@Optimofx and forexpipcatcha You guys come down on people without giving them a chance to make a defense.It amazes me so much can be discussed with just a simple model of my trading system.
I am not the best forex trader.BUT AS A GOOD INVESTMENT MANAGER,i understand 3 key things you guys don't about successful forex trading that you won't easily see looking at my trading system from outside.
3 crucial things one must know to be successful in forex is this :
1. Know the Market
2. Know your self
3. Know your trading system
These 3 principles guides me in my trading and determines how my sl works for my trading.Let me explain further.
I manage my SL best with my risk management exposure on a risk/reward basis,this means if trade a $10,000 account my trade volume on such account is $10,000/4000 or $10,000/2000 depend on the currencies i am trading.Now because in forex except a market cycle is broken the price comes back to its original position and if a trader uses a wide range,losses can recuperated easily because market prices will oscillate,consolidate and many times return back to the original price,so i use a little trade volume and use a wide range for my trading scope.This enables me t take little profit,infarct just 10% per week of the equity in the account.This also permit losses to float till they return to profit and giving me an opportunity to re-enter if i have bad entry also giving me a chance to make more profit.
I may not answer all your doubts cause i know you guys are skeptic,but if you have traded gbpusd or eurusd in the past 4 years you will notice the two pairs have been a range of about 2000 max 3000 hence leaving an open trade for a while i recover my losses.and take the profit bit by bit till it accumulates.
If you must know,if a trader decides to trade $1000 and make just 10% weekly in 10weeks that's 100%,as the equity compounds 10% of $2000 for the next 10weeks brings the equity to $4000,doing this for 2years equals $1,000,0000 work the maths in your spare time as your take home assignment,and the time frame leaves room for losses even in this time.
So the world would be a better place if investors and traders can overcome greed exercising more patience to see projects come to live.just 5clients is enough to every trader if he manages it appropriately.
By the way i have my first client with $250 which i hope to upload within the next 2weeks you are free to monitor me and stop hating....The world is big and not every trader is a loser.
I am back and i hope to get my 5 clients.
Wish you guys luck and if you both need me to mentor you expect to learn a lot...Bye