Exotics (USD/TRY, USD/ZAR, USD/MXN, and others)

Just looked at my last week trades..it seems,9 of 13 losing trades could have been closed at breakeven or with some profit if i have waited more..

Quite high perecentage..

2 probable causes for closing early ....1 Underfunded account or 2. lot sizes not correct for a/c size causing stress or panic ..... just imo

Strarpro
U right , underfunded account , Makes u panic , Thanks

yes i am glad you have looked at it mate

Dear blackwinter,
I appreciate that you shared that post, and it seems that 1% is a great target but something is missing. I think any target is a good one, but it is the final % of the target that remains which is important. Like you target 1%, what is the risk you take to reach this target and how much is retained? If you have closed some of the trades, did you have a 'in-market' stop to take you out? or did you use a mental stop that you decided earlier? or was it a reaction in the moment decision - which to me it seems is most likely.

I don't understand why you consider different leverage, could you please explain that to me. I just assumed we should hold the largest leverage available (1:200 or even 1:500) and don't keep all the funds in the brokers account. I am still learning and do apologies for asking stupid questions regarding leverage.

It seems that the target is 1% daily, but your true average gain per a large number of trades my be different over the long run?

Kind Regards,
Tzamo

valid point

Yes but more importantly perhaps, is what did the other 4 go on to do? What damage if had been left "just in case" "you never know" "it might"?

very good point..one of those 4 trades was USDTRY long at 6.60 in Friday morning before Frankfurt open..i was aiming 100-200 pips scalp till London open hour ending..leverage was 1/5..but i didnt like price action..closed with a loss at 6.5920 (equals to %0.5 of account, relatively small)..luckily i did, as you know price has reached to 6.40 without seeing above 6.60..probably it will return up later..but how many days later..time cost,stress, risk of unendurable drawdown..

Dear Tzamo,

I have some work to do now..i ll write in detail later in the day..
just want to clarify that now i m not curious about what leverage brokers offer..i wonder what leverage traders here use when entering trade..for example my broker offer me 1/500 leverage..this is my default setting..but i never prefer to open trade more than 1/50..usually i open trades between 1/5 to 1/20..i ll talk later in this issue..i just needed to clarify that point..i felt that misundertanding may occur..

thanks

Best wishes

Hi Tzamo,

My answers are below;

"I appreciate that you shared that post, and it seems that 1% is a great target but something is missing. I think any target is a good one, but it is the final % of the target that remains which is important. Like you target 1%, what is the risk you take to reach this target and how much is retained?"

First of all, thanks for contributing to discussion in this topic..even these issues are discussed and talked thousand times in ff forums and experienced traders are well aware of the matters, i believe that thinking over and over again some principles and rules (what should do/what should avoid to) is better for all traders..i believe, this kind of talking may provides self-control..

Regarding your question, i come to the conclusion that %1 daily account growth target is not good for me..because i realized that i m targeting more such as %5/%10..so, when i looked back, risk i have taken in past 3 months was around %5/%10 also..my account has grown nicely in June and July..in many days growth was more than %5..at peak point, my profits has reached to %150 of my initial capital..then, losses came..after %5/%10 account drawdown days, i have found myself at the initial capital level at the end of July..in August, i won some then lost again..won then lost..during this period my target supposedly was %1 daily growth but indeed it wasnt..i aimed more in my mind and risked respectively..so, i grown fast then dropped even faster..thats why i come to the conclusion that i should change my daily account growth target and stick to it..not aim more not risk more..%3 daily account growth target looks quite satisfying and reachable for me now..so, i should risk %3 at most in a day..if things goes bad, i should rest a while.. (first week result is not bad..i have reached to %3 target 4 days..weekly growth is roughly %13.. 33 winning, 13 losing, 4 breakeven trades)

"If you have closed some of the trades, did you have a 'in-market' stop to take you out? or did you use a mental stop that you decided earlier? or was it a reaction in the moment decision - which to me it seems is most likely."

I dont use stoploss..i follow the trades and close manually..a kind of mental stop..i close when i lost my hopes from that trade..but of course there happen some fear/panic close which i should study and reduce the amount of that kind of losses..indeed, determining stoploss and profit taking points looks always difficult to me..where is good point for taking profit, for exapmle? of course, MAs, Pivot Points, Fibos can be checked for this purpose, however many times we lose again when waiting in profit..maybe, determining daily reachable target and sticking to it is good also for deciding profit taking levels..

"I don't understand why you consider different leverage, could you please explain that to me. I just assumed we should hold the largest leverage available (1:200 or even 1:500) and don't keep all the funds in the brokers account."

As a reply, i quote my above post first "just want to clarify that now i m not curious about what leverage brokers offer..i wonder what leverage traders here use when entering trade..for example my broker offer me 1/500 leverage..this is my default setting..but i never prefer to open trade more than 1/50..usually i open trades between 1/5 to 1/20.."

In addition to that;
I think, managing leverage is one of the most important issue in forex..i m trying to find most suitable leverage for me..thats why asking opinions of other traders..for example, i wonder that "Is it better to earn 20 pips with 1/15 leverage or 60 pips with 1/5 leverage or your suggestion?"..which is better in the long run?
Lets assume..
1) i have $3k account..i trade $45k EurUsd each day (1/15 leverage) and target only 20 pips..if win, that profit is equals to %3 of account ($90)..
2) i have $3k account..i trade $15k EurUsd each day (1/5 leverage) and target only 60 pips..if win, that profit is equals to %3 of account ($90)..
Which is more likley to sustain %3 daily account growth target? the answer is important and determines the overall trading plan and strategy..so, deciding leverage matters too much..btw, i m inclined to prefer first option for now..
and determining proper leverage is also very important according to instruments/pairs traded, since volatility changes significantly from pairs to pairs..for example, trading UsdJpy with 1/15 leverage might be ok, but same leverage may cause a lot of fear exits/losses in Try&Zar pairs..i m asking abt leverage of friends here to reconsider about my leverage habits..maybe, i need to change something..leverage is really matters when waiting in loss and profit..but without leverage at all, it is very difficult to grow for small accounts..we need to find proper leverage with ourselves..so, every opinion and experience sharing in this issue is very valauble..

Best Wishes,

EUR HKD D1
strong trend is real.

usdZAR

Having a Really Bad Day

That video is unbelievable Hope your day is not so bad..

New week new opportunities..Wishing you all the best in the trades and life

You shouldn't laugh but....ha ha ha...

USDTRY

Today, Q2 GDP Growth Rate data is coming out at London Open..
On Sep 13, CB Interest Rate Decision will come out..

https://tradingeconomics.com/calendar

usdZAR bought 15.3045