trade works, but when it doesn’t the loss is big
Trading is counter-intuitive and rewiring the brain is difficult.
Regards,
Catalin
Nick
You are not using a solid money and risk management plan. If you were, this simply could not happen. I responded to a similar question above, here is a link
https://bullrushacademy.com/forex-blog/forex-tips/what-are-you-struggling-with-most-in-your-trading/#comment-21553
You really need to create a good money and risk management plan. Without that, you should not be trading!
Kees Mol
Hello Nick.
My problem is, that i always take the wrong site in trading, and when it’s going the right way first, it will nearly always reverse, so i’m not making, but losing money.
Of course, i used all the systems i could find on the internet, but hopping from one to another.
The strange thing is, that i know it’s wrong doing that and that it is better to learn just one system.
The only system i’m making some good trades is with renko charts, but in the end i’m not profitable.
I hope you can and will help me Nick.
Kind Regards:
Kees
Nick
Could you please read the comment linked to below, it is my response to a similar question.
https://bullrushacademy.com/forex-blog/forex-tips/what-are-you-struggling-with-most-in-your-trading/#comment-21559
When you read it please come back and answer those same questions. I need more info in order to help.
Mark
Hello Nick
My biggest, and something I would think all great traders went through, but consistently being profitable, losses bigger than winners.
Thanks
Nick
If your losses are bigger than your winners you are not using a proper risk to reward ratio, which in-turn means you do not have a risk and money management plan.
You should not be trading without a GOOD risk and money management plan.
Also, what do consistent profits mean to you? Is it how many trades you win? Or is it your percentage growth?
Can you tell me your percentage wins, losses, and break evens please? With that info I can help further.
Dudley Price
Hi Nick, I have followed you for years and like what you do, but, I am still struggling.
The most difficult thing for me is settling on a strategy that works. By this I mean consistently provides more winners than losers. I think my main problem is really understanding pivot points, use of fibionacci etc and finding the correct entry and exit points.
I do not expect something for nothing and will pay for good guidance, unfortunately I have have given away £000’s to promoters of ‘systems’ that work only to find they do no better than my own skills of over ten years. So I am very wary. Money back guarantees don’t work, the last failure was to a UK domiciled company that did not honour its money back guarantee and I lost over £5000.
So, my plan is to find a way to pay in parallel with progress. Any advice would be genuinely well received.
Best regards. Dudley
Bob (Phoenix)
Dudley, I too have been struggling for years and I am zeroing in on profitability. My best advice (had this talk with myself numerous times) is to move as quickly as you can to trading NAKED. Limit yourself (if you must) to one or two indicators, and use them in conjunction with PRICE ACTION. PATIENCE, PATIENCE, and more PATIENCE!!!!!! Good luck! Bob
Dudley, Somerset UK
Hi Bob, Appreciate your morale boosting comment. I guess patience needs to be coupled with FOCUS. With your comment and Nick’s reply I shall re-double concentration on a single, simple strategy. I am off to Cyprus for a month, so time away from routine to sit and work at it. Thanks again. Dudley
Nick
You are focusing on the wrong thing. Right now you do not need a strategy with a high win rate at all. You can be profitable with 40%, or even less.
Having a better hit rate should certainly be your long term goal. Obviously a 60% win rate is much better than a 40% win rate.
Stop focusing on high win rates, set a minimum win rate goal that you are happy with, I suggest a 40% win rate as your goal. With time, you will want to improve that to a 60% win rate, but for the rest of 2016, make 40% your goal.
Okay, now that we have a achievable goal, let’s look at what else you need. Great traders require three core skills:
Do you have all three of those? I can easily help you with the first, and it does not require annoying tools like pivot points and Fibonacci…
A solid trading strategy, and the ability to trade it well
I trade pure price action and I laid out my strategy in my recent Three Day Blitz webinar series.
https://bullrushacademy.com/forex-blog/forex-webinar-recordings/forex-price-action-trading-webinars-three-day-blitz-2016/
BOOM! Core skill one is covered.
You might be thinking, “come on Nick, it is not that easy”…
… But it is, getting 40% winners with my strategy is easy. I am able to get 80% winners some months, so you can handle 40%.
A strong trading psychology
This part is hard to master. I find desensitizing yourself is a good start. The more trades you take, and the more trades your FORCE yourself to watch play out without interference… the stronger your trading psychology gets.
I talk a little about desensitizing in my reply to Michael above, here is a link:
https://bullrushacademy.com/forex-blog/forex-tips/what-are-you-struggling-with-most-in-your-trading/#comment-21550
That is skill two sort of covered. You need to actually trade to build up your trading psychology though.
A solid and easy to implement money and risk management plan
This one is harder, I will be holding some free webinars on this in the coming months though. For right now, I suggest you simply stick with a basic risk to reward ratio of 1:2 (2RR).
So, you enter a trade, your stop is set, your target is double your stop.
Simple!
Yes, this is definitely too simple, and not optimal.
But remember, your goal is a 40% win rate, and that is doable with a 2RR and my trading strategy.
So, lets do some quick math.
100 trades with a 40% win rate at 2RR
Thanks to the 2RR – which you stick to religiously – wins equal $20, and losses equal $10.
A 40% win rate gives you 40 wins out of 100 trades.
40 x $20 = $800
A 40% win rate gives you 60 losses out of 100 trades.
60 x $10 = $600
$800 – $600 = $200
You factor spreads in to your stops and targets, so you do not minus spreads from these totals.
This is obviously the best case scenario, and it means your trading psychology and discipline will have been perfect. This may not happen, but the point of this is to train your trading psychology and discipline
What happens next?
Once you get to 100 trades (and you should get to 100) you will have accomplished a few things. You will have desensitized yourself to a lot of the psychological pitfalls, and you will have a much better handle on price action.
So, from here you can start to experiment with managing your trades a little. You can try to extend that 2RR to 2.5RR or 3RR when it makes sense to. You can limit your losses by closing out early when it makes sense to.
Your better understanding of price action will allow you to avoid crappy trades and boost your win rate from 40% to 50%, 60%, or higher.
Maybe you are thinking “100 trades, that will take one year or more!”…
… And?
You have already been trying and failing for a year, you have already lost thousands of pound, may as well try something new this year.
What you will have to handle…
This wont be easy, psychologically it is going to suck. A 40% win rate does not spread out evenly over 100 trades, it is not like you will take 4 wins, 6 losses, 4 wins, 6 losses, etc. There will be LONG strings of losses, and shorter strings of wins.
Mathematically speaking, it is statistically normal to have 9 losing trades in a row in your 100 trades at a 40% win rate. However, it is statistically possible to have longer losing streaks. You should only be concerned if you lose more than 15 trades in a row.
