if ur legit totally lost in forex trading, start here lol
Summary
TLDRIn this insightful video, a seasoned trader shares a straightforward trading strategy emphasizing the use of daily charts and major support and resistance zones, without the need for complex indicators or time frames. Highlighting a simple yet effective approach, the speaker advises setting alerts at these key zones and acting on these signals for potential trades. The narrative showcases a successful example where this strategy led to a significant profit, debunking the notion that complicated techniques are necessary for trading success. The speaker advocates for a minimalist, risk-managed approach, ensuring sustainability and consistency in trading, making it accessible for both novices and experienced traders seeking simplicity and efficiency.
Takeaways
- 😀 You only need the daily chart and alerts at major support/resistance zones to keep trading simple
- 👍 Draw obvious, clear support/resistance levels, avoid unclear or questionable ones
- 🔔 Set alerts at major zones so you don't need to watch the charts all day
- 💡 Sell at resistance when price gets there, buy at support when price gets there
- 📈 Use smaller timeframes like 1 minute to fine tune entries at key levels
- 🎯 Identify risk levels below/above zones to define your risk vs reward
- 💰 Simple support/resistance trading works long term if you control risk
- 🤝 Get experience identifying best trading opportunities and avoiding bad ones
- 😎 You don't need crazy risk/reward ratios, make a bit more than you lose
- 💡 Keep it simple - draw major zones and trade the bounces
Q & A
What is the core trading strategy being recommended in the video?
-The core strategy is to identify major support and resistance levels on the daily chart, set alerts at those levels, and take trades when price reaches those levels. No complex indicators are used, just basic technical analysis.
What time frame does the speaker recommend using?
-The speaker recommends primarily using the daily chart to identify major support and resistance zones. The 1 minute or 1 hour chart can also be used to refine entry and exit timing.
How does the speaker control risk in trades?
-The speaker controls risk by setting a 1:1 or less risk/reward ratio per trade. Average losses are kept smaller than average wins through sound risk management.
What was the example trade that the speaker took and what was the rationale?
-The example trade was a short trade taken at a key daily resistance level on Friday. The rationale was that it was unlikely for price to break above the resistance level and recent highs, providing a good risk/reward scenario.
What recommendations does the speaker make regarding avoiding trades sometimes?
-The speaker recommends avoiding trades right before major news events to avoid getting wicked out. Also avoiding trades into key levels when there is huge opposing momentum and breakout potential.
How long has the speaker been using this trading approach?
-The speaker mentions running a free telegram channel for 5 years using the same simple support/resistance approach.
What does the speaker say about more complex trading strategies?
-The speaker questions the need for very complex strategies involving order flow, bank manipulation etc. when a simple support/resistance system has worked well consistently.
What education platform is mentioned in the video?
-Mission FX is mentioned as an educational platform that the speaker will be doing a live session for.
What future plans are mentioned regarding trading?
-The speaker mentions setting up a new office to allow getting analysis done and trading as the US stock market opens.
What is the key takeaway or piece of advice from the video?
-The key takeaway is to keep your trading strategy simple, control your risk, and consistently follow your plan over time to achieve sustainability.
Outlines
📈 Simple trading system using daily support/resistance
The paragraph explains a simple trading system using the daily chart to identify major support and resistance zones. It advises setting alerts at those levels and taking trades when price reaches them, selling at resistance and buying at support. It mentions this is all you need, without needing complex strategies. It provides an example trade taken using this system on Friday for over $7,000 profit.
