I have been taking part in a trading contest run by a broker, its good for practice and there is a first prize of $5000, so it is worth taking part as normally people with demo accounts don't bother with money management or rules, they will leave trades open, not close losers etc.
Now you might wonder what this has to do with fxcube. Well trading with fear of no loss makes you a much better trader, even though you are taking part in a contest and you want to win, you don't care if a trade runs against you, provided you expected it. If I was trading for real money I would get edgy and want to close taking a loss.
Its the same with this system, losses occur when you close a trade, the variation between your entry and the market can be large, maybe 70 pips or so. Most traders use 20 pip stops and get chopped up.
In trading understanding the pair you trade is a requirement, types of moves, when does it start to move are all prime requirements if you really are a serious trader.
My advice to anyone is to trade in the bigger trend direction and use fxcubes system it looks great. To be honest I gave up using indicators a while back, my one real rule now is if the markets moving down sell it, if its moving up buy it.
I think this is a well thought out strategy, maybe one eye on the bigger trend would help turn it into a fantastic strategy.
All the best
Mike Haran
Now you might wonder what this has to do with fxcube. Well trading with fear of no loss makes you a much better trader, even though you are taking part in a contest and you want to win, you don't care if a trade runs against you, provided you expected it. If I was trading for real money I would get edgy and want to close taking a loss.
Its the same with this system, losses occur when you close a trade, the variation between your entry and the market can be large, maybe 70 pips or so. Most traders use 20 pip stops and get chopped up.
In trading understanding the pair you trade is a requirement, types of moves, when does it start to move are all prime requirements if you really are a serious trader.
My advice to anyone is to trade in the bigger trend direction and use fxcubes system it looks great. To be honest I gave up using indicators a while back, my one real rule now is if the markets moving down sell it, if its moving up buy it.
I think this is a well thought out strategy, maybe one eye on the bigger trend would help turn it into a fantastic strategy.
All the best
Mike Haran