I know that sounds crazy, but that is the math, and the math does not lie. If you were flipping a coin with a 50% chance of guessing heads or tails, it would be statistically normal to have 7 losing guesses in a row in 100 flips.
So be ready to handle 9-15 losses in a row. It will be tough, but it will be a toughening experience.
I hope you try it out Dudley.
If you or anybody else has any questions, ask below.
P.S. Oh and what you said about money back guarantees…. they do work, you just need to pay through a third part like PayPal. PayPal always sides with the buyer, and they enforce a 60 day money back guarantee on the seller. It is important to read up on these things before you lay out a lot of money, sorry that you lost £5,000 :(
https://www.paypal.com/uk/webapps/mpp/paypal-safety-and-security
P.S.S. I do not offer a way to pay in parallel with progress, that is too open to abuse. However, I am not trying to sell you my course. Do the above, try it for a year, ask me on Skype (nickbencino) or via email for any advice along the way.
Dudley, Somerset UK
Hello Nick, Really appreciate the time and effort you put in to reply in so much depth to my questions. I shall follow up with a reorganisation of my time management and focus on the points you make. You have taken on quite a workload responding to over a hundred queries from noobies, and intermediates. I shall ‘watch and learn’. You will be the first to know when my trading account settles into positive territory, along with a request to buy your training. Thanks again. Dudley
Alton brieske
My technical analysis is very good. It is almost identical to your approach. However, proper stop loss placement is my weak point. Im getting prematurely stopped out too often.
Thank you very much for your time. Your educational videos are the best I have seen. Keep up the great work!
Sincerely,
Alton Brieske
Nick
I talk about stops in the Three Day Price Action Blitz webinar series
https://bullrushacademy.com/forex-blog/forex-webinar-recordings/forex-price-action-trading-webinars-three-day-blitz-2016/
Elleeco
Hi Nick
I am following your advanced course, I have seen all the webinars and done all the lessons.
OK, I feel that I have better understanding now, but still I don’t have profit yet out of my trading.
I have to say, that I use your strategy on Danish stocks, and I do long. I don’t short, as I am beginner.
It seems that there are many traders who short, and it makes it difficult to reach my target every time.
I hope it gives you an idea of my situation.
All the best
Elleeco
Nick
I cannot really give much advice on the stock market, much less the Danish stock market. Why do you not try Forex with my strategy?
Bob
Patience and timing.
Nick
I can’t help much if you do not elaborate. Maybe this reply I made to Dudley will help with the timing side of things?
https://bullrushacademy.com/forex-blog/forex-tips/what-are-you-struggling-with-most-in-your-trading/#comment-21563
Rosie Williams
Hi Nick,
Thanks for offering to provide individual help! My main issue is that in my losing trades I lose more than I win on my winning trade. Overall I place more winning trades and losing trades, about a third of my trades make a loss. However overall I end up down because I lose more than I win.
Thanks again for your help,
Rosie
Nick
If your losses are bigger than your winners you are not using a proper risk to reward ratio, which in-turn means you do not have a risk and money management plan.
You should not be trading without a GOOD risk and money management plan.
You should probably check out the long response I made to Dudley in this post. I think it will help you out a little:
https://bullrushacademy.com/forex-blog/forex-tips/what-are-you-struggling-with-most-in-your-trading/#comment-21563
But honestly, what you really need is good money and risk management. I will be holding webinars on this in the coming months.
Daniel Osahon
Dear Nick,
It’s nice to have you around, the issue is I ‘ll be graduating in May as a marker, and want to into Forex trading which I have no single clue how it is been done, I need someone to put me through on how to start. It will be very much appreciated if I can learn this trade through you.
Regards
Daniel.
Nick
Start with the basics
https://bullrushacademy.com/forex-education/
Steve Nash
Hi traded 1H charts before but never had the time to check at each candle open, i have this March switched to 4H charts and lost 10 out my last 11 trades :0(
I just don’t seem to be reading the charts (PA) very well and I’m either entering too late (1H chart has already started to turn) or I’m just getting it wrong. A few trades I have been stopped out due to my stop loss being only 50 pips, I’m guessing I need to increase this but with the string of loses I’m worried I will just lose more.
Help please
Nick
Losing 10 out of 11 trades is nothing, it is well within the bounds of probability. With a 50% win rate, which is realistic for a new trader, it is statistically normal to have 7 losing trades in a row over 100 trades.
7 losses out of 100 are expected, and you will probably get that sort of losing streak more than once. However, longer losing streaks of up to 10-11 are also normal. You should only be concerned if you lose more than 12 trades in a row.
You may think this sounds like a lot, but these are just statistical probabilities. They are calculated using a simple mathematical formula.
If you were to flip a coin 100 times, it would be statistically probable for you to guess “heads” or “tails” wrong 7 times in a row.
Forex is not a coin flip, but as a new trader your price action skills are not the best… so you should expect 40% to 50% accuracy on your trades. With a 40% to 50% accuracy, your losing streak is perfectly normal.
Now, 40% might sound scary, but its not, you can be profitable with a 40% win rate.
You should read the reply I made to Dudley in this post, I think it will help:
https://bullrushacademy.com/forex-blog/forex-tips/what-are-you-struggling-with-most-in-your-trading/#comment-21563
Jason
Biggest struggle is when to enter on a trade an when not to enter a trade
mohamed
hi
am straggling with my entry i havn’t in mt4 3,5,6…….hours and your indicator risk /reward
thanks for your help, good birthday
Nick
Stop using MT4, it is trash. It is 10 year old technology. And sure, people will say “it is updated regularly” but that doesn’t mean anything, the core of it is 10 years old…
… In terms of software, 10 years old is ancient, it is like relying on a 120 year old person with dementia to manage all your finances.
Start using a modern trading platform.
I mean, you are limiting your trading ability for your trading platform. You are limiting the amount of trades you can take, the accuracy of your analysis, and your trade management…
… All so you can trade on a crappy 10 year old platform, when there are plenty of free modern platforms out there.
Come on man.
Check out TradingView, they are what I use, they are not free though. If you want a free platform check out cTrader, MT5, and ProTraderMC.
Mduduzi Thabede
I think I am grasping most of what you taught us during the 3 day price action blitz. I think my major problem has to do with entering a trade, when I see a good set-up I fail to analyse whether the entry point has passed and it is no longer lucrative for me to enter the trade. Sometimes I have a problem with my trading psychology as I tend to exit way before the trend has been exhausted or when the the trade is already in reversal mode. So in essence I would say I am still struggling with my analysis and psychology.
Rob
I can’t seem to time my trade correctly. I enter the market. It turns and stops me out. And then goes we’re my original trade was headed,but by that time I have 2nd guessed myself so much that I do not re-enter and watch the trade unfold.
paul bisbing
i have been struggling on placing sell orders on key resistance levels, and then fin out that the market continues it’s uptrend and my stop loss triggers
Nick
You are not trading properly, placing entries at key support and resistance does not make much sense. An area of resistance does not me a reversal is guaranteed.