Mindmap
Keywords
💡Support and resistance
💡Risk management
💡Simplicity
💡Statistics
💡Momentum
💡Nuance
💡Consistency
💡Predictability
💡Spreads
💡Wicks
Highlights
Set alerts near major support/resistance zones on the daily chart
Only trade the clearest, most obvious support/resistance levels
Enter trades when price hits your alert zones, without overcomplicating things
Took a trade at a major daily resistance zone, made over $7,600 in 30 minutes
Use simple support/resistance with risk control for consistent, sustainable trading
Control your risk per trade, then improve entries over time as you gain experience
Make a little more than you lose using a 1:1 or better risk/reward ratio
Avoid trades right before major news events to prevent getting wicked out
Don't trade resistance zones with huge opposing momentum and volume
Review daily chart support/resistance zones and try bounces from those levels
You don't need crazy 5:1 or more risk/reward ratios to be profitable
Losses are often smaller than wins if you manage trades and close early
Making more money on wins than you lose on losses is the key
Simple, consistent rules lead to predictable, sustainable trading
Experience and nuance improve entries, but keep the system simple
Transcripts
if you all want like a truly simple
trading system like don't even use all
the other time frames right you don't
even need anything you just need the
daily chart
and set alerts near major support
resistance zones only the ones that you
think are the clearest not anything that
looks like it couldn't be like a million
different things so like something like
this you'd probably want to stay away
from some like that like thinking
like oh maybe it'll bounce there maybe
stay away from like that instead
just draw the painfully obvious stuff
right stuff like this
after you draw that zone set an alert
you can click this little see this
little plus button over here on this
side of the series you just click that
plus button and you can set an alert
obviously that's not a place to set an
alert at but just for example and here
on trading View
you can just have your alerts at those
major zones then you don't really have
to do anything
I mean like price gets there
and then you can sell as soon as it gets
there I will sell most the time as soon
as press gets to a major resistance Zone
that I think it's going to bounce at and
then I won't sell immediately if there's
like a major news event or something at
the time of the of the release I'll just
leave it alone but that's pretty much it
like draw the major zones you think
prices I could have bounced out on the
daily chart when price gets there do it
and just enter the trade and watch what
happens over and over and start to
develop a skill set you'll start to
develop like a way of saying okay like
now you can maybe use like the one hour
and you're like okay press gets to a
Zone this is a trade that I took for
example on Friday I took this trade that
I called this one out here in the
telegram Channel further up you can see
on this one I made over like seven
thousand dollars on this one trade alone
in like 30 minutes last week
and what did I do like price was at a
major daily resistance Zone and I just
sold
um you all remember I was using the one
minute chart I just I zoom in it's not
like I just just zoom in at the one
minute and I'm like all right each
candle let's say I don't do it I use the
major zones on the one minute pricing
crack past the recent lows right here
came back to retest and I just thought
okay and that'll be a good area to get
in
because I knew if I get in here and it
goes down to the next Zone which was
like a little bit lower here right
around these lows I was like we're
already at a daily resistance it's
already likely to bounce anyway and then
for me to be wrong
and lose I would have to break Above
This Zone and then above all of these
recent highs
and then it would have to go all the
way above it like way the
up here and I'm just like How likely is
that to happen right I could probably
get out way before that so my only real
risk was like maybe like 2 000 maybe two
or three thousand but if I'm right you
know right I made like almost eight
grand on this was like 7 600. and that's
how I do it just simple support
resistance trades anybody who's sitting
here telling you you need the smart
money liquidity order flow of Bank
manipulation while you beef bullish Kobe
steak medium rare Candlestick strategy
with the institutional candle imbalance
fair value Gap distribution the
accumulation Zone strategy
I don't know you can do all that but
like I do like the bare minimum and I
have done the bare minimum for years
I've been running this free telegram
channel for five years and it works the
same for me so I don't know if
y'all want to over complicate the
out of it be my guess but I I invite you
to maybe just like keep it simple it
doesn't really matter what the you
do as long as you have a simple trading
approach you're controlling risk this
makes things predictable sustainable
consistent over time because you can
consistently duplicate the same thing
over and over because it's
simple how genius is that and the second
thing is if you're controlling risk
you're never going to have a loss that
you're uncomfortable with you're
deciding on the risk per trade and then
you just trade through all the stats and
then as you get better at trading you
start to pick opportunities that are
more likely to work and better
opportunities to take and you start to
ignore trading opportunities that you
think are a little bit less likely like
maybe like avoiding getting into like a
USD pair trade right before an
NFP news event might be a great
idea so that way you don't get Wicked
out on spreads and crazy like
that other ideas like
if price gets to a major support
resistance level but it's like right as
a news event is occurring and there's
huge momentum candles pushing up into
the Zone looks like it's about to get
broken might be a better idea to not
solve that resistance zone so there's
Nuance that comes into it and experience
plays a role but you can get a great
start by just going through the daily
chart drawing the major zones and just
trying to pick the bounces from those
major zones you don't need these crazy
one to five thousand risk reward ratios
I use a one-to-one restored ratio and
sometimes it's not even that because
I'll just close early so my average
losses are usually way smaller than what
my average winds are and all you got to
do is make a little bit more than you
lose it's the same simple over and
over so for those of you who are in
Mission FX I will see you guys tomorrow
during the live session uh whenever the
U.S stock Market opens I'm going to get
some analysis done I've got the new
office set up it's great it's lovely
it's feeling nice and cozy you know
we'll see you beautiful people tomorrow
in the telegram channel so cheers
everyone hope you all get some sleep
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