about to throw the towel into the ring
how hard it may sound (for me) you 're totally wright.
Will start the demo with a log
I am using the kolachi method as trading system and use an 10 pip stoploss.
I'm not familiar with the Kolachi method but 10 pips on a 10 minute chart seams like a remarkably tight stop to me.
Do you manage the stop to lock in profit ?, and if so what size of stop are you using ?
I'm not familiar with the Kolachi method but 10 pips on a 10 minute chart seams like a remarkably tight stop to me. Do you manage the stop to lock in profit ?, and if so what size of stop are you using ?
Since had a small amount (see above) of money i tried use a small stop of 10 pips on an order of 100000 eur/usd with leverage 1:50 and margin of 2,5% i needed 2500 on my account. for an entry i used the 1 min chart and playing the 10 min chart when the slope of the wma5 turned up. True i used a tight stop but i realised i made some big faults thinking you can playing the 10 min with that amount of money (100000).
Als i was "scared" when having profits and the price went down i had to take profits to protect a rule "never let a winning trade turn into a losing one"
started a log for my demo account
also setting up an list of rules and perhaps i will make a blog overhere for myself and perhaps some traders new to the forex.
Did Kolachi teach you to use a 10 pip stop? Have you ever heard the following?
nope i used a stop of 10 pips to protect my money since i was using more that 60% of my money on margins.
You are playing a game of fear fear fear of losing your money.In fear you put the stops too close to be safe.You are overtrading /overleveraged Your game plan/trading plan needs to be rewritten
Thnx for your advise oilfxpro
will rewrite my trade plan and also start to papertrade for a while.
In the meantime i will read some money management papers like this for example Forex Trading | MetaTrader Indicators and Expert Advisors - Money management - Money Management
If anyone has some opinions about moneymanagement feel free to discus.
made an easy excel file to calculate some some basic figures like below.
I attached an excel file in a zip file for the one who like to use it, it 's very basic but i trie to add some more
totaal equity 2800
leverage 50
trade equity 300
margin 2.5% 375
risk max 2% 56
max risk in pip 37.33333333
1 lot 15000
1 pip 1.5
no i am not trading for a while, going to papertrade first for the next couple of months.
interesting url 's btw
also trader mike shows some trading journals on his website nice addons for me own
You will definetily get your money back,though I can't say in which year,life or month or after have many blown demo accounts.Some traders take 7 to 10 years to become consistently profitable
money will be back with stock investments but i want to make (trading the forex) this work.
LL My minumum stops are 50 pips with an average of 60 on euro usd.I do not day trade.I use 6 expert advisors . This saves me from stop hunting brokers My systems make 10,000 pips a year on average
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Hi Guys,
About to close my account but i am giving it on last change with hopely some help from you guys. I will explain what went wrong:
I started with 5400 € but atm 3400 € are left, the main reason why is amount taken a dive is i let my losses run and my profits were tight. After a while i realised i need to start using stoplosses but my timing is very bad it looks like. Most of the times my stoploss has hit. After playing the 1 min charts i started playing with the 10 min chart in combination with the 1 hour chart. I am using the kolachi method as trading system and use an 10 pip stoploss.
My broker has an levarge of 1:50 and a margin requirement of 2,5%.
Perhaps someone can advise me! I think the entry method needs to change and perhaps my trading method aswel.
Thnx in advance