More guidance needed

#1
I am a former user of version 6. I could not generate consistent profits with that system, got discouraged, and did not trade for a while.

With version 7, I had fresh hope, but I am largely having the same results. Over the past month, my trading account is down -2%. I have more winning trades than losers, but the losers take a bigger chunk than the winners replace.

I am trading the 30m timeframe, watching for the setup, then getting into the trade. Most times the move is very small before it reverses.

I have been reading your posts in the forum. I don't understand what you are doing, but I do see it is different from the way I have been trading. You seem to wait for a signal on the 30m timeframe, then enter the trade on a 1m or 5m timeframe. How do you know where to get in and out? Also, how do you decide to add in more trades as it goes along?

I saw where another user posted that the manual is pretty sparse on explanation and suggested you make a video. I would agree that more instruction and guidance is needed for me to understand how to be profitable.

Please help me better understand how the system can produce consistent winning results. I too would like to double my account in 30 days!

Re: More guidance needed

#3
Hello AbbasChild53.

With version 7, I had fresh hope, but I am largely having the same results. Over the past month, my trading account is down -2%. I have more winning trades than losers, but the losers take a bigger chunk than the winners replace.

ProFx alone will not make you a successful trader but the software makes it a lot easier. The M30 chart is great for trade execution, but looking only at the M30 chart is not enough. -2% is still negative but the number tells me that you only need to make some small changes to be consistently profitable.

I am trading the 30m timeframe, watching for the setup, then getting into the trade. Most times the move is very small before it reverses.

It's because when you look only on the M30 chart, half your trades will be against the primary trend. Skipping half the work and ignore the trend of the H4 chart is not a good idea.

1) Start with the basic combination of the H4 and M30 chart.

This process is described in user guide but let me lay it out again for you:

a) Before your trading time (ideally before Frankfurt/London open), look at the daily chart and put a vertical line to major support and resistance levels. If there is a clear trend on the daily chart, trade with the daily trend whenever possible.

b) Use the H4 chart as your directional guide.
>> When there is a clear trend, trade only with the H4 trend and ignore other setups. As example: GBPUSD was trending very well in the last weeks and trading against the trend on the M30 chart would have been not a profitable idea.
>> When there is no trend, look where the price turned the last time and use those turning points as reference points. Avoid to go long at the top of the range and avoid to go short at the bottom of the range.
>> When the price is all over the place and you don't know what is going on, don't trade or trade only very small.

c) Trade the best signals on the M30 chart.
That means:
>> Skip trades what are not aligned with the H4 chart.
>> Do not chase. You will get away with chasing when the primary trend is strong but you will get hurt when there is no strong trend.
>> Limit the number of daily trades to max. 2.
>> Trade only one pair. GBPUSD is the one I recommend.
>> Review your trades and analyze what you did well and what you did not so well. As example: Did you forget to look at news and that's why your trade got stoppe out.

I have been reading your posts in the forum. I don't understand what you are doing, but I do see it is different from the way I have been trading. You seem to wait for a signal on the 30m timeframe, then enter the trade on a 1m or 5m timeframe. How do you know where to get in and out? Also, how do you decide to add in more trades as it goes along?

You have to fully understand the H4/M30 process before you move to lower time frames. That's the foundation.

How do you know where to get in and out?

I post lots of examples with explanations. If you have a question regarding a specific trade, please let me know.

I would agree that more instruction and guidance is needed for me to understand how to be profitable.

The H4 and M30 rules are very easy to learn and easy to follow. But like many you decided to skip the higher time frame part. To be profitable you need to consider both time frames, follow the process, practice and eliminate mistakes by analyzing your trades.

Alexander

Re: More guidance needed

#4
Goreboy wrote:
Mon Aug 17, 2020 4:29 pm
I would concur. It is difficult to replicate what you guys claim to be achieving. More guidance is needed. Thanks
1) New users often try to "run" before "walking". It is very important to learn the basics first.

2) The new Telegram group makes it easier for users to see what we trade. I still learn myself how to provide the best possible insight and suggestions are welcome.
At the moment I share my how I see the chart (before any trades are entered) and trades in real time. To make sure there is no delay I also work on a script what post my trades automatically to the telegram group.

3) Participate in the trade suggestions topic. There you will find lots of setups I trade with detailed info why I trade them. That is a lot of "guidance" info but it is up to you to use it or not.

4) It is not difficult to replicate Andrews results or my results, but it takes work and effort. Especially at the beginning. Put in the required effort and you will get the desired results.

Alexander

Re: More guidance needed

#7
Alexander wrote:
Mon Aug 17, 2020 6:38 pm
Goreboy wrote:
Mon Aug 17, 2020 4:29 pm
I would concur. It is difficult to replicate what you guys claim to be achieving. More guidance is needed. Thanks
1) New users often try to "run" before "walking". It is very important to learn the basics first.

2) The new Telegram group makes it easier for users to see what we trade. I still learn myself how to provide the best possible insight and suggestions are welcome.
At the moment I share my how I see the chart (before any trades are entered) and trades in real time. To make sure there is no delay I also work on a script what post my trades automatically to the telegram group.

3) Participate in the trade suggestions topic. There you will find lots of setups I trade with detailed info why I trade them. That is a lot of "guidance" info but it is up to you to use it or not.

4) It is not difficult to replicate Andrews results or my results, but it takes work and effort. Especially at the beginning. Put in the required effort and you will get the desired results.

Alexander
Alexander - As an FYI, I am not a new user!

Re: More guidance needed

#8
Thank you, Alexander. Your reply is very helpful and gives me a lot to work on. It may just be me, but I did not pick up working both time frames from the manual. It did mention them as a pair, but it did not go into the detail you mentioned on the mental work process.

Also, would you please add me to the Telegram group? Thanks.

Craig

Re: More guidance needed

#9
AbbasChild53 wrote:
Mon Aug 17, 2020 11:12 pm
Thank you, Alexander. Your reply is very helpful and gives me a lot to work on. It may just be me, but I did not pick up working both time frames from the manual. It did mention them as a pair, but it did not go into the detail you mentioned on the mental work process.

Also, would you please add me to the Telegram group? Thanks.

Craig
If you look at just one time frame you may enter a short trade on the M30 chart, though primary trend is up. While it does not mean that the trade cannot work out, it is not a high probability trade.

When you look at higher and lower time frame (as example H4 and M30) and use the higher time frame as guide you will have a better win rate and most important, your winning trades will be larger than your losses.

Also, would you please add me to the Telegram group?

Sure. I will send a short E-Mail with the link within the next minutes.

Alexander

PS: If you would like to study setup examples, go through the short term topics. There you will find many examples how use ProFx to look at charts. Here is the link: viewforum.php?f=39

Re: More guidance needed

#10
I understand most of your reply to my original post. However, would you please clarify what you said about checking the daily chart before the London open? You said to draw a vertical line between support and resistance. My Metatrader 4 charts will allow me to put a vertical line, but not to stop it horizontally. I would think you mean to draw a vertical line up to resistance and down to support. I am not sure how to do that, so more explanation would be appreciated. Thanks.
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