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  • #621
  • Dec 7, 2020 9:43am Dec 7, 2020 9:43am
Quoting driven18
{quote} Koop, stop that "Would Of, Should Of, Could Of" thinking.....stopping that thinking is the first step to the road of "profitable trader" status. "I Guarantee It"
Lol I know, but I can't confidently trade something without knowing how to properly calculate risk on that instrument.

Btw, be honest Driven, do you take every single set up your system gives even if something doesn't seem right about current market conditions?
  • #622
  • Dec 7, 2020 9:46am Dec 7, 2020 9:46am
Quoting Koop
{quote} Lol I know, but I can't confidently trade something without knowing how to properly calculate risk on that instrument. Btw, be honest Driven, do you take every single set up your system gives even if something doesn't seem right about current market conditions?
Yes - every setup, in fact I designed ea with 3000 lines of code that does it for me...I do not want any "mind fuckup thinking, rethinking"

My system is always smarter than me. It took awhile to realize that but it is how it is.
  • #623
  • Dec 7, 2020 10:23am Dec 7, 2020 10:23am
Quoting driven18
{quote} Yes - every setup, in fact I designed ea with 3000 lines of code that does it for me...I do not want any "mind fuckup thinking, rethinking" My system is always smarter than me. It took awhile to realize that but it is how it is.
Lol that's something i'm still working on. Automation solves that problem easily but i enjoy watching the markets move.
  • #624
  • Dec 7, 2020 11:03am Dec 7, 2020 11:03am
Quoting Koop
{quote} Lol Have you ever missed a very good trade that would have hit a big target only to take the next Available set up and lose the trade? Terrible feeling. For the first time in a long time, i was just looking a Gold earlier this morning as saw a set up that fit my strategy and spent the next few mins trying to calculate/understand how position sizing works with Gold, only for price to move strongly and leave me behind. For instance, eurusd , 1.23455 - 1.23355 = 10 pips 1 standard lot @ 10 pip = $100 Gold, 1234.80 - 1232.80 = ?? Pips or points?...
What I do with Gold is take 10 cents as 1 pip. Thus 1 dollar = 10 pips.

A mini-lot would give you $50 profit on a $5 move, A full lot would realise $500. This afternoon the price has increased by $30 so a very nice profit if one had bought around 1835. I'll have to wait until tomorrow
  • #625
  • Dec 8, 2020 3:53am Dec 8, 2020 3:53am
GD everyone

Amazing isn't it! Today I didn't oversleep and the market is awful. Not one trade yet. Isn't that always the way!!
  • #626
  • Dec 8, 2020 4:44am Dec 8, 2020 4:44am
Quoting Mtinifx
GD everyone Amazing isn't it! Today I didn't oversleep and the market is awful. Not one trade yet. Isn't that always the way!!
Good day. Been also scanning through my charts for over 2 hours now. Seems like the market itself overslept today.
  • #627
  • Dec 8, 2020 6:36am Dec 8, 2020 6:36am
Quoting ForexTT
{quote} Good day. Been also scanning through my charts for over 2 hours now. Seems like the market itself overslept today.
Yep looks like the boys don't know whether to buy or sell USD at the moment!

For those who mainly trade Gold like me I'll try to set out a prognosis every day.

At the moment we need a clean break of 1870 / 1860 up or down. Until then it's sit on hands time
  • #628
  • Dec 8, 2020 7:56am Dec 8, 2020 7:56am
Quoting Mtinifx
{quote} Yep looks like the boys don't know whether to buy or sell USD at the moment! For those who mainly trade Gold like me I'll try to set out a prognosis every day. At the moment we need a clean break of 1870 / 1860 up or down. Until then it's sit on hands time
Sitting on the sidelines is something I should have done too. I entered long at 1865-ish, seeing a trendline break on M5, and got scotched. lol. It moved about 10 pips, reversed, took me out and suddenly moved in my direction. As I write this, it has moved for more than 70 pips, and my target was only 50.
  • #629
  • Dec 8, 2020 8:41am Dec 8, 2020 8:41am
Quoting ForexTT
{quote} Sitting on the sidelines is something I should have done too. I entered long at 1865-ish, seeing a trendline break on M5, and got scotched. lol. It moved about 10 pips, reversed, took me out and suddenly moved in my direction. As I write this, it has moved for more than 70 pips, and my target was only 50.
Oh dear. It's difficult to be patient! Me too - but I managed to enter long after that huge pullback from 1871 area and picked up 1% on the account. Now it looks like that clean break has occurred but because of the darn consistency rule I don't want to open anymore trades today.

Got plenty of lots to play with tomorrow - let's hope for a better day
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  • #630
  • Dec 9, 2020 8:01am Dec 9, 2020 8:01am
Hi guys

Not a good day I'm afraid. Eventually we'll get a nice day on Gold!!

Lost yesterday's gain but I'm still ahead. And plenty of lots to play with so the position can and will change very quickly
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  • #631
  • Dec 9, 2020 10:43am Dec 9, 2020 10:43am
Good day. Very bad day for me too. Got burnt and then Mr. Psychology tricked me into chasing my losses. Deviated from my plan and got scotched even more.

