Disliked{quote} Hi Iddd If you are counter trading but don't really know what you are doing make sure you are ok with losing a big chunk of your account. If not then don't try it. You are better off practising getting out of a mess on a smaller account. Hopefully you can be lucky and get out of it but don't be tricked into thinking you may have the skill/experience/method when you are trading with your real cash account. This is like swimming in shark infested waters. Brokers ring that bell when you hit a margin call.Ignored
So not a 25% a week like Billy is doing but still okay i think. A lot of that came from actually fixing the fails in a more random way then any methodical real planed in advance kind of thing. Thats the only thing that worries me. Because if you want to make a living from it you want to have some kind of plan how to repeat that gain? So you won't decrease your account after consistently taking out of it.
I already got my money out of the broker account that i have deposited. So even if blowing up the account now, it will be no net loss anymore unless i don't go negative which is unlikely to happen with the automatic margin stop out level at 50%. I also do not push the leverage to such extend that i would find my self in such situation any particular trade would be my last one. Yes it could happen but then there would need to be a lot of things to go totally wrong. But possible it is, yes.
I am not sure about a cash account you say. As far as i understand if trading forex on a cash account leveraged at 1:1 if will be hard to make any meaningful gains without having millions of millions in such account. What did GBP/USD move last month, a 5% in total? That is what some cryptos moved in a second....
So for a day trader trying to make a living from his/her/it trading, a cash account leveraged at 1:1 is probably no real option even if you would have the money.
As a trader you are always a risk taker! Any person telling me to know what the next trade will come out at is a liar, thats all. Some would say its a gamble. I think they have a point. But it can be a calculated gamble or a "Oh i found some some coins, lets go and put them all in the next slot machine over there and have a drink at the bar" kind of gamble. So i understand the people who just don't like to hear the term because it always comes with such negative touch.
So what you can do? You manage risk and hope to come out of a profit following your methodical way over a larger number of trades.
Does it feel right to put the counter on without a plan in advance? Nope. The floating loss could increase now again by leaving it on over the next days and the risk is getting higher as well to face margin problems with maybe some unexpected spread widening.
The trade failed, period. If there is a real advantage in locking-in the trade backed by statistical / mathematical reason please let me know. I see the psychological advantage but still the outcome will be net unprofitable if you don't get out of the hedge at $0 at least by also reducing these unknown risks of spread widening while your hedge is on.
If you trade only for the +5 here in the isolated way like me without making some more points to fix the fails at some other method/s you then MUST come out of the locked-in trades at $0 at least. Otherwise you might get away with it for a super duper month with almost no fails at a larger range and the rest winners. But with only a few fails at a larger range you already will be negative. Thats for sure. I trade the BillyBar for over 10 months now, not leaving out a single day, so i know what i say here.
I would love to see some people showing charts who countered the fails at -20 and today for -10 and how they managed to get back to +25 with only taking the +5 TP by the end of the week.
12:40 here, i am still in the counter. I will leave home now and have lunch. Will see what it looks like when coming back. The range looks still small, but what does that helps. At some moment you have to make a final decision to take a new trade now and go for +11 pips for the same size to make back that loss or where to unlock the hedge. Or maybe even double up the size and go for +5 again somewhere. With the one trade i am up +14, the other one is -25.
Wax On, Wax Off
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