The journey begins
Izaak Walton once said, "Good company in a journey makes the way seem shorter."
Welcome and I wanna thank you for coming, I hope you find the information in my channel useful. I wanna thank you for taking the time to invest in yourself. I also wanna thank you for understanding the value of education.
My name is Erastus and I've been a trader for three years now and over the past three years I was able to work with some of the industry's biggest sharks like Steve Nison, Mark Douglas and many more of whom we never met in person but only on Twitter, Telegram, WhatsApp, Linkdn & other social media platforms.
I started this channel with one goal, to share with the world some valuable lessons on price action and I'll also be giving out some free signals throughout.
Throughout the channel we're going to be going through a lot of markets. Keep in mind that price action works everywhere from currencies to stocks, indices, cryptocurrencies and any tradable chart, what I'm going to be sharing here have been back tested and it works on all timeframes, that's one of the beauties of price action.
Throughout this channel, my main focus is to give you an overview of what price action is and how to use it to your advantage and make the most out of the financial markets.
I'm also going to be sharing some useful books in the channel as well that'll help boost your knowledge on price action.
There's a Japanese saying that says, "a fool in a hurry drinks his tea with chopsticks." So we're going to take it step by step.
The journey of a thousand miles begins with one step and our first step is "What is Price Action Trading?"
Izaak Walton once said, "Good company in a journey makes the way seem shorter."
Welcome and I wanna thank you for coming, I hope you find the information in my channel useful. I wanna thank you for taking the time to invest in yourself. I also wanna thank you for understanding the value of education.
My name is Erastus and I've been a trader for three years now and over the past three years I was able to work with some of the industry's biggest sharks like Steve Nison, Mark Douglas and many more of whom we never met in person but only on Twitter, Telegram, WhatsApp, Linkdn & other social media platforms.
I started this channel with one goal, to share with the world some valuable lessons on price action and I'll also be giving out some free signals throughout.
Throughout the channel we're going to be going through a lot of markets. Keep in mind that price action works everywhere from currencies to stocks, indices, cryptocurrencies and any tradable chart, what I'm going to be sharing here have been back tested and it works on all timeframes, that's one of the beauties of price action.
Throughout this channel, my main focus is to give you an overview of what price action is and how to use it to your advantage and make the most out of the financial markets.
I'm also going to be sharing some useful books in the channel as well that'll help boost your knowledge on price action.
There's a Japanese saying that says, "a fool in a hurry drinks his tea with chopsticks." So we're going to take it step by step.
The journey of a thousand miles begins with one step and our first step is "What is Price Action Trading?"
What is Price Action?
This term has become widely used over the last few years. It is the study and understanding of the psychology of price movements within the financial markets i.e market structure, chart patterns, candlesticks formations, momentum, trends and technical analysis in general are derived from price action.
Why Price Action?
●Price action helps you become pressure-proof. The pressure within the financial markets comes from not knowing what you're doing.
●It is the study of history Vs now moment concept.
●Easy to spot price action patterns.
●Helps you spot momentum and volatility.
●Helps with timing and patience.
●Helps with confluence.
●The 5% of traders who make the most money use price action.
●You don't have to spend the whole day staring at charts when using Price Action.
●Saves you from lagging indicators.
●Helps with money management such as Take Profits, Stop Losses and Risk:Reward.
●Helps you know when to trade and when to avoid trading.
●Boosts your confidence.
●You're 100% responsible for everything.
●Easy to learn.
This term has become widely used over the last few years. It is the study and understanding of the psychology of price movements within the financial markets i.e market structure, chart patterns, candlesticks formations, momentum, trends and technical analysis in general are derived from price action.
Why Price Action?
●Price action helps you become pressure-proof. The pressure within the financial markets comes from not knowing what you're doing.
●It is the study of history Vs now moment concept.
●Easy to spot price action patterns.
●Helps you spot momentum and volatility.
●Helps with timing and patience.
●Helps with confluence.
●The 5% of traders who make the most money use price action.
●You don't have to spend the whole day staring at charts when using Price Action.
●Saves you from lagging indicators.
●Helps with money management such as Take Profits, Stop Losses and Risk:Reward.
●Helps you know when to trade and when to avoid trading.
