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The Jail Break System

  • #6,721
  • Feb 23, 2020 7:08am Feb 23, 2020 7:08am
Quoting Viki84
{quote} My account size was 500 dollar, that was the last money what i wanted to invest in forex. My leverage 1:1000 and my trading size is 0.10 or 0.15 per trade. And of course i traded gbp/ usd , or gbp/jpy.
Cool Viki84.

Let me answer your question below.

1) Your trading leverage is too high with $500 even experience trader can blow the account. It’s not about the $500 it is about the leverage that gives you more margin to trade and we will tend to greed with the lot size. Too risky. Only if your trading size is $10k with the leverage of 1:500 with lot size of 0.1 - 0.2 would be ideal. Trade with no stress which is the most important.

2) You should not be trading with the same pairs should spread out your pairs to trade. Or only trade with EURUSD. If it’s good one pair is good enough to trade.

Let the rest of the traders here to answer your question. So that it could help you better in your trading next time.

Cheers.
10% buy 10% sell 80% waiting
  • #6,722
  • Feb 23, 2020 7:09am Feb 23, 2020 7:09am
Quoting 007Red
{quote} other than psychological , i think it is the same in terms of $.. 40pips per position for 5 positions vs 40pips x 1 position with 5x the lotsize ? or am i wrong ?
10% buy 10% sell 80% waiting
  • #6,723
  • Feb 23, 2020 7:18am Feb 23, 2020 7:18am
Quoting TraderR0N
{quote} Cool Viki84. Let me answer your question below. 1) Your trading leverage is too high with $500 even experience trader can blow the account. It’s not about the $500 it is about the leverage that gives you more margin to trade and we will tend to greed with the lot size. Too risky. Only if your trading size is $10k with the leverage of 1:500 with lot size of 0.1 - 0.2 would be ideal. Trade with no stress which is the most important. 2) You should not be trading with the same pairs should spread out your pairs to trade. Or only trade with EURUSD....
Thank you very much for your answer! I will be here every day , taking notes and sit on my hands, until the trade setup is screaming out to me. sometimes im too greedy, and opening trades even if im not 100% that is good. Thank you agan!!
Time is your friend; impulse is your enemy! - John Bogle
  • #6,724
  • Edited 7:35am Feb 23, 2020 7:20am | Edited 7:35am
Quoting Viki84
{quote} My account size was 500 dollar, that was the last money what i wanted to invest in forex. My leverage 1:1000 and my trading size is 0.10 or 0.15 per trade. And of course i traded gbp/ usd , or gbp/jpy.
If you happen to look at my recent images of my trades.. yes it’s looks good and lots of profits sitting almost $40k but it is only hitting my account at 10% because my account is big and I’m only trading with leverage of 1:500 with 1 standard lots and max I would go is 15 - 20 positions depending on my confidence/comfortable level.
This is just me.

Cheers.
10% buy 10% sell 80% waiting
  • #6,725
  • Feb 23, 2020 7:23am Feb 23, 2020 7:23am
Quoting Viki84
{quote} Thank you very much for your answer! I will be here every day , taking notes and sit on my hands, until the trade setup is screaming out to me. sometimes im too greedy, and opening trades even if im not 100% that is good. Thank you agan!!

You are welcome Viki84.

At times we need someone to tell us what to do and we will feel much better after listening.

Hope it helps you. Relax and stay calm. Don’t be greed including myself at times I will also greed and that is part of trader journal... haha..
10% buy 10% sell 80% waiting
  • #6,726
  • Feb 23, 2020 7:24am Feb 23, 2020 7:24am
Quoting TraderR0N
{quote} If you happen to look at my recent images of my trades.. it’s looks good and lots of profits of almost $40k but it is only hitting my account at 10% because my account is big and I’m only trading with leverage of 1:500 with 1 standard lots and max I would go is 15 - 20 positions depending on my confidence/comfortable level. Cheers.
Can i ask you when you started trading forex? I mean how many years behind you?
Time is your friend; impulse is your enemy! - John Bogle
  • #6,727
  • Feb 23, 2020 7:25am Feb 23, 2020 7:25am
Quoting Viki84
{quote} Can i ask you when you started trading forex? I mean how many years behind you?

I have been trading for 10 yrs since 2010. Or did I answer your question correctly? Sorry if I have answered wrongly..
10% buy 10% sell 80% waiting
  • #6,728
  • Feb 23, 2020 7:27am Feb 23, 2020 7:27am
Quoting TraderR0N
{quote} I have been trading for 10 yrs since 2010.
Wooow nice!! Than im a junior, with my 3 year
Time is your friend; impulse is your enemy! - John Bogle
  • #6,729
  • Feb 23, 2020 7:28am Feb 23, 2020 7:28am
Quoting Viki84
{quote} Wooow nice!! Than im a junior, with my 3 year
It is ok. I was once like you too.. everyone will have to walk through this hard and rocky road. Haha. Nobody born to be a good trader.. it takes times to master it and never jump from system to system. Stick to one system to try out for at least 6 months to see the results on your live account. If it’s good continue to use it don’t change it.

One thing for sure I have notice that some traders will tend to jump here and there looking for Holy Grail system.. no such thing in the market. The only Holy Grail is yourself, which is called Risk management.

