Rags To Riches V2

Quoting Yomcollc

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Really appreciate the honesty here—seeing both wins and losses is how traders actually learn. Money management is huge; I’ve found that even solid setups can crumble without proper risk control. I’m looking forward to following your journey and seeing how Divergence plays out in real time—especially how you handle consecutive losses while staying disciplined.

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Quoting cuchuflito

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Rags and Riches, right? Start with a measly 0,01 size, risk 1$ or something.  If you have an edge, once you make 6 risks (ie, 6 $) Then double to 0,02 If you lose 3, go back to 0,01. It takes 8 steps, doubling the size of your bet, to reach a full lot. Then, your winners may be 200$. Your riches begin to manifest. (Btw. I haven´t done it )....yet....

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Quoting D1n3r0

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{quote} I pay commission at $2.00 per lot traded, my spreads are typically between 0.2-0.7 pips on the pairs I scalp

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Quoting cuchuflito

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Looking at the long list of pairs, if you want to reduce stress, in my humble opinion, one could avoid strongly correlated pairs.I will look at only some less correlated majors, also for the advantage of lower spreads. Pairs like EURUSD have a 90% correlation to GBPUSD, and 95% to USDCAD on M5. https://www.myfxbook.com/forex-market/correlation

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Quoting D1n3r0

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{quote} No, money management isn't what the thread is about its more about my trading journey and I say risk 20% of a small account if you can afford to lose it. Understand Still, "risking 20%" is a valid MM strategy. I do remember the Rags to Riches thread I once read, where the guy also had some scaling strategy. But again, I don´t want to disrupt this thread, and thanks for sharing. Just the tips on Diversion are golden. All the best.

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Quoting RafilliusB

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{quote} I’d love to know which indicators and settings you usually use, since divergences have always caught my attention, and this is the first time I’ve come across someone who actually trades them.

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Quoting cuchuflito

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{quote} Understand, but then on a 0.7 spread, it is almost a 1.5 round trip. Do you adjust your stop and TP accordingly? And I assume your stop is right below the last H/L, right? Thanks in advance.

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Quoting cuchuflito

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Looking at the long list of pairs, if you want to reduce stress, in my humble opinion, one could avoid strongly correlated pairs.I will look at only some less correlated majors, also for the advantage of lower spreads. Pairs like EURUSD have a 90% correlation to GBPUSD, and 95% to USDCAD on M5. https://www.myfxbook.com/forex-market/correlation

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Quoting D1n3r0

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{quote} correct 4 pips below it, I'm still working things out though because scalping 3 to 5 pips isn't ideal when the market is fractal and I can get 25 pips if I move to higher timeframes like entries off of the 15min based on Divergence on the higher timeframes. I work overnight and have my 4-year-old during the day, so it gets tough, so I need to focus on one solid set up risk the 20% and leave the screen

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Quoting cuchuflito

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Looking at the long list of pairs, if you want to reduce stress, in my humble opinion, one could avoid strongly correlated pairs.I will look at only some less correlated majors, also for the advantage of lower spreads. Pairs like EURUSD have a 90% correlation to GBPUSD, and 95% to USDCAD on M5. https://www.myfxbook.com/forex-market/correlation

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Quoting D1n3r0

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Weekly high hit, retracement from the high, now we have regular bullish Divergence at the low of the day. I'm hoping we can get a push down to eat some of that wick up because I'm not willing to make a trade with a big 40+ pip stop with news coming out. {image}

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