SharePosts by paulng
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I'll have to agree with the good advise posted by the experienced traders. I must admit I have no idea where the market is going to go next, because I don't have the ability to look into the future. All I know is to react, manage my open positions, and control my risk.
For those that strangely believe they can forecast and place their over-leveraged bets with fond imagination, I'll love to win over their accounts. Hopefully this 2cents nugget adds on to the list of reasons traders fail.
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Hmm... most forums already have debates on the pros and cons, so I'll just give my 2cents worth in a very short summary.
1) EAs that are stable, profitable, and sustainable, will never be for sale. Readers should write their own EA, or collaborate with others to develop their own EAs and systems.
2) Managed accounts are definitely better than buying an EA. When choosing a managed account, the broker and websites such as myfxbook have the trade log and can match with exact magic numbers, and trace the entries, SL, TP, order modifications. So, if the system gets a lot of attention and more mon......
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Interesting topic and questions. If you get many detailed answers and insights, you'll uncover a lot of dirty secrets in the forex industry :)
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Accept the loss and plan the next trade. One trade doesn't make a trader, but one stubborn trade can blow a whole account, bring down a bank or company.
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Indeed interesting.
Raiden, you're allowed to open a PAMM account with USD 300 only?
How do other people put money into the PAMM traders without Limited Power of Attorney, and how do the traders get paid, or the PAMM managers?
Thanks for the info.
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Warm greetings Callen. Nice to see a fellow Singaporean here. To be frank, none of us here are experts, and none of us here can forecast. What we do is simply reacting with discipline. Have a proper plan that suits your personality, then stick with it. You can evaluate your performance and plan say every 3 months, and decide if your plan requires any modifications.
Once your system rides on a winning streak, your confidence will be rebuilt, but don't lose your discipline. In theory, it is as simple as that, but in reality, a lot of "human factors" get in the way. So learn to control......
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good trading :)
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Readers better not go near this broker or their collaborative partners. I had a bad experience with them. I know you'll ask for evidence, so scrutinize the picture attached. That incident was the final straw among several other issues. Date: 25 January 2011.
The stop-loss was shifted to lock in profits, but the broker did not honour it. Disconnections, off-quotes, re-quotes, etc. Cannot manually close the position either. All sorts of dirty tricks and tactics used.
You've been warned.
http://www.myfxbook.com/files/paulng/Error_Trade.jpg
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I've learned a lot from you guys, and have been experimenting with multisize concepts. It seems to me that there are 2 opposing categories to multisize a position. One expects price to breakout from a range, and the other expects a retracement after the trend or impulse.
I've the theoretical results of both prototypes on my blog, where there are no losing months in all the 10 years of EURUSD data. You can say that there are no losing trades if we regard the whole series of steps as one bundle position. The position begins with a small size of 0.1 lot, but requires an enormous capital of $10......
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Yup. great post!
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