Posts by Chikot
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Everything depends upon what you mean by long term? If say 1year + I can say I am , but I have nothing to prove and I am trading my own funds now But I know few guys who have been making money consistently under very serious scrutiny on risk control side and also few independent guys who have been profitable by trading manually for years.. I know also guys who use algos, but they watch those like hawks and it is their own made algos based upon how they trade and they test and retest and make changes constantly. it is not exactly EA in package with red ribbon which is being discussed here.
You know the answer yourself. Your average win is 4 times smaller than your average loss... Your results on myfxbook mean nothing at all. Your risk control is not good. Just look at your draw downs. Make sure that you trade in disciplined manner and with proper r:r playing from defensive and you are not losing money on demo, then go live. Set daily loss limit and abide. be disciplined. Then after you are not losing money after all this you can go live. Otherwise you will lose money for sure.
I would not trust EA. It cannot adjust and market is not that perfect not to mention going through various cycles. Experienced trader with self control will do better than any EA especially on risk control side... Also, how can I trust EA if I cannot trust even my internet connections... The less things one has to rely upon the better. KISS....
I did not dare to deposit more than $1000 before I made sure that I am profitable long term and have low risk. Usually 10-15% DD would make me stop trading and withdraw. Can check my last results at FX. it was some 2 years ago. I stayed on demo with Topstep since November 2012 till July 2014 when I got funded by them. I also opened my own futures account a month ago. wanna know what my max DD was? $100 on my account and $150 on their with $12.5 size per pip. 2 years ago i would blow account with this size faster than i would say noodle. it takes lot of work and time. I also had only one los......
I am not interested in 4%. How much capital you need to have to make a living from 4%. Strategy by itself is nothing. Why so many accounts are blown? Because no strategy works at all times.... but traders cannot take those periods that strategy is not working , start meddling with strategy or take more risk martingale as you say and so forth and blow. The truth is that markets are basically spasmatic and they change all the time but those changes are cyclical. Therefore to have long term success trader must be consistent but have limits to make sure during those bad times he loses as little......
Why are you depositing money if you cannot control yourself? if you think it is markets that did it to you you are solely mistaken. It is you. The problem is you are not in control of yourself, have no plan and lack discipline to trade. I would also add you probably should look at another markets to trade rather than FX and do so firstly on demo for some considerable time until you can do it with complete discipline and low risk with fake money and profitable at that. Then you can open real account. I would recommend futures but again, after you have low risk profitable plan, follow it to the......
The issue is, there is no safe 4% :) Everything can happen. Must be on our toes at all times.
"Just Oil" In Experienced Traders Oct 24 2014 at 20:08
[quote]alexforex007 posted: Oil keeps dropping and hurting the Canadian Dollar. Inflation in the Eurozone may have difficulty rising if crude keeps falling.[/quote] Ah, it will go back up. Sweet light crude cheap to produce is history. Many existing projects and those coming online depends cannot be viable if price is below $70 at the very least. That includes Canadian sands. Fracking doubtfully is profitable even at $100.
"Just Oil" In Experienced Traders Oct 08 2014 at 18:56
It's been long time. Been busting my balls and working relentlessly on my trading. If I could I would rename this thread into Just Beans. I have not traded live since my last post but was working to develop my plan and myslef as a trader. Time has come to put my money where my mouth is. Building my account to start making living from it. No FX. it is Futures.
Every trader can have losing period. it is how he controls his losses and himself during losing period that matters. [quote]steveh2014 posted: Just to add to my last post I still do not understand why so many in last 2 months have blown their accounts for if they buy low and sell high as VN says then when USD is strong buy USDJPY? All the traders I follow have good track records and are in the top 10 or 20 of myfxbook - yet almost all of them every day for last month and a half continuing to this day are losing... [/quote]
Corporate Service Price (YoY) (18 min)
EUR/JPY bears threatening 132.20 target ...(5 min ago)
EURUSD 1.09773 GBPUSD 1.54745
USDJPY 121.553 USDCAD 1.23142







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