Gold Nugget For You! | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

If you haven't made it yet, what makes you think you will? 212 replies

When you open a live account, do you automatically retain a demo one as well? 7 replies

If you trade for a bank, do you pay the spread? 8 replies

Seven Big Things Professors Won’t Teach You (But You Should Know) 0 replies

What do you do when you lose connection? 9 replies

Attachments: Gold Nugget For You!
Exit Attachments

Gold Nugget For You!

  • #41
  • Aug 15, 2020 7:17pm Aug 15, 2020 7:17pm
Quoting de5151
{quote} Your example is so easy to disprove (the claim that it would be a disaster) if you understand the zone recovery concept. To use your example: I buy one lot, going long, at 1.67000 -- no stop loss. The market goes against me. Now, using zone recovery -- when price reaches 1.66500, I enter a 1.4 lot short. When price reaches 1.65000 I exit both positions with a profit. No stop loss and no disaster -- just a small profit. Watch the video for a zig-zag scenario -- what happens in that situation.
Haha, easy to say when after the fact. What it it goes back to 1.67000? Then your 1.4lots is in a massive drawdown akd the other one is BE. Don't tell me you will hedge again with much bigger lots to recuperate and will only be non stop. Anyways, do what works for you.. I am only here to warn noobs and learners by giving them real chart. Just trying to protect them not to fall victim. Cheers!
Only an idiot knows with certainty to where the market is going.
  • #42
  • Edited 9:30pm Aug 15, 2020 7:26pm | Edited 9:30pm
Quoting Lest
{quote} I enter a 1.4 lot short (1.66500) and the market goes back to 1.67000. What do you do ?
Quoting MrBullBear
{quote} Haha, easy to say when after the fact. What it it goes back to 1.67000? Then your 1.4lots is in a massive drawdown akd the other one is BE. Don't tell me you will hedge again with much bigger lots to recuperate and will only be non stop. Anyways, do what works for you.. I am only here to warn noobs and learners by giving them real chart. Just trying to protect them not to fall victim. Cheers!
Watch the video for all the answers to these questions. If you stick to the initial 1/5 of your "normal" position as he teaches you can do this with any size account and can keep hedging against the zig-zag (when it goes back to 1.67000, etc.)

Just keep in mind you can be a very successful forex trader without using stop losses, if you follow the rules of the zone recovery.

Normally I don't need to use the zone recovery as I am a good enough trader to get my initial trade right the majority of the time and I hit my profit target.

But I was just using your example chart that YOU said was a real non-fairy-tale chart that would spell disaster -- it didn't go back to 1.67000 and I would have made a profit with no stop loss.
  • #43
  • Aug 15, 2020 10:58pm Aug 15, 2020 10:58pm
Quoting Sam32
{quote}Quit the negative attitude loser.
put your positive attitude winner!!
  • #44
  • Aug 16, 2020 12:51am Aug 16, 2020 12:51am
Quoting edwinjil
Here is a Gold Nugget for you guys! So, after years of wondering what Wall-street guys do exactly, I landed on Trading 2 years ago. I specifically got so interested in FOREX because of use of Leverage (I had no capital to invest at all) so I stuck to Forex but just like every noob, I tried everything crazy, watched almost every YouTube video, bought signals on Telegram, lost my small accounts, I even traded a Full Lot with a $200 account (Yah how hard can determining whether price is going up or down be, right?) and a million other mistakes followed...
Edwinjil...
Good start... and a good concept too, if you can back it up with solid steps / strategies to get this work in any market situation. Waiting for further updates from you.

As a matter of fact... I also trade in these similar lines, without a stoploss. A few things I do to stay profitable:
1. I trade very small compared to my balance.
2. I trade a lot... normally about 20 to 50 trades per day, across all pairs.
3. I trade in one direction only, when the prices meet my criteria. If it goes to loss, I average it.. (lol... dangerous, right?), but I average it only from a point, where the market "could" turn around in the original direction. so I go go the higher timeframe and locate points where it could turn around. If it's 200 or 300 pips below my entry price, I wait till it reach there OR I add positions, when the direction again changes to my favour even when Im trading in loss.
4. The way I make up my losses, are because I trade on all pairs.

I always have floating losses, but by trading often.. I make sure, I add to my booked profits everyday across multiple pairs. My profits keeps adding up... and my floating losses, I try to keep it contained. And I also book some losses, if I feel, the trend is totally against my trade on a particular pair. I consider it as just pruning the losses, just to ensure overall trades stay in profit.
  • #45
  • Aug 16, 2020 1:09am Aug 16, 2020 1:09am
For everyone to understand better....
see the profits booked and the floating losses. We need to ensure that, the booked profits are always considerably higher than the floating losses.
- add to your profits everyday
- prune your losses from time to time
Attached Image(s) (click to enlarge)
Click to Enlarge Name: profit.png Size: 125 KB
Click to Enlarge Name: floating.png Size: 115 KB
  • #46
  • Aug 16, 2020 1:47am Aug 16, 2020 1:47am
Quoting vinforex7
For everyone to understand better.... see the profits booked and the floating losses. We need to ensure that, the booked profits are always considerably higher than the floating losses. - add to your profits everyday - prune your losses from time to time
Do you not pay any swap at all?
  • #47
  • Aug 16, 2020 2:00am Aug 16, 2020 2:00am
Quoting vinforex7
For everyone to understand better.... see the profits booked and the floating losses.
It is not only understood but well known here on this site.

