Technical knowledge For Forex.

[Hanif484]

Hi guys,

I have been taking days off markets this few days and throughly review my mistake.

1)trade too large for rescue operation to carry out, but still going on to rescue
I generally aim for at least 2 % per trade, and most of the trade I entered full position, thinking my entry picking skill is good, even though my hit rate on 1:1 r/r is above 50% this method is too rigid as it left no room for manuever. I think I am a little bit overestimated myself.

2)Holding on to rescue regardless of the circumstances
After my rescue have been implemented, there are bunch of important news that week, including tension between north korea-us, fed speech, german election...
I am a fool to allow my rescue position to stay during this period which the result from those news is unpredictable and volatility can be high.
Besides many times 7k reverse against my position, I should have cut all the rescue as momentum from 7k is strong and can cause deep losses to book, before the trend die down.

3)Do not live in the market
I think I am a trader just because I open up my computer and trade, after switching off the trading console, I can totally forget about the market.
I have no idea about the general economic condition for each currency, which currency is the best to buy due to divergence in monetary policies or economic condition, what goal is the monetary policy targeting, whether it is inflation, unemployment, growth, etc, did not monitor the general trend of economic indicator like housing, inflation, gdp....

I could have caught the risk aversion trend that last for a few hours after some officer in north korea gave out some prowar speech
Because I was not monitoring any live feed, I was not able to capitalize the opportunity.


These are the 3 fatal mistakes that I made, initially I was thinking to start live once I double this demo account, well if u guys are interested to know, the account is busted now, because I did nothing since the last rescue just to see whether price will come back, this has given me an important lesson.


Ok, after reviewing all my mistakes I have revised some of my mo. After some deep thinking, I think there are 3MM that are viable I can use to tackle the market.

Cut and flip, Cut and reenter, Rescue.

I will only enter full position when trend is strong, 7k is in sync, this is to capitalize on the strong momentum, as this leave no room for rescue, if price reverse against me, I will either flip or re-enter depending on how 7k perform.

What I want to discuss with you guys today is rescue.
For not so sure or top and bottom picking trade, I will now enter a position which include 3 layer of S/R which has 2 layer of rescue.

I will only take trade set up that has at least 20 pips. which mean my overall position including rescue, will need me to make 20 pips to make 2 percent. I think this is acceptable house edge that I can forgone.

This is because of the random market theory, I only assume that I have 50% edge. Under 1:1 R/R if one randomly enter a positon he will most likely have equal win/ loss ratio, it is unlikely to have long losing or winning streak.

for 20 pips when I lose I will lose 21pips and gain 19 pips when I win after taking into account the spread, this mean I will need 52.5% to just to breakeven, and the required breakeven rate go higher if my profit target keep going down, this is something I want to stress again, and the reason why I dont use a large position to rescue just for 5-10 pips, even though the smaller tp makes it easier to rescue, but if the random market theory take hold, I will most likely lose on 50% of my trade. It means I am unable to reach the required win rate to breakeven resulted from the larger position.

sometimes, too small of a rescue is not effective to hit profit target, too large of a rescue is too expensive after taking into account the cost, while the chance of suceed is unknown.
So currently I am using 1 1 1 resuce, will use a larger rescue if condition allow, but my overall positon always require me to make 20 pips to reach my profit target, this way my leverage is contained.

what are some of you guys MO? How do u determine rescue position, arbitrary?

[Tanveer333]

Why not? Because the man sounds like a fool. As far as knowing your enemy goes, I think that applies to market movements en masse, I don't think it's practical or even desirable to try to get to know every single trader out there. The fact this 'trader' thinks fti is a joke is to our advantage though so I guess if you meant that you want to know what parts of the methodology he believes are a joke, you could use that information to gain an insight into how / why those parts may be effective.... but really, I think you could spend your time more profitably elsewhere.

Really I think it was more of a troll post by Cindy, and rather a cowardly one at that - insulting fti while disclaiming responsibility for the insult in the same breath. I guess it's possible there are some successful traders who waste their time trolling in forums but I kind of doubt it to be honest.

