This is a trader question from the Fibonacci Trading Forum.

Bert says:
I need to improve my commitment to higher time-frame trades. I would do better to avoid shorter time-frame trading.

Neal responds:
Ask yourself what is causing you to focus back on the lower time-frames? Sure the lower time-frames can be very helpful, they can give you clues to refine your entries and refine your exits and stop-losses.

The lower time-frames must be viewed in context of the overall trade. The lower time-frames should influence the way you consider a trade, but it is your main trading time-frame that rules your decisions.

If your setup is still in play, then you don’t have permission to exit. If your setup has not given you permission to enter the trade, the lower time-frame does not make any decisions for you.

Sometimes it helps to have a partial entry or exit based on a lower time-frame trigger. Only if your trading plan allows you to trigger based on the lower time-frame, should you allow that decision. If not, stick to your trading plan.

-Neal (FibMaster’s Fibonacci Trading Course)

This is a trader question from the Fibonacci Trading Forum.

Bert says:
Overtrading, my self-discipline, I struggle with those the most.

Neal responds:
There can be many reasons for over-trading, so it could be beneficial to analyze the causes of this problem.

Think about your trading, when you are over-trading, what are the circumstances? Are you bored, do you need excitement? Are you pressured by your setups and triggers to enter often? Are your stop-losses too close so you are exiting and have to re-enter frequently? Are the trends weak so you have too much whipsaw? Are you trading lower time-fames, those micro-wiggles with excessive noise?

All of those reasons can have solutions. After carefully assessing the causes, you can begin to solve the problem.

-Neal (FibMaster’s Fibonacci Trading Course)

Here is a typical email question from a trader.

Dear Mr. Neal Hughes

Thank you very much for your video seminars.

Excellent course. I was aware of Fibonacci levels but the wonderful SK levels are new to me. The methods you explain are simple and awesome. I tried in different currency pairs in demo account and found excellent result. I keep practicing some more time with stop loss and money management as you guides.

If you have any advance training CDs, please let me know. Please also send me TRSI indicator to try with Metatrader 4 platform.

I also need one more advice from you. As per your knowledge & experience, please suggest me few names of Forex brokers who are clean and straight forward in their dealings.

Once again thank you very much Mr. Neal Hughes for your straight forward and open hearted teaching.

Regards

S.N. Suren.
 

Neal’s response;

Suren,

Thank you for your kind words. Yours is a common theme, many traders rave about my seminars, and their email pleases me greatly.

You have all 5 of my recorded seminars now. I may make some more in the future and will let you know, but for now you have them all.

There are some live seminars/webinars that may interest you. I only have these a classes few times a year, and there are a couple of seats left, see here;
http://www.fibmarkets.com/training-workshops/

Trade carefully as you move from a demo to a real account, manage your risk to ensure that you will survive the learning process.

The TRSI for MT4 is on the way to you in a separate email. Please keep this indicator confidential, it is proprietary.

As for brokers.. At this time I am not comfortable making a recommendation. All brokers have their down-side and most have their positive aspects too. Unfortunately there is no perfect broker!

Best wishes,
-Neal.

Here is an email question from a member of the Fibonacci Trading Forum at Daily Forex Charts .com

I need to learn more about Fibonacci levels, how to apply and use them. Where to enter, where to exit.
 

Neal’s response;

OK, learning the basics of Fibonacci Retracements, Fibonacci Expansions, etc are really easy, FibMaster’s Fibonacci Trading Videos will solve that problem for you.

After that, it comes down to skill and experience. You definitely need to use TRSI with Fibonacci, that will make a big difference. Join our FibMaster Fibonacci Forum webinars, that will help a lot!

-Neal Hughes “FibMaster”

Here is an email question from a member of the Fibonacci Trading Forum at Daily Forex Charts .com

Identifying the trend direction is my problem. It is easy to see a trend in the past, but in real-time it is much more difficult.
 

Neal’s response;

Trend is either up or down, or some times there is no trend. There should be no doubt, and you should be able to identify trend in just a few seconds. If you have not already been to the TRSI webinar, you really must! Trend is not difficult or complicated at all. The difficulty is what to do about the trend.

