NickB Method Trading Update

Posted by Nick 29 Comments

Ok guys I have analysed my trading a little to see what’s wrong and why my win rate has dropped. I have found two main things wrong. Surprisingly they are with my approach not the method. As I believe in complete transparency I will go through everything here.

1. I’ve Been Trading Automatically

Personally I have always believed trading requires a lot of discretion. I never believed in automatic trading. My philosophy is that you have to be there with your nose in it making decisions to be an effective trader. That’s how it always worked for me.

Recently I have been straying from this and I have been doing more and more automated type trading. I have been setting auto entries, stops and exits. My method has been working very well automatically for a while so I got a little carried away.

2. I’ve Let The Method Change Too Much

There are several aspect of method that I have let change. I have touched on this before but I never took big enough steps to correct some of these issues.

The trading method itself seems to be working fine. If you apply the appropriate discretion and stick to the guidelines the win rate should be in the 70% range at the moment. I may still edit targets slightly purely for the sake of testing out the stats that Metalhawk has shared. Also thanks to Metalhawk I have realized that most losing trades happen in the N.Y. session so I will likely stop trading that session.

All in all I think most of the problems are with my approach. The method itself is still working fine. The only issue is its not being used right. So how do I resolve this?

I am not trading this week I need some time away from charts.
Secondly and more importantly I will stop trading automatically. I will start taking manual trades again and employing discretion.
I will restart using the method as it was meant to be used. This means I will read through my notes and refresh myself on the guidelines before I launch back into trading.

In the next post I am going to list some of the important NickB method guidelines which I have been ignoring for the past 2-3 months. Next week I will post my analysis again and we can get back into proper trading!

Thanks for all the supporting posts guys! 75 comments to the last post….. That is a record!

Tags: karen pratt riggen, metalhawk forex, nick, nickb method, nickb method results, nickb trading, targets, the nickb trading method

Yensa

First! Looking forward to your analysis!
Karen Pratt Riggen

Thanks. I enjoy and learn from your blogs. I too have discovered that automatic trades are not as fruitful as trading manually. It’s nice not to sit glued to the computer but the results are less satisfactory when turning the trades over to the software.
Lean spain

Its nice Nick well be in the target again.

Best Regards.

Lean
Scott

Good clear concise thinking is needed. You appear to be on the right track Nick. Best of trades in the future!!!
John

Thanks Nick B for very good work
Mark

Back to the basics is always a good thing.
Halli

Thank you for sharing this )
vfreebird1952

Nick, i’ve taken a year off from any trading, real or demo account as it seemed that I was getting very confused with the information I was acquiring, not to mention the trading platforms and how to make them work the best for me. That time away from the Forex was a nice vacation, and I feel I can get back to the basics as well, without TMI interferring. Sometimes you just can’t see the forest for the trees, and sometimes, boredom will overcome you and make you do some dumb things. Thanks for this website, and I hope to be doing live trading soon, with a fresh mind and sharper eyes.
kathy

it’s admirable that you admit to your failings and don’t feed us a bunch of bull. basics are always best.
tbg

Nick, the markets definately seem to have shifted into a new gear the past couple of months. I think we have moved from the free fall of 2007-2008 and the strong recovery of Q1,Q2 of 2009 into a more cautious period of activity. The strong 50-100 pip moves of the past seem to be less frequent as the market begins to trade more cautiously.

I must say that I have learned more from your site than any other web resource in my two years of trading. Thanks for providing the platform for us all to share our ideas.

Keep up the good work.
NeilA

Nick when I first read your ebook and then your video course, demo’d for about 3 months went live and all went well until I started to accumulate more and more info on Forex, result total confusion. I stayed out and never went near a Computer at all for 10-days and guess what, minds clear. Two days of back to what you teach and much improvement. best of luck to you and thanks again to you and all the guys for sharing what you have experienced and how you plan to increase the winning percentages.
judenuel

Thanks for your sincerity and openness Life is all about adjusting aright to move forward. Positive change is a good survival strategy.
david sharpe

Hi Nick

Nobody is infallable, i take time out quite a lot in my everyday life, i find walking is great for getting your thoughts together, and destressing your nut
You always talk sense about the forex, so keep doing your good work
GP

I experienced the same thing…. I lost trading because of the automated trading… I got frustrated when the trading is actually a profitable trading but due to i set it automated trading with setting up loss… I suffered a loss..
absinthe

hi Nick yes ive tried the automated method as well not as good as eyeballing whats going on the charts. Also started looking at what cables doing at the time as if its about to his a major Support/resistance it may translate for a failed break on G/J

theres definitely a lot of other information out there which just tends to over complicate something which does not need to be complicated
Ian

Thanks for all of your hard work, and taking the time to share it with us. I think adapting to the ever changing market is key to be a success in the long run. We need not get discouraged but rather persevere.
Thanks again Nick!!!
dallia

Nick,
I didn’t understand why you ever thought there was something wrong with your methods. You method is very basic and based on solid fundamentals. Appreciate your candor and demonstrating how to debug ‘bad trading’. You don’t find that with the Voice Of God gurus. Your site is really the best thing around while I don’t agree with all your trades I learn from every one. I’d also suggest folks look at price action more (I bow to Trader451) and not take every break of a line as gospel.
Chris

Nick,
Going automatic is not that good but,eyeballing whats going on the charts is the best. I have been trading quite a few years, doing very good. We do need a rest from trading, I do not trade everyday.
You have a lot of good info the one I read is (12 Essential Trading Tips to Make You a Pro Trader) It is so true in order to be good trader.
Thanks Nick….
sagitaire

Well said ,Nick! It’s an honest man that allows the truth to flow like a river. And an army of the faithfull will always wecome the truth and follow that river.

I’m in the boat, too!
http://www.forex-newbie.com Forex beginner

It is never easy to realise own mistake and able to correct it. Looking forward for the analysis.
Happy trading!
shaun

Sweet 1 week holiday coming up! Thanks nick.
Damien

Thanks Nick for everything
Damien
Ade

Many thanks Nick,just lead on and we follow faithfully
PipStudent

Thanks for all the supporting posts guys! 75 comments to the last post….. That is a record!

Yeah let those losers come back .. we got your back !

PipStudent
Rynie

I thank you for this eyeopener. I now realise that I have been in a similar ‘go nowhere’ situation lately. Will now tka a break for a few days. Thanks again.
hasnah

Hi Nick, A million thanks for the valuable tips and frank sharing. Not many are as open with their trading strategies/ secrets. By the look of it, you have a loyal following… almost like a fan base! Kudos to you. Wishing you a happy ‘break from chart’ holiday. Look forward to your future postings. Cheers!!
Jósef Dan

Thanks Nick for being honest that’s one of the things i like about you you admit to being just a normal guy like most of us and we all do mistakes, it´s those who do not acknowledge their mistake don’t like so props for you mate.

look forward to see next post.
Ayman

Cheers guys,

Thank you Nick, there is always somthing to learn in each post over here.

It has been a charts holiday for me as well . But mainly for the shortage of time because of work.

Good luck in the coming week …
wolf7050

Nick again all I can say is thank you. By using your support and resistance method for the last month, combined with candlestick analysis, My account is up 678 pips. I’m using your method on 6 currency pairs on the 4 hrs chart. I find it completely awesome and I’m just totally blown away. Any thing you could add to this method seems baffling to me…..But I look forward to your update….keep up the great work, we are all humbled by your generosity.