Check out these webinar recordings for my trading strategy
https://bullrushacademy.com/forex-blog/forex-webinar-recordings/forex-price-action-trading-webinars-three-day-blitz-2016/
Alex
Hi Nick , well the question is very nice to ask … who is not struggling with forex ??
well i am , first i missed the advance course offer by 2 days … i went over your videos but still , when it comes the time to trade by myself , the price always go the other way ….. pin bars , engulfing … nothing works !! i don’t know , i have to go again over the videos to see what i do wrong !!
Robert Walters
I have a hard time finding a strategy that I feel comfortable with. One that I get a feel for the markets actions. I am now trying to work of support and resistance on the daily chart. Before this, I was being helped somewhat by a person that took counter trends to missed weekly pivots. It has been a long four years, thankful that I only blew one account, rest has been on demo.
But I don’t want to be on demo for the rest of my life.
Erik
Sometimes when RSI is over sold or over bought it continues in that direction instead of reversing how can we know which way it will go?
Nick
I do not trade RSI or indicators at all. This is a price action site, we don’t waste time with lagging indicators. We read the price that the indicators use to draw all their lines.
You should check out the free webinar recordings for an idea of what price action is and how I use it:
https://bullrushacademy.com/forex-blog/forex-webinar-recordings/forex-price-action-trading-webinars-three-day-blitz-2016/
Olivier
Hi Nick love your trading by the way keep doing your awesome work, It’s really appreciated.
My personal struggle is with my STOP LOSS, I too often get stop out before the big move happen. I have
difficulty to make a good balance between risk/reward so i compromise myself with a stop Loss too small.
I’ve love to get help with this problem because it really what is stopping me from being consistently
profitable!
Thanks in advance !
Olivier
Craig H Fishler
I’ve been studying how to trade binary options for a year and a half….I don’t know how to set up the forex trade..filling out the s/l ,the TP..LOT SIZE..picking out the right broker…I don’t have much money to invest right now…so it would have to be microlots
Nick
Binary options are a scam, stay away from them.
Have you opened a demo account with a broker? When you open a demo account, you can place demo trades and learn how to enter the market.
Chems23
Nick,
Your content helped a lot understanding basic price action and candlestick analysis. Thanks for that good piece of advise.
I only try to trade 1 hour timeframe totally naked charts and so far have been quite successful at spotting good reversal entries.
What I am struggling big time with is setting the first T/P targets. My trades end up always going wrong before they get to my theoretical exit. Which tells me those exit points are wrong.
Mario.
b
Hi Nick,
I only have one issue: the trading account is too small, so i’m tempted to enter more and riskier trades than would be normal in the rush of increasing my account. Of course this rush generates losses…
And I’m confident to say that this is the main issue of 99% of the traders with experience of at least 2-3 years with good skills and proper strategy, even if they did not realize it yet.
Regards,
b
rjmia
Hi Nick,
Thanks for your concern about our struggle. On my side, I have issues holding on to a position when retracing thinking that it is not going to hit my target. I have a hard time finding a good setup to trade even though I browse through all the time frames. It seems to me when I trade on a demo account, I am more successful than I am using my own money.
gvstarlight
Hi Nick! Thanks for this post. I find all your help very valuable.
My main problem is consistency. I can have a period of very good, level headed trading where I make 300 or 400 pips per week, then suddenly I lose all that hard work in 1 or 2 days of bad trading. Psychology is at fault here. Luckily, I have been trading live for a bit over a year now with a small account and never blown any accounts. In fact, I am about a break even trader. In over 1 year live trading, no growth of the account, and only a very small loss (always staying within 10% of my starting amount).
I have learned about you quite recently but really like your approach. Trading the higher TFs is already helping me, because trades are farther in between and it leaves me time to stay emotionally calm before the next trade. I only take 1 trade at a time now, to help avoid overtrading.
I seem to also micromanage my trades too much. I don’t know if I do this wrong or not. Today for example, I was in a GBPUSD short since yesterday (Thursday) following your system, entry on 12h chart. By this morning (Friday) I saw that price had barely moved from my entry, almost 24h later. Because price was so slow (I was only 30pips in profit) and Manufacturing PMI was about to come out, I moved my SL to BE to protect my trade from the news. The news hit my SL, then GU continued to drop another 180 pips without me. This seems to happen a lot.
Thank you for all your time and help, it is really appreciated!
I Sanchez
Hey Nick, I’ve been using your strategy for reversals since June of last year and I would end up losing the profits I would make. But with the 3 videos you put out at the beginning of March I felt like they helped me improve my trading and I ended up closing the month of March with profit. But even then I feel like what has been keeping me from being a profitable trader is my trading psychology. I believe that’s my weak point and I remember you saying that’s one of your strongest traits. So my question is, how does one practice or improve their trading psychology?
Best regards, Isai
FXTrader18
Hi Nick,
I am wondering how much price action data you think is appropriate to calculate the support and resistance zones for your 5 min price action scalping strategy. I have been using 3 days worth, but I believe there may be a more optimal range of data.
Thanks,
M
Kyle Georges
Nick,
Like many others, generally, my problem is consistency and over trading (taking everything that’s looks like a good setup). Do you think setting a limit as to how many trades I will take per week will help with being consistently profitable, regardless of what the market is showing me?
The price action strategy works;my aggressiveness, hunger, desire to build my count misleads me perhaps.
Thanks for reading by the way, you’re self sacrificing efforts are appreciated!
kobby
Hi Nick,
First of all, i want to thank you for the good work that you are doing and may God richly bless you as you continue to give out these free training videos because not all of can afford the advance course.
My first encounter with you was when i read your e-book ‘the Nick B method’. Wow… that book was awesome and it has really changed my trading career. That’s when I started following you. As for your videos they are very simple and easy to follow. Now gradually, I’m seeing some profits.
My request is I will be very grateful if you can do a video on the scalping strategy on the smaller time frame which you mentioned during the 3 day seminar as being quiet profitable,
Thanks.
Betty
making consistent profit and spot good trade set up with price action strategy and how many percent can I make a month to be satified
Chris
Some days I think I am struggling, most days I think I am learning.
Been at this just over 2 months. Found Forex4noobs quite early on and liked the simplicity of your approach. Struggled a little. Wondered off looking at other strategies. Returned to your price action strategy, but with a little more patience and understanding. Watching your analysis videos has a wonderfully calming effect and reminds me to keep it simple and check my rationale before taking a trade.
Overall I have had a positive outcome on 57% of my trades but a 12% profit tells you I am not managing anywhere close to a consistent 1:2 RiskReward. This is improving week on week, as early on I went to -4%.
