yes almost 2 years. and still fighting with my scorpion, it is hard so hard job but reward is also large so I try different MM methods , after many hit and miss I found one is synchronise with me, I use to trade with little amount high leverage and candlestick charts. when worst thing happens my max loss will be 10% of my account as I spilt 1000$ account in 10 sub account and play with one of them at a time.
I don't use any indicator except cci and ATR some time
withdraw all, start new one
on the average how many trades do you tade a day
my spired is 1.1 on eur/usd, as i got 0.81 pips rebate
from secret code of japani's candlesticks.
"A bad habit that is often prevalent among Western students bothers Eastern
masters. This habit is asking questions without any real purpose. This is the
Western critical attitude. To ask questions is normal when acquiring knowledge,
but often questions reveal unattractive aspects of the student – impatience and lack
For the Eastern master, true knowledge appears when mental agitation ends. In
order to learn, one must concentrate on only one thing and let reality bring its own
4 The Secret Code of Japanese Candlesticks
answers. The practice of any discipline will bring the answers to most questions.
These answers will arrive when they should arrive – at the right time. When the
student is ready, he will receive the answer"
"The market has its own language. Only intensive practice will enable us to know
it. We must become familiar with hundreds of cases, until the market becomes part
of us – second nature to us."
study the time/price relationships. Note that this
approach was at the heart of Gann’s method
an equilibrium between
time and price is crucial.
It is important that we do not try to
obtain the maximum possible gain
Position sizing is defined by your general strategy. You must know how you
are going to allocate your assets. For this, you must test different position sizing
alternatives. These position-sizing alternatives are another way of controlling your
risk and return. This involves a necessary tradeoff. The kind of position size that
you choose can diminish risk, but also diminish your overall returns.
The opposite is also possible. A position-sizing strategy could enhance your
overall returns. It is therefore necessary to be very careful when considering your
allocation strategy design. The only way to really know how the specific position
size that you have chosen will work is by testing. This means that you must test
your different position size alternatives
chief says 1:3:10
"When on wind must be brave, very very brave. Otherwise why waste time and energies, without killer instincts." by chief fti
A VERY IMPORTANT DECISION: HOW TO EXIT YOUR TRADE
Closing or exiting a trade is our last strategic consideration, and a most important
one. How to exit our trades is something that we must define in advance. There are
many methods for exiting trades and we must choose the one that best suits our
specific trade and our general trading strategy.
Knowing how to exit can determine your success as a trader. Often the exit
is more important than the entry. You could enter the market randomly and still
succeed. What we cannot do is enter and exit the market randomly and succeed.
We need an exit for each trade that gives us the best possible profit.
This is why we must study carefully how to exit our trades. Our study must be
done before we trade. It must be part of our plan and we must know our precise
exit formulas in advance.
THE PRICE FACTOR CLOSING STRATEGY
Using targets is one of the available exit methods. It consists mainly of setting, in
advance, a number of profit points to be made. As soon as the market reaches its
target, we exit the trade.
The number of points to gain before exiting a trade must be defined beforehand,
and not during the trade. In order to establish an appropriate target, it is necessary
to test it before using it.
A target must not be arbitrary. You must take into account your risk/reward and
your win/loss ratios when testing. The use of a target is justified only if the reward
compensates for the risk. The risk/reward ratio must be adjusted to take into account
the win/loss ratio. The lower your percentage of wins, the higher your reward must
be relative to your risk.
THE TIME FACTOR CLOSING STRATEGY
Using time targets is another possibility for exiting trades. This can be a very
powerful and profitable exit strategy. In this case, we have a fixed time limit for
our trade to develop. As soon as the time limit has been reached, we close our
trade. For example, assume that we decide on an exit in five days. We then exit on
the fifth day after our entry.
Many alternatives are possible. We could exit in a time frame as long as a year
or as short as a minute. It all will depend on the time window we are trading in.
The way to know if we should use a time exit is to test it. There are traders who
are very successful using time exits. Also, the time exit has the advantage of not
eroding profits so much.
THE RISK IS YOU!
It is essential to manage risk. Most traders fail due to a lack of risk management.
They either overtrade or do not work their plan and all of its elements.
What is important to understand is that we comprise the only real risk in trading.
We are our own risk. In the last analysis, we are the only ones who are responsible
for our results. When you trade, you are trading yourself. We will only get out
of our trading what we put in. If we blame the market, we should really blame
ourselves, instead. There is no one else to blame.
© Forex Factory