Disliked{quote} Hi there, do u mind sharing ur Gann Fan script / indicator?Ignored
Surrealist
- Joined Aug 2016 | Status: Member | 139 Posts
{quote} Interesting the way you calculate your lot size. Looking at your trade explorer stats, you make roughly 70-110 pips per month and willing to risk 20 pips per trade. Your trading style is to bet big and your gann method generate relatively small amount of pips of roughly 15-30 pips per week. You must have a very high win rate and must pick your spots especially when there are no news events or black swan events. The margin of error is slim but so far so good. Trading with 150-300 lots when your balance is about 12 lots, Insane
Now about the complex. For the correct account management it's important to realize that sometimes you need to pick up 30 pips while possible, rather than waiting for 100 and be left with nothing. I ask myself the goal for the week and when I reached it, no longer trading.
It would be good to see your opinions and ideas about risk management.
And yes, I'm an insane. I recently got into a fight with my kitten
for a jar of peanut butter. The cat won. Every morning he makes a sandwich, and I can only watch. Is it not madness?
Surrealist
- Joined Jan 2017 | Status: Member | 695 Posts
{quote} Let me begin with a simple. It was an example. I use not only naked figures in calculating the level of stop-loss. It'd take into account the volatility factor, news factor, the next support and resistance levels. Besides, I like to use a trailing stop. Now about the complex. For the correct account management it's important to realize that sometimes you need to pick up 30 pips while possible, rather than waiting for 100 and be left with nothing. I ask myself the goal for the week and when I reached it, no longer trading. It would be good...
There is no right or wrong way to trade. There are only profitable ways. I see you trade GBP/USD. Why didn't your Gann method pick up that GBP has been falling in the last 3 days? You could have made at least 100 pips in the last 3 days or about 250k in 3 days in your case. why didn't you go short on GBP/USD ? Fish where the fish are swimming. This is how I trade.
You came here for the truth and let me unveil it for you
- Joined Aug 2016 | Status: Member | 139 Posts
{quote} There are many ways to skin a cat
Yes you're right. I agree with you.
Surrealist
- Joined Aug 2016 | Status: Member | 139 Posts
Before:
Now:
Price correction usually begins after reaching 3:1. At the same time, the depth of this correction may be limited to movement along the support level. In this case, the price can overcome and break the level of 3:1 and go to a meeting to a level of 4:1 (1.33700).
If the correction will be prolonged, the price probably will not overcome the level of 3:1, although it is likely the price will try to test it.
Now:
Price correction usually begins after reaching 3:1. At the same time, the depth of this correction may be limited to movement along the support level. In this case, the price can overcome and break the level of 3:1 and go to a meeting to a level of 4:1 (1.33700).
If the correction will be prolonged, the price probably will not overcome the level of 3:1, although it is likely the price will try to test it.
Surrealist
- Joined Jan 2017 | Status: Member | 695 Posts
You came here for the truth and let me unveil it for you
- Joined Aug 2016 | Status: Member | 139 Posts
EUR/USD has now risen to 4:1 and dropped to 3:1. I'm glad that my forecast was truthful.
Achieving a 4:1 level means that the price will likely return to 2:1. At the same time, this will be a deep correction.
The growth to 8:1 will means a weakening of the USD. During the growth, the price will meet the level of 1.0765, above which growth won't continue.
My opinion, proceeding from the aforesaid facts, that in the near future there'll be a correction in the region of 3:1 and 4:1. After its completion, the market will be determined with direction. But it seems to me that it'll be difficult to break through 3:1.
Achieving a 4:1 level means that the price will likely return to 2:1. At the same time, this will be a deep correction.
The growth to 8:1 will means a weakening of the USD. During the growth, the price will meet the level of 1.0765, above which growth won't continue.
My opinion, proceeding from the aforesaid facts, that in the near future there'll be a correction in the region of 3:1 and 4:1. After its completion, the market will be determined with direction. But it seems to me that it'll be difficult to break through 3:1.
Surrealist
- Joined Aug 2016 | Status: Member | 139 Posts
EUR/USD has now risen to 4:1 and dropped to 3:1. I'm glad that my forecast was truthful. Achieving a 4:1 level means that the price will likely return to 2:1. At the same time, this will be a deep correction. The growth to 8:1 will means a weakening of the USD. During the growth, the price will meet the level of 1.0765, above which growth won't continue. My opinion, proceeding from the aforesaid facts, that in the near future there'll be a correction in the region of 3:1 and 4:1. After its completion, the market will be determined with direction....
I'm waiting for tomorrow's news in U.K and USA FOMC.
Congratulations to all who traded short on EUR/USD. I'm now standing on a long USD/CAD
Surrealist
- Joined Aug 2016 | Status: Member | 139 Posts
Hi Jordan, you are so far the 'BEST' trader I have seen in my opinion. Your analysis is amazing. But to provide some motivation to fellow traders, would you kindly share more details like 'how you started trading forex?', 'have you struggled?'. 'how did you overcome your struggle/weakness?', 'what was the turning point that made you successful?', 'anytime have you made huge losses and given up trading completely?' 'what is it that made you so consistent in your trading?', 'what is your motivation?', 'what is it that stops you to make mistakes like...