We know the final result and you will know it in the future.

The main point is to enjoy the process, this is the real benefit, partly because there is no other.
  • #48
  • Aug 16, 2020 2:14am Aug 16, 2020 2:14am
Quoting SputnikX
{quote} Do you not pay any swap at all?
Sputnik...
This is a practise account, Im teaching my wife. And it's the result.. of her trading. Just wanted to show you the method..!

In the real account.. yes, I pay the swap. And my lots are even smaller...! 1/3rd of the lots used here.
  • #49
  • Aug 16, 2020 3:00am Aug 16, 2020 3:00am
Quoting Fred-IV
{quote} It is not only understood but well known here on this site. We know the final result and you will know it in the future. The main point is to enjoy the process, this is the real benefit, partly because there is no other.
lol... that's a good one

You need to implement a few things... otherwise certainly, the final result would be
Keep some statistics handy.. and it would be very useful for you.
For eg: EURUSD
Avg Daily range: 101 Pips
Avg Monthly range: 319 Pips

So... for 22 trading days in a month it moves around (22 x 101) : 2222 Pips BUT within a range of 317 Pips. So basically, if you don't put a SL.. the chance of loss for an entire month is 317 Pips, if the trade immediately goes against you.. full on. And within that one month.. 2222 Pips movement to recover that. You really think it's impossible for a trader? If he trades everyday? Good luck with your method...!!!

SL is good.. if you know, which direction the market is going. Im not a time traveller, I have no clue.. where the market would go. Since Im incapable to predict the market direction... Im FORCED to find a way, where I can still trade and make money.
  • #50
  • Aug 16, 2020 3:02am Aug 16, 2020 3:02am
Quoting vinforex7
{quote} lol... that's a good one You need to implement a few things... otherwise certainly, the final result would be Keep some statistics handy.. and it would be very useful for you. For eg: EURUSD Avg Daily range: 101 Pips Avg Monthly range: 319 Pips So... for 22 trading days in a month it moves around (22 x 101) : 2222 Pips BUT within a range of 317 Pips. So basically, if you don't put a SL.. the chance of loss for an entire month is 317 Pips, if the trade immediately goes against you.. full on....
Fyi
Attached Image (click to enlarge)
Click to Enlarge Name: ADR.png Size: 8 KB
  • #51
  • Aug 16, 2020 3:15am Aug 16, 2020 3:15am
Quoting vinforex7
{quote} lol... that's a good one You need to implement a few things... otherwise certainly, the final result would be Keep some statistics handy.. and it would be very useful for you. For eg: EURUSD Avg Daily range: 101 Pips Avg Monthly range: 319 Pips So... for 22 trading days in a month it moves around (22 x 101) : 2222 Pips BUT within a range of 317 Pips. So basically, if you don't put a SL.. the chance of loss for an entire month is 317 Pips, if the trade immediately goes against you.. full on....
I like your idea.. so your virtual SL is 317 pips for EURUSD trade..
  • #52
  • Aug 16, 2020 3:15am Aug 16, 2020 3:15am
It might be ok to trade without SL.

The problem is:
1) to put all money into 1 account and trade without SL;
2) Or/and do not cash out profits (be too greedy)

Know several traders in person who are able to gain quite good profits when no SL used... but at some point, all profits were gone. It's possible in about 1-X months to make your account 10x in profits when no SL used. For example, see here from 100 usd made 5400 usd in 3 months. (yes he wiped out that anyway).

Idea is to split your capital for example like this:
1) 1000 usd capital split into 10 parts. So you start with 100 usd on the account and have 9 failing attempts in a row.
2) When have 1000 usd on account (or maybe 500 usd? depending on your skills) - cashout
3) Depending how many had wiped out accounts recalculate initial account size (and initial volume) - and restart

For example you 5 times wipe out then earned 1000 usd - your total money available is 1400 usd. Divide with 10 - you can restart with 140 usd. If you do that on cent account then you can scale by 40%. Let's say again 5 wipe outs and then again reach target - this time target is 1400 usd. In that way if you constantly wipe out 5 times in a row and then at 6th attempt reach target and cashout - you can still scale in longterm - like this:

Attached Image


It could happen that not always 5 wipeouts... maybe 8 ... depending on skills... as longer you trade should be a better success rate. So maybe 1-2 wipeouts in a row.

