every Saint has a past. Every Sinner has a Future
Roadmap - A Way To Read Markets
- #4,842
- Edited 2:22pm Oct 11, 2021 1:48pm | Edited 2:22pm
- Joined May 2011 | Status: Trader | 142 Posts
Couple trades today and off for the rest of the week. If you look at AUD/USD you can see its getting stronger over the last few days while EUR/USD is still fairly weak which was another reason i was looking for EA to drop. Also AU had pretty much the same entries. You may also notice how im not set 100% in price doing one thing. I try to have a plan and act upon what price gives me.
1st picture has what was going through my head and the play by play
2nd picture is the same as 1st just no notes
3rd picture showing EUR/USD, AUD/USD and EUR/AUD
1st picture has what was going through my head and the play by play
2nd picture is the same as 1st just no notes
3rd picture showing EUR/USD, AUD/USD and EUR/AUD
- #4,845
- Edited Oct 14, 2021 7:19pm Oct 13, 2021 7:42pm | Edited Oct 14, 2021 7:19pm
- Joined May 2011 | Status: Trader | 142 Posts
{quote} Is the blue oscillator overlaid on the CompRSIselect - is it williams%? Thanks.
- #4,847
- Edited 7:07pm Oct 14, 2021 6:55pm | Edited 7:07pm
- Joined May 2011 | Status: Trader | 142 Posts
how did you decide where to place your stoploss/where do you place it?
My stops are typically very tight with 3-5 pips above/below swing. Adding spread when needed. I may do more if we are close to support resistance or a large number. Also if i have lots of wick movement i may increase
Second, are you indeed risking 3% per trade? If so, do you experience the 3% hit often? For me that would be hard to deal with psychologically, if not from a limiting drawdown perspective.
Yes i will risk 3% of account balance sometimes even more depending on the setup. check out https://www.forexfactory.com/thread/...8#post13739768. Initially it is hard to deal with but i don't risk 3% until im already 35% or more above my initial account balance. So loosing 3% isn't the end of the world. I also have done enough back testing in the simulator to know its very rare for me to lose more than 3 trades in a row. As my account balance dips below 35% i reduce risk to 2%. My win/loss rate is the same regardless of the the percentage risked. If you weren't concerned at 0.5% you shouldn't be at 3%. Especially if you gradually increase your risk as your account increases and vice versa when your account decreases.
$9,750 or less (0% and below initial account balance) = 0.25% risk/trade
$10,000-10,499 or (0-5% above initial account balance) = 0.5% risk/trade
$10,500-10,999 or (5-10% above initial account balance) = 1.0% risk/trade
$11,000-11,999 or (10-20% above initial account balance) = 1.5% risk/trade
$12,000-13,499 or (20-35% above initial account balance) = 2.0% risk/trade
$13,500 and up or (35+% above initial account balance) = 3.0% risk/trade
My stops are typically very tight with 3-5 pips above/below swing. Adding spread when needed. I may do more if we are close to support resistance or a large number. Also if i have lots of wick movement i may increase
Second, are you indeed risking 3% per trade? If so, do you experience the 3% hit often? For me that would be hard to deal with psychologically, if not from a limiting drawdown perspective.
Yes i will risk 3% of account balance sometimes even more depending on the setup. check out https://www.forexfactory.com/thread/...8#post13739768. Initially it is hard to deal with but i don't risk 3% until im already 35% or more above my initial account balance. So loosing 3% isn't the end of the world. I also have done enough back testing in the simulator to know its very rare for me to lose more than 3 trades in a row. As my account balance dips below 35% i reduce risk to 2%. My win/loss rate is the same regardless of the the percentage risked. If you weren't concerned at 0.5% you shouldn't be at 3%. Especially if you gradually increase your risk as your account increases and vice versa when your account decreases.
$9,750 or less (0% and below initial account balance) = 0.25% risk/trade
$10,000-10,499 or (0-5% above initial account balance) = 0.5% risk/trade
$10,500-10,999 or (5-10% above initial account balance) = 1.0% risk/trade
$11,000-11,999 or (10-20% above initial account balance) = 1.5% risk/trade
$12,000-13,499 or (20-35% above initial account balance) = 2.0% risk/trade
$13,500 and up or (35+% above initial account balance) = 3.0% risk/trade
{quote} oh, yes, that makes sense that you wouldn't take on many entries at 3%. Probably not a good idea to take on that much risk. And yeah, I totally get you on kind of bumping up the stop if there is a round number or significant resistance. That's probably a good way to view the trading money. Although I imagine if you really want to compound your returns, you would end up with a very large account soon enough where the stress levels would increase (especially if you are able to get enough weeks with 40% plus!). I don't know if your goal is...
Initially i would withdraw 20% of my monthly profits and place them in my Bank. Once i pocketed my original account balance i will say the emotion/stress really subsided. There is very little stress now trading the lot sizes i do. But by the time i got to those lot sizes i had probably more than tenfold my initial account balance from my 20% monthly withdraws. That mentally and financially puts you in a good place were its much easier to not worry and stress out.
I attached a .zip file with 2 compounding calculators. Note the image below. With $10K If you can average 10%/week for a year that puts you just under $1.3M. However that doesn't take into account withdraws but you can see how nice compounding interest works
- #4,857
- Edited 7:00pm Oct 18, 2021 6:50pm | Edited 7:00pm
- Joined May 2011 | Status: Trader | 142 Posts
Thanks ChubbyWookie for all your valuable posts in here.. On which TF do you take your majority of your trades and how do you decide which TF to go for?
Currently most of my trades are taken off the m5 and some m1. With that being said i doo look at the higher time frames to base my trades off of. I chose that TF because it worked best for my personality. For years i was on HTF (H1,H4,D1) but just couldn't make it work. m5 seems to fit me right. I can be in and out of a trade within a day. I couldn't stand being in a trade for 3 days just to get stopped out. Then wait for another few days for a entry. https://www.forexfactory.com/thread/...8#post13730468 should help as well to see what your are able to do with your allotted trading time.
Trade from this morning. We will see how it plays out. Tried to do a quick markup. Also shows what timeframes i look at when im at a desktop with a reasonably sized monitor (34"4k i think). I do a lot of trading on a 19" laptop at 1080 though
The trade was taken on the m5 where the white vertical line is. But it doesn't quite translate over to the m1 correctly
{quote} Double-checking: The settings of the CompRSIselect indicator in your template are: TimeFrame 1 - 240 Timeframe 2 - 1440 TimeFrame 3 - 0 Timeframe 4 - 0 Is this correct? And thank you very much for posting.
That looks like what I use. Which should also be what Laura recommended.
- #4,859
- Edited 8:05pm Oct 19, 2021 7:52pm | Edited 8:05pm
- Joined May 2011 | Status: Trader | 142 Posts
Looks like we hit the 1st target of 1.16750(which i now see i didn't mention yesterday). The reason for 1.16750 is if you look on the D1 and to the left the first place for price to retest is the previous low (resistance) at 1.16750. i also apologize for drawing the green box wrong. It was supposed to be up to 1.1700. I'm still holding for 1.1700 . Will wait to see if price retest or breaks through the high at 1.6750 area. On the right is what i think price may do. If price retest 1.6250 area i think we will get some road map trades in the next few hours for London. Time will tell. Also a few potential trades were aviable Earlier in the previous day. 