stpips89

I agree with you for the most part. But I do think you are ignoring the fact that MANY trades have a tendency to get caught up in the search for the "holy-grail' trading system and this usually causes them to over-complicate the process of analyzing their price charts. You can't deny that a trader using only price action and maybe an EMA or two is going to have a clearer mindset and less trading stress than someone who has plastered 10 different indicators on their charts. I think the particular trading strategy a person uses is obviously not the key to success, but it certainly can confuse them and cause them to over-analyze the market...that's why i like price action..it's simple and clean, and not confusing.

I agree that letting trades run has its advantages, mainly that it reduces over-trading and stress. But, I would also say that if you have a relative small trading account it can be difficult to sit on your hands for weeks or months while a trade unfolds. I think the better way to let trades run is to try add to your trades at strategies points as the market moves in your favor (averaging in), whilst never exposing yourself to more than 1 times your normal risk. OR I like the idea of the 1:2 or 1:3 risk reward. Consider with a fixed 1:2 risk reward, you can lose 66.6% of your trades and still about breakeven. So, you only need to win a little over 33.3% of the time to make money with a fixed 1:2 risk reward. But, this means you're going to have some big winners that you cut a bit short, however it also means you will hit more winners that would have turned into losers or stopped you out at breakeven had you held and not taken the 1:2 r:r profit...a tricky game indeed.

I agree that exiting a trade is perhaps the most difficult part of trading. I personally believe that different market conditions call for different approaches to our exit strategy. Here's a good article about exiting Forex trades that gives some different approaches to exiting in trending vs. consolidating markets, as well as when to let trades run. I personally believe there is no concrete way to exit and that each trade's exit is individual from the last. I think a trader needs to stop and take a look at market conditions before entering the trade, as well as the market structure, and base their exit on this information, rather than a mechanical approach.

I would agree with you that it's 'all in the stix', you don't really need indicators to confirm candlesticks, afterall, indicators are just derivatives of price, so you are basically confirming price with a less-vivid representation of it, it just doesn't make any sense.

I would agree totally with this point. I am a PA trader who relies upon market context and candlestick patterns. I don't see how anyone could attempt to automate candlestick trading, or really trading at all, so much of trading depends upon your ability to read and trade underlying market sentiment, it seems nearly impossible to successfully mechanize the ability to do this properly...

Really good pin bar on the daily GBPUSD chart below, I'm in this trade, very obvious easy price action setup...

That is funny, but I think less than 90% lose money..you should check out the article I linked to above. Basically, that 90% stat is usually saying 90% don't become "pro traders", but as the article points out, you can still make consistent money in the markets and be a full-time or pro trader.

No problem man! I hope you enjoy it...I thought it was good.

Hi, here is a very pertinent article to what you are asking: Chances of trading success

I am making some pretty good money on this huge market volatility...anyone else catching these moves?? Price action is all I need !

Point taken. I just get a little excited because he has helped me so much. My future posts will be more substantive. I do not mean to seem like I am promoting anyone...Nial is just the main person / site I learned from so I tend to quote and talk about him a lot. I see what you are saying though. Thanks.

So you've been counting? I mention him a lot because he really helped me. I was lost in a sea of confusing indicators and then I found his site and realized I didn't need them at all. Since then, about 1 year has passed, and I am now making money every month. I am not really so much as promoting him as I am "paying it back". He offers more value in his education services than anything else I have seen, and I've seen about all of it as regards Forex system / strategies.

I think you raise a good point, although indirectly. Candlestick formations are not really a "trading strategy", it takes knowing when and where to trade them and in what combination with other factors of confluence.

What do they charge for that sort of personally-intensive service?

What is your primary trading method? Were you trading for a living before working at the trading firm?