Trading is a Zero sum game. Someone winning means someone losing.
- Joined Dec 2015 | Status: Member | 7,900 Posts
Do your homework, follow the footprints of smart money
New to forex Tips and Advice 134 replies
mql4 code advice and tips - EMA support and resistance 5 replies
Learning at the speed of snail [Newbie Learning Journal] 9 replies
DislikedOh and I guess I should also point out my biggest mistakes so far to hopefully provide advice to other traders. Feb 1 - I made a huge loss as I gained over-confidence and tried to double down on a profitable trade that had already run its course and was in the process of reversing Feb 13 - See above (over-confidence) Mar 13 - I didn't follow my rules and tried to find the peak (No one is clairvoyant, don't try and find the top/peak) Mar 18 - See above (Still can't see into the future yet....)Ignored
Disliked{quote} I don't see much wrong here, you are to double down or at least increase your positioning on your winning positions. Many losing trading get upset when they are losing and want to enter bigger trading sizes which will increases their loses. I also look or try and find the peak to get the most optimal position. I would, in fact say many good traders try and find the peak. The issue now is, we can't tell the future so that is very difficult. Is it wrong to try and deduce the peak? IMO, no.Ignored
Dislikedlearning is an inevitable part of trading that we cant avoid in spite of passing a long time ,its a continues process but we newcomers always try to make more profit without learning and become ultimately loser.Ignored
DislikedKeep learning, keep improving . That's the key to long-term success in this business. KPIgnored
DislikedThere are quite a few times I will come across an account and see it poorly managed or traded, I try to help inform people whenever I see this happening so I figured I would also open up my own trade explorer to let anyone who has any advice/tips for my trading/account management to be able to discuss it here. The things I am trying to improve on is lower DD's to keep it <10% Also keeping focus on one pair EUR/USD as my adventure into other territories didn't end to well GBP/USD -6.9% -A$154 Finally I use SSI (speculative-sentiment-index) as my...Ignored
Disliked{quote} Hello Brody, I am impressed with what you are trying to achieve and I am always willing to learn. Would you please expand on your strategy? Time you trade, stop loss, share indicators and templates. Maybe even a screen shot of a trade or two. I am not trying to load you with a huge assignment, just trying to improve my trading. CheersIgnored
Disliked{quote} Hey Angelica, I basically position myself as a contrarian trader, so when it moves either way I try to trade on the side of the banks/brokers. Typically I wait until I see the position <45% or >55% then once it has moved my way slowly exit the position. I use FxFactory and https://www.myfxbook.com/community/outlook to see where retail traders are positioned So in my "New" Explorer I entered into Sells when Eur/Usd was at about 44%Sell 56%Buy, this is now currently Buy 63.09% / Sell 36.91% and I started to exit these trades over...Ignored
DislikedThere are quite a few times I will come across an account and see it poorly managed or traded, I try to help inform people whenever I see this happening so I figured I would also open up my own trade explorer to let anyone who has any advice/tips for my trading/account management to be able to discuss it here. The things I am trying to improve on is lower DD's to keep it <10% Also keeping focus on one pair EUR/USD as my adventure into other territories didn't end to well GBP/USD -6.9% -A$154 Finally I use SSI (speculative-sentiment-index) as my...Ignored
Disliked{quote} Hi Meljay, Sorry to hear, forex can be a very dangerous type of trading and I would recommend that you go back to using Demo accounts while you test. I used a Demo account for 2 years before ever depositing real money. As for your leverage it is based off of your Equity, as you approached 0 equity your leverage would have been as high as 500:1 and then the position would have been closed. Again please practice on Demo accounts for awhile and even then Forex isn't for everyone, any losses you make you can take it as being taught a lesson...Ignored
DislikedThe most annoying thing is that these accounts actually have decent trades (>5 pips/trade), but the over leverage losing positions and not being able to close losing trades is something I think everyone has difficulty with. I hope for the latter account sake it turns around. {image}Ignored
DislikedI am a noob too but I wouldn't be shorting EUR/USD if you've checked the COT DATA we've been at a 4 year extreme net long position for commercials for a while now so a major turn is coming. If you're going to short do it at reduced risk. {image}Ignored
Disliked{quote} I had an EA developed that will stop this problem completely. I was a serial account blower in an earlier life and it can happen to the best of us at any moment. https://www.forexfactory.com/showthread.php?p=12317697#post12317697 Stick the EA on a terminal (ideally a VPS or another PC), then set your max allowed % draw-down tolerance (balance and floating equity). It will close out all trades and stop new ones being opened if your limit is hit. I set mine to 6% so this is the max damage that can be done on any given moment. Also you can set a max allowed open trades. I set mine to 5 since any more means I've probably lost my composure.Ignored