I am making this demo account completely transparent to give anyone who is interested an insight into the way I trade. I am becoming increasingly annoyed by the ramblings of stephanusR who seems to delight in trying to prove that it is impossible to trade profitably without some hidden agenda on this site.

My reasons for joining this site was to provide ME with the analytical functionality that my own mental limitations can't. It is also here to prove to new traders that it is possible to build a small account relatively quickly without going down the route of over-leveraging their accounts in the rush for glory. It also shows that simple Support and Resistance trading, combined with a conservative money management regime can prove more profitable than a screen full of MAs, Oscillators etc.

I look forward to constructive criticism or posts that are seeking a clearer understanding of this technique, the trolls can go pedal their vitriol elsewhere.

don't mind him peter!

your trading is excellent, thank you for sharing it .

FlyerLV posted:
    Hello Peter.
First thread i read from start to end on FF was - Help to newbies ;]
That was ~ 2 years ago.
I am realy happy that You provide us with possibilitie to see how You put orders and talk about Your trades !

Thank You for Your help us who wants to learn..

Best,
Tom

Woohooo... Looks like another success story for PeterFM. It must have helped if you're still around after 2 years.

Don't stop - lol

So far there have been 77,679 views of the thread and I've heard back from about 50 new traders who have found it useful. I'm not sure about the rest of them - maybe they didn't like what I had to say - or maybe each one of them read it 1550 times each.

Sheesh - that's enough punishment for almost anyone

Hi KK

Support & Resistance is as old as trading itself. Someone else asked this morning if I could give any hints on how I trade. Although the answer is a bit more complicated than 'do this' or 'do that' the basics of how I approach trading is as follows:

Hint #1: Open a Monthly chart on any pair
Hint #2: Switch to the Line chart
Hint #3: Zoom out as far as you can
Hint #4: Go back in history as far as you can
Hint #5: Start looking for all the major areas where price has made a DRAMATIC reversal
Hint #6: Note the CLOSING price
Hint #7: Draw a horizontal line along that price point
Hint #8: Wait for price to meet those price points and wait for confirmation that the S/R lines you have drawn have either held or failed; if it fails wait till price meets the next S/R line and wait for confirmation - wash and repeat until you find the S/R that does appear to hold
Hint #9: Trade the trend (Monthly - Weekly - Daily - in that order)
Hint #10: Trade based on price action around the Daily - 4hr chart
Hint #11: Stops below next S/R line
Hint #12: Use minimum position on entries and add in as the direction is confirmed
Hint #13: Prospective Take Profit area is next S/R area above/below your entry but be ready to get out if price stalls for too long before it gets there
Hint #14: It takes time to learn this so don't rush to make money too fast
Hint #15: Remember: All S/R areas are only potential turning points so be prepared to be wrong
Hint #16: Practice on one pair on demo for a couple of months to get a feel for how this works
Hint #17: You'll pick this up quicker if you have NO indicators on the chart and learn to read what price is doing around these areas
Hint #18: Always wait for price to make at least one Daily close above a Support area or below a Resistance area before entry on a new trade or closing an open trade. This means you'll have to hold for a much longer time than you are probably used to, that's why you enter with the smallest position size you can use and add in as the trend returns in your favour.
Hint #19: Always remember the old maxim - previous Support should become Resistance and vice versa