My problem at the moment is maximising my profit, which I am currently trying to do by manually trailing my SL once I hit 1:1 and when the opportunity arises raising my TP. Judging the balance between maximum retention and getting precipitously stopped out is proving tricky. This approach is however proving more profitable than simply letting them run.
My current thinking is to try to refine my understanding of the initial setup and at the same time develop my reading of the price action between s/r (retraces, consolidation, reversal etc.). Like others commenting here, I have deviated from your strategy and have successfully traded a few continuations, so would be interested in your approach (if you head back that way), as I am frankly just treating them as if they were a bounce.. if that makes sense. I suspect there would be more I could make of them.
So I guess I would like to here about reading price action between s/r and maybe at some point your take on continuations.
Keep up the excellent work and the analysis videos they are wonderfully grounding and re-assuring.
David DeLeon
Hello Nick I’ve been a member for sometime now. I still struggle finding trades. I guess support and resistance where I struggle. I try to ask my self whos in charge bulls or bears. I still work full time and cant look for trades during the day. It has to be in the Japanese session in America central time. Thanks for your time.
Steve
Hi nick
How do deal with periods of non activity or no valid set ups as that’s the time I start to get into silly trades that I wouldn’t normally do ?
Nick
A risk management plan gives you a long check list to go through every time you take a trade. You cannot take the trade until you check off everything on your list. If you force yourself to go through the list every time you take a trade… you wont be getting in to silly trades.
You can start a VERY basic risk management plan by writing down as a check list everything you want to see in a trade before entering. Here is an example
[ ] Strong indecision on an area of support or resistance.
[ ] Have you asked yourself who is in control of the market? (Bull or Bears)
[ ] Does the set up meet your entry requirements
So on and so forth.
Once you create a basic check list, and you make it a rule that you need to check all of those off before entering…. it makes it hard to justify jumping into some random trade.
Pete
Stop Loss, too small most times
Nick
What is your stop loss based on? You basing it on price action or a standard number?
Steen
Hi Nick,
first, following you has been extremely useful while getting my bearings in the trading business.
I find increasingly that my biggest challenge is myself and my tendency to get carried away by a few successes. It tends to make you more nonchalance and do less homework. In turn, the fear of loses when a trade goes bad has a negative effect on your state of mind and cloud your perception significantly.
Nick
I hear you, overconfidence is something I struggled with for a long time too. Here is what helped me…
… I put together a solid risk and money management plan. This does not sound like it will help, but it does.
The money management side of things helps a little, that is mostly with minimizing the impact of your losses. However, the risk management side helps a lot.
A risk management plan gives you a long check list to go through every time you take a trade. You cannot take the trade until you check off everything on your list. If you force yourself to go through the list every time you take a trade… you will always do your home work.
As for the lacking confidence after a few losses. Let me know what your average win rate as a percentage is at the moment and I will give you some advice on that.
Matteo
Hi Nick,
my problem is absolute lack of trust. Not only in me, but in any strategy I followed in over 6 years. Nothing really work. Not with me, at least.
Nick
Trading is not all about the trading strategy though. When you use a strategy, have you got a solid money and risk management plan in place? If you do, let me know the answer to these questions.
What is your maximum risk per trade?
What is your maximum exposure at any one time?
How would you handle a situation in which you have used your maximum exposure on a single trade, but want to take another trade?
What is your average risk ratio on a trade you take?
Those are some basic money management questions you should be able to answer instantly. If you can’t, you are doing something wrong.
What about trading psychology? That is also a vital part of trading. How good are you at sticking to your strategy? Do you find yourself moving your stop loss around? Do you find yourself over-managing trades?
It sounds like you are focusing too much on the strategy. Forex trading is about three things…
– Your trading strategy
– Your trading psychology
– Your risk and money management
If you ignore even one of those, you cannot be successful. If you focus on the strategy only, you cannot be successful.
Wim
The Forex market is not made to make money for small players. Only the big one’s make money with from the small players, you and me. After the long run everbody loses. Everyone that says there are making big money in the forex market show me your statics!! And those who can’t, teach ! Another way of making money in forex market! Greetz !!
Nick
I remember you, you inspired me to start trading with a secondary broker with which I could properly track and share results. While I had no results back when you emailed me for them, I will have one year of results at the end of this year.
It wont matter much to you anyway. Negative people cannot admit when they a proven wrong.
If you want to see some audited results from a trader that many people in my advanced course forum idolize as an amazing trader… here you go. David Druz is an investment manager, profitable since 1993:
http://www.managedfutures.com/program_performance.aspx?fundtype=&productId=19007
But continue with your negativity. Makes it easier for you to avoid taking responsibility for your own trading.
Leandro
Hi Nick,
Just wud like to thanks. Trading for 9 months now. .my first 8 months was a disaster. I can say am struggle on my discipline if jumping into the trades. I am so eager to makes trades a day but like any other problem moving away sl at the opposite direction is my biggest problem. .biggest i alwys it gonna come back to breakeven. On my ninth months, after fillowing ur videos. .i am so happy to see my trading summary foe the month mafe 900 pips in all. I am so grayeful to you. .i am goingbtomtest it for a year and put more fund if works well for me. .but inthink it well. .because unlike any other strat it has a precise entry. Target. Sl. Amzing. I am.just hoping u put more support and resistant lines in your site in all the pairs. .minors and cross. God bless u more Nick
Reesa Styles
Hi Nick
Firstly I want to thank you for this very kind offer.
Identifying a good set up and then having the confidence to act on it as I’ve had a number of losing trades in a row….like 11.
This is not entirely a trading one.
I subscribed to Tradingview but haven’t found any good tutorials about the platform…do you have any suggestions…I’d be really grateful.
TIA
Reesa
Nick
You can check out TradingView tutorials on their Wiki
https://www.tradingview.com/stock-charts-support/index.php/Main_Page
You should read the response I made to somebody else who has 11 losing trades in a row. I think you will find this useful…
https://bullrushacademy.com/forex-blog/forex-tips/what-are-you-struggling-with-most-in-your-trading/#comment-21574
Andrew McMullan
Hi Nick,been reading your column for a while now,thank you.
My constant prblem is Early Entry,which of course means I hang around before becoming positive.I have moved from Short Term trading to using longer term charts,ie,weekly,daily and 12 hour,but if I enter the trade early I can get significantly behind,sometimes for days.knowing its going to come right,but not when..I realise with longer term charts some more breathing room is required,but going some hundreds of dollers behind can be disconcrting.
Hope you have some hints.’
Andrew
Alton
I trade almost identical to you in terms of technical analysis. The one thing I am lacking in is proper stop placement. I seem to place a great trade but sometimes get stopped out prematurely when the price draws down a bit but overal goes as planed, but I can not capitalise on the trade because I was stopped out.
