FXTradepro,
Do you trade this system full-time? Also, which brokers do you use?
Do you trade this system full-time? Also, which brokers do you use?
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DislikedFXTradepro,
Do you trade this system full-time? Also, which brokers do you use?Ignored
Dislikedkermut.......The problem with most people wanting to get into Trading the FX Market is that many think they can Trade for Living starting with very Small Accounts. Perhaps some can. I have not been able to accomplish that. True, I am not boasting about 1% a day or more as many systems claim, however, in any other Market annual returns of 50%-100% would be considered fantastic.
Also, there are ways to trade this Strategy/Method with alternate Lot Sizing, a smaller Account and Larger Profits but there is MORE RISK in doing so. One could change the parameters so that a Sequence of Trades does not last as long as the 24 Levels I am discussing and work out calculations that are acceptable to them.
Just my opinion........And thanks for your contributions.
DanIgnored
DislikedTotally agree with you Dan. I was infact one of them. thought I could start with 5K and make that into 100k (absolutely possible, over a longer period of time) quickly and then just trade full time off the resultant profits. Lol, like they say, "If only I knew then what I know now". It is like anything new, got to either learn the hard way, or from the mistakes of others. Usually it is the hard way, as can't relate to the mistake until it is personally made.
You are correct, making variations to get a bigger return, would entail more risk, and in this business, risk = reward. I love auslanco's quote " a person who enters the market 10 times to make his 100pips" has more risk than the person who enters the market once to make his 100pips. Quite correct to an extent. Trading is so dynamic and fluid, there is a timeframe and a system for every personality. It is just a matter of being honest with oneself and deciding what sort of personality you are. It has been said time and time again, systems don't make the equity curve grow, the trader does. I guess, one thing that could be incorporated into the trade management is a trailing stop, or close partial position at 40 pips and bring the remainder to a net positive pip position such that if it is hit, it will still yield a profit greater than the loss. But this is all something that a individual trader would have to experiment with.
I like this system, but feel it would be more suited to a larger account size, with modest returns. I know traders make more than 100%/yr every year. And they are not all using the same strategy!!
Still looking forward to using your ea in the near future.
Regards,
K.Ignored
DislikedSince the discussion seems to have turned to Profits and Returns, I would like to caution readers that whatever claims anyone makes on these Public Forums (myself included) should be taken "with a grain of salt".
The best way for people to understand the potential of this is to Trade the System on Demo at first, and then on a "smallish" Mini/Micro Account with a suitable Broker. Only over time can one really establish was can be done. I have Traded and "tweaked" this Strategy for some time and have found what I feel is a good way to Trade that fits my personality and goals.
As I stated in my first Post - "The FXTradepro Forex Trading Strategy will not make anyone a millionaire overnight or provide the ridiculously high annual returns that many Traders are hoping for, however, I have been able to make consistent gains using a method that I AM COMFORTABLE with."
DanIgnored
DislikedI apologize Dan, it seems that I may have contributed to this thread taking a course that you did not intend it to. Since I actually do like this trade management system, I shall not post on any other tangents and concentrate on the actual system itself.
Ok, now lets get back on track and make some pips!!!
Regards,
K.Ignored
DislikedWhat would be a less risky position... GBP/USD with a SL-10 & TP-40, or GBP/JPY with a SL-20 & TP-80 or GBP/JPY with a SL-30 & TP-120. Although they're all on a 1:4 ratio, I assume you may have a feel for the number of sequences before a break-out occurs. I assume that the spread simply reduces the TP accordingly (for example, with a TP of 80, having a spread of 9 pips, then the net profit would be 71 pips minus the SL sequences)...Ignored
DislikedIve read the entire thread, and find aspects of this method very positive. I did download and run the EA, on EURAUD and the first trade ran 12 stops before a margin call happened. That was my fault, for not being able to pick entries.
Right now (asian session) there seems to be a lot of consolidation, so i guess its not a good time to start using this method.Ignored
DislikedIve read the entire thread, and find aspects of this method very positive. I did download and run the EA, on EURAUD and the first trade ran 12 stops before a margin call happened. That was my fault, for not being able to pick entries.
Right now (asian session) there seems to be a lot of consolidation, so i guess its not a good time to start using this method.Ignored
Dislikedjones247..........I don't trade GBP/JPY so it is difficult for me to respond to your question. I use the 40/10 set-up on 7 pairs, as I indicated in a previous Post, because this is what has worked for me and also I know, based upon the Average Daily Range, that I will normally be out of the Trade in a few hours to a day at most. All of this is based upon entering under the conditions I like, of course. I never enter blindly.
I am not sure that I am following your question about the Spread reducing the TP or if that even needs to be a concern. You might take a look at the FXTradepro Manager Calculator that I Posted earlier and run some of the numbers on GBPJPY if you are interested in that Pair. Another good idea would be to run the EA on GBPJPY on a Demo Account using the various parameters that you mention and see what you can determine by WATCHING. Experience is the best teacher in my opinion and there are no real shortcuts. Remember to use the Calculator to assist you in determining Lot Sizing and Account Size and let me know if I can help.
Regards,
DanIgnored
Dislikedif you close this thread how will we get the current version of your EA? i love it! I'm continuing to demoing and eventually go live. Will there be an EA version with no time limit?Ignored