Disliked{quote} I NEVER average down. One signal one entry with fixed stop loss and tp placed by the EA at time of entry. Price either hit SL or 15pips tp. If there's no 15pips tp no point execute trade.Ignored
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Disliked{quote} I NEVER average down. One signal one entry with fixed stop loss and tp placed by the EA at time of entry. Price either hit SL or 15pips tp. If there's no 15pips tp no point execute trade.Ignored
DislikedAveraging is just a tool. If have SL for all opened levels total drawdown then it is safe approach. Problem is when all levels must be closed. You still have money on account and you can afford to open 3 more levels but you have to close all and accept loses.Ignored
Disliked{quote} Hi Ric You made some great points in your post, but one in particular I feel is the reason most traders fail. Truth is they never specialize in anything so are very average in everything. If you are average, its going to be very hard to make consistent profits as a trader. As an example, I trade just one time frame, one pair, one strategy. So I trade the M1 chart only without any higher time frame references looking at trading only liquidity imbalances on EURUSD. On occasions I will trade imbalances on AUDUSD & Gold but 95% its EURUSD. My...Ignored
Disliked{quote} They do specialize in something. Excuses. I learned this very young: Excuses are tools of the incompetent that build monuments to nothing, and those that excel in them seldom achieve anything else.Ignored
Disliked{quote} Hey gepards! 1. Sitting in drawdown longer than a week is not acceptable. 2. 35% drawdown is also not acceptable. If you had that much draw, you sat through a deep pullback. Why not trade it? 3. Backtesting is the bane of all traders. You are modelling the past and expecting the future will be the same. I would like to talk about it. It might be helpful to us as traders. Are you willing?Ignored
Disliked{quote} Hey RickM, Very similar to the person I mentioned who trades the GBP/USD exclusively. He does so on the 5 min chart. He lives in the UK and has a multi-screen set up with live news, charts and live chat with other traders he knows and trusts that trade similar to his style. I find that folks who fall into the day trade camp fare better if the do focus and specialize in one or two markets/pairs. Again, no wrong way to trade as long as you make money. I do not have the stomach anymore for day trading. I found my sweet spot in higher time-frames....Ignored
Disliked{quote} Hi riclater The beauty of day trading is at the end of the trading day, you are flat. No open positions that big players can attempt to hunt down your stop loss while you sleep. The line that rich people make money while you sleep doesn’t run true with professional day traders. I can’t stomach the fear of opening up my trading platform over night to find I loss money while I slept. I can stomach sleeping well after a profitable days trading with pips in the bank and my equity SAFE. CheersIgnored
Disliked{quote} Hey RickM, And that my friend is why trading is awesome. You trade the way you want, I trade the way I want. You are not wrong as long as you make money. I am not wrong either. You can not convince me that day trading is the best way to trade because I have done it. I don't like it. Does not work for me. I can not convince you that swing trading is better, you have done it and it does not work for you. That is my point. No wrong way to trade as long as you make money. I just noticed that your pic a lion, and your name is Rick? Pips Up! -...Ignored
Disliked{quote} There's only one market, the same price move on our chart. The difference is how each of us see this price move. It's an individual thing that we can't give to someone else. It's our core belief about this market that makes us push the trade button to risk our money, not other people's money. We invest both time and money and we do this trading activity according to our core belief. My core belief is value speculation. I buy when I believe at some calculated price level it's undervalued, sell when it's overvalued. How I calculate price level...Ignored
DislikedJust bloody follow our strategy and push the trade button without questioning anything.Ignored
Disliked{quote} Hi riclater The beauty of day trading is at the end of the trading day, you are flat. No open positions that big players can attempt to hunt down your stop loss while you sleep. The line that rich people make money while you sleep doesn’t run true with professional day traders. I can’t stomach the fear of opening up my trading platform over night to find I loss money while I slept. I can stomach sleeping well after a profitable days trading with pips in the bank and my equity SAFE. CheersIgnored
Disliked{quote} There's only one market, the same price move on our chart. The difference is how each of us see this price move. It's an individual thing that we can't give to someone else. It's our core belief about this market that makes us push the trade button to risk our money, not other people's money. We invest both time and money and we do this trading activity according to our core belief. My core belief is value speculation. I buy when I believe at some calculated price level it's undervalued, sell when it's overvalued. How I calculate price level...Ignored
Disliked{quote} This week GU value is on balance. Maybe today is a drop and Monday is rise.Ignored
Disliked{quote} GU has been on a falling market for the last 5 weeks. Last 3 days this week it has fallen. Any rise in price is an overvaluation for sellers. That's a lot of trading days of selling. NFP pushed the price into overvalued territory. Why buy into a falling market ? {image} {image}Ignored
Disliked{quote} Why not? If you know what you are doing, you can make a lot of money. There is always a buyer on the other side of a trade in a falling market. Does every buyer lose under such conditions? No. The majority of them will lose, but few will win. Why not strive be among the few who are able to successfully trade in both directions? It's not comfortable trading like this, but it is possible.Ignored
Disliked{quote} GU has been on a falling market for the last 5 weeks. Last 3 days this week it has fallen. Any rise in price is an overvaluation for sellers. That's a lot of trading days of selling. NFP pushed the price into overvalued territory. Why buy into a falling market ? {image} {image}Ignored