Hi there,
just wanted to thank you for this thread. It strikes me as an honest account with real results. I really appreciate what you're doing here. It is very inspiring.
Incidentally, recently i've decided to come back to forex after many years of being away. I was always a BE trader, trading with too big of an account. Proper analysis and being 70% right means nothing if your MM sucks. I used to do everything "properly", especially making sure i got higher reward than risk ratio and using stop losses. But results were not there. It was too disappointing so I quit.
Today, I can handle risking money much better I think as I am financially secure and mentally more mature.
My results are clear. If I use mental stop loss and if i scale my position according to a given scenario(as opposed to a general rule for all trades like always risk 1%, or 30 pips or sth) I make money. Oanda is great for that as it allows me to set up lot size to wathever i decide to risk, without considering pip range, on any cross. Pip range is totally irrelevant. Only amount of $ i am willing to risk counts. Ive got a small $1000 live account. My goal is to prove to myself that i can do this by building a track record of 3 profitable months. After that i can start thinking about increasing my capital.
I like your thread a lot as it shows me that what I suspected but never tested. Namely, my natural style of trading can be profitable. SL is not needed as long as you have a mental one or an"emergency one" like 10% so to speak. Position sizing can be very discretionary, not stiff. Contrarian approach works. Simple, common sense strategy of reading the market with some basic tools work. RR ratio can suck, and its ok if you winn/ loss ratio is high. Small and consistent profits in a long term work, even if most of the trades taken alone seem to violate basic "rules" of trading!
If you care to comment at all, I would appreciate it. Especially if there is something you wouldn't necessary agree.
Question, what is the main reason you use RSI? Would you say that divergence on MACD serves the same role as RSI, meaning to measure overbought/ oversold conditions?
Thanks for your time. Have a good one
just wanted to thank you for this thread. It strikes me as an honest account with real results. I really appreciate what you're doing here. It is very inspiring.
Incidentally, recently i've decided to come back to forex after many years of being away. I was always a BE trader, trading with too big of an account. Proper analysis and being 70% right means nothing if your MM sucks. I used to do everything "properly", especially making sure i got higher reward than risk ratio and using stop losses. But results were not there. It was too disappointing so I quit.
Today, I can handle risking money much better I think as I am financially secure and mentally more mature.
My results are clear. If I use mental stop loss and if i scale my position according to a given scenario(as opposed to a general rule for all trades like always risk 1%, or 30 pips or sth) I make money. Oanda is great for that as it allows me to set up lot size to wathever i decide to risk, without considering pip range, on any cross. Pip range is totally irrelevant. Only amount of $ i am willing to risk counts. Ive got a small $1000 live account. My goal is to prove to myself that i can do this by building a track record of 3 profitable months. After that i can start thinking about increasing my capital.
I like your thread a lot as it shows me that what I suspected but never tested. Namely, my natural style of trading can be profitable. SL is not needed as long as you have a mental one or an"emergency one" like 10% so to speak. Position sizing can be very discretionary, not stiff. Contrarian approach works. Simple, common sense strategy of reading the market with some basic tools work. RR ratio can suck, and its ok if you winn/ loss ratio is high. Small and consistent profits in a long term work, even if most of the trades taken alone seem to violate basic "rules" of trading!
If you care to comment at all, I would appreciate it. Especially if there is something you wouldn't necessary agree.
Question, what is the main reason you use RSI? Would you say that divergence on MACD serves the same role as RSI, meaning to measure overbought/ oversold conditions?
Thanks for your time. Have a good one