Hello. My first step to learn from Trader Dale.

Hi all. I dedicate this site for my forex trading.

As I introduce myself, I have been trading forex since 2014 to no avail. I have tried many indicators, I have followed many indicators; ADX, R-Square, Stoch, RSI,CCI, CCFp, Heiken Ashi, TDI-Trader Dynamic Index, creating my own systems; HedgeGrid, Weekly OpenClose candle, above systems indicators, Averaging Hedge, my own beliefs, but I still can't find it. It just gives profit temporary then it blow off my account. I have created EAs live account. I have blown 3 accounts until now.

I want to be successful in the world of forex. I decided to follow a seasoned trader called Trader-Dale. He's one of high-ranked member and has opened a pro+ Account in TradingView Instruments.

So where do I start now?

Let me see...

I start with downloading TraderDale's instructions. The first one is Basic understanding on how to use Dale's levels.

1.              Understanding levels

-          I trade all my levels when the price reaches them. If I have for example 2 short levels it doesn’t mean that price will go up to reach those two levels nor does it mean that I think the market is going down. What it means is: If the price reaches 1st short level – I go in the short trade. Using rules I wrote below. If the price reaches the 2nd short level I go again in a short position using the same rules.

2.              Profit Target/Stop loss

-          Profit target: 10 pips.

-          Stop loss: 12 pips.

-          I use this PT/SL because it suits me personally. It is also possible to go for much bigger profit targets because there is strong  reaction to my levels quite often. I recommend trying 1st profit target 10 pips and 2nd profit target for example 20 pips (or use some type of trailing).

3.              Securing your position

-          If the market went your way at least 7-8 or more pips it is possible to move SL. This way you can prevent turning a winner into a loser. You can move SL either to the place where the market turned or to Break even level. If you move the stop loss or not depends on your own judgement and your risk aversion.

 

4.              When I consider the level already “tested“

-          If the market turns 3 or less pips before reaching the intraday level and makes 8 or more pips consider the level already tested and do not trade it anymore. This rule is not so clear-cut. For example if the market turns 2 pips before my level and makes 12 pip reaction – I won’t take the trade anymore. However if the market turns 3 pips sooner and makes not so strong 8 pip reaction I may still take the trade.

5.              Macroeconomic news

-          Never trade during significant macroeconomic news. Close all intraday trades at least 3 minutes before the announcement no matter if they are in open profit or losing. You can trade again if you see that there is no reaction to the news or wait about 10 minutes after the announcement (or better – after the macro volatility subsides). You can find all the news in the macroeconomic calendar for example here: http://www.forexfactory.com. The strongest events are marked in red colour. The less significant ones are orange and yellow. My rules apply for the red ones. If you want to be extra carefull apply the rules also to the orange marked events.

6.              Limit vs. market orders

-          For intraday trades I use market orders only. I use alarms that I put few pips before the levels so I don’t miss any.

-          It is possible to use limit orders but you need to be aware of these factors:

o   Macroeconomic news

o   Situations when market turns a bit sooner making the level not valid anymore.

o   Sometimes with market order you can jump in the trade for a slightly better price.

o   Securing the position is harder when away from computer.

7.              How long are levels valid

- My intraday levels are valid until they are tested or until the next levels are published.

- My levels work for EU, US and ASIAN trading session.

Fair enough. I have tried understanding it for quite a while.


So:
1. SL 12 TP 10

2. Use market orders instead of limit orders? Does that mean I must run an EA (For example DaleTM.mq4??) 

3. Move SL to BE once the trade makes a 8 pips move or more.

4. Levels are valid until next levels are published. By the way,you said that your levels work for EU, US, and asian session. Does that mean your levels are triggered during market open of those? (That means it's untradable in market close).

So that concludes my first lesson on forex training. Dale, if you see this, please comment below or reply to me in Forex Factory to answer my questions thank you.