Thank you for your time Nick
Les
Hi Nick,
Thank you for your generosity, you are a star. So I try to keep it short ( WoW, You seem to have a lot of responses!!!)
My problem is Not knowing
“When a Trend is a Trend, and not a Retracement !!!” Simple.
Many thanks.
wallaa
Hello Nick
My main problem is staying in the trade. When it takes a longer time for the candle to move to its target, I quite the trade only to see later that it hit it’s target.
Don’t really understand how to calculate the risk reward ratio.
Also sometimes I look at a setup, it looks good, but am scared to trade it.
And lastly, in the webinar, you showed mostly bad setups. So I don’t know what a very good setup is when I see one. Thanks for the opportunity like this.
Daniel Moreno
Hi Nick,
I´ve been trading live since 2 years ago and almost all I know technically speaking was learnt from you and your site as I find it the most honest and simple out there. However, I have whipped my account twice already making the same mistakes, mostly lack of discipline and a weak trading psychology. I enter trades reacting to price movement without the proper planning and without a stop loss, then I dont want to lose and let it run, later I am in a very bad situation and end up loosing large amounts of percentage of my capital. I think I am good with technicals as I have scored good profit trades and my win to loss historically is more winners than losers but the amount of money lost is ALL the account (twice). Right now I am broke and even owe some money, but that is not a drama for me, what scares me is not knowing how to change my ways and take control of myself while trading. I´m planning to join the advanced course when possible (live in a poor country so it might take a while).
Oliverio Cahueque
Having a hard time identifying potential trades. I have seen you doing it so easy, and yet when I try, it just does not appear before me.
abdul haseeb jaffery
hey nick,
first of all i would like to thank you for all,,i found too much helpfulll your vedios.
i have few questions to ask.
1- what do you think about engulfing candle? i mean do you think tha it is a enough strong signal to take trade for reversal???
if it found on our resistance area,then can we jump in to trade???
2- sometimes in decision candles forms b/w to SR areas, is there can we take trade,or avoid??
if in decision forms very near to SR area but not in area,in that case should we take trade ???
3- if proceeding trade is up trend,and indecision candle form on above the SR area,if next candle makes new lower low,should we jump in to trade ?????
4- usual do you take trades in which RR ration is 1:1 ??????????
i will so thankful if you answers my questions.
thanks
abdul
Ryfenton88
Hi Nick,
I’ll write it all out and give you a TooLong;Didn’tRead at the end.
So, last year I got into Forex trading. Taught myself the basics and then after a few emails with yourself, I liked your trading system and thought I’d buy the package. However, I’ve not yet placed a real money trade since signing up to Forex4Noobs.
I don’t know why. All last year I was a gambler, losing a lot more than I was winning. Football, horse racing, tennis. So losing money shouldn’t and isn’t really the problem. I think the problem is speculation. As traders we jump into a trade following our trading plan’s and your system. Yet there’s always speculation. Why do you buy? Because you suspect the market will go up. Why do you sell? You suspect the market will go down – based on our trading plans and the system you’ve taught us.
What happens when it goes wrong? I feel like a fool. When I see – £20 or – £50 my stomach turns and I feel, I have to get that money back!
And this is the thing. I’ve taken many demo-money trades, some wins some losses. But, I’m always afraid of those real-money trades.
I haven’t traded this year yet because, I’ve been saving money, wanting to build up my bank account so I can afford to lose £1,000 which I would like to start trading with. So I’m put off until I have £1,000 spare. Also I’ve become very focused on one pair – EUR/USD as opposed to looking at two or three or more.
Overall whilst I feel I have all the tools to trade, there’s a sense of fear. What if I lose my £1k I’ve been working so hard for?
Part of the reason was because for a while I was “copying” traders on Tradeo. They screwed me over, I lost a lot of money and blew up a £500 account. All the while the guys were calling me up saying “trust these guys! They make a lot of money.”
It annoys me when people say “If you can’t get your head around losing trades, then trading isn’t for you” This is bullshit. Trading can be for everyone. You’re not born with it. It’s something you learn and keep working on to get better and better. But, the market does what it wants. No matter who you are, or how good of a trader you are, the market could go against you. The trick is to have more trades going your way, than against you.
I know you had a psychological course on the forum. Can you learn to overcome the feeling of a losing trade?
TL;DR – Somewhat scared to make the transition from demo to real. How to deal with losing trades?
Ashante
Hi,
I am struggling to maintain consistency. I know what to do, I know how to trade; I’ve been at it for 5 years now. I struggle with the discipline to follow my rules, and to do this consistently.
Please help?
Thanks
Brent
FOMO. FOMO. FOMO
When i am not in the markets i feel edgy and when i have a position i feel as though i want to puke. would like to find that happy place in trading
Alexander Eric-Okolai
Hi Nick,
I have done some reading over the years and I’ve practised most of what I’ve read. I funded an account with $1000 which I had scraped and saved, my trading experience started out well until I almost became too familiar and paid less attention to money and risk management. I mainly struggled with position sizing and counting of pips.
I have since lost a significant proportion of my account and I have been appealing to just about anyone who cares to listen to assist me in funding my account.
I am currently out of a job, I have some ideas I would like to pursue outside trading but I’m am hoping I can fund those ideas through trading.
Nick, I would deeply appreciate your assistance and I do PROMISE to pay it forward.
Please, assist a brother in need.
kpohl93
Hey Nick,
I started following you after stumbling upon your 3 day webinar. I have been trading your strategy for about two weeks now and I am doing well. I opened my first live account a couple months ago. I doubled it before blowing it all. My biggest issue was being impatient and not having enough time to look at charts. I am a full time student with two jobs. I found that I was prematurely jumping into trades because I did not have time to wait for confirmation. Now that I started using your strategy, I have time to properly make trades due to basing them off the higher time frames. I plan on trading live again after I graduate next month. Thanks for sharing your strategy
Kevin
Struggling with fear and that lead to hesitation in entering a trade
daniel
My problem is not having patience, I sold the GBPUSD again I exit to soon and still repeat the same mistake again a again for 4 years in forex no profit
I do not know how I can change
Dick
Not reading the chart correctly – not getting in at the right time.
Joe
Hi Nick,
I think I might be over trading. I’ve be working on this for about 6 weeks now and I take about 3 to 5 trades per week. The first week I did good 3 out of 4 wins, 1 out of 3, 2 out of 4, 2 out of 3, 1 out of 3, and 1 out of 5. I had 1 just above break even and a few that did not get triggered
I think sometimes I just didn’t want to get left out or miss a setup because when I look back at my trades there are some that I should not have taken. I’m also using a demo account for this. Do you think if I use a small live demo account I would do better?
Thanks for this opportunity to express some frustration. I hope you can give some advice or suggestion.
