DislikedGBP/NZD is one of the best. It gives out soooooo many pips.
You definately keep the trading license !! LOL.
Hope it works out.
Trade Life !!Ignored
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DislikedGBP/NZD is one of the best. It gives out soooooo many pips.
You definately keep the trading license !! LOL.
Hope it works out.
Trade Life !!Ignored
DislikedLet you know, also let you know about the trades in ForexTester, my impatience is the biggest problem :-)
Ignored
DislikedEmotions will kill you in this business. Impatience being one of the biggest problems.
While the forex tester is a good start, you should really start logging in your trades in excel and get the stats on the system you are using. This takes out a lot of emotions you will have, once you are in a drawdown. And yes, you will be in a drawdown, like with any system. If you don't know how much drawdown is normal or not, you will abandon the strategy sooner or later before it gives out profits again or you will take impulsive trades that will deplete...Ignored
DislikedThank you Custos,
Well, the impatience is more about waiting for the PO to be triggered, I use the same SL as Hector and don't touch it. (only to move to BE of more). The TP target are Fib.expansions, so when the PO is hit, I will let it run.
I only 'test' this in forex tester to get used to the losses, to see that with the proper RR ratio there will be profit on the long term, it's more a psychological thing, I also like to see my trading to become boring ;-).
I trade on a very small account, also to get a feel for trading live, it is not the...Ignored
DislikedThank you Custos,
Well, the impatience is more about waiting for the PO to be triggered, I use the same SL as Hector and don't touch it. (only to move to BE of more). The TP target are Fib.expansions, so when the PO is hit, I will let it run.
I only 'test' this in forex tester to get used to the losses, to see that with the proper RR ratio there will be profit on the long term, it's more a psychological thing, I also like to see my trading to become boring ;-).
I trade on a very small account, also to get a feel for trading live, it is not the...Ignored
DislikedLet me emphasize this point, cause from experience I can tell you that this will eventually happen.
Right now you "trust" the system, but your basis is the words and posts from other people. Guess what happens once you are in a big drawdown, more than you ever expected. Your trust will totally vanish, you will think the people are liars, or only talk crap (and in most cases you might be right). You can only weed through the crap by verifying the strategy yourself, means hard work and lots of research.
While everybody can do what he wants, I would...Ignored
DislikedEmotions will kill you in this business. Impatience being one of the biggest problems.
While the forex tester is a good start, you should really start logging in your trades in excel and get the stats on the system you are using. This takes out a lot of emotions you will have, once you are in a drawdown. And yes, you will be in a drawdown, like with any system. If you don't know how much drawdown is normal or not, you will abandon the strategy sooner or later before it gives out profits again or you will take impulsive trades that will deplete...Ignored
DislikedLet me emphasize this point, cause from experience I can tell you that this will eventually happen.
Right now you "trust" the system, but your basis is the words and posts from other people. Guess what happens once you are in a big drawdown, more than you ever expected. Your trust will totally vanish, you will think the people are liars, or only talk crap (and in most cases you might be right). You can only weed through the crap by verifying the strategy yourself, means hard work and lots of research.
While everybody can do what he wants, I would...Ignored
DislikedFuck getting "comfortable" with drawdown !! YOU WANT TO WIN !! (Be ucomfortable with drawdown. RISK ONLY 2% per trade. Make that your ACCOUNT POLICY, and you wil remove ALOT of emotion from your trades.) Take out money at FIB Expansions (again, takes the "emotion" out of trading.)
Now you are a machine. just making moey.
You should, and will, eventually, win way more trades than you lose, (you've been watching me for a month. That's REAL TRADING. I lost only CAD/CHF a few weeks ago,and yesterday a few pips. I'll post yesterdays charts...Ignored
DislikedDude, if you don't know what drawdown is normal, then how can you stick to a method / system or in your case swing trading. When drawdown reaches a certain point, then people get emotional and will abandon their successful strategy. To avoid that, it is important to understand which drawdown is normal and which is not.
And that is where you need an analysis of your strategy.
Don't know where all the hate comes from. It's only common sense to look at a strategy realistically instead of making cloud castles. It's also important to see the other...Ignored
DislikedDrawdown is calculated easily. If you're risking 2% per trade, and are willing to put 20% of your account on the line, then obviously, you have a maximun of 10 trades.Ignored
DislikedTher's no, "emotion" to it, because you're disciplined in your trades.Ignored
DislikedJust doing the same thing over and over again. When you're trading "properly", then unless you make a "mistake", so to speak, don't follow the, "rules", then you're successful by a great margin.
Locating the trend, is the same , every time....
Entries are the same every time......
Taking profits, are the same, every time......
When you're trading "right", there IS NO emotion, it's just entering at the right times, and taking money out, at the right times. Simple. Easy.Ignored
DislikedAnd that's why I told him 2% per trade. THAT policy kills the emotion of how much to risk.Ignored
DislikedTHEN take profits at FIB EXpansion levels THAT takes the emotion, or really "guesswork", which most people have to resort to, out of where to take your profits.Ignored
DislikedI don't know what your problem is but ..... I don't really care. LOL!!Ignored
DislikedIt should be exactly the other way around. You log in a couple of thousand trades and look at the max historical drawdown. Based on that drawdown you decide how much you are willing to risk per trade. Obviously the less you risk, the lower this historical drawdown will become. Who says that 2% per trade will give you a max of 20% drawdown. Unless you backtested the method, you will not know what drawdown will be normal when risking 2 %. Maybe 1% risk will already give a max drawdown of 20% or maybe 3% risk will give a max drawdown of 20%. You have...Ignored
DislikedIt should be exactly the other way around. You log in a couple of thousand trades and look at the max historical drawdown. Based on that drawdown you decide how much you are willing to risk per trade. Obviously the less you risk, the lower this historical drawdown will become. Who says that 2% per trade will give you a max of 20% drawdown. Unless you backtested the method, you will not know what drawdown will be normal when risking 2 %. Maybe 1% risk will already give a max drawdown of 20% or maybe 3% risk will give a max drawdown of 20%. You have...Ignored
DislikedIgnored
DislikedLooking good to me.
The only thing I would say would be to move your retracement trendlines over and search for an even lower entry point.That'll give you more pips.
When those fly, you're looking at banking a nice load of pips. Hell, I might have to look into these trades myself next week, now that I think about it. Thanks for the idea. This is what this thread should be about. Charts and real trades. Thanks man.
Trade Life !!Ignored