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What should you be doing?

  • #61
  • Jan 23, 2018 9:20am Jan 23, 2018 9:20am
Quoting Sajawal
Hi, 2 years back I came to know about Forex from my uncle who lives in Spain. From there i started to gather knowledge about the market. It took me 4 months to gain the knowledge to become a trader. After that, I started a demo account and made some profit. I got excited and opened a real account. That was my worst experience. Many of the trades hit the S/L (even the market never went to that point) and when i asked my account manager about that he said it might be because of the current spread. So, i ignored the whole thing and moved on & i think...
After I learn about price action. I too took a very tight stop on my trades. I lose very little. But too much volatility adds up. So now I adjusted my stop loss in the form of a black box. If I'm bullish I set a buy stop above the recent high and place my stop after it got hit.

If it does. I place my stop just below the turning point. This way I know if the market turns, it's because the buyers have given up on pushing and the sellers are taking over.

Is there market makers? Yes. Their job isn't to take your money. Their job is to push their agenda. You are collateral. But because of them retail trading is possible for the common men. So if you got stop out? Don't be afraid to jump back in.
You're going to pay a price for every bloody thing you do and don't do
  • #62
  • Jan 25, 2018 2:37am Jan 25, 2018 2:37am
Quoting newbietofx
{quote} After I learn about price action. I too took a very tight stop on my trades. I lose very little. But too much volatility adds up. So now I adjusted my stop loss in the form of a black box. If I'm bullish I set a buy stop above the recent high and place my stop after it got hit. If it does. I place my stop just below the turning point. This way I know if the market turns, it's because the buyers have given up on pushing and the sellers are taking over. Is there market makers? Yes. Their job isn't to take your money. Their job is to push their...
Good post. Do you use a function of ATR to judge where your stop loss should be?
Gone to a better place
  • #63
  • Jan 26, 2018 6:29pm Jan 26, 2018 6:29pm
Quoting smikester
{quote} Good post. Do you use a function of ATR to judge where your stop loss should be?
Nah. Nope. Just good old higher low and lower high. I do get stopped out unnecessary but I also experience market highs. I'm not worried about getting stopped out but it sucks when volatility took over. ATR might be good to avoid volatility.
You're going to pay a price for every bloody thing you do and don't do
  • #64
  • Last Post: Jan 30, 2018 3:27am Jan 30, 2018 3:27am
Here's an insight into what a good trader looks for. For the last few days one of the majors has been in consolidation after a long up trend.

Here's the trend:

Attached Image (click to enlarge)
Click to Enlarge Name: EurUsd180130D1.PNG Size: 26 KB


You don't need any indicators or anything to see the trend. We want in.

Attached Image (click to enlarge)
Click to Enlarge Name: EurUsd180130H1.PNG Size: 28 KB


Here is the same pair on the hourly chart. Here is a simple trend line. On the hourly, the down trend has been broken. Will this be the end of the consolidation on the daily? We don't know. Will it go back up to the highs again? We don't know. Has it broken the hourly trend line? Yes. Was that break out convincing? Yes. Then we can trade it.
Gone to a better place
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