Regards,
joe
Carlos Angelo
Hi Nick
Thanks in advance.
Well, my to biguest problems are:
» When to choose to trade or not to trade when my rules are meet. My system has 5 rules, and, when they meet, i shoul enter the tarde, still, there is some discricionaty (close to suport/resistence, time of the day, and mostly, but mutch more dificult, when there is a trend.
» Second, phsicology. Many times, i take 1 or 2 trades that go in the oposite way, and, at trade/signal 3, or 4, or 5, I tend tho find some excuse not to enter that trade, and, that is the wining one or 2, or 3, that where going to make my week.
Thanks again,
Carlos
Scott
Being consistent and over trading is a big problem.
C H
Hi, I’m new to forex and I would very much like to learn your strategy. However, even after going through many of your videos, I still have a problem understanding why you placed your support/resistance at certain regions and why you did not at others. (most are pretty obvious though).
Thus, I probably will take trades which you won’t and miss trades that you would take.
Sebastian1980
Hi Nick,
I think the biggest problem i have is fear of placing a trade.I had some winners and losers in the past,but in one big loosing trade I lost my entire account following someone’s advices.I’ve read and studied a lot since then(2013) seems like I understand how the market moves and most of the time I am right about the next price direction.However I almost freeze in front of the screen when is time to take action and then I see the trade going in my direction and I enter late or not at all and then I beat myself up for not taking the trade at the right time because of my hesitation.This week was terrible.
Thank you for helping,for everything you put toghether in this site.I most appreciate it.
StevieBlue
Hi Nick, Thanks for the chance to pick your brain. A little back ground. We corresponded a few weeks ago after your webinar. I’m the Ltttm member. You have motivated me to write a new trading plan based on your reversal strategy and I have been trading it for a few of weeks with more success than in the past. Of course I would like to have more profitable trades but I’m still learning. My Question is concerning managing trades once your in. I seem to have a lot of trades that start out well enough, reaching 20-30% or more of the target but then slow and fade. The Ltttm method is to set and forget, but to watch a trade that was profitable become unprofitable because it didn’t hit target gets hard to watch. I see traders move to break even once they hit there first target but what of the trade that only makes 50% of your risk target. At what point do you take profit if the trade seems to be moving against you? I have stated in my trading plan to never adjust my my take profit without also adjusting my stop loss. I’ve heard you say you don’t use trailing stop-loss but not on how you adjust your stop-loss while in a trade? Do you have a rule of thumb on how long a trade should last and what are the the danger signs that a trade is turning in terms of time or price action. Perhaps I am just getting into the wrong trades, I understand that not allowing trades to complete throws off your averages or expectancy. But leaving profits on the table while a trade turns seems wrong too. Thanks for your thoughts. Looking forward to your series on trading psychology. Nick, I have picked up so much from you already, from trading strategy to which days of week seem to trade best. Your recent offering helped me to understand that a string of 4 or 5 losses is acceptable. But I must admit, I don’t believe I have ever had 4 or 5 profitable trades in a row. Thanks for all your help! Sorry about rambling on. Steve P.S. I just read some comments below and seems I’m not alone in questions of managing trades in progress. Somehow that’s reassuring. Thanks Again!
Charith
Thanks nick. For giving us your site all stuff totally free. You may very kind & helpful persion. By the way about me, i tried so many strategies. When i’m lost i search for another one in web, forums… etc. when i found one do little demo & again to rial. But still i didn’t withdrawal any single $. Have lost so many $ s. Sometimes i think withdrawal will never happen. But in forums i can see many people who have success with trading. So i’m still trying. This time i thought to learn forex trading. When i seach for resources for it. A trader in a forum gave me your web site name. Now i’m trying to learn trading. So for your question(“stopping you from being profitable?”) my answer is i just followed strategies but never learned forex trading.
Liam McDonnell
After entering a trade, looking for reversals like yourself, the price always goes the other way (i feel like I’m fighting the trend most of the time) even after seeing your S/R zones most of mine were almost identical, although mine are weekly and daily S/R and some are further apart, but that doesn’t seem to matter, when it doesn’t go my way anyway.
I’m trading pin bars , engulfing candles, Doji’s. I think my problem may be, as soon as i see these “triggers” I enter the market. I Think you might see these triggers, then analyse a bit more to decide whether to enter or not? I just feel like see the charts via tunnel vision as only Support and Resistance areas, I don’t read the bigger picture.
I Have spent most of the year away from trading and researching everything I need to know, strategy after strategy, all eventually coming to price action. I have good money/risk management and I think I have worked well on my psychology, even with many losing trades recently I’m still only 6% down on my account, maybe I’ve just had an unlucky streak and i need to see it out over time. What are your thoughts?
Thanks
Adrian
Hi! I’m sending this email because you asked what we were struggling with
I wouldn’t say I struggle with making profitable trades, but I would love some advice on trading breakouts. I know you trade mostly reversals, but let’s say I see this scenario:
Price shows indecision at support area and I place a pending order. Price, after triggering my order, seems to move towards to first resistance level with high momentum and my TP level is hit. What should I do if price clearly breaks through that level? Should I just forget about it and be happy I got a good trade, or should I wait for a pullback that tests that resistance level (now support) and take a trade again?
Bonus question: I know you like longer time frames, and I trade mostly the daily chart. Sometimes though, indecision candles can only be seen on the 4h chart. If I see that price is at S/R, would it be fine to use the lower timeframe indecision candles?
Love all your work! CHeers!
Adrian
rowdy
Hi Nick,
1. I get stuck at comparing my SR levels to yours and spending too much time trying to figure out why I am so far off, instead of just jumping in to trade. I like your theory, but it seems that choosing “correct” SR levels is too important to get wrong.
2. Your newer approach (setting major SR levels only from daily chart, and ignoring minor SR levels) requires that I correctly discern between the “major” and “minor” levels. Any better clues for discernment?
3. I’ve been trading as a beginner with IronFX (the only place I know where I can practice for unlimited time on a demo account without having to fund it) but they only offer MT4 with only the 4 hour and daily chart. I suppose when I feel more capable then will I move to a different broker with MT5, cTrader or TradingView. Any problems with my approach so far?
Thanks!
rowdy
p.s. I just saw where you told someone to get away from MT4 and instead use MT5,
cTrader or ProTraderMC. But which brokers offer these for unlimited time for free?
p.p.s. Having trouble getting this reply to line up with the intended comment.
Nick
I am not really sure. I know some of my students open live accounts with cTrader based brokers, but never actually fund their live account. This gives you access to cTrader as a charting platform.
Kenneth
Hi nick!
You’re a good teacher, keep it up. You’re giving back.
Like lots of people here. Getting stopped out and getting out too soon. When do you bail and when do you hold?
Slowly getting your price action and looking at ways of combining my thinking with your method.
Cheers!
