Hello ...
i am looking for strategy or trading system suitable for forex contest ....any advises pls?
i am looking for strategy or trading system suitable for forex contest ....any advises pls?
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DislikedHello ... i am looking for strategy or trading system suitable for forex contest ....any advises pls?Ignored
DislikedIt depends on the rules of the contest youre participating in. Im assuming its those typical FX contest that spans about 1 month. With no rules against martingales and minimum of 5 trades a week. You could create a simple intraday strategy with tight Take Profits and the Stop loss 3-10 times wider. You can use any indicator as a signal but i would suggest trading near market opens/close/news events to take advantage of the volatility. This should put your Win rate at about 60 -70ish percent. Adjust your leverage accordingly. You can risk anywhere...Ignored
Disliked{quote} LOL no.. not even close you go all in in every trade, aiming for a small TP from a larger time frame (practically guaranteed to hit) with a very clear set of rules/conditions in their strategy; in fact if they are not running robots the rules are still the same in manual trading hit rate its almost 100% Think about this: if you have a main account and lets say you made 100 bucks profit from it; why you dont take those 100$ and open a new account and go all out with a competition strategy aproach?? Whats the worst it can happen? you either...Ignored
DislikedIt depends on the rules of the contest youre participating in. Im assuming its those typical FX contest that spans about 1 month. With no rules against martingales and minimum of 5 trades a week. You could create a simple intraday strategy with tight Take Profits and the Stop loss 3-10 times wider. You can use any indicator as a signal but i would suggest trading near market opens/close/news events to take advantage of the volatility. This should put your Win rate at about 60 -70ish percent. Adjust your leverage accordingly. You can risk anywhere...Ignored
Dislikedthanks all for reply .... contest conditions are : Balance : 1000 $ Leverage : 1:2000 duration : 1 week (5 working days) therocaly , it is easy games (it should consider like a game not as real life) , but it is very difficult when you see some people especially the asian (Indonisia , china.....) the double the account about 10 times every day .... So any one know haw to play this game ?????Ignored
DislikedHello ... i am looking for strategy or trading system suitable for forex contest ....any advises pls?Ignored
Dislikedthanks all for reply .... contest conditions are : Balance : 1000 $ Leverage : 1:2000 duration : 1 week (5 working days) therocaly , it is easy games (it should consider like a game not as real life) , but it is very difficult when you see some people especially the asian (Indonisia , china.....) the double the account about 10 times every day .... So any one know haw to play this game ?????Ignored
Disliked{quote} You'd have to account for the fact that most(Or some, idk for sure) competitions have minimum trades required per week. Which means you dont have the luxury of going all in into a trade and wait for it to hit your TP. Sure you can achieve near 100% win rate that way, but how long before it hits your TP?Ignored
Disliked{quote}In any case, the general idea for contest strategies is to trade very aggressively. I do not understand what you are trying to get across with your $100 analogy. Maybe you could elabourate?Ignored
Disliked{quote}Your idea of expandable money sounds good on paper, but it is a statistical gurantee that a string of losses will wipe out your gains.Ignored
DislikedI appreciate your detailed reply havo. However, I do have some slight disagreement with your views. Firstly, lets agree that the concepts we are talking about is related to real world trading, and not competition trading. As your points are valid for trading competition. Now to get down to it. My main concern is with your advocation of taking huge risk per trade (up to 50%), irregardless of the win rate.Ignored
DislikedIn theory it would work well if trading outcome is fixed (E.g win $100 or lose $100) and win rates are stationary. In reality, this rarely holds true. One will rarely win/lose the same amount every trade, you can try to maintain consistency by setting TP and SL levels, or trading only a single pair. But this will than have an effect on your win rate. Such is the paradox of fixing TP and Sl levels.Ignored
DislikedNext would be the issue to win rates. In a perfect world, our win rates will hold constant through time. Unfortunately, win rates in the real world are dynamic. A 95% win rate this month may turn into a 75% win rate next month. Now this might not sound as bad. But consider your advocation of risking 50% capital per trade. All it takes is a drop in win rate to blow your account up.Ignored
DislikedMy next disagreement in view is related to your idea of "expandable money" account. Similarly, youre risking huge proportions of that account per trade, because it is expandable money after all. The thing is if you look at your TOTAL trading capital, including those OUTSIDE of your expandable money account. Suddenly your huge risk of 50% per trade on a $100 account becomes relatively tiny. Maybe its 1% of your total trading capital, or even less. Even if you double or triple your "expandable" account, taken into the context of your total trading...Ignored
Disliked{quote}are you going with 1:1 RR every trade or set stoploss to BE and let profit run.. ?Ignored
Disliked{quote} Its variable, dependes on the pip range im using {quote} IF i enter a trade and i see that it have a lot of impulse, then i can manually move the SL/TP and see where it takes me.. but i dont care if i can do it or not, wining more than 1:1 its great of course but its not my goal.. why? because my win rate, money management and capital growth its based on a 1:1 trade if i mess with the R:R, then everything else gets screwed !! wich its NOT my goal !!Ignored
Dislikedthanks, that makes sense. what instrument are you trading ? how many hours do you trade everyday ? does yr method generate same signal daily or someday no signal, so you skip for another day ? {quote}Ignored
Disliked{quote} Sure, practically every day i got a signal (once in a while i dont but when it happens the market its all weird so i dont mind honestly) i trade only 2 instruments in the New york session (my time) and thats it.. 1 perfect signal, 1 trade and im done for the day if not.. tomorrow its a new day Always remember: with money on the line put the odds in your favor !! if they are not there then dont random trade!! It just make sense right?? =)Ignored
Disliked{quote} yes, your teaching makes total sense to me. what i learned from you that is - keep trading as constant( same candle size, same sl, same tp, same entry signal, same trading hours, same instrument...)==> same probability instead of random probability.Ignored
Disliked{quote}can you give some advise about trading bigger lotsize, what i have problem that is, when I reach consistent winning, double my account, then i cant seem to follow my trading plan with bigger lotsize as i am afraid to lose my profit. i notice whenever i have this mindset, i start to lose all my profit after that and trading recklessly..Ignored
Disliked{quote} Basically yes {quote} Use an automatic tool/trade manager.. 1 click and you are set so you dont "see" the lot, money amount etc.. Also close the lower portion of the MT4, you dont need to watch the account going up/down you cant control that; focus on the process thats what its important, the result doesnt matter !!!! those 2 helps a lot Fear.. of losing; you are driving by FEAR get over it or you will never going to move forward; how?? up to you, sorry i cant help you with thatIgnored