[Asif777]

Surely, when you push a trigger, you're certain that you hit the target. Otherwise, it's the FX Industry or more skilful who are always targeting you and waiting for your triggering.
Your confidence is also as I might refer to FTI: "Need balls to play stuff. no balls no tee off". "Try be like me. Incurruptible, neaver greedy and never afraid.maybe sometimes. when necessary. Normally if greddy , sure stomack upset." No text's correction applied by me

[Hanif484]

Hopefully wherever FTI is, he is having fun.

vBulletin [video]

[Tanveer333]

Thank you for your observant specification. It's my fault that I commenced with trying to actually mis-correcting an orginal text. What matters more, is your (my) trader's mindset. Otherwise, we should recognize and understand it properly. The TAF book is indeed written in a kind of English. Personally, I like it but I don't only learn the language here.

Here's the original' copy: //infact every trade i take, i already assume is a wrong decision. i leave the proving that its correct by the marketmakers... My charts they don't have stiring wheel. I have it. My charts only tells me what kinda terrains i navigating and what kinda retards are on the grounds.//

I'm sorry for not providing the original or/ and pertinent reference to it in my post.

This is another relevant instance for the trader's mindset (TAF, Post No 37673):
"In fact my friend.
everyone is wrong. i err lots too.
but we try best practises not to be too far off to the extreme wrong end (absolute rigidity)and get punished for it.
All sinned come short of the glory."

Enjoy your trading, Best regards,

[Asif777]

As far as I'm concerned, you are right. Only those who create the market, manipulate it and able to truly move the price, they are supposed to know.
Not the FX Industry Sharks but just a broker is able to create, manipulate and move it for some 50 - 200 pips that would differ from all the others in extreme volatility cases as, e.g., with cable last year. Then, 5 - 20 pips difference is a norm with spikes, my night hours, over week-ends, etc. I'm following the price/ spread diversity from one to another of my brokers as 15 - 30 pips. It's a part of our Market Knowledge.

As for retailers, I like this by FTI: "...every click or order you put is going to be a risk... in fact every trade I take, I already assume is a wrong decision...".

The above indicated might somehow be related to the Terrain reading point, and to continue: "My charts they don't have my stiring wheel. I have it. My charts only tell me what kinda terrains I'm navigating and what kinda retards are on the grounds".

[Hanif484]

Ten years has passed, what an amazing thread. Has anyone heard from fti?

vBulletin [video]

[Hanif484]

trying to understanding what master FTI teach on rule 1. preservation capital 2. look rule number 1
is
don't ever think need a time to think, what we need is adequate power to always able manuver mobilize and achieve victory, not only win one battle

vBulletin [video]

[Hanif484]

I have often asked FTI why does he go on about the feel in the thread and not just say trade with trend and that is that. (missin my man FTI - hope ok)

Think I now understand why (thanks to Jupiter...): doh bit slow here - when we learn we have no memory maps/models to work away from - well not many and maybe some bad ones for trading.

So at start of our journey we need to be given concrete stuff eg some golden rules (prevent us killing ourselves), some guidelines and patterns, money management stuff that type of thing - this is like being given the basic steps in a rumba - but that does not mean we can dance the rumba well if at all - we need to put them into practice and refine and refine and study to get what works best for us and to gain a more nuanced understanding of market moves and build up: if then else type models.

The more we do this - working away from our rules/patterns/guidelines/if then... the more we internalise it and learn from the market - building our abstract memory models/maps which we use subconsciously as we trade. Memory maps need constant tweaking and care. We are always learning and the market evolves.

Think that is what FTI means by feel. Of course we need to get some good rules/patterns/guidelines etc from this thread and by study of the greats to work away from- keep what works and drop what is bad.

[Tanveer333]

For me, technical analysis means my Price Action trading knowledge! On the other hand, I also use my news trading knowledge! I seem, it’s very important to follow both kind of analysis into trading! Only technical or fundamental is not enough here!