-Neal Hughes “FibMaster”

Here is an email question from a member of Daily Forex Charts .com

My struggle is self discipline. This I think is coz i don’t know where to start my trading day and what to look for. I also think fear plays a big part. (fear of losing money again and again.)
 

Neal’s response;

Fear is bad for trading. Fear will cause you to make regrettable decisions, and it can get in the way of your ability to learn as well. I encourage you to look for the source of that fear. Are you risking too much per trade?

Until you have confidence in your trading, you should be taking very small risks. That is one way to reduce the fear.

-Neal Hughes “FibMaster”

The following is an extract from an original post I made on the TraderZine Forums.

On the subject of stop-losses…
 

Novice traders will place a mechanical stop-loss that does not take into account market action, momentum, volatility. A Fibonacci based stop-loss takes all of those into account. Also, a novice trader will blindly cling to hope when the trade is not working out, wishing that the stop-loss will not be reached.
 

It doesn’t take much skill to realize that a trade is not working out. Watching price action and minor (lower-time-frame) Fibonacci levels, you can tell whether momentum is going against you. Why wait for your stop to be hit? You can exit well before the Fibonacci stop loss is hit, and you can re-enter if you like.
 

As traders improve their loss management, the Fibonacci stop-loss will be merely a “disaster-stop”, but the actual losses will be much smaller, because the Fibonacci stop-loss is not hit all that often.
 

-Neal Hughes “FibMaster”

This is a trader question from the Fibonacci Trading Forum.

Hussam says:
What is not working for me now?
- I have been trying to stick to higher time frames, but I find myself slipping into lower time frames. Maybe because I want to catch the move as early as possible, hence, trying to trigger on a lower time frame. All becomes messy and confusing.

Neal responds:
There are some occasions that warrant more aggressive entries, and they can be part of your trading plan. The mistake occurs when you defy your plan, taking the temptation to enter early.

Early entries can bring more profits when you are fortunate, but more often they will cause losses due to false triggers and failed breakouts.

Have a clearly defined entry trigger, wait for your system to give you permission to enter. Is sounds easy, but we have to work at it.

We’ll discuss this in a future Fibonacci Trading Forum webinar.

-Neal (FibMaster’s Fibonacci Trading Course)

This is a trader question from the Fibonacci Trading Forum.

Hussam says:
What would make the biggest difference to my trading?
- hanging on to winners until they hit target. Pure mental issue.

Neal responds:
Haha! This is a real problem. When we have a winning trade, it is so easy to bank those profits! There is a human urge to cut your profits and let your losses run. Traders have to manage these impulses all the time. We must trust our trading plan, or else change the trading plan.

If you have a clear exit trigger, then stick to it! Try to print it out, have it next to your trading station, or write it down, and keep referring to it. Only when your exit trigger gives you permission, should you exit.

If you are not satisfied with your exit strategy, you may have to review it. Until then, stay with your trading plan. Perhaps you should plan for a partial exit to take away some of that stress?

-Neal (FibMaster’s Fibonacci Trading Course)

This is a trader question from the Fibonacci Trading Forum.

Hussam says:
What causes you me most difficulty?
Setting the right landmarks on my chart. Example : trading a 60 minute chart on 240 minute trend. First I put SKs and trend lines from Daily and 240 minutes. However, I still have SKs or just Fib levels from my 60 minutes, (a) If I want to go long, I have my 60 min Fibs, SKs (which may coincide with 240min), then the 240 min SKs (resistance) etc…… IF I take each one seriously, I will probably leave the trade. The profit margin may seem small. So, how can rank these landmarks ? or should we just take them as targets ??

Neal responds:
It is important to have the correct Fibonacci levels on your chart, as you have. The challenge is to decide what to do about them! Any retracement, support, resistance, can have an effect on the market, so they all should be treated with respect.

In summary, if one of those levels causes an exit trigger, you get out, otherwise you stay with your trade. We should discuss this in more detail with live examples, in our webinars.

-Neal (FibMaster’s Fibonacci Trading Course)