DislikedWhen you put it that way, it makes sense.
Is the 48% average trading the 4H MACD?
Thanks for your informative posts and setting me straight.Ignored
Good Luck in Pipping!!
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DislikedWhen you put it that way, it makes sense.
Is the 48% average trading the 4H MACD?
Thanks for your informative posts and setting me straight.Ignored
DislikedHi All,
I just wanted to comment on some postings in the last 2 days
I too have had a very successful month trading live. Ryan is right IMO that taking fewer trades is better for your (and definitely my) mental health. Palmer and Donna comment on that as well, and it really has to do with your own trading style and what you are comfortable with. The 4hr MACD fits into my business and family life, although I still struggle from trying to sit constantly in front of a screen.
It sounds like many of us have been down the same road, including me. Huge losses, I mean HUGE. Why? as Donna says - no plan. Then you start on a path to enlightenment, to search for a method, the truth.....and thank goodness for FF and Phillip's thread. If you follow it you WILL do well - you must sort out your own money management, and remember at all times the R:R when trading.
The hedge funds often are too big to move as quickly as we can, and as previously said have compliance limitations. I am not sure of my facts but here in South Africa we have about 800 shares listed on the JSE and yet there are over 1000 funds to choose from - all with the same 800 shares. I think it could be similar in your own countries.
The % returns are achievable, just be careful of greed and try to manage your fears. I have had SL hit on trades, but when I go back over my trade journal, my biggest losses have been entering trades that really weren't on....trying to see a trade.......no patience.....believing that a TC or RB will have formed by the next candle so I have tried to 'get in early'. How many times has that developing pattern not developed. Ask me... it costs money.
In wrapping up, to the newbies....including me.....people like Phillip, Palmer, Donna, Ryan, Tamara, Nadia; not only should you read their comments, but READ their comments.
Finally, yesterday on the Eur/Usd, I took the short down to the 89 and did phenomenally well. Then you get cocky, and go long as it bounces off it and goes up. More pips in the bank - lots more. Now you think you're invincible.
Then you listen to Phillip's mp3 last night. Thanks Phillip for that! Because you sometimes forget to look at the whole picture and you start to see (all over again) what you want to see. That mp3 about the testing of the 89 was another wakeup call, because I just didn't see it, as Phillip says just beware.
That's it. I'm done for the month........as Phillip says, don't want to let 1 bad trade spoil two good trades. PEOPLE....LISTEN TO THE MARKET!!! (and the other great contributors I have mentioned)
You CAN do it.Ignored
DislikedI understand that. I believe it is impossible to make these kinds of returns with no leverage at all.
But I think that it is certainly possible to bank 200 pips consistently (it's the consistency that is the problem).
That said, I guess we need to find the maximum level of leverage which we can remain comfortable with. For me this would probably lie in the 1:10 range.
I feel that with a consistent method this level of leverage is still safe.Ignored
DislikedAs far as taking about making 10% a month or whatever, it depends on how much money you really need. If I am trading a 3 million $ account I don't need 10% a month but I like to get a little more if I see good trades setup. Again you will have slow month where you may make 2-300 then some months will be 6-700+. I say don't set a goal just take the trades that look good to you because setting a goal could run you into problems say in the last week of the month you start pressing trades to make that goal. If you look back I had the +300 goal in about 4 days, but I did not stop trading because there were great setups. The only trades I took this week was Monday for +160ish because the rest of the week was crap or I was out. Try this take 1 trade, close 1/2 put a stop @ cost and walk away for 6-8 hours and see what happens. Also some of my best trades are when I put the trade on and goto sleep Hope this helps.Ignored
DislikedI am posting today a GBPUSD buy setup that take place during the morning.
On the first chart (H4) you can see the entry signal of today morning with a blue elipse and rectangle.
On the second chart I am following the price action. After a strong up move you can see a strong resistence near MA89 (red line), and as Phillip told on several posts before, a lot os tails ...
Blue rectangle show the tails in better detail. We can see at least 3 tails before bar number 1. That's when the price falls during almost one hour... At that point I was thinking that I was seeing a reversal bar from previous up move. Was H4 buy setup in danger ??
When bar number 1 closed another up move occurred, please see bar number 2... and now? We can say that price found support near MA21 and that we can expect that original up move will continue ... but ... another down bar is happening ....
So, the situation is not very clear at the moment.
Do you want to make your contribution about this GBPUSD situation?
Regards,
PipIgnored
DislikedHello all,
I was just wondering if anybody here is looking at feeds from two different time zones simultaneously? There is often some confusion as a lot of MT4 feeds seem to be GMT+2. Do you you think that this would reduce the number of missed opportunities, or just become an unnecessary hindrance?Ignored
DislikedAs far as taking about making 10% a month or whatever, it depends on how much money you really need. If I am trading a 3 million $ account I don't need 10% a month but I like to get a little more if I see good trades setup. Again you will have slow month where you may make 2-300 then some months will be 6-700+. I say don't set a goal just take the trades that look good to you because setting a goal could run you into problems say in the last week of the month you start pressing trades to make that goal. If you look back I had the +300 goal in about 4 days, but I did not stop trading because there were great setups. The only trades I took this week was Monday for +160ish because the rest of the week was crap or I was out. Try this take 1 trade, close 1/2 put a stop @ cost and walk away for 6-8 hours and see what happens. Also some of my best trades are when I put the trade on and goto sleep Hope this helps.Ignored
DislikedHey Ray,
Thanks for the advice. On your trade do you mean close 1/2 position with profit. Then move stop to break even for the 2nd 1/2 of the position????
That is what I have been doing. But 2nd half seems to get stoped out at break even alto.Ignored