DislikedOMG! I don't know why you would say this Marrethiel?!? Fundamentals are the driving forces behind currencies.Ignored
Do you know a system to stop over losing in the same day? 13 replies
Why are most retail traders usually on the wrong side of the market? 303 replies
DD "taking opposite side of trade" explain why this is bad? 5 replies
DislikedOMG! I don't know why you would say this Marrethiel?!? Fundamentals are the driving forces behind currencies.Ignored
Dislikedgeez was that a snide? What wrong with trading more that one account anyway? Anyway i'm sorry for being all heated up by this but i am kind of a little offended by this remark. Lets keep it to the 'so it works for you, hmm good then' attitude.
kind regards
jestIgnored
DislikedOf course they have a big impact but so do speculators, and politicians (imagine some Chinese minister deciding to get rid of a trillion US dollars). I do make note of when the reports occur but don't particularly care which way the move the currencies. I'm happy to make money short or longIgnored
Dislikedps....oh yes and then Chuck Norris can move a currency by just staring at his computer screen for 5 minutes......and Chuck Norris was behind the subprime crisis cause Chuck Norris dont pay interest on a bank loan.....Ignored
DislikedOld Chuck is my friend..... and he did pay the interest..... he is an honest guy........LOL....Ignored
DislikedYeah right... Chuck can't make the market move. The Hoff is the one to look out for!
There was a rumor yesterday that the Hoff opened an account with Oanda... hence the dollar rally.Ignored
Disliked"I find it very interesting to read all the responses on this thread. Guess i am fighting a loosing battle to help traders see there are more constant profitable opportunities in 5 pip profits than in larger ones...." - Landekoker
I was hoping to make it to the end of the thread before commenting, but my title says it all.
First of all, everybody is entitled to trade in any manner that is successful for them. If Landekoker can win 90+% of his trades, he'll make money. But that's a pretty tough task to do consistently - not to mention that it sounds very time consuming. But if it works, great. It's not my cup of tea, however.
In general terms (so don't take it personally, Landekoker), going for 5 pips with a significantly negative risk/reward ratio is a losing strategy that's "discovered" by nearly everybody who's new to Forex, including myself.
But as I read and learned over the years I moved beyond that point and I believe that the vast, vast majority of successful traders have likewise done.
At what point do you quit declaring victory at 5 pips - when you can clearly see that prices routinely move 25, 50 or even hundreds of pips?
Once you've changed your mindset, you'll come to see the old 5/20 ratio to be little more than the noise of the market. In fact, it's barely breathing room - plus you can get spiked for a needless loss at any moment. And when you need to win 90% of your trades - that's not a game for newcomers.
My technique only has about a 25% success rate. But my winners are historically six times larger than my losers, since I never risk more than 1% of my account balance on a single trade.
My technique also gives me a chance for my favorite Forex moment - when the chart view has to change due to a dramatic movement in price. You'll NEVER get that thrill by shooting for 5 pips.
I'm not at liberty to give away the "11 herbs and spices" that make my technique work. But I can give you the chicken, the flour and the oil that will get you cooking. Then you can come up with your own special recipe.
Slap a 20, 50 and 200 period moving average on a chart. I prefer an EMA, Close. I DO NOT simply trade the cross of any of those MA's. But you will see that the world respects those numbers - almost regardless of time-frame!
Use your own personal knowledge and creativity to make them work for you. Then refine your approach a few times. They are excellent tools to work from.
And DO NOT be fooled by the old "they're lagging indicators" line. That claim is absurd to somebody who really knows how to work those assets.
I trade six pair, from 16 different set-ups across multiple time-frames. And to free up my time, it's all ran from a single, customizable EA - with me adding the human touch to mid-term and long-term winners.
One last note - on the Daily charts, I only trade in an interest-positive direction since I hate paying interest and there's plenty of action at the lower time-frames.
So I hope this helps somebody who's reading this thread and still trying to sort things out along to the way to developing a personal winning strategy.
Give it a try. I think you'll like it.
Good luck!Ignored
Dislikedi am a victim of all you stated.
the problem is that i made about $300 in 2 weeks and i thought i was all fun untill yesterday i lost EVERYTHING i had in my account. i felt really devastated.
please, i would really want know how to trade (more professionally). i am not a rich guy, so i cant be able to open a bigger account apart from the mini account.
waht can u do to help me?Ignored
Dislikedi am a victim of all you stated.
the problem is that i made about $300 in 2 weeks and i thought i was all fun untill yesterday i lost EVERYTHING i had in my account. i felt really devastated.
please, i would really want know how to trade (more professionally). i am not a rich guy, so i cant be able to open a bigger account apart from the mini account.
waht can u do to help me?Ignored
Dislikedi am a victim of all you stated.
the problem is that i made about $300 in 2 weeks and i thought i was all fun untill yesterday i lost EVERYTHING i had in my account. i felt really devastated.
please, i would really want know how to trade (more professionally). i am not a rich guy, so i cant be able to open a bigger account apart from the mini account.
waht can u do to help me?Ignored
Dislikedi am a victim of all you stated.
the problem is that i made about $300 in 2 weeks and i thought i was all fun untill yesterday i lost EVERYTHING i had in my account. i felt really devastated.
please, i would really want know how to trade (more professionally). i am not a rich guy, so i cant be able to open a bigger account apart from the mini account.
waht can u do to help me?Ignored
Disliked$300 is far too small an amount for a mini account. Personally I would not even consider a mini account with less than $10k, preferably more. You can get accounts that allow microlots, which are a tenth as the size of a 10k minilot. But you need to demo trade like bullrock suggested until u can consistently show a profit. This could take many months to achieve so i'd put your cash away for a while. If you are serious, perhaps you could save up some cash in this time, that you can use as "risk capital" when you feel you are good enough to trade live.Ignored
Disliked$300 is far too small an amount for a mini account. Personally I would not even consider a mini account with less than $10k, preferably more. You can get accounts that allow microlots, which are a tenth as the size of a 10k minilot. But you need to demo trade like bullrock suggested until u can consistently show a profit. This could take many months to achieve so i'd put your cash away for a while. If you are serious, perhaps you could save up some cash in this time, that you can use as "risk capital" when you feel you are good enough to trade live.Ignored
DislikedFirst of all, you hangout with the wrong crowd; you should be at James16 or Moutaki threads etc. The learning process to trade forex is long and hard so take your time, and be reasonable in your thinking don't be locked up to your ideology like many here. The glass is either half full or half empty and "there is only one way to win that is you".
Cheers,
scalptIgnored
Dislikedthen why are you hanging out here and not at James or Moutaki?lolIgnored
DislikedAlot of these are really good. I also think sitting at the screen and watching a pair for too long can mess with your reasoning and result in bad trades. I have definitely made a couple of the mistakes listed but thankfully, i did not overleverage myself and i only lost a small portion of my capital. infact, i think making those mistakes is part of being a novice trader and is really the only way to learn how to trade properly. i thought after trading with a demo account for a couple of months that i could jump right in and make money but u dont realize how much your reasoning changes when you are using real money.Ignored