you're wasting time doing forex "premarket analysis"
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- čas přidán 17. 02. 2024
- Trading is risky, and most people lose money.
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FTC/CFTC Risk Disclaimer - Please read this so you're 100% aware of the extreme risks associated with any type of trading and investing.
I’ve said for years and years and years - trading is extremely risky, and most people will lose all the money they try to trade with - even the people who follow the information I provide. Trading is a skillset that is difficult to learn, and I make it look easy because I’ve been trading for 7+ years. As with any high performing skillset in life, trading is NOT easy.
Your likelihood of consistently making money trading is abysmally low, whether you learn on your own or whether you follow the things that myself or others teach.
It’s like becoming a doctor, many people start pre-med and medical school, but only a tiny fraction of them succeed and actually become doctors. The average success rate of trading is even worse that that! Becoming a doctor is obviously not for everyone, and becoming a trader is obviously not for everyone, too.
I (and my company, MissionFX, LLC) make NO guarantees/promises/express direct or indirect representation that you’ll achieve any specific result trading, regardless of whether you’re following my free or paid content.
I’m just some random guy on the internet who is sharing what’s worked for me - I have no clue what will work for you because there are a million contributing factors that will determine whether or not you will make money trading.
Do NOT take into account any information that I share anywhere on the internet as the basis for your trading decisions. I’m not responsible for your success, nor am I responsible for your failures.
Read the full risk disclaimer on my website below, so that you’re 100% aware of the risks associated with trading - then you can make an informed decision as to whether or not you want to continue following any of the information I share (or continue to pursue trading in general).
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Couldn't agree more. One of the most lucrative trading habits I ever developed is to do nothing until there is something to do. That means waiting for a setup to develop to the point of being actionable, acting on it confidently, while recognizing that price action is highly fluid and constantly in flux. If the situation changes, you need to be able to recognize when your anticipated scenario is simply playing out differently that you thought it would and when that scenario has been invalidated, and be ready and willing to change your mind at all times. Your pre-market analysis, no matter how brilliant, can be invalidated just as easily.
Bingo !
Nick, I followed your free TG and CZcams vids all last year. I took your advice and ran up 2 paper trading accounts to 30% profits. Then I put a small amount of capital in an account and made 40% between June and December. I did it all using hedging, never once coming close to blowing or losing an account. It’s like magic!
Nice man. This was pretty much the story of 2022 for me, lmao. Keep on learning.
The reason your so relaxed in your trading with no fear of losing money because you don't need to make a profit trading, You make probably 100+K month from your Close Friends group monthly subscriptions plus what your youtube channel brings in plus your courses you sell. I'm not faulting you for this it's just the reality of it. You worked hard to get here and you deserve everything you've created. I've learned how to trade watching your free content. How I actually trade now is different. I've found my own trading style in the learning process. Your one of the gurus I watch for your keep it simple approach to trading. Maybe in the future people will want to pay me to learn how I trade lol
Very true. Though at least he can actually trade profitably in the long term, unlike most other gurus on youtube who live just off of the courses and stuff
But you also have to take in count that you can go back like five years and see him trade like that back then. There was no mfx close friends or any other big income and he still traded with this big confidence👀
Hello,
Before making public comments about someone, it's important to verify information. Here are the facts:
1- Nick's channel is not monetized (no youtube channel profits)
2- He had been actively sharing his trades for more than 5 years (and before Mfx... so how do you explain him "feeling relaxed" trading then?)
3- The facts that:
. myself and many others are profitable traders thanks to Nick
. Nick himself mentioned multiple times that you dont have to buy anything from Mfx
. Yourself mentioning in your own comment "I've learned how to trade watching your content"
These 3 FACTS totally drains the substance from what you said in the first part of the comment
As for the last part wish you all the best
Hello Nick, I probably watched all your videos, over the last 2 years, and I tried to do what you teach, but until today, when I sought this video, you finally said something that I don't know nor care what was it BUT I FINALLY UNDERSTAND WHAT YOU'RE DOING!!! I SEE A CHART NOW AND A WHOLE NEW WORLD HAS OPEN FOR ME!
YOU HAVE NO IDEA HOW MUCH THIS THANK YOU MEANS, REALLY, THANK YOU A MILLION TIMES, YOU ARE SO GOOD OF A PERSON TO SHARE THIS FOR FREE
You got the point Nick, “Waiting for Good setups to setup” is the most important key aspect. Pre market analysis is only useful for people who have a very heavy schedule during session volatility opens for making quick decisions if setups are there and continue their day without having to make a full market analysis during opens.
