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OnTheEdge

Member Since Mar 20, 2011  15 posts OnTheEdge Feb 20 2012 at 14:33
I would just like to offer a couple of things.

1) At the VERY LEAST you should be trading 1:1 Risk/Reward, from what you said your stops are 2X the size of your profits...means if you loss twice you have to win 4X to get back to BE...that's a fast way to the poor house.

2) Track your trading more carefully, start by adopting a 1:1 and then keep track of how far the market went against or for you in the end. So if you took a trade and made your 10 pips and the market went an additional 50 pips before a major retrace or coming back to your entry write (or track in spread sheet) that info.

Over time you may find that your SL could be widened a little to provide more profitable or your TP could be pushed out a few more pips allowing for more profit.

I have a 'Course' which has a spread sheet and example videos of how to do this so you can create a strategy/system, if your interested send me a PM and I can send it to you...no cost. Most of the course is basic BS but I personally found this section helpful.

Best of Luck

 

rlmtrader

Member Since Apr 26, 2011  12 posts Randall (rlmtrader) Feb 21 2012 at 15:33

I recommend you to read some books about the market microstructure and market making if you want to play high-probablity bounces, for example Beat the Dealer book, just google it.


Thanks for all the advice....will grab the book today.

Randall

rlmtrader

Member Since Apr 26, 2011  12 posts Randall (rlmtrader) Feb 21 2012 at 15:40

   knmtechnology posted:
I am now at the point of turning a consistent profit. Not a lot of money, but it is a profit. I have learned how to turn a profit for free. Let me suggest a couple of places to get you started.
I encourage you to check these guys out and yeah there is a LOT of noise on Twitter but these guys are the real deal. My username is @knmtechnology on Twitter and you can see my comments and charts on my swing trades there.

Good Luck with your trading...keep at it...don't give up...


Thanks for the advice....i a newbie to twitter and find it hard to nderstnad all the short language. Worht a look though.

Randall

rlmtrader

Member Since Apr 26, 2011  12 posts Randall (rlmtrader) Feb 21 2012 at 15:44

   pipmistress posted:
   Hi, I think what you need is a strategy that will only target for few pips,
my average target pips was only, 10~25pips, even small pips can give you a living especially when every pip cost $10. Try a strategy that would give you sure profit of 10pips a day, and i think it is not very tough to get.

Focus on one currency pair, and study naked trading.

Please check my blogspot, I put my strategy there and I am planning to post daily analysis there this week to help Newbie traders. With practice and understanding to my analysis, i know i can help them.


naked trading?.....no indicators, right?...where is a agood resource for that?

Randall

OnTheEdge

Member Since Mar 20, 2011  15 posts OnTheEdge Feb 21 2012 at 15:55

   rlmtrader posted:
   
  naked trading?.....no indicators, right?...where is a agood resource for that?

Randall


Look up Hector Deville, learnforexlive the course covers all the basics and advanced methods to using price action. He personally uses no indicators nor does he suggest them.

I've looked at a bunch of different courses and at this point his methods are working for me...

knmtechnology

Member Since Nov 24, 2011  6 posts Keith Mitchell (knmtechnology) Feb 23 2012 at 07:49
'Naked' would be considered how the guys that run the daily webinar trade. I'm telling you these guys spend time very morning LIVE in the market analyzing charts and calling out levels for you to watch on all major currencies. Much better than any book. Here is a link... http://t.co/L4vgtc53 look about halfway down the page and you'll see a place that says click here to register. It really would be worth your time and again it is totally FREE and your under no type of obligation for anything and the guy won't spam you. The only email I get is one from GoToMeeting everyday reminding me of the webinar and giving me a link.

OnTheEdge

Member Since Mar 20, 2011  15 posts OnTheEdge Feb 23 2012 at 10:01 (edited Feb 23 2012 at 10:07 )

   knmtechnology posted:
   'Naked' would be considered how the guys that run the daily webinar trade. I'm telling you these guys spend time very morning LIVE in the market analyzing charts and calling out levels for you to watch on all major currencies. Much better than any book. Here is a link... http://t.co/L4vgtc53 look about halfway down the page and you'll see a place that says click here to register. It really would be worth your time and again it is totally FREE and your under no type of obligation for anything and the guy won't spam you. The only email I get is one from GoToMeeting everyday reminding me of the webinar and giving me a link.


Keith,

The site is a paid for service (wizetrade.com/lp/brasil61/index.htm) is that the correct site or is the tiny url wrong?

Never mind the link to gotomeeting is in the text not the signup box...

knmtechnology

Member Since Nov 24, 2011  6 posts Keith Mitchell (knmtechnology) Feb 23 2012 at 13:28
Yeah that is the right site. Chris is the other guy I spoke about who participates as well (@brasil61 on Twitter). Here is the link that you click on in the article on the left. https://www1.gotomeeting.com/register/410314968 The ad on the right of the page is for their paid service. I don't use it and never do really hear the guys talk about it that much on the webinar. Have never been spammed about subscribing to it either...

rlmtrader

Member Since Apr 26, 2011  12 posts Randall (rlmtrader) Feb 27 2012 at 22:00

   knmtechnology posted:
   'Naked' would be considered how the guys that run the daily webinar trade. I'm telling you these guys spend time very morning LIVE in the market analyzing charts and calling out levels for you to watch on all major currencies. Much better than any book. Here is a link... http://t.co/L4vgtc53 look about halfway down the page and you'll see a place that says click here to register. It really would be worth your time and again it is totally FREE and your under no type of obligation for anything and the guy won't spam you. The only email I get is one from GoToMeeting everyday reminding me of the webinar and giving me a link.


Signed up...giving it a whirl tomorrow...thanks!

Randall

knmtechnology

Member Since Nov 24, 2011  6 posts Keith Mitchell (knmtechnology) Feb 28 2012 at 02:54
I'm sure you'll like it...Blake does a T-Chart which is a list of price points where he is looking to buy and sell. He will zero in on the weakest and strongest pairs and show you why they are weak or strong and show you where he's looking to get in. He also talks about other financial markets as well and how they influence the FX market. He got a lot of his training from Chris Lori that's why I mentioned him to you as well.

Enjoy...

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