Ken
agcoast
Hi NIck,
After following you for many months I think I grasp the basics of price action trading, but after some feedback I’ve gotten on trades I’ve posted in the advanced forum, I know I have not mastered the finer points. I have not gotten through all of the training material you provide, and I think it is all out there for one to find and use.
So, I am struggling with many things, but I think for most, you have the answer and I have just not gotten to that part of the training!
A struggle that may be more individualized: Working full-time, I try to fit forex in around my schedule. I am in the US central time zone (GMT-5?) I leave my house for work around 7 am and get home between 5 and 6 pm. I can safely log on to my trading account during the lunch hour. Early on, I was trying to trade off of the 4hr or 6hr time frame. I was not online at the time that those candles were closing, or if I was online, it was at 9, 10, or 11 pm, when the markets were not very active, causing spreads to be higher and movement to be slower. I am attempting to move up to the 1D, 12h and 8h time frames.
To get to a question or point, my struggle is with developing and sticking to a daily routine involving time frames and the time at which I will actually be in front of the computer to trade. Since I can’t be at the computer when the candles I want to trade close? Since I am more concerned with when a candle closes, should I also be up during the late hours of the night trying to trade when markets open (and I am not at work)?
Thanks for your training and guidance in general, and specifically for any help you can suggest!
–Andrew
Nick
One quick question before I can give you a more detailed response, can you trade from a smart phone at work?
agcoast
Yes. Some days I am in meetings or engaged directly with others, but there is a considerable amount of times when I am free to spend 5 or 10 minutes on my phone. I have been resistant to trying my brokers app (Oanda), but I believe they do have one.
agcoast
NIck,
To add to what I am struggling with- (see my previous post) –
Trade management for those that can’t be in front of the computer during the time a trade is in play.
I am often entering and exiting with limit orders. If the trade is in play, I have not found a way to exit part of my position at an initial TP level and leave the second part in play for a secondary TP.
Please comment with any tips, tricks or tweaks for managing trades when one can’t be in front of the computer to actively manage the trade.
Thanks,
Andrew
gajula
(1)Knowing the ‘Entry Point’ of trade any pair
(2)When to exit if the trade goes negative
Adrian
Having a rule based system that honors the rules
Anton
Hello, Nick.
I’m struggling with understanding of what to consider confirmation of a reversal.
You say you trade on timeframes starting from 3h and higher. Yet when I enter on 3-4h I usually find price just heading back through support\resistance level.
It seems like solution is to trade on 6h or 8h and higher, to be safe. But am I right here? How do you actually distinguish on which timeframe to enter each particular trade?
Thanks, Anton.
Endy
I cant get a consistent win… even thought i see the same setup but there is alaways a sudden spike of pips.
Faisal
Hi
My question(s) where I need your help are:
1 . I have been thinking about gored for many years and few years back I paid for a mentoring course ( some one called Dirk Tut aka Dr forex) but got nothing out of it. Now I know I need some help to start again but afraid of due to past experience
2. I can’t understand that if forex is so profitable then why experienced people like you spend time mentoring instead of earning money in market
Hope you answer these questions
Thanks
Nick
1. What are you struggling with specifically though? What are your strengths, and what are your weaknesses?
2. I really love when I am asked this question. Like a lot of people, I like to make money. Forex4noobs is an amazing business, I spend 20-30 hours per week on forex4noobs, and it generates a lot of money. The numbers below are hypothetical, I am using them for the sake of example only.
Let’s say I earn £300,000 per year trading Forex. If I could work 20-30 hours per week on forex4noobs, and earn an extra £150,000 per year… why wouldn’t I? It is an extra source of income, and it means I am not putting all my eggs in one basket. Money is money, and if somebody has an easy low effort way to make a lot of money… they take it.
For me, teaching people to trade Forex is easy and low effort. It is easy because I am a good trader, and I have a passion for the subject. And it is low effort because I think I do a half good job at teaching people (I hope I do anyway).
Andre du plessis
Thanx for helping us out and giving advice.
I have a problem with a entry when market retraces. I sometimes enter on a reversal and then it goes against me untill my SL is hit and then goes in the direction i have placed my trade originally.
How can i see/know when market will reverse exactly??
Thanx for the help
Zahl
Hi Nick, thanks a lot for caring, I have the problem of sporting correct trades and when to go out and how long that trade will last. Please what do I to master trading and become a full time trader. I enjoy trading a lot, it gives me joy. Thanks once again, hoping to hear from you soon.
abdul
hey nick,
first of all i would like to thank you for all,,i found too much helpfulll your vedios.
i have few questions to ask.
1- what do you think about engulfing candle? i mean do you think tha it is a enough strong signal to take trade for reversal???
if it found on our resistance area,then can we jump in to trade???
2- sometimes in decision candles forms b/w to SR areas, is there can we take trade,or avoid??
if in decision forms very near to SR area but not in area,in that case should we take trade ???
3- if proceeding trade is up trend,and indecision candle form on above the SR area,if next candle makes new lower low,should we jump in to trade ?????
4- usual do you take trades in which RR ration is 1:1 ??????????
5- sir usually I when take trade, it start moving on my way, but it reverses on half the way,..should I move my trail SL. after starting price moving on my way should I move my SL to my entry level.
i will so thankful if you answers my questions.
thanks
abdul
Nick
You already asked, I will answer soon, stop spamming please.
abdul
HEY Nick,
thanks for your response,
I will be waiting for my answers.
thanks
abdul
Peter Rees
Hi Nick,
First of all I want to say how useful your daily review of the Forex Pair is. Not with a few of coping your trades but to get feel of how you perceive situations and to build my own understanding. Its appreciated.
I have lost money trading – due to inexperience and going through the learning curve of assessing all the various indicators and above all looking at the lower time frames. Lack of discipline is also a big factor.
Through people like yourself my tack has changed completely – I only consider price action around zones of resistance and support and only look at 4H and 1 day time frames.
I very recently invested in Forex Tester2 and my immediate reaction is that is likely to be the best money I’ve ever spent. I am now using it to test my methodology and because you can practice hundreds of trades your experience builds very quickly.
Right now I’m concentrating on the back testing but I also scan the markets and will trade if the set up is right.
I’ve stopped loosing money but it will be some time to see if I will start making money.
Things I still struggle with?
* I still lack confidence that I perceive a set up correctly and therefore I’m probably over cautious. That’s to say I miss some valid trades.
* Identifying zones – I identify your zones but also pick up a lot of sub zones. I wonder whether I give too much consideration to these?
For example- in your review on Wednesday – on the EURUSD you gave opinion that a candle reversing against the trade should not be a reason to close the trade. This was exactly on one of my sub zones and the trade did in fact reverse and would have been a loss.
