Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

All about Rookie trading experience 18 replies

Any experience with CoesFX? 16 replies

Experience, by Joe Ross 16 replies

A little experience with TradeStation!!! 32 replies

Anybody have the same experience 6 replies

Attachments: All in All - my experience
Exit Attachments

All in All - my experience

  • Post #1
  • Quote
  • First Post: Edited Aug 10, 2020 6:35pm Aug 9, 2020 2:17pm | Edited Aug 10, 2020 6:35pm
To trade well:

1- you should know symbols
2- you should know forex math basic rules
3- you should know how to pick up the best available broker
4- you should master technical analysis
5- you show experience as much as possible technical analysis "news events"
6- you should acquaint what is going in the world
A- Symbols used:
YYY: Base currency
XXX: Quote currency
DDD: Dominating or your account currency.
ZZZ: (non-currency instrument value, like gold, oil, indicators, stocks, etc..) value

CZ: 1 lot contract size
R: Leverage
S: Stop-out-level
B: your balance or equity
M: Reserved Margin
I: inverse pips
Ip: profit pips
Lots: given or calculated lots
SP: Spread

P/L: Profit/Loss of your single position
Pe: Entry price
Pi: exit price
d: price digits after decimal
r: number of digits deleted from digits after decimal

hence:
1- for currencies ZZZ=YYY, therefore ZZZYYY = 1
2- for non-currency instruments, YYY=XXX, therefore YYYXXX=1

B-Math Rules:
B-1: basic rules
Attached Image

B-2: Lots rules
Attached Image (click to enlarge)
Click to Enlarge Name: _0008.png Size: 34 KB

B-3: I/Ip rules
Attached Image (click to enlarge)
Click to Enlarge Name: _0009.png Size: 26 KB

B-4: other rules
Attached Image (click to enlarge)
Click to Enlarge Name: _0001.png Size: 18 KB


to be completed later
2- you should know symbols
Be yourself
I have a feeling this will be way over my head M but will follow with interest. Cheers mate
1-You should know yourself.
Let it go...
symbols description has been added to main thread
exmple-1:
GBPNZD------> ZZZ=YYY=GBP----->ZZZYYY=1,
XXX=NZD------>XXXDDD=NZDUSD since DDD=USD
YYYDDD=GBPUSD

