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Price is everything

  • #18,781
  • Edited 2:27pm May 31, 2011 2:07pm | Edited 2:27pm
Quoting frankkn
Adjust your position size to meet your risk tolerance
Right... if using 100 pips SL and your position size is 10 mini lots, you are risking $1000 on the trade.

If you only want to risk 1% of your account, you should have $100,000 in your account when risking $1000 on a single trade.

Reduce the position size to 5 mini lots and now you are only risking $500 when using a 100 pips SL.

If you are prepared to risk 2% of your account, you should have $25,000 in your account when risking $500 on a single trade.

It is all in the maths of your account size, position size, stop loss and risk tolerance!

Your 1st TP should be 3:1, so for a 100 pip SL, you should look for a 300 pip TP for your 1st target and that should be the opposing demand/supply zone on the daily timeframe!

The above is for swing trading... day trading is a different animal and requires a different strategy, risk tolerance and trade management.
  • #18,782
  • May 31, 2011 3:02pm May 31, 2011 3:02pm
Quoting Orbital
1) Timeframes

This is what i was referencing earlier, if you start trading use only ONE maximum TWO timeframes, charts will start confusing the living shit out of you and you WILL inevitably start killing prostitutes on the weekend to vent your rage and confusion.

Heres a counter question: Would you enter a 20 pip profittarget trade based on a 4hr chart?
You most likely wouldnt right? If i enter on a 4hr chart i expect to hold it for at least a couple of hours.

If i enter a trade on a 15m or 5M timeframe im not really going to hold it for long...
Thank you for this enlighten answer.
  • #18,783
  • May 31, 2011 3:12pm May 31, 2011 3:12pm
hi where has redsworld gone? i havent seen him post on here in ages?
  • #18,784
  • May 31, 2011 3:17pm May 31, 2011 3:17pm
two open trade.. running on free trade mode..

already taken out half from each.. leaving rest to run their course
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  • #18,785
  • May 31, 2011 7:26pm May 31, 2011 7:26pm
Sold EJ closed 2/3 already
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  • #18,786
  • May 31, 2011 7:58pm May 31, 2011 7:58pm
thanks . i will try to concentrate on one tf first then move to many tf after i am used to this .
Trading is all about probability, low risk/high reward ,buy low/sell high
  • #18,787
  • Edited 8:31pm May 31, 2011 8:08pm | Edited 8:31pm
sold gold

was late entry

closed +15
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  • #18,788
  • May 31, 2011 8:35pm May 31, 2011 8:35pm
trying to fade the spike


1st at +6 moved to be
out rest at +1
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  • #18,789
  • Edited 8:47pm May 31, 2011 8:45pm | Edited 8:47pm
M15 usd/cad
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  • #18,790
  • May 31, 2011 10:30pm May 31, 2011 10:30pm
sold silver on h1 engulfing , last time when it tested demand zone it spiked and went away to supply . So it shd test lower as red analysis ..lets see how it goes
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Trading is all about probability, low risk/high reward ,buy low/sell high
  • #18,791
  • May 31, 2011 11:23pm May 31, 2011 11:23pm
eu tg hit.. added eu before going down for sleep @4390.. already moved sl @be+9

ngas didn't hit the tg yet... facing towards wrong tg atm..

Quoting KennyZ
two open trade.. running on free trade mode..

already taken out half from each.. leaving rest to run their course
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  • #18,792
  • Jun 1, 2011 1:44am Jun 1, 2011 1:44am
fok the news bs..

took 54 in total..

when this spike started i was posting my closed slv trade with 20
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  • #18,793
  • Edited 2:46am Jun 1, 2011 2:28am | Edited 2:46am
Two education trades, one on EU closed +13

One on crude now running +39 currently, will leave crude open for sevral reasons, EU already closed:

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EDIT:

Closed crude +33, time for breakfast, im hungry =/
  • #18,794
  • Jun 1, 2011 2:56am Jun 1, 2011 2:56am
Failed to take the short when i exited and had a signal, did take a short counter trend scalp though, out with +6.


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Its breakfast time
  • #18,795
  • Jun 1, 2011 3:06am Jun 1, 2011 3:06am
i will short usd/cad at at 0.9643
i also bought gbp/yen at 134.33. down for the moment, but i know trend will resume...

follow my journal

http://www.forexfactory.com/showthre...=1#post4657845

cheers
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  • #18,796
  • Jun 1, 2011 4:29am Jun 1, 2011 4:29am
i took a loss with this gbp/yen trade...but the eur/chf sounds good

follow my journal

http://www.forexfactory.com/showthre...=1#post4658069
  • #18,797
  • Jun 1, 2011 4:44am Jun 1, 2011 4:44am
Good morning all, this is my 1st post here, after recently finding this thread.http://www.forexfactory.com/images/icons/icon7.gif

I took the trade as attached. This is on demo. I bought at 1.64869

Please let me have your comments, as I am still learning.

Thanks to KennyZ and Orbital for their informative charts.

Regards

Martin
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  • #18,798
  • Jun 1, 2011 4:51am Jun 1, 2011 4:51am
Quoting mt2
Good morning all, this is my 1st post here, after recently finding this thread.http://www.forexfactory.com/images/icons/icon7.gif

I took the trade as attached. This is on demo. I bought at 1.64869

Please let me have your comments, as I am still learning.

Thanks to KennyZ and Orbital for their informative charts.

Regards

MartinAttachment
Welcome to the thread Have fun posting we will try to be as helpful as possible.

Yes the zone was marked correctly, your entry was a bit late timed, but i didnt take it lower aswell, i stayed out, busy managing crude and EU right now to be honest.

You need to be careful here because today has ISM data and ADP data.. and geithner has a gay little speech lateron. So lots of volatility.

I recommend locking in profits as soon as you can
  • #18,799
  • Jun 1, 2011 5:26am Jun 1, 2011 5:26am
because price is everything and is the best indicator...the chart is the real master, and the true news to follow
just going to short this range on the eur/chf . 6 n4hr candles broken by only one...intreresting ...

follow my journal

http://www.forexfactory.com/showthre...254704&page=31

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  • #18,800
  • Jun 1, 2011 5:29am Jun 1, 2011 5:29am
Quoting dailyking
because price is everything and is the best indicator...the chart is the real master, and the true news to follow
just going to short this range on the eur/chf . 6 n4hr candles broken by only one...intreresting ...

follow my journal

http://www.forexfactory.com/showthre...254704&page=31

anyway this doesnt refer to the threads focus at all ^^
Hero calls followed by margin calls...
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