Before you enter the trade, you have to check the overall situation first. Make sure that you know if the market is currently in a correctional movement or if it is in the direction of the trend. If the 1 hour chart (or 25x2 setup in P&F for ...

I am always starting with the lowest timeframe available and switch to higher timeframes until the chart offer enough data for me to trade. When daytrading, I am using 1min timeframe most of the time and a 10x2 setup.

You are absolutely right! The most difficult thing about trading is to have the discipline and stick to your own trading plan. Don't be greedy and don't let your emotions make you do stupid trades when you have a few losses in a row and you want ...

Price went from 1.1 up to 1.75, so you plot a new X for each level that was hit: 1.70 X 1.60 X 1.50 X 1.40 X 1.30 X 1.20 X 1.10 X 1.8 was not hit, so we look if there was a reversal of at least 3 boxes. Price went down to 1.32. From 1.70 to 1.60 is ...

In your example screenshot, the second trade: I would prefer to put the SL 1 box above the last high, this is safer. But even in your example the SL was not hit. The stop would be set to 1.2080, but the market did not reach 1.2080 again. If it did, ...

I am still using Point & Figure charts for my trading each day. P&F is great if you want to see where there is major support and resistance, and like mentioned in the previous post, you get a great overview on the market. For my daytrading approach, ...

url This question was also asked in the thread linked above. Take a look at Broco, GCI and ODL Markets. They offer Many markets.

Have no experience with GCI yet, but this broker also offers lots of instruments: url And another one is Broco, which has many stocks, futures etc. beside forex: url - the spreads for the CFDs on futures are great: 0 pips + commission. Both ...

I have talked to traders, that are using this broker. And those had huge account, 6 digits and more. So seems to be trustworthy. Just recently, they lowered the minimal lot size to 1.000 units - that's micro lots. Last time I visited their website, ...

I think the biggest difference is, that Deutsche Bank (dbFX) is a bank and not a broker. I've talked to their online support and those people there really knew their business well. Deutsche Bank is Germanys biggest bank and I don't know if there was ...

If you ever want to become a successful trader, you should start making your own thoughts and not rely on others advices. Going long or short is not the key to success. Only with a good risk- and moneymanagement you will become profitable. Get out ...

Ok, I see. Thank you. But MT4 might be a little bit too late, now that MT5 is coming up

I thought this is already available: url ?

Not possible with MT4. You have to open a new order for each incremental lot. I know that Dukascopy offers this type of position handling. Every position of an instrument will be added/subtracted and the average price of all those positions will be ...

Example: Capital: $10.000 Risk: 1% per trade, which equals $100 Currency pair is EURUSD, so 1.00 standard lot is $10 per pip. Your stop loss is 50, so if you want to risk $100, each pip may be worth $100 / 50 = $2. When 1.00 standard lots is woth ...

In some kind, I agree with you. From a mathematical point of view, this makes sense. My success rate is about 75% and I have a risk:reward of 1:1.2 This works fine for me so far, and I am working on improving my risk/reward ratio. However, with ...

10% risk per trade? In my eyes, this is very much. After one loss, 90% of your initial capital remains. When you have 6 losses in a row, you lost nearly half of your capital. I usualy risk 1-2% per trade. Maybe it would be a better idea to start ...

The reason why MT4 EAs will not be working anymore is because of a different programming paradigm. They have implemented OOP, object oriented programming. Also, if the order execution has changed, this makes EAs incompatible. @oakmonster: I wanted ...

Oh, I see. The almighty tick data. So all my profits so far were pure luck, right? Tick data may be useful if you backtest scalping algorithms. But I don't see that tick data brings any advantage for every trading method/system. Some traders. for ...

Because it doesn't work for you, does mean what? Nothing. P&F as is, is only a different type of chart. It's like as if you were saying "candlesticks don't work. Have tried it on 5min bars. Looks nice but it means nothing in real trading." - get the ...