Then, it got me to revise all my trades since day one. Realized that I have this repetitive pattern of chasing losses and lose even more. SELF SABOTAGE MISSION I suppose. lol
Look at these repeating huge retracements on my equity curve
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. They are all due to ill-discipline. All the trades leading to these deeps were not even according to my trading plan.
  • #632
  • Dec 10, 2020 2:44am Dec 10, 2020 2:44am
Yes it is a weakness we all have I'm afraid!

Well today Gold looks very bearish and further down move will be inevitable I think - towards 1800
  • #633
  • Dec 10, 2020 3:53am Dec 10, 2020 3:53am
Quoting Mtinifx
Yes it is a weakness we all have I'm afraid! Well today Gold looks very bearish and further down move will be inevitable I think - towards 1800
It still looks bearish, especially if it manages to break yesterday's low. I bagged some decent pips from the 1850 breakdown. (which I wish I held longer of course lol)
  • #634
  • Edited 7:07am Dec 10, 2020 6:18am | Edited 7:07am
Quoting ForexTT
{quote} It still looks bearish, especially if it manages to break yesterday's low. I bagged some decent pips from the 1850 breakdown. (which I wish I held longer of course lol)
Oh well done. There were some great opportunities yesterday afternoon but I had no more trades left under the consistency rule.

Anyway nearly 2% up today - looks like a retracement now but hoping for more downside later


EDIT
2% up and still a few lots left to play with
  • #635
  • Dec 10, 2020 7:15am Dec 10, 2020 7:15am
Quoting Mtinifx
{quote} Oh well done. There were some great opportunities yesterday afternoon but I had no more trades left under the consistency rule. Anyway nearly 2% up today - looks like a retracement now but hoping for more downside later EDIT 2% up and still a few lots left to play with
Mmmm do I see a double bottom around 1830? Hard to say but the bulls seem to appearing - maybe wrong
  • #636
  • Edited 9:48am Dec 10, 2020 9:28am | Edited 9:48am
OK that's it for today. Have used up all my allowance That is the one nuisance factor but on the other hand I suppose it does stop one from overtrading which used to be my big problem!

Feeling quite chuffed as I'm now almost 3% up on the 100k account. Will post my statement tomorrow at the end of the week.

Trading larger lot sizes is the way to go guys - no doubt about it. Scary at first but you get used to it!
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  • #637
  • Dec 10, 2020 10:54am Dec 10, 2020 10:54am
Quoting Mtinifx
OK that's it for today. Have used up all my allowance That is the one nuisance factor but on the other hand I suppose it does stop one from overtrading which used to be my big problem! Feeling quite chuffed as I'm now almost 3% up on the 100k account. Will post my statement tomorrow at the end of the week. Trading larger lot sizes is the way to go guys - no doubt about it. Scary at first but you get used to it! {image}
Lol may not be the 5% per day that you're probably used to but this sounds like serious consistent progress. You started the new account this week right?

Time to start selling your "How to beat MFF consistency rule" course for another stream of income lol.
  • #638
  • Dec 10, 2020 11:21am Dec 10, 2020 11:21am
Quoting Mtinifx
OK that's it for today. Have used up all my allowance That is the one nuisance factor but on the other hand I suppose it does stop one from overtrading which used to be my big problem! Feeling quite chuffed as I'm now almost 3% up on the 100k account. Will post my statement tomorrow at the end of the week. Trading larger lot sizes is the way to go guys - no doubt about it. Scary at first but you get used to it! {image}
I started the MFF account on the wrong foot. I am trading an average 0.15 lots per trade on a 10k account. As much as it is good on drawdowns, the gains are so slow. Still hovering around 1% returns. I will have to change when I start the second month.
I am also trading an FTMO 100k account which I open an average of 5 lots per trade. Currently sitting at almost 7% for the month ending 18 December. Larger lot sizes are much more rewarding.
The consistency rule is so annoying. I sometimes miss good setups because my trading gas is used up for the day. I couldn't take the 1850 retest (short) today because I had no more gas . At least I took it on FTMO and got my fair share of the move.
  • #639
  • Dec 10, 2020 11:34am Dec 10, 2020 11:34am
Quoting Mtinifx
Hi guys Well I exceeded daily and max loss on that 25k account yesterday. However on looking at the history, I actually blew the account 5 days ago. Exceeded the daily loss limit at least twice In my view, anything less then a $5000 daily drawdown limit is dangerous. Anyway will reset and try again!!
Hi Friend,

A friend of mine gave me this book about Trade Tips. Kindly look for it. Maybe it will help you not to lose again.

Link to download book (Forex Fortunes Guide) : - https://www.uploadship.com/2e97133849cda672

Thanks
Tharindu
  • #640
  • Dec 10, 2020 11:53am Dec 10, 2020 11:53am
Quoting Mtinifx
OK that's it for today. Have used up all my allowance That is the one nuisance factor but on the other hand I suppose it does stop one from overtrading which used to be my big problem! Feeling quite chuffed as I'm now almost 3% up on the 100k account. Will post my statement tomorrow at the end of the week. Trading larger lot sizes is the way to go guys - no doubt about it. Scary at first but you get used to it! {image}
Well done keep it up....

This consistency rule is really stupid though.... But if it works for you then it is great....

Keep on Rollin

Cheers
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