Hi All.
I have been trading the Forex with Renko charts and tried point and figure charts as well. I use mean Renko charts as just prefer them having wicks.
I enjoy seeing the double tops and bottoms to trade better than candlestick charts.
Am I doing ok, well all depends if you like to scalp, I do enjoy the action for say an hour a day then get on with my life. So am I making money that is the bottom line.
I try for 20-30 pips a trade plus, sounds not much but for me the risk is better- having lost heaps of money trading say one hour chart or four hour candle chart realized
I just do not have a bigger enough bank for the big stops, as some of us have that problem, get stopped out only to see the market go our way.
To scalp with Renko charts you need to watch big time, don't even think of leaving your platform, mine is MT4 for a pee lol
I use this company, and no not an affiliate- to use their amazing indicators for Renko and not tied to a one minute chart. They give you 15 days to download and use https://ovo.cz/ (https://ovo.cz/) just worth a look.
To regress do I make money? Well I do not keep spread sheets, but consider my daily trades. I try to hang in until pip box goes against me, however when
you start to trade Renko charts maybe also candle charts there is a gut feeling after watching charts for many years...to know when to fold or keep-follow that feeling works ok for me. do not keep moving stop loss against you higher- face facts we were wrong, heaps of trades a day why hang into one going wrong thinking we know what the market will do- Also please watch the news calendar very important yezzzz-
If I can make $150 a day happiness, bail on any trade that losses me $60, one can always go back in. Not good ratio however I scalp, as soon as things slow down I am out waiting like a shark to see which way, easy to use pending orders using Renko charts, all just my ideas I am not a great trader in the world and always test on demo account first
Anyway point put out anyone trade with Renko and give us all some feed back..no not your trading system up to you, but how you going with Renko?
Regards DM
I have been trading the Forex with Renko charts and tried point and figure charts as well. I use mean Renko charts as just prefer them having wicks.
I enjoy seeing the double tops and bottoms to trade better than candlestick charts.
Am I doing ok, well all depends if you like to scalp, I do enjoy the action for say an hour a day then get on with my life. So am I making money that is the bottom line.
I try for 20-30 pips a trade plus, sounds not much but for me the risk is better- having lost heaps of money trading say one hour chart or four hour candle chart realized
I just do not have a bigger enough bank for the big stops, as some of us have that problem, get stopped out only to see the market go our way.
To scalp with Renko charts you need to watch big time, don't even think of leaving your platform, mine is MT4 for a pee lol
I use this company, and no not an affiliate- to use their amazing indicators for Renko and not tied to a one minute chart. They give you 15 days to download and use https://ovo.cz/ (https://ovo.cz/) just worth a look.
To regress do I make money? Well I do not keep spread sheets, but consider my daily trades. I try to hang in until pip box goes against me, however when
you start to trade Renko charts maybe also candle charts there is a gut feeling after watching charts for many years...to know when to fold or keep-follow that feeling works ok for me. do not keep moving stop loss against you higher- face facts we were wrong, heaps of trades a day why hang into one going wrong thinking we know what the market will do- Also please watch the news calendar very important yezzzz-
If I can make $150 a day happiness, bail on any trade that losses me $60, one can always go back in. Not good ratio however I scalp, as soon as things slow down I am out waiting like a shark to see which way, easy to use pending orders using Renko charts, all just my ideas I am not a great trader in the world and always test on demo account first
Anyway point put out anyone trade with Renko and give us all some feed back..no not your trading system up to you, but how you going with Renko?
Regards DM