My Forex Prediction using Advanced GET - page 76
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Hi, Sanat:
Happy to hear you have enjoyed reading my articles and others in this forum and hope you find them beneficial. Use whatever ideas that are useful and forget those ideas which are not useful. Fine tune those useful ideas and repackage them into a new package of your own.
At the same time, sorry to hear you have lost all the profits you have made during the past few months.
Once you become a proficient trader, you will recover these losses over time. No big deal, Sanat, and you will turn out to be a winner.
GreatYves has given a very good advice in his reply to your posting – so, listen to it well and practice it. It will make you into a better financial trader.
One of the first things you have to learn is: you cannot do any trading unless you know the “rules of the game” and “how the game is played”. And meanwhile don't depend too much on others (including myself) for their predictions – they just do not have the “magical powers” to tell the market what to do just because we study the chart patterns. They share with you their opinions only.
My advice to you is:-
1.READ, READ and READ as much as you can on forex trading and see which trading system you like most, based on your fundamental/technical knowledge, preferences and prejudices. Back in July or August I did a posting to show the criteria I use in selecting a suitable trading system for myself.
2.Then PRACTICE, PRACTICE and PRACTICE what you have learned on demo accounts first to see how it works out.
Regarding item (2), there are 2 questions that I have always asked myself:-
a) If on a demo account, you cannot even make a single cent, what makes you think you can make money on a live account. Do you open a live account just to get the feel of trading “live”?
b) On the other hand, if on a demo account, you can make paper money, what makes you think you can also make money on a live account?
If you can answer the questions as honestly as you can, then you are better equipped to know when you should start trading “live”.
Sorry to have put these words in such a “stark” manner. We have to be aware of the traps in the real world of forex trading. If we are not careful, we will be slaughtered mercilessly.
Kenneth
thank you for quick response! to my amazement I got both open this morning, and I follow your HOW TO USE GET doc. And every is alright now,
thank you.
plz never what you promise to send to michael--about HOW TO USE ELwave doc.Hi, Mgrade:
Attached is the file containing the procedure for converting forex csv files from MT4 to Elwave format.
Feedback: Shall be glad to hear from you whether this conversion is successful or not.
Meanwhile, it is important you read up their User Guide manuals to get the most out of these softwares. The more you are familiar with the User Guide and the softwares, you will find them to be your companion when you do your technical analysis of the currency pairs.
Regards
Kenneth
hi
hi,
kenneth sir and GreatYves,thanks for your advice and i'll surely follow it.and am working on scalping strategy with target of 50 pips per day and it is going fine.and where can i get thr GET software?i searched it but did not find it.looking forward to explore that software.
thanks and regards
sanat
hi,
kenneth sir and GreatYves,thanks for your advice and i'll surely follow it.and am working on scalping strategy with target of 50 pips per day and it is going fine.and where can i get thr GET software?i searched it but did not find it.looking forward to explore that software.
thanks and regards
sanatTry Google Search ie https://www.google.com; Just type "Advanced Get software". It gives you a screenfull of websites. Take your time and choose any one of those sites until you get the right one.
Joe
As per this morning's postings, I did two trades viz:-
USDJPY: Sold at 90.33 and Bought back at 90.42 making a loss of 9 pips or US$99.54;
GBPUSD: Bought at 1.6586 at GMT 1:27 and Sold at 1.6677 at GMT 10:17, making a gain of 91 pips or US$910.00 within 8 hours 50 mins.
Total gain for the day - 82 pips; Risk/Reward Ratio: 10x - minimize your loss and maximize your gains.
In the case of USDJPY, when I saw prices are not moving the way as per the charts, I quickly cut off the trade thereby minimizing my loss.
Later shall attach details of transactions.
KennethI just looked at the USDJPY chart that you had posted on the 13th morning, before reading this post and thought to myself that the counts that AGET was showing is not correct. There is no X wave correcting the double zigzags. We cannot have ABC-ABC. It has to be ABC(W)-X-ABC(Y). Are we likely to see another leg of ABC then? Have to wait and see.
hi
hello,
GreatYves sir and kenneth sir i wanted to know what you people usually keep your stop loss?how many pips?
thanks and regards
sanat
hello,
GreatYves sir and kenneth sir i wanted to know what you people usually keep your stop loss?how many pips?
thanks and regards
sanatFor me, Sanat, I am a day trader. As my Risk/Reward Ratio is minimum 2x and I look for a Target Profit of at least around 30 pips, therefore my Stop Loss is around 10-15 pips. I am quick to take my loss as minimum as possible within this r/r ratio.
Hope this will help you.
Kenneth
hello,
GreatYves sir and kenneth sir i wanted to know what you people usually keep your stop loss?how many pips?
thanks and regards
sanatOn my part i am a position trader, my stop can easily go from 50 to 100 pips or more. But if my stop is hit my maximum lost is always calculated as acceptable. Usually 3%. I can always calculate my position size precisely by trading at Oanda, not like MT4 fixed 0.01 lot size.