A big thanks to all who have contributed to the discussion so far!
Freedom 30?
The winning strategy in forex trading is you 0 replies
Do You Have A Winning Mentality? 38 replies
How do you know when you are onto a winning system? 8 replies
What was you best winning streak? 1 reply
Risk/Reward = 2:1; What should be the needed winning rate to stay BE? 14 replies
DislikedSo Silver and Lizzy, when you say you aren't using a stop loss, are you just leaving the positions at BE and letting it ride? Lizzy, Timing the retrace is my biggest issue as well. Like you, always too early!Ignored
DislikedAlso, I do not use stop loss. Ever. Since I have conviction on the long term trend and therefore trust that movements in the opposite direction are temporary, and since I keep enough of a capital buffer to absorb losses during these periods, I do not feel the need to use stop loss. I know this is a high risk strategy and most people will think me foolish. It can also only be done if you have the capital. However, I am much more profitable since I have stopped using stop loss. Previously when I used it as the textbooks told me to I was always cutting...Ignored
Disliked{quote} No, when I say no stop loss, I mean no stop loss at all, not even at BE. Even if the price comes back past my entry point I will hang on until my target is hit. I never put on a trade unless I know the price will eventually move in my favour and I know exactly where the exit is. This helped keep me in the trade all the way until my taget price is reached. I'll hang on when the price retraces and if it retraces far enough I will add to the position. This way when the trend decides to continue, I still have a position on and don't need to...Ignored
DislikedHaha, Torrent/Tingus, I quite often have the opposite problem. When profits are adding up I think I can eke out some more and move my T/P price further away only to find that the place I originally planned to take profit was the best point and the point after which the pair started back tracking. I kick myself thinking I could have taken money off the table and re-entered at a better price. Every person has his/her own ratio of fear and greed, and for me, greed trumps fear more often than the other way round, sigh... I have improved quite a bit...Ignored
Disliked{quote} Do you find that moving stops to BE and leaving them there was cutting into your profitability, or is it just preference? Also, would I be right in assuming that fundamentals are a large part of your trading? Ideally, I want to hang onto trades for a month at a minimum, but if the trend is working for me I want to keep it rolling.Ignored
DislikedWhen I trade I find my long term predictions on market direction to be quite accurate, but often I get shaken out of a position(s) long before my target has been met and then struggle to get back in and rebuild a sizable position. For instance the trends in USD/CAD and USD/JPY over the last year or so. So, the questions are simple. There are no right or wrong answers, just post what works for you. What method keeps you in for the long haul? How do you protect your floating profit? To look at a daily or weekly chart, in hindsight it's very simple....Ignored
DislikedIf u not trading for a long time you should never open your platform or even look at mobile apps etc... more than once in a day while u trading long term ... I have learned it too but after 2 years a couple of deleted accounts ... Because a had closing trades to soon and then i was a Tilt and wanted my money back or more moneyIgnored
Disliked{quote} Hi Torrent, Yes, for me, having stops at break even meant a lot of stop outs, where the price could retrace 100s of pips back passed my entry, only to take off in the direction I predicted. Missing out on a big opportunity caused me more stress than if I would have made a loss. I understand that traders set SLs at BE when they have a relatively large position on, but I prefer to have a smaller position, no SL and add more if the price comes back. Yes, fundamentals are the basis of my trading. I'm trying to use technical indicators (used...Ignored
Disliked{quote} Interesting thread discussion. Thanks Torrent. What you may be experiencing is multi-timeframe dillema. This is a big problem for me as being a trend follower I was finding that I was having to take numerous bites at the cherry as my rules on my preferred timeframe of trade management (namely H1) was not set in accordance with the price action according to the higher timeframe. I was finding that a trade exit of the H1 timeframe was associated with a minor retracement that was insignificant in respect to the retracement that occurred on...Ignored
DislikedHaha, Torrent/Tingus, I quite often have the opposite problem. When profits are adding up I think I can eke out some more and move my T/P price further away only to find that the place I originally planned to take profit was the best point and the point after which the pair started back tracking. I kick myself thinking I could have taken money off the table and re-entered at a better price. Every person has his/her own ratio of fear and greed, and for me, greed trumps fear more often than the other way round, sigh... I have improved quite a bit...Ignored
DislikedSounds logical Torrent. If it helps at all here is how I approach the level of breathing room required. I leave stop decisions to my standard deviation channel on H1 and prevent myself from interfering. It is working for me as an ongoing trade management tool that makes its decisions on the complete price history of the trend you are riding. The good thing is that time in trend is your friend as it naturally brings you to breakeven when the trend decides. Unlike other exit techniques such as Chalkin, moving average etc. that defines the number of...Ignored
Disliked{quote} Thanks C, I'm not familiar with the deviation channel but it sounds like a useful tool.Ignored
Disliked{quote} It is really my only tool (aside from hints of a Donchian) and I have got to know it well. Anyway, thanks for the thread. Lots of great discussions in here. :-)Ignored
DislikedSomething that I have found helps, is to have some positions that are somewhat insulated from the US Dollar. Something like EUR/CAD helps to diversify my portfolio. I find this helpful in controlling how grumpy I get when the Dollar has a bad week! A poor state of mind is something I used to fall prey to on a regular basis. I'd still be trading when I was too busy or having a bad week and my trading would suffer because of my lack of concentration.Ignored
Disliked{quote} My sentiments exactly. I listen to my thoughts and try to disrupt any emotional bias...and that truly is a work in progress. That's where bots come in handy. If only they had the analytical power of the brain. Maybe not far off...... https://www.youtube.com/watch?v=UOi6v5DD_1MIgnored
DislikedWhen I trade I find my long term predictions on market direction to be quite accurate, but often I get shaken out of a position(s) long before my target has been met and then struggle to get back in and rebuild a sizable position. For instance the trends in USD/CAD and USD/JPY over the last year or so. So, the questions are simple. There are no right or wrong answers, just post what works for you. What method keeps you in for the long haul? How do you protect your floating profit? To look at a daily or weekly chart, in hindsight it's very simple....Ignored