Hello, back here again to thank you for your fantastic work to teach, thank you a lot, at the time I am increasing my wallet due losses because once I did not fixed the STOP loss, I am learning time to time, and studying in tecknik on Long Term based on Day 1 candles, by the way I am doing good on news of 3 bulls importance, I have printed the economic calendar so I have a kind of guide.
Not everyone knows how to use martingale to FOREX.... 1st need to use a pair with not a high volatile 2nd Always much attention to economic calendar and try to stay out in important news for the pair 3rd Has to have big balance and use mini lots to start like 0,02 and 10 pips of TP only.
Well...and much practice working with Mt4....i use this system and i'm with 49% profit against 8% of drawdown.
I gess sometimes 10 pips is too far away. Martingales are all the same, just like a tiger puppy, you will never know when it's going to bite you.
in reply of your kindest post, I must admit that as you know I am learning on Long Term technik, means based on teen, inversions and mobile medium at 21 days, I get in when I see a PIN or an inside shape. In my life I am an accountant with normal job and try to increase a little bit my knowledge about forex. Following also your precious advices.
I could't much understand your strategy, but it's not that matter. What matters is that if it works you should follow it, when it starts not to work, stop trading, until you change your strategy. Always remember risk management is the key, always precalculate what you are willing to lose.
Although my technique is based on EW Theory, I read a lot about the markets and try to make sense of it. Also follow central banks policies to make sense about long term flows. I follow about 30 currency pairs and indicies but trade only those that have better chance for success. It is important not to overtrade.
NZDUSD behaving like a 'good pet', just as predicted. I am expecting first target to get hit on Wednesday then I will trail the stop on (b) wave support.
As you may note I'm quiet bearish on USD. That is based on my fundamental view, but that is not the end of the story. On technical side I was bearish vs. EUR and CHF, they did not behave like I wanted so I switched to NZD and that was a good idea. The lesson is that a trader should trade when technical and fundamental analysis are aligned.
Also I would like to add, I am bearish USD on every pair excep JPY, CAD and AUD.
This is a strategy on 4H Gold that I posted on 7 December and current chart. Just wanted to note how powerful EW Theory is (and why I thought for some time it might be black magic). Notice how accurate was predicted wave structure, support at 1,178 which was tested and retracement above 1,250.
I'm thinking about posting a trade setup later to short Gold, let's see. For now I will go out and have some fun. Cheers.
you are very professional and very kind to explain your best strategies and because of your kindest mode you are always the best welcome. I explain my studies, the course I am interest in and the books I am reading are based on 2 strategies.
1) it is called Long Term, following the trend, based on Daily candles, I buy or sell on a retracement based on mobil medium Ema at 21 days and Ema at 100 days.
2) trading on news at 1 minute candles.
I'll read again all you posts on saturday and trying to learn more your strategy.
1. Can you explain more detailed your strategy. If possible add a chart. I'm more interested what is your entry, how it is signaled, SL and TP. If you can do so, then I will write about my opinion.
2. I would advice to avoid news. Expectation is always priced, so when you trade the news it is too late. Also on news brokers widen the spread so you will make only the broker rich. Also will not advice to trade on 1m chart. 1 min is just noise, nothing there to know the behavior of the market. I trade on 1H chart and would not advice to trade in less than 15min chart. The higher the cart, the more history it contain, the more are the chances for success.
I have to say the strategy you use is a good one, the only problem for me is to understand the EW theory since there are no books or courses in dutch i have to read a book more than twice to get familiar whit the theory.
The biggest problem i have is to find the first wave (as you see i am new in forex) so i have to learn a lot.
Do you have any advice for me to learn and understand the theory in a good and simple way, please understand i not give up on forex and want to learn, i don't paper-trade because the feeling is no good for me so i trade a microaccount whit only a few bucks so if i lose it is only a few dollar :)
For the moment i trade whit the Ichimoku but .....
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