So probably is not $200k account, just max 2k account , and he did play a lot of pairs, which sure a time bomb.
Setting of $150k account is no rush, as if the server fails to allow you open more martingale level, you are better still with less DD and only have to wait long time for it to reverse back the trend. Martingale problem is that you open to many level and not enough margin to wait for reversal.
If you have 150k, and you fail to open martingale level, still have chance and manually trade back to profit.
I know you've put a lot of effort into testing your various Martingale systems, you're probably one of the hardest working traders on here from that perspective but I really think you need to think about what exactly a Martingale system teaches about trading.
Here are some things that I believe are true about trading and good habits
1) How you take a loss is far, far more important than how you take a win. 2) Psychology is more important than technique. 3) Cut your losses short and let your winners run. 4) Don't reinforce a losing position.
So, given these, what does a system that wins by risking more and more until it does eventually lose a lot teach us about trading?
Attached is a monthly GbpUsd chart.
You'll notice that GbpUsd was 2.45 back in 1980. Would you still be waiting 30 years on for your position to reverse?
Edit: I've realised that you are talking about a retrace not a reversal. So ignore the last bit about the Gbp/Usd long term prices
11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
Well most people use martingale in a wrong way, or wrong concept.
Martingale is never meant for long term, it sure will blow on certain period.
The concept is to get high ROI in short term in range market period.
Trend / berak out market have high chance to get martingale blow, so you have to make high ROI in range market times. And hopefully the general statistic is Range market : 60%, Break out : 10%, Trend : 20%.
A $150k account might stable, but the ROI is still low, probably can last one year, but still might get blow 2nd year, so is still risky in an investment sense.
That's why I said I prefer a $500 martingale EA, that might give you 100-200% ROI a month and get blow sometimes; but overall you still make very good profit in a year using hit & run tactic by reset account to $500 every month.
Ohh.. by the way, we seem out of topic, as this is a Newbie ask for some advise using $1000, not $150k EA.
So anyone got some good Fast high ROI EA using less than $1000 ? Or is more suitable to do manual trade for newbie.
When you invest, regardless of how much experience you adquire in Forex, you have the risk of losing your money. My advise is that if you have some money to invest ( make sure this is left over money, money you can spend and you are willing to lose) go ahead and invest it. The best is to find a good EA and just go for it.
Hi. This is NOT a suggestion, and I'm NOT telling you what to do. I've been trading for 2 and 1/2 years. Learning the hard way, ups&downs way. The Demo lets you see the platform that you're using, however, you don't know trading for real, until you go LIVE. Start out with Low Lots and 2% risk. Now, I use MT4 platform and like it. My Broker is Alpari-US and my EA is not a robot or signals; it's traders. Good Luck, Noo, Best Wishes, Noo, WhooHooo, Go !!
Terrigold posted: Hi. This is NOT a suggestion, and I'm NOT telling you what to do. I've been trading for 2 and 1/2 years. Learning the hard way, ups&downs way. The Demo lets you see the platform that you're using, however, you don't know trading for real, until you go LIVE. Start out with Low Lots and 2% risk. Now, I use MT4 platform and like it. My Broker is Alpari-US and my EA is not a robot or signals; it's traders. Good Luck, Noo, Best Wishes, Noo, WhooHooo, Go !!
Believe me when I started learning forex last year I was 15 years and I didnt have money, so demo traded. Now Its been 1 year trading forex and I am 16 years old and now i found a very good and profitable system, hopefully will post the results if i have time, because now i am studying for my GCSE/IGCSE Olevel Examinations which will be on October-November. Anybody who wants the system add me on skype. My skype id is fx.aarish . It may take some time for reply because i need to study a lot. This system is good for newbies too. Any newbie wanting help add me on skype. I will help if i can for free. :) Dont use any of your money yet, because now its too fast to loose your money, wait till the time comes to loose your money. ;)
tigpips posted: just don't risk money you can't afford to lose :). Wish ya all the best.
i couldnt agree more but before u even think of going live i suggest u learn some money management techniques as to not lose ur shirt in the beginning believe me it happens... also try researching about brokers u can check those from babypips.com or review some of them in this very site plz do know where your putting ur money there were several cases in several brokers where clients had difficulty withdrawing money becoz of some hidden condition ALL I CAN SAY IS LOOK BEFORE U LEAP.....and last but not least dont go live unless ur comfortable with the trading technique u have developed in the demo.. May u succeed in your trading good luck :)
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