DislikedGOODBYE FOREX Today is my last day in forex world. I will stop to trade forever n ever. Thanks for pleasure and pain!!! Thanks for all info guys! BYE!!!!!Ignored
Cable Update (GBPUSD)
- #150,682
- Jul 24, 2009 10:02am Jul 24, 2009 10:02am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Thank You
- #150,684
- Jul 24, 2009 10:07am Jul 24, 2009 10:07am
- Joined Aug 2008 | Status: Trader | 3,976 Posts
May I ask why are you giving up?
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
- #150,685
- Jul 24, 2009 10:09am Jul 24, 2009 10:09am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Hi Wormboy
It is good you here
LT
stay with the h4
Thank You
- #150,691
- Jul 24, 2009 10:24am Jul 24, 2009 10:24am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
didnt do good today?
And the ones I pulled the trigger on just came back to take me out at BE or + a couple.
Just my newbie inexperience here really. I'm rather used to price making it from one S/R to another without so much backing up. Had I just taken the profits at each stall, I'd have done pretty well. Just another lesson learned.....:nerd:
Oh well, Monday is another day. I still have a week to try and make the months bills. A few good ones could do it....
Ghost Rider - WWTBMD?
- #150,693
- Jul 24, 2009 10:26am Jul 24, 2009 10:26am
- Joined Apr 2007 | Status: USF Statistics | 2,248 Posts
Yesterday or today really. When you have to bet big and cover it fast, it gets tough in these whipsaw days. Made the right calls for the most part, but every PO I used missed the entry by a pip or two and then she'd run.
And the ones I pulled the trigger on just came back to take me out at BE or + a couple.
Just my newbie inexperience here really. I'm rather used to price making it from one S/R to another without so much backing up. Had I just taken the profits at each stall, I'd have done pretty well. Just another lesson learned.....:nerd:...
- #150,695
- Jul 24, 2009 10:31am Jul 24, 2009 10:31am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Thank You
- #150,697
- Jul 24, 2009 10:31am Jul 24, 2009 10:31am
- | Commercial User | Joined Mar 2009 | 2,480 Posts
Just want to be a normal again.. more time with family and career. Of course not because i'm losing big amount. I had enough. I have another plan for a living. Enough with my notebook. Maybe i'm still in forex, but not as trader but i still got my profit every month.
Here's a simple one for you if you want to trade for 1 minute a day. It works better on GBP/JPY.
Enter at 9AM GMT (GMT is +1 at the moment). Take the previous candle (that is, 8am-9am London) and enter in that candle's direction.
SL 100, TP 150, move SL to B/E when +100. No trailing stop.
If the candle is less than 10 pips, then wait until the next candle.
Most consecutive loses in 1 year is around 6-8, so make sure your account can take it if jumping straight in a losing streak. Now, even with a 50% win rate, because your TP is larger than your SL it isnt bad. It nearly always finishes above 50% wins for the month.
Average around 500-800 pips profit per month.
1st Month: 500 x £2 per pip = £1000
2nd month: 500 x £3 = £3000
3rd: 500 x 4 = £4000
4th: 500 x 6 = £6000
5th: 500 x 8 = £8000 and so on...
Now, last July and August were losing Months due to the PA, it's the same now. Summer months should not be traded, but some of us have to.
Last year worked out at -100 pips in July and around -200 ish in August. Every other month is profitable.
If you want to spend some more time and achieve a better hit rate then research box breakouts in the Systems threads, they work with a 80-90% success rate, but only normally only good for 30 or so pips with a larger SL than TP, so the Risk to Reward is somewhat less and could be daunting for some. Check 0400-0700 Box system and NY breakouts.
So, keep it simple and try it out.
For me, I mostly trade breakouts (a refined version of the above), trendlines and Fibs. Thats it really, and yes, I trade for a living. Breakouts are my bread and butter money (ie BTL Terraces), Swing trading/ trend lines/fibs etc is my "Mansion" money.
Hope it helps and I wish you all the best.
Have a good weekend.
DT
