Członek od Apr 26, 2011 12 postów
Feb 12 2012 at 04:35
DrVodka. you post is not clear to me....my stops atr 10 pips. Are you saying widen them to 15 pips or?
Członek od Apr 26, 2011 12 postów
Feb 12 2012 at 04:37
The Higher your TimeFrame = less Technical analysis and more Fundamental
The Lower your Timeframe = More Technical and less Fundamental
Hope this helps someone.
Metacoder.....thanks for the info. I am unsure what you trying to get across to me.
Członek od Dec 16, 2011 244 postów
Feb 13 2012 at 07:03
sorry Randall my english is not very good .. YES widen your Stop loss at list to 15 pips posible to 30 pips ...i u cant handle 30 pips SL Reduse ammount of lots u trade then , and start managing MONEY NOT PIPS ..
Członek od Feb 03, 2012 35 postów
Feb 13 2012 at 07:11
Hi, my history is like this.. the money i loose at my first year of trading was my 'school payment', then i understand that i had to respect the market.
For me this is what i finally found i love to do, (i just closed a restaurante that i had and really didnt like to work on it) I think is a fundamental part of it.
Ive been looking the charts for hours, days and months.
I just use 4 easy indicators, rsi, stochastic, bollinger and heiken ashi, few fundamental to know if there can be a spike on the markets caused of news, always entering my trade with those indicators on 1m, checking suport and resistance on 5, 15 and sometimes 30m ALWAYS ON DAILY tendency, (marked with a heikenashi candle), never against it, accept when my trade became wrong and sometimes close it before my sl.
I hope this can help cause everyone of us is learning... and i hope it is understandable, cause my mother language is spanish
Członek od Dec 15, 2011 12 postów
Feb 15 2012 at 07:24
check this websait .hxtp://www.learntotradethemarket.com i foud it very usefull . especialy PRICE ACTION strategys
Very usefull information. Thank you for sharing.
Paper trading is a good way to learn and develop systems and test strategies and EA's, but the key to success if to start trading with real cash, because real cash include a LOT of other skills that you need to have like patience for example. Or if you are having a BAD day with some emotional issues.. you better stay out of your trading platform. Or simply try to avoid recovering losses from previous trades. If you lose accept the losses and call it a day.
In my point of view you need to find a system that you understand and can actually use. But the most important thing to have in mind is Money Management, most of the traders out there try to over leverage themselves in order to get high returns, but once the market turns... they crash hard, so the key is Money Management with tight SL.
You can allways check PAMM accounts with verified broker results or third party. You will find out that following systems with real verified results will allow you to sit back an allow other traders/systems work for you. And you can learn with those systems as well. This does not mean that there will be profits on every door, but at least you will know your risks and control your investments based on real results and not fancy charts or fancy performance records.
My 2 cents.
Członek od Aug 01, 2010 104 postów
Feb 16 2012 at 01:46
You like 10 pips for stop loss, that is OK.
What you will do is to find a system were you can use a 10 pips stop loss.
By your profile you shold try to be a scalper trader.
You will use only very low spread pairs.
It´s pretty hard to back test low time frames, the MT4 platform is very limited, so you have to do it by yourself.
How that is possible?
You will find broker with cent account.
There you will test you, your discipline, your system and everything else with real money.
In a cent account one cent is equal one dollar.
If you start with 20USD your account will show 2000USD.
That is 200 microlots, it´s a very good start for test any system.
When I started there were no cent accounts broker with MT4.
Today I use TradeFort, I put the worst everything in the options, like bad spreads and lot of bad things.
Because I want bad things to happen in this account, it is a destrutive test.
If my system can make money in poor conditions, it will make money everywhere.
When the system is OK there is time to find the best broker that I can.
I like to use Forex Peace Army to see coments about the brokers before I open a new account.
A very good broker make a lot o diference.
A excelent broker is much better.
You have to study hard to build a solid ground to what you will do trading.
