about to throw the towel into the ring - page 2
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I use a 10 pips stop loss, but I day trade and my usual max profit is 5 to 30 pips a trade. I would say I average about 10 pips a trade.
I assume you are taking momentum based entries rather than trying to identify turning points ?
I assume you are taking momentum based entries rather than trying to identify turning points ?
Exactly.
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
that 's a nice performance but i am curious how do you manage your capital when your making some nice profits. For example normally you use 10% of your total equity for a trade but after a few succesfull trades your total equity increases 30%. Are you still trading with your 10% of your total equity or are you still trading with the "old" 10%?
I see a lot of problems with your trading. the biggest is that you are afraid of losing the money you can't afford to lose and thinking your gonna make millions. Even larger is that system is lowsy. I don't know much about the Kolachi bs but I do know that if a guy has to sell it; there is a reason he's not doing it on his own. the "i want to help you out of your wallet" crowd is all it appears to be. WMA averages -- ha ha ha ...Monday morning quarterback stuff. See look over hear. That would have been a good spot. Yeah right, try that in live time.! Most folks can't see past the next bar. that includes myself.
Also, no disrespect, but you are several years from being a even a reasonable trader. Your gonna need to start at the very basics of trading.
Try linda rascke to start. Just to get your feet wet. At least you will have a good understanding of technical analysis.
I see a lot of problems with your trading. the biggest is that you are afraid of losing the money you can't afford to lose and thinking your gonna make millions. Even larger is that system is lowsy. I don't know much about the Kolachi bs but I do know that if a guy has to sell it; there is a reason he's not doing it on his own. the "i want to help you out of your wallet" crowd is all it appears to be. WMA averages -- ha ha ha ...Monday morning quarterback stuff. See look over hear. That would have been a good spot. Yeah right, try that in live time.! Most folks can't see past the next bar. that includes myself. Also, no disrespect, but you are several years from being a even a reasonable trader. Your gonna need to start at the very basics of trading. Try linda rascke to start. Just to get your feet wet. At least you will have a good understanding of technical analysis.
True i am afraid of losing money not that i cannot mis it but a loss doesn 't make you happy. The part of being afraid losing money kept my profits low. The part of making millions is bs imho my plan was and still is to make decent profit from month til month since i am a parttime trader.
Another point the kolachi method is for free and didn 't cost me anything more info (https://www.mql5.com/en/forum/194395).
Thnx for pointing my out to the website of linda rascke allthough you might not say it my knowlegde of TA isn 't that bad. For some years i played the stockmarket with succes trading breakout/bounce plays etc but last couple of months are volatile and i started playing the forex market but that 's a hole different level of playing. Where in the stockmarket you can get away with little moneymanagement the forex market you have to have good moneymanagement as Oilfxpro pointed me out,
for example leverage, expectany and riskmanagement etc etc.
Atm back to papertrading and making my tradingjournal in combination with to proper moneymanagement but i am not an excelguru but i'll manage
I believe the most important should be not to risk the money you have if you’re not sure of what you’re doing. If you haven’t analyzed what can go wrong it is better for you not to bet, I guess you have learned it from your experience, now you know you should’ve trained with a demo account for a long while before you started putting real money on Forex Trading, even more taking into account the current market’s situa
Here’s something interesting about not getting what you expect with Forex trading, it is a thread I found on a different forum: 383-the-4-steps-to-forex-hell | General-Forex-Discussions | forums
I believe the most important should be not to risk the money you have if you’re not sure of what you’re doing. If you haven’t analyzed what can go wrong it is better for you not to bet, I guess you have learned it from your experience, now you know you should’ve trained with a demo account for a long while before you started putting real money on Forex Trading, even more taking into account the current market’s situa
True, before trading the forex i traded the stockmarkets with bounce and breakoutplays which require less moneymanagement. With that mindset i start trading the forex after a short papertrading piriod and got a loss of 2000 €. Since i wrote this thread i followed the advise that has been written and started some studying in moneymanagement and setting up a tradelog towards the zone!!
True, before trading the forex i traded the stockmarkets with bounce and breakoutplays which require less moneymanagement. With that mindset i start trading the forex after a short papertrading piriod and got a loss of 2000 €. Since i wrote this thread i followed the advise that has been written and started some studying in moneymanagement and setting up a tradelog towards the zone!!
Hi, let me show u my trading method.
I only use fibs and price action. No indicators needed.
Google TheBigPicture.pdf You can find it in kreslik.com
Read pages 8 and 9 (that is where the meat is).
This is what I do:
1. On the 1H timeframe I place fibs from highest to lowest point you SEE.
It might be 20 candles or 30 candles or less. Just look and u will see an immediate high point and low point.
2. Zoom into the 5 minute TF.
3. Wait for price to approach a fib level. Place a limit entry on the FIB in the direction that Price is going.
4. Don't use a stop loss. Use a mental stop loss of -20pip (orwhaterver u feel comfortable with).
5, Once trade is positive get +5 pips. Or if u see that PRICE is moving in your direction stay in and place a trailing stop.
I have been doing this for several months on real accounts. I only trade the GBPJPY cause it moves alot and gives me the best chance to catch pips.
So far these are my results:
70-100pips/day
4-6 trades/day on average about I last about 30 minutes.
You MUST WAIT!! Sometimes price is just there, sometimes it takes time to reach a FIB.
IF YOU MISS THE ENTRY, EVEN IF BY ONE PIP DO NOT GET IN, let it go there will be another chance.
ALSO DO NOT GET IN EARLY!! Use a limit entry to fix that problem.
Try this on demo... STATS should show that the longer you remain in the market the more likely you will LOSE it all. This method can be considered scalping in the beginning, but as you get experience and U SEE price you will remain longer and get more PIPs. Plus u will not be in a trade for long. That is one edge that is in your favor... the less u spend in a trade the more chance you have of keeping your profit.
My Money Building technique is like so.
Pip value = account balance/400.
Calculate your pip value each time your account grows.
The idea is that with this method you should have very little loses. (In my case just this week I have only had 2 loses (40pips). If you are patient and follow price the odds of you have 10 straight loses will be remote. If you do have 10 strait loses then you are looking at losing half your account. You will still be in the game.
Hope that helps.
Check out the Never Lose Again thread. There are other simple ways to trade. Trading is not difficult. What is difficult is our ability to learn something new.
Jess
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
Xmess... you know you don't have to lose...