We all have one of those days where we forget what we're doing and do silly things and only afterwards do you think 'wtf was I doing'.
Tis all good though, them days are very rare.
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DislikedI need to talk to George but my guess is he is hunting for these spikes on GU and GJIgnored
Quoting RickMDislikedLook at the wicks in relation to its closeIgnored
DislikedI am starting this thread to help me and other fellow traders deal with losing periods. I must start by saying that one of the delusions we have as traders is the believe that one day we will find that magical strategy that works all the time and deliver consistent, painless profits to us. Well if you are still in that delusion, let me break it for you. The truth I have realised after 6years in the market and probably upward of 10000trades executed is this: you will lose money. I have learned to deal with loses with having a hobby aside trading....Ignored
Disliked{quote} I don't understand why people pay attention to wicks. For example, take an H1 bar -- the HIGH wick is the highest price since the top of the hour, and the LOW wick is the lowest price since the top of the hour. But you don't know when those highs and lows occurred or which one came first. Suppose you are near the close of the hour and see the HIGH wick is really long -- does that mean there is pressure to push the price higher? There is no way of knowing -- that HIGH point may have occurred near the opening and it is really the LOW wick...Ignored
Disliked{quote} Very interesting, i was also losing money when i began learning forex. But now i realize that i could avoid it easily if, i only trade demo. Then after i can get positive result consistently then i will put my real money. It's pretty simple i think. But i was very ignorant and inpatient to get rich. So now, in the journey of looking for consistent result i will always trade demo. I'm wondering why anybody want to risk his real money for inconsistent product. Makes no sense. If somebody says that demo and real is different, that's why you...Ignored
Disliked{quote} I don't understand why people pay attention to wicks. For example, take an H1 bar -- the HIGH wick is the highest price since the top of the hour, and the LOW wick is the lowest price since the top of the hour. But you don't know when those highs and lows occurred or which one came first. Suppose you are near the close of the hour and see the HIGH wick is really long -- does that mean there is pressure to push the price higher? There is no way of knowing -- that HIGH point may have occurred near the opening and it is really the LOW wick...Ignored
Disliked{quote} Very interesting, i was also losing money when i began learning forex. But now i realize that i could avoid it easily if, i only trade demo. Then after i can get positive result consistently then i will put my real money. It's pretty simple i think. But i was very ignorant and inpatient to get rich. So now, in the journey of looking for consistent result i will always trade demo. I'm wondering why anybody want to risk his real money for inconsistent product. Makes no sense. If somebody says that demo and real is different, that's why you...Ignored
Disliked{quote} Extreme Volatility before a change in direction creates larger wicks. It is the fast changing speed of the Tick market during this time that gives away the INTEND of the market to reverse. The Tick speed of a market also increases about 7-10 times briefly during a breakout candle or at a reversal candle. The average speed of the market increases during a nice trend on the 1 minute chart as well. As I write, I am Buying GBPUSD as its speed is currently double at about 10 -12. At the last breakout candle on the 1 minute chart around 20 minutes...Ignored
Quoting RickMDislikedExtreme Volatility before a change in direction creates larger wicks.Ignored
Disliked{quote} Extreme Volatility before a change in direction creates larger wicks. It is the fast changing speed of the Tick market during this time that gives away the INTEND of the market to reverse. The Tick speed of a market also increases about 7-10 times briefly during a breakout candle or at a reversal candle. The average speed of the market increases during a nice trend on the 1 minute chart as well. As I write, I am Buying GBPUSD as its speed is currently double at about 10 -12. At the last breakout candle on the 1 minute chart around 20 minutes...Ignored
Disliked{quote} @RickM -- thanks for your response. I think I just learned something new... Just so I'm clear -- you're saying the length of a wick is a reflection of tick speed and extreme volatility, is that correct? And, if so, could you answer the following question: Since you don't know when that HIGH or LOW wick occurs (i.e. it can occur anytime during a bar's creation) then the length of a wick and a fast, changing tick speed could have occurred hours ago (e.g. at the beginning of an H4 candle). Is that correct? Hmmmm -- I think I just answered my...Ignored
DislikedRickM I never try something new with a demo account because I know I would not learn as much as trading using a real account. On top of that many times the price shown on a demo account and the data flow is not the same as on the same broker's real account. The result is that when I try something new I only use 0.1 lot and expect losses but at least I gain real experience. Today I made the mistake to try something new but forgot to change my lot size so I lost more than I had planned. Oh well, this is life and life is learning.Ignored
Dislikedhi did the test on demo my personal system on every condition until did get 7 wins out of 10 with very good money management and above all the best set up with the trend of my system a do not gamble and lot of 0.25 very very happy. but he did take time and mostly to understand the market behavior or can a puzzle some time FOREX will give you so many pips that all if that day momentum you are on a winner but some days the market dead so a do not trade watch movie, remember do not look for pips when his none.Ignored
DislikedHow to lose money? There are many ways to lose. This is one of my proven strategies. I developed this strategy many years ago and it still works today and it will continue to work until the end of time. (100% loss guarantee) {image} It's good that I don't use this strategy anymore.Ignored
Disliked{quote} Hi Ellen I believe a good test period is 100 trades on any system. Hope your strategy works well for you. I personally never look at win rates as it means little to the profitability of a system. I am only concerned on achieving the highest profit results where the draw down is kept at no more than 10% on testing and 20% on a demo account.Ignored
Disliked{quote} Tick speed is the urgency of the market to move quickly to close orders. This creates micro gaps in the market which we almost never see on a H4 candle but can see on occasions on the M1 Charts. The problem we have on the MT4 platform is it misses data or ticks from our screens and just shows us a representation of where the price has been which may not be 100% correct. Check out a chart based on x amounts of ticks and its a lot smoother with clearer price action. Does this mean a tick chart is better to trade?. No because Tick charts don't...Ignored