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https://cdn-assets.forexfactory.net/...ar18699_19.gif hanover
- Joined Sep 2006 | Status: ... | 7,194 Posts | Online Now
Cleanup Report: Post #102 by hanover
Quoting sagor482
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I know that I can be a winner and I have a profitabe strategy
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reason of my lose : 1.emotion 2.not following mony management 3.over confidence 4.stupidity
If you really do have a profitable strategy -- and you're serious about improving your results -- then here are some commonsense ideas that have worked for me:
1. Regarding position size, don't overleverage yourself mathematically or emotionally. Find out where your emotional tolerance lies, and stay well within that limit. Know your worst case risk at the time of entry, and if you feel uncomfortable, either trade smaller or don't take the entry: scared money never wins. Getting the position size right at the entry can help to alleviate subsequent emotional issues with exits.
2. Make as many of your decisions as possible at the time of entry, when emotions are less compelling. Set a TP and SL if your strategy allows it. Then decide whether you really need to micromanage your exits, i.e. whether your strategy requires nuanced decisions based on new info (e.g. incoming economic data, newly forming S/R levels, etc) appearing as the trade unfolds. If the answer is "no, not really", then there is zero benefit to be gained by your staying at the computer. Simply set a SL, TP, trailing SL, or if your exit strategy is more complex (e.g. scaling out) then use an EA, and WALK AWAY. Have a sleep, go for a walk, spend time with family or friends, anything that gets your mind away from trading. Sure, you miss other possible setups while absent from the computer, but you must weigh a few missed opportunities against your current situation, and decide which is worse.
3. Even better, find yourself a trading buddy, somebody who is like-minded and humble enough that you can work compatibly with them. Two heads are often better than one, and you also keep each other positive, focused, motivated, disciplined and accountable, possibly even to the point that exiting your trades requires a joint decision. Skype is free (computer to computer) and also allows screen sharing. FF has 377,000 members, and if you have a strategy that's genuinely profitable, there are thousands of less knowledgeable traders who would be extremely keen to learn from you; use the Member's Lounge to solicit for candidates, conduct interviews and maintain a short list, depending on mutual availability. Trading can be a lonely and stressful activity, and having an objective party overriding harmful voices inside your head can be very helpful.
Comments from Benjaminis: I will share with everyone why I am posting these helpful links and how it helps me understand better the way that I trade Forex since my style of trading was always self taught. Once I have almost perfected my methods I always try to improve.
My GOAL would be to have a constant monthly Return on Investment (ROI) of 25% per month and an annual return of 300%.
Of course no person in the World that we know of can achieve this return. With LEVERAGE of 100 to 1 , It is surely doable then why has no Forex Trader done it ?
Here are some of the answers which come into my mind by reading the information posted above.
I start with the following item and what I do in my Forex trading.
1. Regarding position size, don't overleverage yourself mathematically or emotionally. Find out where your emotional tolerance lies, and stay well within that limit. Know your worst case risk at the time of entry, and if you feel uncomfortable, either trade smaller or don't take the entry: scared money never wins. Getting the position size right at the entry can help to alleviate subsequent emotional issues with exits.
COMMENTS FROM BENJAMINIS: I always use the same Position size of 100 units or $100,000 US Dollars Contract so my method is AUTOMATIC.
I eliminate all the RISK and EMOTIONAL ISSUES by the Risk Management Strategy that I use. I have solved the issue of exits as has been explained here on this thread many times. I lock in my profits starting at $250.00 US Dollars and since I trade with the Trend using CORRELATION the rest of the decisions are structured.
2. Make as many of your decisions as possible at the time of entry, when emotions are less compelling. Set a TP and SL if your strategy allows it. Then decide whether you really need to micromanage your exits, i.e. whether your strategy requires nuanced decisions based on new info (e.g. incoming economic data, newly forming S/R levels, etc) appearing as the trade unfolds. If the answer is "no, not really", then there is zero benefit to be gained by your staying at the computer. Simply set a SL, TP, trailing SL, or if your exit strategy is more complex (e.g. scaling out) then use an EA, and WALK AWAY. Have a sleep, go for a walk, spend time with family or friends, anything that gets your mind away from trading. Sure, you miss other possible setups while absent from the computer, but you must weigh a few missed opportunities against your current situation, and decide which is worse.
COMMENTS FROM BENJAMINIS: That is exactly what my approach to Forex trading does. I have 4 Forex Trade Plans good until March 31, 2017. One of my BEST Trade Plans is now SHORT US 30 because when it reverses and it MUST, I can ride it down for a small fortune. I have since added another Trade Plan which is SHORT SPX500 because of the INSANE LEVEL that it has reached. So with that in mind I will explain further for new readers and to inform loyal readers.
We start by using our Demo Platform of $50,000 US Dollars and WE do not SHORT more than three Positions of SHORT SPX500. WE also do not put on more than three positions at any one time. WE start with our First Position of 100 units and ALWAYS PUT in our STOP LOSS of $1000 US Dollars and this will now include me. I have the skills to do that however now that I am working towards managing $1,000,00 US Dollars of NEW TRADING FUNDS for my corporation I want to improve my Sharpe Numbers. With regard to this particular Trade Plan my first Position will have Risk to Reward Ratio of 1 to 1 so I set my LIMIT OUT to PLUS $1000 US Dollars and my STOP LOSS at $1000 US Dollars. Of course once I am in profit a MINIMUM of $250 US Dollars then I lower my STOP LOSS from MINUS $1000 US Dollars to PLUS $250 US Dollars. My winning percentage of all my Forex trades is over 75%. Now you can see why.
3. Even better, find yourself a trading buddy, somebody who is like-minded and humble enough that you can work compatibly with them. Two heads are often better than one, and you also keep each other positive, focused, motivated, disciplined and accountable, possibly even to the point that exiting your trades requires a joint decision. Skype is free (computer to computer) and also allows screen sharing. FF has 377,000 members, and if you have a strategy that's genuinely profitable, there are thousands of less knowledgeable traders who would be extremely keen to learn from you; use the Member's Lounge to solicit for candidates, conduct interviews and maintain a short list, depending on mutual availability. Trading can be a lonely and stressful activity, and having an objective party overriding harmful voices inside your head can be very helpful.
COMMENTS FROM BENJAMINIS: My Trading BUDDY and Friend is KeepCalmfx. My new corporate website will have an initial target audience of 250,000 members with FREE ACCESS available except for the LIVE TRADING ROOMS and access to other only by subscription services. As I have said in the past anyone subscribed to my thread and now I have 23 then they will have access to all sections of my corporate website 24/7. Subscribers will be charged a monthly fee of $50 US Dollars on a monthly basis with no contracts required.
In conclusion if you have the interest and the desire and the DISCIPLINE to become a Full Time Professional Currency Trader than you can find all the information that you need on these 105 pages of information. However after March 31, 2017 the NEW information will only be available on our corporate website.
Enjoy your weekend and get ready for Wellington , New Zealand to start the Forex Week and the MONEY FLOW !!!