I am always studing and buying books.
The books I buy at Amazon takes usualy 60 days to get in my house.
Finaly I got a Kindle and that problem is solved.
Today I bought 'Seven Simple Scalping Strategies' for only 0.99USD for kindle, instant delivery.
The reviews from the readers where good.
I am not a scalper, but as I told you before, I am always studing, and if I have to become a scalper to make more money, you may bet I will be.
The book that made me start making money is: 'High Probability trading by Marcel Link (Mar 17, 2003)'
The book that told me that a very good trader may have a 70% drawdown and get back in profit was:' Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders by Curtis Faith'
Forex is hard money and NEVER easy money.
You won´t make money right away before you read it but you will become a much better trader.
The number one skill - DISCIPLINE
The number two skill - RISK MANAGEMENT
Those book will help you with that and much more.
Here in Myfxbook I have two public accounts:
Tradingboy Lab and Tradingboy PAMM.
And more two private.
One private is my cent account and the other is from a client.
I have a webpage: tradingboy.com
A very good place to study for free is Baby Pips.
I Trade You Profit. Forex is suitable for smart and patient people...
Członek od Apr 26, 2011 12 postów
Feb 16 2012 at 13:28
Thanks for all that, tradingboy....got the scapling book for my kindle. will read that today.
Członek od Aug 16, 2010 452 postów
Feb 17 2012 at 11:08
I agree and disagree with Splexin. His approach to trade daily is very valid. Price action makes all the sense. But his comments about scalpers just show that he based his opinion on the losing bunch of retail traders and robots. Scalping work wonders, but they key to know when to trade and when not to. Besides knowing how, of course.
Randall, you system sounds like a road to a poorhouse, forgive my cut-to-the-bone tone. 3 pips targets is bad even for most mad scalper, but it's much worse for a system based on 30m bars. 10 pips is pretty small too on this time frame, you will get many stop outs, but with 3 pips tp it is a madness. Look at something like 20 pips stop and 30 pips tp for this time frame. And forget about the mini-bounces, been there, done that, sometimes work, sometimes does not, impossible to build a profitable in a long run system on it.
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.
Was mich nicht umbringt, macht mich stärker.
Członek od Nov 24, 2011 6 postów
Keith Mitchell (knmtechnology)
Feb 19 2012 at 07:25
Randall, when it comes to systems, courses, gurus, webinars, books, CDs, DVDs, etc., etc., etc. I've done ALL of it. Had one of those trading courses put out by a guru. Studied it backward and forward and knew it inside and out. Installed the software on my computer that was supposed to tell me when to take the trade. I attended all of the online coaching. I LOST MONEY...LOTS OF IT!
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.
First, a guy named Chris Lori.(www.chrislori.com
) he has a lot of good resources in the free members area. He trades price action. Nothing fancy, just simple support and resistance. Next I suggest Twitter. I learned a lot by following guys there who will help you for free. Some of the best ones there are @brasil61, @pipczar, @50pips, @pipstealer_ and @tradercisco. These guys are professionals who do this for a living. They are not out to sell you ANYTHING but they are more than willing to help as much as they can. @brasil61 and @pipczar do a TOTALLY FREE webinar every day of the week. They break down the charts and show you what they are looking at and where they are looking to place trades. Watching a professional dissect a chart will help you more than any book you will ever read. They are very methodical and very easy to understand and you can shoot them questions through Twitter and they are glad to answer. From watching and learning from these guys I went from a trader looking to make 10-20 pips on all trades to going for no less than 150-200pips on my swing trades. I am in 2 swing trades now...one I opened on Dec 26th of last year the other I have been in for 3 weeks I trade these on weekly charts. @50pips does a webinar on Sunday afternoons where he goes over what he's looking for during the next week. He has different mechanics than the other 2 but it is still support and resistance.
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...
Członek od Sep 05, 2011 2 postów
Feb 20 2012 at 12:43
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.
Always use common sense