* In line with above (zones) setting realistic targets is an issue. My instinct, where price is struggling, is to move my stop to a few pips profit. Then I don’t loose money but I sometimes get stopped out when the trend would have resumed and given a good profit.
Thanks again,
Peter
Andrew
Trading psychology. I close trades too quickly instead of letting them ride out.
Milan Nevai
Hello Nick!
I am struggling to place correctly my support or resistance areas.
thanks
Milan
Myk
Hi Nick
I am just learning the Intricacies of trading through trying to fathom out Binary Options without a great deal of success. Being in the southern hemisphere I have trouble with timing which is proving to be unprofitable given the time allocated and the effort expended along with having to be continually observant. This is not what I am seeking. I do not want to get bogged down with analytical techniques that confuse me. I have decided to move away from Binary Options.
I have watched (several times) your Blitz videos and want to become more involved and see this as a way forward.
Your style and strategy you advocate is very appealing. At the moment I am a very small player and seek more confidence to become more committed – confidence is probably the operative word?
Hanske
Hi Nick,
I’ve been using your stategy for 2 months now and i must say that i’m really impressed.
I only use the daily candles and since i forced myself to let thet trades run without interfering i’m over 50% succesrate.
Sometimes there are no opportunities for a couple of days. At those times i have to control the gambler in me.
But your strategy has given me so much confidence that i now can stick to the rules,be patient and yes many times it’s a bit boring, but it works and that’s th most important.
Big wave from the Netherlands
sabin
Hey Nick.
I have a problem that I do not trust any broker out there. I had quite some bad experience with a couple of them. What should I look for exactly in a broker?
Maybe you can make a video?
Thanks!
BOATENG YAW
1. PLS CAN I TRADE WITH TRNDLINES ?
2. WITH THIS STRATEGY WAT SHOULD BE THE MAXIMUM PROFIT TARGET ?
3. PLS DO U HAVE ANY CALCULATER DESIGNED TO HELP US CALCULATE THE LOT SIZE TO BE TAKING IN EVERY TRADE ?
daniel Akintunde
Dear Nick,
I saw your mails send to me everytime. it has developed my trading ability to some extend. I want to say a big Thanks ! Nothwithstanding, I have serious challenge in the following areas:
*Marking levels of support and Resistance
*How to analyse time frame before taken a trade.
Thanks.
Valentine Raphael
Hi Nick,
I discovered forex4noobs by pure chance last week and decided to take a look { Thank Heavens I did}.
I have burnt fortune to buy craps out there from marketers without any result. Today I took my first trade based entirely on your webinar which I have listened over and over. The thing is not only that the trade was successful but I knew what I was doing prior to entering the trade. just following the guidelines made me to think ooh, so trade can be positive at times.
My question is this, I trade live on MT 4 so I have no access to 6 to 12 hrs time frame and when I place the S/R lines on 4 hrs it looks a little too close together to trade with. can I still use daily chart to place the S/R lines and trade on 4 hrs chart which I am comfortable with. And also I just subscribed 30 days free trial of trade view but then how is it possible to place S/R lines on 12 Hrs or Daily and still trade on 4hrs. if I can get around it then I will be fine for now. I am in Manchester U.K and been running around forex trade now for a year and half.
Thanks a lot and God bless.
Russell Sparks
Valentine, I just saw this question of yours. Your answer I think is Offline Charts on MT4. You can get all the timeframes you wish: https://www.mql5.com/en/articles/1387
By-the-way, they are excellent charts and the each chart has the requisite number of hours. For example the H5 has 5×1 hour candles… etc.
Any problems message me.
Russell Sparks
Thanks for this Nick. My first month with Noobs has been pleasingly profitable. Love the method and the support. My main difficulty (apart from being in Australia and unable to attend the webinars live) is to determine who is in control from the candle patterns at S/R areas. No need to respond personally.
benwhitehand
HI Nick
Do you have a tool to calculate a lot size to be traded based on your % risk taken and S/L pip size? I understand the importance of the 1:2 risk/reward ratio, and my money management plan states a risk of maximum 1% of account per trade. The amount risked per trade will depend on the pip size of the S/L (which will vary per trade) and the lot size traded, which must equate to a maximum 1%.
There must be a method to calculate the lot size required to trade for the S/L pip size to equate to a chosen £ of risk? Any help appreciated.
Many thanks
Ben
Andrew Stratton
Hi Nick
Are you influenced by fundamental announcements that seem to come out every day. I know NFP can give short term spikes, but do you advise avoiding trades when the bigger announcements are due out, as the markets seem to get really choppy.
Thanks
abdul haseeb jaffery
good day to you Nick,
I have already asked question and waiting for response, hope you will reply soon all those.
I have one more question that at time of reversal our indecision must be doji to take trades…??
after a strong proceeding trend at the time of reversal if a small body candle forms at resistance and just after it an other candle with opposite color forms ( likely ingulfing patern at resistance) , in this case should we jump in to the trade taking SL accordingly lower of resistance or lower wick of candle …
in this condition iis sutiable to take trade or we should only wait for doji…?????
one more thing i need to discuss with you that we should worry about Market indices,any country crisis or any big news before taking trade or not ????????
Anna
Knowing you will probably read this I just wanted to thank you very much for the great help and hope you have provided me with.I wish you the best.
Raj Kris
Hi Nick, thanks for asking the concern and now straight to my struggling point!
When I trade with tight money management, I win pretty well! But I am suffering when I trade with higher lots. Its been just over six months I am into this FX and I am still a learner.
Jack Chan
Hi Nick,
Went through your 3 days webinars. It is very good. Learned a lot from it. Thanks for sharing.
Read about your scalping strategy too. Do you have any webinar on Scalping? Best if can see how you trade live.
Pamela
I’ve been seeing the term “continuations” throughout your webinars and was just able to find out what they were from a brief mention. But I’m still looking for an article or youtube message that elaborates on the fundamental basis of trading continuations. I seem to get stuck on identifying them and therefore applying a strategy otherwise better for a reversal, for instance. Is there a link you can direct me to, strictly on continuations?
Thank you
Suman
I have watched several of your free webinars.I am still having difficulty in knowing where to enter, place stop loss and place target. Do you have an article explaining the three subjects?
Thanks
Bill
Nick, I’m having trouble, every time I make a trade it turns around against me. Any hints or suggestions?
Thanks
Bill Rataezyk
billrata@hotmail.com
Nick
Do you have a trading journal? If not, I highly suggest you start one. It will allow you to look at all the trades you’ve taken in detail, and then you’ll be able to see why your losing trades are losing trades. Sometimes a trade just doesn’t work out, but if every trade you take is going against you then there’s something you are missing.
Naz
I’m struggling with forex been learning for an while on an live account the strategy I’m using it works when I look at pervious data I have an trading plan doing everything correctly something not right hot getting the break trough I need an help