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All about Rookie trading experience

  • Post #1
  • Quote
  • First Post: Aug 10, 2018 6:52am Aug 10, 2018 6:52am
Hi all,

I never knew there is a forum that can help someone new to forex trading. What is the first thought when started forex.
1) Making tonnes of money.
2) did anyone did become rich from trading
3) I will be super cool trading full time and
4) can travel anywhere and trade
5) dream of all the things one can do if successfully.

End of the day, it doesn't matter who did it. It only matter if you can do it. If you asked me, there is definitely someone out there who make it. But still, it doesn't help you in your trade. Only when you are in profit zone consistently, then it really matter. For starter,
1) always have a open-minded mindset.
2) you can't do it doesn't mean no one else can make it
3) continue to learn and improve trading from yourself or others.
3) believe in ying yang.

Every one trade differently, he had tried your way and failed. So he does not believe it work. So there is really no
Right or wrong.

Only your click matter.. Don't be too occupy on what other
Think. Only positive account make you feel you are on the right track.



Regards
Yy.
There are many cups of different shapes and sizes, but only one water. The water will take the shape of whatever cup you choose.
You cannot be extraordinary by being normal
Quoting dkrock
There are many cups of different shapes and sizes, but only one water. The water will take the shape of whatever cup you choose.
You had it describe very well.
After getting the first thought out of the way. Our second thought would be what strategy. There are so many strategy to choose from. I will choose the most simple one. Just follow the indicator instruction.
It's seem so simple. When indicator turn this or that. Click it. It's ironic I still couldn't win. The originator of the strategy seem to have different reason why my click on that trade is wrong. There always have something to back it up.
As my first post mention.. Be open minded, I couldn't make it. But others maybe can. Tried another strategy, and another. Some template are really so colour and professional. At the same time, I tried to find my own strategy. Had that little ambition that maybe I find something that works for me. It just doesn't work consistently for me. Deep down, why not I bet one big lot
And hope it go my direction.

Very frustrating for going now where

Regards,
Yy
Hi all,

I would like to ask a question. If you had a strategy that had 80 to 90% profitability but with only a risk reward of
1 to 5,6 or 7. Is it sustainable in the long run.



Regards
Yy
Quoting Pro.yingYang
Hi all, I would like to ask a question. If you had a strategy that had 80 to 90% profitability but with only a risk reward of 1 to 5,6 or 7. Is it sustainable in the long run. Regards Yy
You need to apply the apply the expectancy formula to calculate this estimate.

E = (Pwin x Avge Win) - (PLoss x Avge Loss).

Let's say you have the following:

Pwin = 90%
PLoss = 10%
Avge Win = 1R
Avge Loss = 5R

E = (0.90 x 1)-(0.10 x 5) = 0.9-0.5 = 0.4 which means that on average across Large numbers you should on average achieve a 0.4XR profit per trade.

So yes, you have positive expectancy....but just remember sample size has a lot to do with this. A sample size of 1000 trades would give a higher degree of confidence in this estimate as opposed to a sample size of say 100 trades. The bigger the trade sample the more likely you have an edge as opposed to a simple lucky random outcome of trades.

I hope this helps :-)
Quoting Copernicus
{quote} You need to apply the apply the expectancy formula to calculate this estimate. E = (Pwin x Avge Win) - (PLoss x Avge Loss). Let's say you have the following: Pwin = 90% PLoss = 10% Avge Win = 1R Avge Loss = 5R E = (0.90 x 1)-(0.10 x 5) = 0.9-0.5 = 0.4 which means that on average across Large numbers you should on average achieve a 0.4XR profit per trade. So yes, you have positive expectancy....but just remember sample size has a lot to do with this. A sample size of 1000 trades would give a higher degree of confidence in this estimate as...
Thanks.. Do you have a excel sample where I can plug it in. Math is alien to me..
Hi all,

Everyone been saying follow trend. Why does when one start following, it turn reversal trend.
So want is the trend start and end.

Is that a problem for anyone. Or is it just me

Regards
Yy
Quoting Pro.yingYang
Hi all, Everyone been saying follow trend. Why does when one start following, it turn reversal trend. So want is the trend start and end. Is that a problem for anyone. Or is it just me Regards Yy
It is something no one can honestly explain. Trends are seen in every day events, but that doesn't mean that the trend shall continue. My trading path started by thinking that investing is the way only to find out that the market has way to much Daily volume to even care what the world did 3 days ago.
1% a day keeps the 9 to 5 away. Even with 500usd account!
Quoting Pro.yingYang
Hi all, I never knew there is a forum that can help someone new to forex trading. What is the first thought when started forex. 1) Making tonnes of money. 2) did anyone did become rich from trading 3) I will be super cool trading full time and 4) can travel anywhere and trade 5) dream of all the things one can do if successfully. End of the day, it doesn't matter who did it. It only matter if you can do it. If you asked me, there is definitely someone out there who make it. But still, it doesn't help you in your trade. Only when you are in profit...
Love the way u summed it up .
especially the point that ,,, Just because someone can not make something work ,,, it does not mean it can not be done ..
that would have to be the most important base for new any trader and especially new traders .
Cheers
LOVE YOUR GAME WITH A PASSION ,,,,, WORK WITH A VISION ! ! ! ! !
Most the people helping you out will not be profitable them self. - So pay big attention to this fact and who you take advice from.