👍Thanks Nick. Your step-by-step 'in situ' detail here feels as though it's me being launched into the trade and I am facing the decisions myself. Great training !👍
Your videos and attitude is so unique. There's no one doing what you do or teach the way you teach. Forever grateful 🙏.
Nick . Excellent video. Thanks !
so adding to a winning trade is still a thing based on context or you getting rid of that?
Hi Nick, do you exit your trades on the same day usually?
Nick - do you do most of your trades on the 1H?
Mostly agree, but there exist exceptions. For example, i trade ES futures, on the days that CPI and PPI data are released (actually milliseconds), there is a big movement. This must be planned for to trade successfully as the charts themselves wont always show a setup of how the data will affect price action.
Next, regarding S/R break vs bounce probability; yes the initial probability is virtually 50%. But, this is why its best to wait for a setup, the probability changes significantly as a result. In other words, if we observe, say, a price zone retested 3 times in, say, 15 minutes; the probability is much higher that price action shoots in the opposite direction instead of breaking through the zone.
Great video as usual, Nick!
You state the absolute obvious by saying "there exists exceptions"...
Linda redundant even saying this, because if there didn't exist exceptions then it would be 100% infallible.
And nothing is 100%.
Do you take into account session times and volatility around those times ?
babe wake up nick just dropped a new vid!!
where is that interview with rich?
The TG has been pure fire for years. This new approach still delivers on that and throws down even more Alpha and hopefully helps makes life a bit easier. Thanks for all the work and advice, congrats on the success with the trading and the business!
Was I wrong for getting in AU at that first zone?
Thnx for the great vid! Do you use a fixed factor to increase the position size? From you video it seams you do factor 1 for the first position, factor 1 for the second position (equal lot size) and then a slightly increased factor for position 3 ? Or do you do that dynamicly? If so, how? Mind to share some details about that?
I use a multiplier if I'm like 4, 5, 6 recovery trades deep. Sometimes it's 1.5x, sometimes it's 2x, it depends on the situation and what I feel is best, given the context :)
@@NickShawnFX oh wauw, you go that far deep. (That's what she said). Thanks for sharing! One of your better videos btw. One benefit of this approach probably worth mentioning to your audience is that you can exercise this with a single paper trading account in tradingview, while the method of hedging in opposite direction or adding to winning trades while slider preceding orders to breakeven does not work due to position merging. You will have to do that with multiple paper trading accounts.
@bearbull8129 no. She really said to you (is it In yet?)
I'm assuming he deals with wash sales by registering trader status with IRS, mark to market accounting, and LLC/S-Corp?
I follow a couple traders just to see some different perspectives and compare them with myself too and you are the only one who didnt do a single change this year, i guess until 2 weeks ago where u kinda did?. The fed changed the rates and the market is different now. Beginning this year every strategy from last year that worked, didnt work anymore. I traded sma's during primetime with a winrate close to 70% last year and this year my best week had a 30% winrate. Every trader right now who forces their "edge" from last year on the market will keep getting fcked more and more. Gotta accept the losses and let go of previous success and start from scratch. I myself do not trade during primetime anymore. I trade premarket or the asian market. This is where i can find some success rn but its still not good enough as where i want it to be. Anyway. My 2 cents&gl
Why don’t you do a live free webinar???
Damn bro you are hitting us with videos Good job 🎉
u sound like an AI bot
Looking at your current active trades. You are long USD in 3 trades, long GBP in 2 and short EUR in 2. On AUD you are long in 2 trades and short in 1. I'm trying to factor in correlation in my trades and wondering what your thinking was in this current batch. Thank you.
Cranked
@@Simon-beast What does that mean?
Totally agree.
Excessive premarket analysis causes unconscious directional bias. To your point
Facts! My trading has been much better since I stopped doing it.
I usually only losing 0.2-0.6 reative risk, some breakeven, if I win thats a minimum 1 relative risk. My avarage profitabily per trade is like 0.3R in the spreadsheet without fees & spreads.
The only two points that concern me about your approach is why you don't get out of those trades going against your original position instead of adding to them/multipliers as it goes against you, and the month losses you've mentioned repeatedly scare the sht outta me. A month would probably kick me hard enough to stop trading.
i just trade when price breaks the daily high or low with high volumes candles.
why don't you try colour trading game
bro why don't you try color game
boss beard nick ... bossin n flossin
fire
More dinosaurs you draw on your chart, the bigger is chance you will never take any trade, because of mixed signals from these "indicators".
If your most profitable year was 2022 or was profitable every month in 2022, it appears you stopped hedging because you were seeking some outside validation. Go back to what was working every month.
Worst case scenario.....
Ehh... room for improvement. And nice boomy mic btw. Great for my earphones.
I like this style but not sure if I should commit to it cus Nick changed his style so much ???!!!