●Boosts your confidence.
●You're 100% responsible for everything.
●Easy to learn.
Just 💭imagine how clean the Price Action trader's charts is compared to the chart of a trader who uses indicators.
Price action traders typically tend to analyze the current market price in relation to past market price to figure out which direction the market is likely to move in, whereas indicator traders will only analyze the past market price to try to find out where the market is going to move. All indicators are derived from past market prices, which essentially means the indicator traders are trying to predict the future using only the past. Price action traders do this too but with one very important difference, they are trying to predict the future by combining what happened in the past with what's happening in the present.
Trading indicators calculate based on past price action and just imagine trading based on what happened without even looking at what's happening currently. That doesn't sound fair enough.
By understanding price action you can react to changes in the market much quicker than any indicator trader can.
Price action traders typically tend to analyze the current market price in relation to past market price to figure out which direction the market is likely to move in, whereas indicator traders will only analyze the past market price to try to find out where the market is going to move. All indicators are derived from past market prices, which essentially means the indicator traders are trying to predict the future using only the past. Price action traders do this too but with one very important difference, they are trying to predict the future by combining what happened in the past with what's happening in the present.
Trading indicators calculate based on past price action and just imagine trading based on what happened without even looking at what's happening currently. That doesn't sound fair enough.
By understanding price action you can react to changes in the market much quicker than any indicator trader can.
Thanks for reading, please tell a friend to tell a friend about his channel and if have any questions regarding Price Action, don't hesitate to contact me here; https://t.me/erastus246
I hope you saw the clear differences and benefits Price Action trading has over trading with indicators.You won't see it coming until it reaches you.
I'm sure a lot you are familiar with manipulation of charts by brokers. Well, for those who are not familiar with it, it is one of the things we retail traders suffer. I don't know how brokers do it but I always notice it because I use more than one chart for analysis. I've used a couple of brokers before like XM, JP Markets, Exness and FBS but I only see this in JP Markets broker. It happened today and it blew one of client's account since it had a small equity. I don't know if they do this to target small accounts or something. It happened today and I'm going to share some screenshots shortly.
That's one of the reasons I don't only use use one broker's chart to analyze. The only broker that I trust with analysis is XM and the problem is I can't trade Nasdaq with XM since XM doesn't count like JP Markets. What happened is I set a sell top on Nasdaq at 7304.35 and it turned out JP Markets triggered my sell stop before XM even did, it lead to price retracing upwards which lead to one of my client's account getting wiped out. Later, accounts that didn't get wiped out hit TP at 7162.00 which was 14 000 points(which was R2 000 with 0.01 lots).
To all the traders out there, I only experience this with JP Markets broker and you must be careful when using Sell/Buy stops, Sell/Buy limit and Sell/Buy Stop Limits.
I have never experienced this with XM, FBS nor Exness. Next time you analyze make sure you use two charts from different brokers just for confirmation, don't be lazy!
I'm sure a lot you are familiar with manipulation of charts by brokers. Well, for those who are not familiar with it, it is one of the things we retail traders suffer. I don't know how brokers do it but I always notice it because I use more than one chart for analysis. I've used a couple of brokers before like XM, JP Markets, Exness and FBS but I only see this in JP Markets broker. It happened today and it blew one of client's account since it had a small equity. I don't know if they do this to target small accounts or something. It happened today and I'm going to share some screenshots shortly.
That's one of the reasons I don't only use use one broker's chart to analyze. The only broker that I trust with analysis is XM and the problem is I can't trade Nasdaq with XM since XM doesn't count like JP Markets. What happened is I set a sell top on Nasdaq at 7304.35 and it turned out JP Markets triggered my sell stop before XM even did, it lead to price retracing upwards which lead to one of my client's account getting wiped out. Later, accounts that didn't get wiped out hit TP at 7162.00 which was 14 000 points(which was R2 000 with 0.01 lots).
To all the traders out there, I only experience this with JP Markets broker and you must be careful when using Sell/Buy stops, Sell/Buy limit and Sell/Buy Stop Limits.
I have never experienced this with XM, FBS nor Exness. Next time you analyze make sure you use two charts from different brokers just for confirmation, don't be lazy!