See you around.
10% buy 10% sell 80% waiting
  • #6,730
  • Feb 23, 2020 7:51am Feb 23, 2020 7:51am
Quoting TraderR0N
{quote} It is ok. I was once like you too.. everyone will have to walk through this hard and rocky road. Haha. Nobody born to be a good trader.. it takes times to master it and never jump from system to system. Stick to one system to try out for at least 6 months to see the results on your live account. If it’s good continue to use it don’t change it. One thing for sure I have notice that some traders will tend to jump here and there looking for Holy Grail system.. no such thing in the market. The only Holy Grail is yourself, which is called Risk...
Hi Ron, agreed.
Before a person discovers/uses the Holy Grail they must first discover themselves.
I can remember years ago shouting out ,,yaay I made billions of pips. It means nothing. Any gain must be banked and be humble and take enough .
My main trade I take 5 points. Method is for 10. You can live off 5.
Chase the daily range is something different. First made to fix a bad trade but now developed to be used with a small bank. AND I have never used leverage. I don't have access to my laptop so have difficulty using my mobile .
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #6,731
  • Edited 10:58am Feb 23, 2020 10:41am | Edited 10:58am
Quoting billytt
{quote} Hi Ron, agreed. Before a person discovers/uses the Holy Grail they must first discover themselves. I can remember years ago shouting out ,,yaay I made billions of pips. It means nothing. Any gain must be banked and be humble and take enough . My main trade I take 5 points. Method is for 10. You can live off 5. Chase the daily range is something different. First made to fix a bad trade but now developed to be used with a small bank. AND I have never used...
Absolutely agree with you bud.. well said. Pips mean nothing.. it is all about percentage whether you’re a investor or trader...

When a investor wants to invest with you in trading they don’t ask how much pips can you get, they will only ask “what is your percentage monthly/annually.”

That is why I’m aiming at 40 - 50 pips or depends on PA moves... Ha ha..
10% buy 10% sell 80% waiting
  • #6,732
  • Feb 23, 2020 11:18am Feb 23, 2020 11:18am
Probably the two hardest tests on the road to trading consistency are the patience to wait for the right trading setup and the courage not to be disappointed with the outcome!
10% buy 10% sell 80% waiting
  • #6,733
  • Feb 23, 2020 1:36pm Feb 23, 2020 1:36pm
Some heads up before going to bed.

Seem to me that AUDJPY, CADJPY, GBPJPY, EURJPY and USDJPY might continue to sell off rally when market open later in asia session. I could be wrong but this is how I view it. I had no more JPY pairs all closed with profits last Friday.

Just holding on these pairs to see how it work out.

Long AUDCAD.

Long AUDUSD.

Short AUDNZD.

Long EURGBP.

Short EURAUD.

Short EURNZD.

Long USDCAD.

Good night everyone.
10% buy 10% sell 80% waiting
  • #6,734
  • Feb 23, 2020 2:05pm Feb 23, 2020 2:05pm
GBP/USD daily future chart update.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdi-d1-tw-corp-gbp-usd.png Size: 46 KB
Patience, let the trade come to you.
  • #6,735
  • Feb 23, 2020 2:09pm Feb 23, 2020 2:09pm
USD/CAD daily future chart update.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcadi-d1-tw-corp-u-c.png Size: 48 KB
Patience, let the trade come to you.
  • #6,736
  • Feb 23, 2020 2:13pm Feb 23, 2020 2:13pm
NZD/CAD daily chart future update.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdcadi-d1-tw-corp-n-c.png Size: 48 KB
Patience, let the trade come to you.
  • #6,737
  • Feb 23, 2020 3:02pm Feb 23, 2020 3:02pm
Hi all, hi PC.
All have a good week trading.i will be back around 05-00 am UK time.
Market is now open but I am not looking lol
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #6,738
  • Feb 23, 2020 3:38pm Feb 23, 2020 3:38pm
Will be looking for shorts from 1.30 this week (given current TA)

Just keeping it simple
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 103 KB
  • #6,739
  • Feb 23, 2020 3:57pm Feb 23, 2020 3:57pm
Quoting TraderR0N
{quote} Hi 007Red, Sorry for the late response. I think I have answered the same questions in the last few posts to trader Simply-Me but I managed to find it copied and paste here. As for my MM strategy, I’m only targeting at 40 pips per position to get 200 pips for 5 positions rather then targeting at 200 pips per position. It’s just scaling. It is also a psychologically mindset Hope it helps you. Cheers.

Hi Ron,I still somehow don't understand why you open and close 5 positions with 1 lot at same time,instead opening 1 position with 5 lots? Amount of pips would be different, but money same.
Whether you think you can, or you think you can't,you're right. H.F.
  • #6,740
  • Feb 23, 2020 5:03pm Feb 23, 2020 5:03pm
Hello PokerChip.

Just gone short with GBPUSD. TP 1.28830

With regards to news, mainly 2 stars - just 3 stars for the EUR (GER) 9.00am tomorrow. (Maybe plugging the Brexit hole?)

Looking at the daily price action there is downward shift (Lower Highs and Lower Lows)

We will see?

Regards, N
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