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As simple as possible: 00 level trading

  • #22,001
  • Nov 19, 2014 4:39am Nov 19, 2014 4:39am
Whats That? you're trading What?
  • #22,002
  • Nov 19, 2014 4:40am Nov 19, 2014 4:40am
Quoting nobby911
Hi I am opening a new Demo account with an MT4 ECN broker(UK) and i have a choice of leverage, I want this to be as near to live trading as possible so what leverage would be best to choose
Mastermind do you have any advice on this
  • #22,003
  • Nov 19, 2014 4:46am Nov 19, 2014 4:46am
Quoting iwan73
5 minutes ago i made big mistake. Opened Short on EU at 1.2530. From the begining it was high risk trade: only 4 pips below DO. But i decided to took this. But EJ is above DO so no sync. Thats for me is the main reason to treat this trade as mistake. May i run 20 km today insteadof burrpies?

make it 25 and you are excused

Udine
Sleep less, live fast, as it aint gonna last
  • #22,004
  • Nov 19, 2014 4:50am Nov 19, 2014 4:50am
Quoting nobby911
Hi I am opening a new Demo account with an MT4 ECN broker(UK) and i have a choice of leverage, I want this to be as near to live trading as possible so what leverage would be best to choose
Levarage has nothing to do. It is not importand.
The most important is how much of your capital do you want to risk on each trade? 0,5%, 1%, 2% or maybe 5%.
  • #22,005
  • Nov 19, 2014 4:52am Nov 19, 2014 4:52am
Quoting Stingr
{quote} Riding the trend! You don't wait for the retracement when there's a sharp movement, do you?
Attached Image
  • #22,006
  • Nov 19, 2014 4:52am Nov 19, 2014 4:52am
I risk 2% on each trade, the broker gives a choice of leverage and i wasnt sure witch one to choose
  • #22,007
  • Nov 19, 2014 4:56am Nov 19, 2014 4:56am
Quoting nobby911
I risk 2% on each trade, the broker gives a choice of leverage and i wasnt sure witch one to choose
Choose any you want. It doesnt matter.
Levarage means how much money on your trading account will be taken by broker as deposit when you open trade. Who cares how much. If you have lose trade broker give you your deposit back minus 2%. Thats all.
  • #22,008
  • Nov 19, 2014 5:00am Nov 19, 2014 5:00am
Quoting nobby911
{quote} Mastermind do you have any advice on this
Hi nobby911,

Leverage is a powerful weapon that can either work for you or very much against you.

You need to be in control...... period!

If you are fairly new just go for 50:1 or 100:1 as that is plenty.

On demo you have nothing to lose of course however what is important here is to start thinking and trading as if every single dollar you trade is your very own money.

Be serious and be professional. If you lose a trade attempt to find reasons as to why it went wrong. If you can't then ask someone.

Don't be afraid to ask me as I love analysing trades and will try to help out if I'm not too busy at the time.

In the end you can stick to 50:1 leverage and make a lot of money if you trade well.

I know traders personally who have made a fortune using 50:1 so anyone can if they really apply themselves.

I suggest you start at 50:1 and use a balance very similar to what you will be trading with if you decide to go live.

Key point is to make it real (at least as close as possible to real trading)

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #22,009
  • Nov 19, 2014 5:05am Nov 19, 2014 5:05am
Quoting Masterrmind
{quote} Hi nobby911, Leverage is a powerful weapon that can either work for you or very much against you. You need to be in control...... period! If you are fairly new just go for 50:1 or 100:1 as that is plenty. On demo you have nothing to lose of course however what is important here is to start thinking and trading as if every single dollar you trade is your very own money. Be serious and be professional. If you lose a trade attempt to find reasons as to why it went wrong. If you can't then ask someone. Don't be afraid to ask me as I love analysing...
MM with all my respect to you, do you suggest that trading with 2% SL in two accounts with different levarage (lets say 1:500 and 1:200) make any difference in risk management?
  • #22,010
  • Nov 19, 2014 5:12am Nov 19, 2014 5:12am
Quoting Udine
{quote} make it 25 and you are excused Udine
I am not sure if i understand you in proper way.
Do you mean if i would enter on 25 level it would be valid setup?
  • #22,011
  • Nov 19, 2014 5:13am Nov 19, 2014 5:13am
EU +5

