The Recovery
by The Backyard Trader
Thread moved here - https://www.forexfactory.com/showthread.php?t=767175
Here we go!
18 May 2018:
From $150 down to $4 and back up to $150... now I aim for $200 and then $500...
Trade Safe!
- #9
- May 15, 2018 9:30am May 15, 2018 9:30am
- Joined Jan 2016 | Status: Trader | 2,062 Posts
It has been a good day
Your trades were straight to profit or the recovery worked nicely taking you out from potential losses?
Today I recovered 2 trades that otherwise were been clear losses but I'm using a grid recovery system that sometimes take quite a lot to rescue trades.
What type of recovery system do you use?
Regards
{quote} What do you mean? Your trades were straight to profit or the recovery worked nicely taking you out from potential losses? Today I recovered 2 trades that otherwise were been clear losses but I'm using a grid recovery system that sometimes take quite a lot to rescue trades. What type of recovery system do you use? Regards
Grid recovery (martingale) is very dangerous - I use to trade like that, but I no longer do. I would rather trade better risk/reward and only when I find myself on the right side of the trend will I increase my lot size and try to bank as much as possible as quickly as possible.
The strategy I'm currently trading is based on Fundamental Analyses combined with Support/Resistance Levels as per screenshot below. A bounce/retrace off these key levels confirmed by fundamentals is a good combination thus far...
Trade Safe!
This for instance is a good risk/reward short on USDJPY.
This short order is supported by a Support/Resistance level as well as Fundamentals
Support/Resistance as seen in below screenshot. The risk is 20pips and the reward is 40pips. I might sometimes move my SL to BE when I'm 20pips in profit and then maybe add a second order with a 20pip SL. Each setup is different and determined by the Volume in the market at the time of trading. Going out of NY session into Asian I doubt that I will add to this order - and I will be sleeping anyway
This short order is supported by a Support/Resistance level as well as Fundamentals
Support/Resistance as seen in below screenshot. The risk is 20pips and the reward is 40pips. I might sometimes move my SL to BE when I'm 20pips in profit and then maybe add a second order with a 20pip SL. Each setup is different and determined by the Volume in the market at the time of trading. Going out of NY session into Asian I doubt that I will add to this order - and I will be sleeping anyway
Trade Safe!
{quote} Your strategy sound good to me. I trade supply and demand and time to time I try to rescue some loosing trades because no strategy will guarantee 100% winning rate. Yes I'm aware that it's risky but I'm not doing martingale at all. Till now I didn't understood the "Recovery" side in your trading. If you are not doing any recovery probably the title of the thread is misleading. Could you please explain if you are doing any type of "recovery " and what is based on obviously if there are not secrets involved? Regards
The strategy itself is as explained above and does not involve any grid/martingale strategy - simply trading what I see.
Ultimately I would like to take this acc to $200 and if I can achieve that I will explore other possibilities like group funding/trading. Imagine your risk to make $200 is only 4$ or to make it easier, $10. So you deposit $10 with the possibility to end up with $200 a month later. During that whole month your total exposure will never be more than $10 even if you loose $50 on one trade, because you never invested more than $10.
So far it is all good. I still anticipate a few losses, because as I said I had very few losses this far and loosing trades in Forex is inevitable so thy will come. This mean I might only reach my $200 goal next week, if at all?
That is the beauty of this game!
USDJPY being stubborn with a lack of Volume at the moment:
Trade Safe!