Here Excel to play around:

Attached File(s)
File Type: xlsx no_sl.xlsx   18 KB | 284 downloads


As this for me seems is scalable then it is ok to trade without SL if you know how. At this moment I trade only automated and only with SL. So I'm waiting for more info here in this thread and I'm open to noSL approach too.
  • #53
  • Aug 16, 2020 3:58am Aug 16, 2020 3:58am
Quoting Vivi-l
{quote} I like your idea.. so your virtual SL is 317 pips for EURUSD trade..
Vivi... I was just giving you an example to think, in a particular direction. 317 is not my virtual SL... it doesn't matter. You only need to go to higer time frames and look for possible turnaround points. And if it turns around from that point.. add trades in your direction and keep booking profits. The main point is, you need to keep your lots small enough, so that it doesn't give you tensions.. if it goes against you.
Please know... I just shared a different perspective to look at the market. Grasp the real idea... real point!!! It's not about EURUSD or 317 SL, it's about trading and making money from the market, IF YOU ARE INCAPABLE OF PREDICTING THE MARKET DIRECTION EXACTLY.
  • #54
  • Aug 16, 2020 10:43am Aug 16, 2020 10:43am
So far, no SL in use, but using average price. Good.

But...

Why increasing the risk? By using multipliers?

You do know something, not sharing it here (which is OK with me), or if this is not exactly the case? Then? Increasing the risk, does not solve anything, by itself, as a sole action, does it?

Which one of these two is?
Maadik Hugiis. IQ 69.
  • #55
  • Aug 16, 2020 11:54am Aug 16, 2020 11:54am
Quoting vinforex7
{quote} lol... that's a good one You need to implement a few things... otherwise certainly, the final result would be Keep some statistics handy.. and it would be very useful for you. For eg: EURUSD Avg Daily range: 101 Pips Avg Monthly range: 319 Pips So... for 22 trading days in a month it moves around (22 x 101) : 2222 Pips BUT within a range of 317 Pips. So basically, if you don't put a SL.. the chance of loss for an entire month is 317 Pips, if the trade immediately goes against you.. full on....
I like your line of reasoning.

There is a hole in it (actually at least two), but let's not make that too easy, let's wait until Mr Market gives you that knowledge. He likes very much people who know.
  • #56
  • Aug 16, 2020 11:58am Aug 16, 2020 11:58am
Quoting Fred-IV
{quote} I like your line of reasoning. There is a hole in it (actually at least two), but let's not make that too easy, let's wait until Mr Market gives you that knowledge. He likes very much people who know.
Fred...
Can you please point out the two holes...? rather explain it for me to understand better? We are all here to help and learn from each other..!
Thanks
  • #57
  • Aug 16, 2020 1:15pm Aug 16, 2020 1:15pm
Quoting vinforex7
For everyone to understand better.... see the profits booked and the floating losses. We need to ensure that, the booked profits are always considerably higher than the floating losses. - add to your profits everyday - prune your losses from time to time {image} {image}
nice. seems u r using high margin with margin level left 330%.
LUCKY golden trades, LUCKY gold investor trading style
  • #58
  • Aug 16, 2020 1:30pm Aug 16, 2020 1:30pm
I'm following this thread because my main approach to trading is without stop loss. Trading without stop loss is not risky, the real problem is that there isn't any strategy out there with even a 60% winrate in the long term! I've searched for 3 years, developed and backtested accurately hundreds of strategies. No strategy is really effective in the long term. To have a strategy that wins 60% of the times and allows you to trade quite frequently and resists for many years (10-20 years) means you are rich. Never found such thing.
  • #59
  • Aug 16, 2020 1:58pm Aug 16, 2020 1:58pm
Quoting jo24
I'm following this thread because my main approach to trading is without stop loss. Trading without stop loss is not risky, the real problem is that there isn't any strategy out there with even a 60% winrate in the long term! I've searched for 3 years, developed and backtested accurately hundreds of strategies. No strategy is really effective in the long term. To have a strategy that wins 60% of the times and allows you to trade quite frequently and resists for many years (10-20 years) means you are rich. Never found such thing.

I suppose, you do need to CREATE the strategy you were looking after the last 3 years?

Once you reach your goals, you will immediately understand why you could not find it during these three years of searching...

Just add RE, as a prefix. Replace search with RESEARCH.
Maadik Hugiis. IQ 69.
  • #60
  • Aug 16, 2020 2:02pm Aug 16, 2020 2:02pm
Quoting MoneyZilla
{quote} I suppose, you do need to CREATE the strategy you were looking after the last 3 years? Once you reach your goals, you will immediately understand why you could not find it during these three years of searching... Just add RE, as a prefix. Replace search with RESEARCH.
I typed search but I meant research. Do not underestimate words.
0 traders viewing now