if ur legit totally lost in forex trading, start here lol

Summary

In 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

00:00

📈 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.

Keywords

💡Support and resistance

This refers to price levels on a chart where the price tends to find support (buying pressure) or resistance (selling pressure) as it moves up and down. The video advocates using obvious support and resistance levels on the daily chart to identify trades, such as selling at a key resistance level.

💡Risk management

Controlling the amount of risk taken on each trade to limit losses. The video emphasizes the importance of risk management in having a simple, sustainable trading system, allowing you to remain profitable through losses.

💡Simplicity

Keeping the trading system simple, without overly complex indicators or techniques. The video argues simple support and resistance trading with risk management is profitable long-term.

💡Statistics

Letting probabilities and stats work in your favor over many trades. With risk control, you only need to win slightly more than you lose to be profitable.

💡Momentum

The speed and strength of price moves. The video advises avoiding trades right into strong momentum, like news events, to avoid being stopped out.

💡Nuance

Subtleties and finer judgement that comes with experience. This helps in deciding which trades to take and avoid based on context.

💡Consistency

Repeating the same, simple trading process over time. This leads to sustainability through managing randomness.

💡Predictability

Using obvious support and resistance levels makes price movements more predictable.

💡Spreads

The difference between the bid and ask price. The video warns spreads can widen during news events, leading to bigger losses.

💡Wicks

The upper or lower shadows on a candlestick chart. The video cautions getting stopped out on wicks during volatile moves.

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