The story:
Spring morning. Tuesday. A loud alarm sound was heard in Mr. J's house. This meant that one more routine day would be ahead.
J woke up, barely opening his eyes, looked at the object that stood on the table and loudly rang. - "Damn it. Today is only Tuesday! It'd rather be Saturday!" - Mr. J. murmured.
A cup of coffee and a sandwich were tasteless. All this working morning was somehow tasteless. Because it was Tuesday. But J is forced to hurry to work, like other people in the morning. He wore a jacket and went out.
The weather was not too warm. Mainly cloudy. Although the forecast said that the sun would shine. This day passed quickly, like many days after that.
J lived alone, worked in a friendly team and confidently walked the career ladder. But what should change in the fate of a person or perhaps, what combination of circumstances should occur in order to make him the complete different. Many people call it a miracle, implying instant metamorphosis. But this doesn't happen in real life. Everyone makes choices every day. And a series of right decisions can become salutary for J.
So it turned out that Mr. J was in the company interested in forex. In a couple of months, he already began to actively invest. Six months later, he first tried to apply his ideas of technical analysis in practice, but unfortunately, everything was lost. Mr. J spent all his free time at the computer for the next year. He just threw himself into forex. He couldn't give up, it's not about him.
Mr. J has worked hard to achieve maximum stability in trade for several months. Overcoming internal fears and completely changing thinking was just the beginning. Every day he studied the work of other traders, shared the thoughts with more experienced market participants, read literature on technical analysis, and psychology.
A typical thing for him was to come home from work and read, trade and learn news and trading from experienced traders. Also, Mr. J met the most important person in life (The woman he loves) in the same life period. Soon after, he bought a cat, which became his talisman. Gray Briton (Name is a secret). Since then, they've been trading together.
The first success came to him six months after the last failure. (Then, he lost a large amount of money, including those that were put off for vacation and travel with a his girlfriend). Just then he realized that he believes in omens, perhaps he had complicated his life. The course of the psychologist and the study of self-control techniques had a significant impact on the recovery of a stable psychological state.
The decision to return to the big game was not taken immediately. A little hesitation and doubt. A human fear and an insecurity are a natural process. The strategy showed a good result on the test account and on the demo account, after a long testing. It was a success.
The story of his success began after he made a deposit of USD 2k. A perfected strategy and a lot of worries about the new path. "Well, everything is still ahead," he thought, sitting in front of the monitor. Step into the abyss. The only question is whether he'll be able to find wings! And he found.
These memories flew through Mr. J's mind ... The endless horizon was painted in the color of romance. A cold breeze pierced his clothes, hinting that it was time to spend a warm and cozy evening with the family. J went up the stairs and entered the house. But the sunset catches his eyes, leaving nostalgia in his soul, like a sediment from salt water. Sunset and the breeze remained outside, as if waiting for him to come back.
Surrealist
- Joined Aug 2016 | Status: Member | 139 Posts
The USD/CAD already closed. Profit!
And EUR/USD sell is still trading.
And EUR/USD sell is still trading.
Surrealist
- | Joined Jun 2010 | Status: Junior Member | 2 Posts
{quote} Hello and Welcome! The story: Spring morning. Tuesday. A loud alarm sound was heard in Mr. J's house. This meant that one more routine day would be ahead. J woke up, barely opening his eyes, looked at the object that stood on the table and loudly rang. - "Damn it. Today is only Tuesday! It'd rather be Saturday!" - Mr. J. murmured. A cup of coffee and a sandwich were tasteless. All this working morning was somehow tasteless. Because it was Tuesday.
thanks !! It is very inspiring. And assuring that 'consistent profitable forex trading' is not impossible.What one need is dedication, hard work and little faith.....(may be a cat if you are Mr J
)Thanks again and all the best
- Joined Aug 2016 | Status: Member | 139 Posts
My forecast for USD/CAD for today. I think that the price will be near the level of 1.3386, after which a turn is likely.
If the price goes down after touching 1.3386, then I predict a decrease to a minimum of 1:1 fan.
If the level of 1.3386 is broken above, then the price can reach 1.3426 or even 1.3500.
My opinion is that a correction is forming, approximately resembling a triangle. Therefore, one should expect a volatile movement after narrowing the amplitude of correction oscillations.
If the price goes down after touching 1.3386, then I predict a decrease to a minimum of 1:1 fan.
If the level of 1.3386 is broken above, then the price can reach 1.3426 or even 1.3500.
My opinion is that a correction is forming, approximately resembling a triangle. Therefore, one should expect a volatile movement after narrowing the amplitude of correction oscillations.
Surrealist
- Joined Aug 2016 | Status: Member | 139 Posts
{quote}
Regards! All the best!
Surrealist