Well to all spot traders here..... you have at least one new convert from bins. About 3 months ago i finally tossed bins in the "bin" and never looked back. I did about 2 months of learning, reading, practicing etc. Just reading this forum took a while!
Anyway, i trade live now on a micro account which i still consider practice. I use mostly highs and lows, similar to swede. H4 gives great info and i use M15 for entries. Not a lot of trades but with spot the right RR you making money. As i said i am doing micro account for now so my gross profit round figure $50 and gross loss $10. So net profit $40. I aim for RR2:1. By no means making me rich, but that is not the point right now.
So baby steps for me and hopefully switch to larger deposit in the future. Thanks to all that contribute to spot on this forum. I am a happy convert.
And to those that may ask me how i trade, i am happy to share indies etc but do not ask me my exact rules as i dont have any. I dont trade with a "system" i use a few indies to help me see the market, but then it is down to the individual. No one trades the same, but with all the knowledge here and on other forums you will be able to eventually see what everyone is talking about.
Practice, practice practice and patience!
See my EU, i see a bit of a contraction on my lows, weekly, daily, previous week low etc. So just because these lines are there does not mean a reversal. Patience will tell me where it will go.
Anyway, this is my comments, i will not go back to bins again. I will develop my own way of trading and hopefully be succesful in the future.
You're a wise man!
I'm in the same boat. Took me a while to break free of the bins mentality (still not quite there yet) but I do appreciate the sharpness in entries that trading BO gave me.
I've doubled my initial deposit since starting FX - although I realise now that I've been using waaayy too much leverage and taking too much risk overall, it was only because of accurate entries and locking in profits early, that i did well (plus a bit of luck perhaps).
I've cut the risk now and am down to the 2% per trade risk mark now, making much less, but giving my trades room for better RR. feel so relaxed now.