I hope you compensented your loss with winning pairs, thats what I do in these cases.
Monthly Profit - Daily Trading using SMA
- #342
- Edited 7:26am Aug 11, 2016 6:22am | Edited 7:26am
- Joined Jan 2015 | Status: Trader | 1,533 Posts
{quote} Didn't see other pairs coming available meeting the criterias. So no, unfortunately all three positions I entered using that strategy have been losers. But will keep my eyes open.
- #344
- Edited 5:08pm Aug 11, 2016 4:21pm | Edited 5:08pm
Todays opportunities:
AUDNZD:
USDCHF:
USDJPY: * Caution! Seems weak / sideways. Might be going up to previous days candle highs only. USD news event at 08:30am EST however might cause USDJPY to become bullish if USD gets weaker. *
AUDCAD: *Caution! Might be an opportunity. Didn't break SMA yet. *
AUDNZD:
USDCHF:
USDJPY: * Caution! Seems weak / sideways. Might be going up to previous days candle highs only. USD news event at 08:30am EST however might cause USDJPY to become bullish if USD gets weaker. *
AUDCAD: *Caution! Might be an opportunity. Didn't break SMA yet. *
- #356
- Aug 13, 2016 2:36am Aug 13, 2016 2:36am
- Joined Nov 2008 | Status: Trader | 2,141 Posts
{quote} I have multiple accounts with FXCM, OANDA and Forex but I like to take postions at 5 PM EST and 12 AM EST.
Hi BK8
thanks for sharing KISS (keep it simple and smart)...
Did you consider equalizing your postion risk?
Since you have an OANDA account, you are free from lots..(1 unit is your lot)...So you can calculate, trading from the OANDA plattform (and not OANDAs Mt4), your risk to stop exactly, varying your position size accordingly.
Say you want to risk 20 $ on every trade, then you would be selling maybe 30 EUR/USSD, and buying 45 USDCAD....etc, but every initial stop trigered would render exactly the same $ loss.
That way, you play the math exactly, then you can consider your initial risk as "R"...(any risk percentage of your account), ...as your profits increase, you may want to compound and increase your risk gradually.
BTW: OANDA is not my "private friend", they are as crooked as any other bucket shop, but they do offer trading free of lots...and trading daylys you might avoid most of their tricks!!!
Besides all these advantages, you can easily calculate your R averages, and have a profitability index (expectancy), of the system,
...meaning: if you end up after a number of trades with an expectancy of say: 0,5 R (this is very very good), it means you wouds make on avearage, 50 cents per dollar risked...After that, your road to millions would only be limited by the amount of times you play your ball..
As time passes, you can always read your R expectancy and monitor the "health" of your system...if it turns out negetive...then something went wrong..
Sorry for the long reply...
All the best...
- #357
- Aug 13, 2016 3:11am Aug 13, 2016 3:11am
- Joined Nov 2008 | Status: Trader | 2,141 Posts
{quote} Thanks Haryanto.. but to be honest you.. I think you can easily guess sideways once second candle reverses.. I like to stay away from sideways
The markets trend, then they chop, then they trend,randomly...
Some of the biggest moves occur after (a random ) period of chop...
Random periods can be measured in history, say with fibonacci time counts....where one could expect a "high probabilitiy" of the chop to be "close to ending"..:nerd:
People tend to ignore stop runs by the Big Boys...stop runs (liquidity pools as they call them), are created to fuel large moves...manipulation is seen before most of the swings...including dayly charts... (massive on daytrading)....just look at any chart, spot the places where you could imagine all retailers have a stop...see how often they get triggered by a couple of pips, only to fly away in the original direction...without the retailers who pay for the move.
THEN, if you see a stop run a few bars before your entry, this "could indicate" the beginning of a swing...how long?...again...random or according to the Big Boys manipulation plans...
- #360
- Aug 13, 2016 6:42am Aug 13, 2016 6:42am
- Joined Nov 2008 | Status: Trader | 2,141 Posts
And last but not least...just to have traders drooling over the weekend...
If you have "only" 50 winners.
If your winners, on average, double your loosers.
If you get 20 trades a month and risk 1% per trade.
THEN:
you should make, on average 0,5 % per trade.
1000 U$ initial capital
After 4 years makes aprox. 120000 U$
After 9 years makes aprox. 2 385 9613 U$ (a bit more than 2 million)..
The power of compound...
Enjoy your weekend.......
If you have "only" 50 winners.
If your winners, on average, double your loosers.
If you get 20 trades a month and risk 1% per trade.
THEN:
you should make, on average 0,5 % per trade.
1000 U$ initial capital
After 4 years makes aprox. 120000 U$
After 9 years makes aprox. 2 385 9613 U$ (a bit more than 2 million)..
The power of compound...
Enjoy your weekend.......