Fist off you need years of trading to find out what works for you. So plan on losing money for a long time. - Cold Honest truth. Probably 10,000 hours of trading to have a chance..

As for trends.. Market likes to move both directions more then it likes to trend.
you may consider trying a volatility strategy.. knowing market will move both ways on most days..
Rather then waiting for the rare trend happen.

When you take trend out of your vocabulary and expect 2 way movement (volatility).. A new world opens.
The only system that will work is one designed by and for yourself.
Hi all,

To be in profit, the strategy we used is correlated to the money management we adopt.
To define trend within trend or trend within counter trend
Is correlated to money management and time.
To have a target in line, money management and patient must be in place.

So much more...

Regards
Yy
Hi all again,

I still prefer these thread to be under rookie thread.
Really should not be in trading discussion.

Why rookie.. Why everyone say indicator are thrash and useless. Have you ever think why and why it doesn't won't... Work or won't work... Or it doesn't matter...
Let's say you look at a chart of daily, monthly... Or weekly. Or even at all different time frame. From past history, do you need a indicator to tell you its up or down trend. Not really. Do you need so many indicator? When it is in uptrend, all indicator will tell you its uptrend..
I strongly believe all profitable trader will only used it as a guide... Nothing more.
If you want to used it as a trigger point, it will be just probability based on past history. One look at past history and believe the same pattern will occur. But the market are dynamic and only work on certain period based on fundamental...

So get a good working strategy not based on indicator
Would be your project.

That's why alot of people say price action.. And what it really mean... Actually.. And how to used...

Just some though for your casual reading to trading..

Regards
Yy
Quoting dkrock
Hi all again, I still prefer these thread to be under rookie thread. ........ Use indicators to measure each side and determine which side is more dominant. It's that simple. Good Luck.
U mean PA is dead? Long live the Algos and Quants?
Mathematical probability? What is mathematical probability of Eur/Usd to be 1.17 or 0.8 in one year? 50/50?
1€ = 1.17$ = a
1€ = 0.8$ = b
t = 365 days
Value of 1€ after t = ?
Quoting xau
{quote} U mean PA is dead? Long live the Algos and Quants? Mathematical probability? What is mathematical probability of Eur/Usd to be 1.17 or 0.8 in one year? 50/50? 1€ = 1.17$ = a 1€ = 0.8$ = b t = 365 days Value of 1€ after t = ?
Until September 8 arrives and its price cycles are measured and defined, I do not know and do not care. The odds of future price are meaningless to me. I trade current price in its current direction. When that direction changes, I trade the new direction. Good Luck.
You cannot be extraordinary by being normal
Quoting Pro.yingYang
Hi all, Everyone been saying follow trend. Why does when one start following, it turn reversal trend. So want is the trend start and end. Is that a problem for anyone. Or is it just me Regards Yy
Following the trend isn't always the best way to go about things. Following the trend is great but trends are often times quite short term. As you mention, it is REALLY easy to get caught at the end of a trend before crashing down.

So while following the trend is great, i wouldn't say "everyone" is saying follow it. There is not a sure fire way to do it frankly.
When you come to the real market you somehow have a new understanding of reality. Because when you look at trading in theory, you always think that you will not make the mistakes that others have made, you will always be ten steps ahead, you will be able to foresee and change everything. And in fact, fear and contingencies on the market are somewhat paralysing and you are not always able to make a reasonable decision. It seems to me that most of the time it scares newcomers and makes them think about how to stop trading. But you just have to skip it and continue working as if nothing had happened - then you will see a decent result.
With all the material and information out there. Why still cannot win and become profitable
Everyone play the same game board nevertheless.
Is practising more and more will make me a better player.

My trading did not improve when I am not winning. I learn to improve when I had loosing drawndown. This is how I
Learn to managed and vice psychology.

Years of trading experience doesn't matter if one is not involving and improving. The final results does matter
End of the day. Only $profit matter.

My trading forex is quite similar to poker. Except that I am a nit player.
  • Post #19
  • Quote
  • Last Post: May 23, 2020 7:27pm May 23, 2020 7:27pm
Anyone know if it make no difference.

Example, If you have an account at 10000. The investor account is at 100 000. Both account is mirror but the 10k is main. Would you set the mulitplier to 10 or lower.
It seem like it make no logic to put lower since if the main account drawdown is control at 5%. Whatever my main account trade, it follow at 10X.
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