example-2:
DE30---German Dax price now 12750.25
ZZZ=DE30
YYY=EUR--->evaluetd as index with EUR
XXX=EUR
DDD=USD
therefore:
ZZZYYY=DE30 or DE30/EUR
YYYDDD=EURSD
XXXDDD=EURUSD also
Be yourself
It is true that in order to survive in the market, a trader constantly needs to select information, analyze the events, act actively and try to keep everything under control, because it helps to make adequate decisions and cope with unexpected moments that are not avoided in the market. But as far as I can see, nowadays, traders increasingly stick to this format and really try to study the market and act in accordance with its laws.
Previously, I have seen more frequent situations when traders simply wanted to make quick money and not to make any efforts for that, but now I see that they are fine. And people are used to the fact that trading is still a serious business.
When I started working in the market, I didn't even realize that I would face so much technical data and calculations. After all, I naively thought that in general the situation should be assessed as follows: positive news - the price is rising, negative news - the price is falling. And it was only in practice that I realized that everything is much more complicated and that it is necessary to take into account a huge number of additional factors that also affect the situation.
But over time I realized that everything is not so complicated and scary, and that practice brings a more accurate understanding of what is happening in the market. So don't be afraid of it, and just act, use a demo, test your hypotheses and you can definitely find your way.
Knowledge and ability to make decisions quickly in my opinion is incredibly important, regardless of the business area you have chosen, because you always have to first build an action plan, select the necessary tools, adapt the financial flow, determine potential profits, etc. And here you can't limit yourself to just a few approximate points. Here you always need to make accurate calculations and determine potential risks, and for this you also need experience. So I like that you are a professional and can logically indicate your knowledge and observations, it can be a guide for beginners....
And it's interesting for me to observe that every trader has a certain experience and at the same time we all turn the key to absolutely different things. yes, we all understand that we have to find working strategies and learn how to distribute capital, etc., but we do it in absolutely different ways and accordingly, based on the same data, we make radically different decisions and at the same time you and I can get incredible profit, because the final result always depends on a huge number of factors. And this inspires me. Because I like to go beyond and try something unexpected. But I am also interested in stability and confidence in the future. Yes, it is important.
Quoting Macd-rsi
symbols description has been added to main thread exmple-1: GBPNZD------> ZZZ=YYY=GBP----->ZZZYYY=1, XXX=NZD------>XXXDDD=NZDUSD since DDD=USD YYYDDD=GBPUSD example-2: DE30---German Dax price now 12750.25 ZZZ=DE30 YYY=EUR--->evaluetd as index with EUR XXX=EUR DDD=USD therefore: ZZZYYY=DE30 or DE30/EUR YYYDDD=EURSD XXXDDD=EURUSD also
You go ahead and use all this formula and all the other complex issues you have mentioned bit it wont make you any greater profits than the average trader.
Remember to Keep It Simple and leave all other work for the scientist.
Thank you so much for sharing this idea. There are many complexities between these that you have simplified through analysis. And every trader should know about this important issue.
Quoting Brannel
And it's interesting for me to observe that every trader has a certain experience and at the same time we all turn the key to absolutely different things. yes, we all understand that we have to find working strategies and learn how to distribute capital, etc., but we do it in absolutely different ways and accordingly, based on the same data, we make radically different decisions and at the same time, you and I can get incredible profit because the final result always depends on a huge number of factors. And this inspires me. Because I like to go...
Yes, this is really interesting, as a beginner I usually observe traders, to learn from their trading experience, so that I can improve my trading strategy, avoid losses, and aim to do better. However, I am not the kind of person who looks for a successful personality and tries to duplicate it. Everyone has his or her own way of learning things too, therefore we can have a discussion regarding this manner so that we can know the trading market. I really do like to go beyond and try something unexpected, it is confidence in our bodies, minds, and spirits that allows us to keep looking for new adventures.
Quoting peterhenders
{quote} You go ahead and use all this formula and all the other complex issues you have mentioned bit it wont make you any greater profits than the average trader. Remember to Keep It Simple and leave all other work for the scientist.
these math formulas are among market basics
who ignores basics, should ignore possibilty of success
Be yourself
Attached Image (click to enlarge)
Click to Enlarge Name: _0007.png Size: 166 KB
Be yourself
Extensive examples:
example-1:
Be yourself
Ip for doubling account if entry on FULL MARGIN

simply instrument price divided by leverage
Attached Image (click to enlarge)
Click to Enlarge Name: _0097.png Size: 2 KB
8
Be yourself
why not keep it simple, using excel or ea to calculate risk.
Quoting Geriliel
why not keep it simple, using excel or ea to calculate risk.
Agreed. As fundamental as this stuff is, why not use an automatic calculator. That'll reduce any human error as well. I never have to think about lot size, cost-per-pip, base-vs-quote currency. I just put in 1% risk and everything is calculated.
Quoting Geriliel
why not keep it simple, using excel or ea to calculate risk.
you must know first basic rules, to use excel.
any body is not acquainted by basic market math rules, he must leave trading
Be yourself
Quoting KarlStone
{quote} Agreed. As fundamental as this stuff is, why not use an automatic calculator. That'll reduce any human error as well. I never have to think about lot size, cost-per-pip, base-vs-quote currency. I just put in 1% risk and everything is calculated.
All these equations already included in ME expert
Be yourself
Quoting Macd-rsi
{quote} you must know first basic rules, to use excel. any body is not acquainted by basic market math rules, he must leave trading
With respect, I disagree. I don't know how to calculate pip value, nor do I want to calculate pip value and lot size for every single currency-pair I trade, and correct it for my account being in GBP, and convert that into lot size.

All I know is I want to risk 1% of my account, and I know my entry, SL and my TP. I put that into an EA, and the EA calculates it for me.
0 traders viewing now