Thanks for your nice post , may be it will help more
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DislikedThis tripped me up for the first several months of my time in the markets. I've got an easy way without having to do "actual" math. I go off of a 3k balance. When I put a trade in for EURUSD for example: Long @ 1.1165o Stop @ 1.1135o Subtract the difference (65-35 = 30 pips) Take the unit size (0.10 = $1/pip) Times that by the pips (30 pips) and your SL is $30 buffer, which is 1% of a 3k account, which is how I manage risk. Hope that helps!Ignored
DislikedThe Fibonacci Tool can also be used to determine different Risk to Reward ratios. For Example, I use the MT4 platform which doesn't show me where my stop loss should be placed if i am looking for a fix RR of 3, or 2 Etc.Ignored
DislikedThe "Fear" of risking "too much" wich 6% its NOT (lol) came from the fact that the average trader doesnt know wtf its going to happen when the trade its placed !! they dont know why they placed in the first place, they dont know how to manage it once its running, WHY are they using those "targets" or "risk reward ratio" etc.. OF COURSE they are going to play "defensively" because they NEVER KNOW WHEN THEY ARE GOING TO WIN !! thats why they recomend "risk 1 or 2% max" Find a repetable condition and EXPLOIT IT !! thats your ONLY job as a trader !!!...Ignored
DislikedThe "Fear" of risking "too much" wich 6% its NOT (lol) came from the fact that the average trader doesnt know wtf its going to happen when the trade its placed !! they dont know why they placed in the first place, they dont know how to manage it once its running, WHY are they using those "targets" or "risk reward ratio" etc.. OF COURSE they are going to play "defensively" because they NEVER KNOW WHEN THEY ARE GOING TO WIN !! thats why they recomend "risk 1 or 2% max" Find a repetable condition and EXPLOIT IT !! thats your ONLY job as a trader !!!...Ignored
Disliked{quote} Havo what do you mean by a repeatable condition, I have spent almost 4000 screen hours over the past year and 4 months but i am unable to find a pattern that repeats it self consistently. I use all the technicals that iv been taught by youtube, baby pips etc but im not sure if im doing it correctly. Im not looking for your strategy but i do understand that you're a profitable trader from the amount of replys by yourself in other threads. Could you possibly set me of in the right direction? I.e what should i be looking for, is naked charts...Ignored
Disliked{quote}I never see a real trader risking 20-30% of balance or equity even with 98% winning rate. If you think you are so damn sure you can just as well risk 90% of your balance .Ignored
Disliked{quote}This sort of thinking is not sustainable. I have heard these words several times from people.. none of them has a real account more than 1K and vanished few weeks later. You can be one of them or may not be one of them which doesn't mean much.Ignored
Disliked{quote}At the end of the day you sit in front of a screen all day to catch that move so does that 2% guy too.Ignored
Disliked{quote}So the bottom line is you cannot be real trader if you don't manage your risk properly.Ignored
Disliked{quote}Assuming you risk 20-30%. And how much do you gain? 5%?, 10%?, 50%?.Ignored
Disliked{quote} If you say you are getting 30 to 100% return per trade then at least we would know you are taking a reasonable RR ratio no one would say anything about that. But then you have to be so damn rich by now.Ignored
Disliked{quote}If you say you are gaining lot less.. 2-3 or 5% per trade then you really need to have a 99% accurate setups to survive. Happy trading..Ignored
DislikedI am using the oanda trader (demo) with 100k as the starting balence. I have my own system but I want to make sure that I am working the money management correctly. Im trying to only use 6% of my balence on each trade. With stop losses of course. My question is for the Oanda Pro's in here. Each trade Im taking the units and multilying by 6%. Example 2,000,000 units * 6% = 120,000 units. This seems to be working. Am I on the right track with this? Or is there another way to get my 6% calculation.Ignored
DislikedBTW, i trade like this: i have 2 live accounts, 1 small wich i trade the way i do for a series of trades, wich i end that cycle at around 20/30 trades, then i withdraw the profits to the main and leave the same starting capital and i repeat the process every month over and over again (the "main account its just that, like a savings account where i manage what i need to spend for a living) easy, risk free and consistent .. you should try it =)Ignored
Disliked{quote} So basically you are not risking 20-30% of your capital. You keep your main capital aside and risking 30% on a small size account which just as well be 2% of the whole capital. Which is perfectly fine.Ignored
Disliked{quote} What I don't agree is the part you are imposing people that if one can recognise high probabilty trade one should take the risk. And you are expressing that on a rookie forum. There are other stuff I can comment about but I don't want to make this a long speech. So if your trading style fits your personality and if you are making money good to know there is another mate making money. Though I don't see much of a help to others with your statements. It is reasonable for people to ask a trade explorer that supports such overwhelmed...Ignored
Disliked{quote} Its VERY hard to look for them when you mix price WITH time in the middle since no 2 consecutive candles are the same ever (well almost but you get the point). this "randomness" dont let you identify those conditions and exploit them easily over time, thats the biggest problem with "time charts" .There are some people that can work with and make money consistently BUT they are not for me in particular because those reasons mentioned.. I trade pure price charts (RENKO with wicks, no time in the middle) and yes, there are repetable conditions...Ignored
Disliked{quote} Firstly, i want to say thanks for your reply, I certainly did not expect you to reply to my comment. I have now looked through a lot of your previous posts and understand that you choose the renko chart instead of time based charts every single day of the week, i now get why you do this so i am now going to look into this PURE PRICE Trading only. If i can spend thousands of hours on the normal time charts then im sure i can also spend thousands of hours on the Renko. Is it possible for you to answer the below question? (i completely understand...Ignored
Disliked{quote}1. Can i just ask where did you find the renko chart that you use on the MT4Ignored
Disliked{quote}2. Do you use moving averages (Simple or Exponential) and any indicators (such as RSI, but i personally feel that every indicator made is useless). If you do use moving avergaes, are they large like the 200 S.M.A or small like the 50 S.M.A or 8 S.M.AIgnored
Disliked{quote}3. Do you only ever place market orders (either at the completion of a renko bar or when your pattern is displayed) or do you use pending orders.Ignored
Disliked{quote}4. Do you wait for "confirmation" (such as a completion of a renko bar) 5. Should the length of the bar be big (600 pips instead of 50pips etc etc) or small.Ignored
Disliked{quote}6. When you say constant patterns can be seen on the renko, do you mean patterns with the bars i.e 2 bars up then 3 bars down signals a new trend etc etc.Ignored
Disliked{quote}7. Iv read that you do not have a set "take Profit" but only set a stop loss in case your analyses was wrong (and you also go break even as soon as possible) but where would be the best place to place a stop loss.Ignored
Disliked{quote}8. Finally, do you use support/resistance often or trend lines. The below picture was uploaded by you a while back, just to confirm are the arrows on the chart your entry points? or where you would potentially enter the market?Ignored
Disliked{quote}I completely understand if you feel that i am asking too many question and do not wish to answer. I am very very hungry for success in this market and believe that it can be done, hence why im asking alot questions. P.S Please do not leave this forum ahah, iv seen multiple profitable trades leave forex factory (means us noob traders cannot get access to a gold mine of information and tips from successful traders). Thank you soo much for your response. {image}Ignored