Udine, that Heiken Ashi indi is very useful. Always wanted to see HA but without covering actual candles.
Attached Image
  • #22,012
  • Nov 19, 2014 5:17am Nov 19, 2014 5:17am
Usdcad SL -10 pips
eurusd TS +1.2 pips
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCADH119.png Size: 64 KB
Click to Enlarge Name: EURUSDM1516.png Size: 62 KB
  • #22,013
  • Nov 19, 2014 5:20am Nov 19, 2014 5:20am
Hey MM,
Thank you for making this strategy a success. Any idea why sometimes pending orders get cancelled instead of being triggered? Is it problem with my broker?
  • #22,014
  • Nov 19, 2014 5:23am Nov 19, 2014 5:23am
Quoting iwan73
{quote} I am not sure if i understand you in proper way. Do you mean if i would enter on 25 level it would be valid setup?

25 km running

Udine
Sleep less, live fast, as it aint gonna last
  • #22,015
  • Nov 19, 2014 5:24am Nov 19, 2014 5:24am
Quoting snail69
EU +5 Udine, that Heiken Ashi indi is very useful. Always wanted to see HA but without covering actual candles. {image}



Udine
Sleep less, live fast, as it aint gonna last
  • #22,016
  • Nov 19, 2014 5:25am Nov 19, 2014 5:25am
Quoting iwan73
{quote} MM with all my respect to you, do you suggest that trading with 2% SL in two accounts with different levarage (lets say 1:500 and 1:200) make any difference in risk management?
No difference in terms of the 2% risk but I'm going a bit deeper than simply comparing risk in this case!

My opinion stands however because very large leverage in the hands of inexperience can lead to the temptation of opening larger and larger position sizes to recover from losses and this is where very bad trading habits are born.

A trader needs to focus initially on having minimal leverage and prove to him or herself that they can control it.

Start small and stay small or leverage up if you need too.

Very great traders do not need to have mountains of leverage, they need to acquire patience, discipline, risk management and great trading skills !

ps. traders are welcome to different opinions but this is my opinion as asked of me from nobby911.

Good trading,

Masterrmind.............
Master your Mind then Master your Trades
  • #22,017
  • Nov 19, 2014 5:29am Nov 19, 2014 5:29am
Quoting ApolloEric
Hey MM, Thank you for making this strategy a success. Any idea why sometimes pending orders get cancelled instead of being triggered? Is it problem with my broker?
Are you placing pending orders by MT4 terminal or using a script?

I doubt it is a broker problem......but stranger things have happened!

Masterrmind...........
Master your Mind then Master your Trades
  • #22,018
  • Nov 19, 2014 5:32am Nov 19, 2014 5:32am
Focus!
Attached Image
  • #22,019
  • Nov 19, 2014 5:36am Nov 19, 2014 5:36am
Quoting Masterrmind
{quote} No difference in terms of the 2% risk but I'm going a bit deeper than simply comparing risk in this case! My opinion stands however because very large leverage in the hands of inexperience can lead to the temptation of opening larger and larger position sizes to recover from losses and this is where very bad trading habits are born. A trader needs to focus initially on having minimal leverage and prove to him or herself that they can control it. Start small and stay small or leverage up if you need too. Very great traders do...
OK it is clear now for me. You have in mind absolute beginners. Me traders who know what SL is for.
  • #22,020
  • Nov 19, 2014 5:39am Nov 19, 2014 5:39am
Quoting iwan73
{quote} OK it is clear now for me. You have in mind absolute beginners. Me traders who know what SL is for.
Master your Mind then Master your Trades
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