This was indeed a good call. Good calls build appetite for a signal service. Soon you'll need a better name for the signals. Like .. Milking the Market? Or Currency Chemistry? No, wait. Here is the best: The Tao of Trading. Yeah, keep it up! 😁
speki posted: This was indeed a good call. Good calls build appetite for a signal service. Soon you'll need a better name for the signals. Like .. Milking the Market? Or Currency Chemistry? No, wait. Here is the best: The Tao of Trading. Yeah, keep it up! 😁
I was actually VERY surprised that the price actually went to where I predicted.....that's pretty wild.
Yes it was a good call, but not exactly a perfect trade. Around 03:00 there was a huge bullish engulfing candle (news...I think) that would've given warning to what was to come. Had I been in the trade, I would've moved the stop loss closer ('just in case') and also moved the target to the nearest Pivot Point (1.4245). This is not just hindsight speaking, either. All in all, you would end the trade with 80 pips, though I'm sure most people would've exited once they bagged 50.
So not as great a trade as I would've hoped, but still OK. I find it amusing that in following the price projection/prediction you actually could've made more money on the way UP to that point (over 250 pips if you were in now) 😁
Ah well, we keep marching forward. I am currently in a trade that is finally rolling over, looks to be in favor. Not really keeping too much focus on Signal or live accounts this week, since the contest is coming up 😉
I will come up with a more creative name once I have some serious real cash and not just monopoly money......lol
Had my first loss in awhile on the Signal account. Guess I can't win them all! 🙄
This evening has been a rollercoaster for my live account. Lost $40, went in the red $30 more on another trade, and netted $1.40 after getting in on a EUR trade and closing my -$30 trade....should've stuck with EUR trade as I would have 10% profit now. Though I am thankful to not have another $30-40 loss, I kicked myself for chickening out when price was obviously continue the rally 😳
And on top of all that, once again the prices avoided a Limit Order by one pip, and the trade is now in favor.
Dammit, this is what happens when I decide to sleep through the European session. Price went halfway to target, which I would've gladly took profits with, but instead retreated and hit my stop loss. fml
Yes EUR/USD will likely continue fall. Price rejected at major 61.8% Fibonacci level on broader scale. I had Sell Limit orders open on my signal account but they were never hit. Will be looking to sell rallies, that is also consensus on IFR feed.
aboutera posted: I hope so Mr.Splexin I kinda lost a big heap today for in this bearish day 😞
If you lost a 'big heap,' then you should probably reexamine your money management strategy. On my signal account I risk no more than 3% and on my personal real account I risk no more than 2%, winners target 4-6% per trade. Because of my MM strategy even if I only win 3 trades and then lose 5 in a row (which I have!) I can still remain profitable.
When I started out in forex I would risk upwards of 5%-10% per trade and despite winning big at times, it didn't take long before I finally got wiped out. You have to realize the possibility of losing 10 trades in a row. If you risk just 2% per trade then even if you lose 10 in a row, you still have 80% of your account.
Using a stop-loss is also a MUST! Even if you trade daily charts, you should still utilize a SL and MM strategy. So on a $5000 account, if you wanted to use a 100 pip stop loss for Dailies and 300 pip target then your position size would be 0.10 (10,000 units). Risking just $100 to gain $300 and with a substantial SL to protect your balance. I don't usually trade Dailies....I trade Hourly...but my stop loss is usually 30-40 pips with a target of 100 pips. When I trade 5 minute chart my SL is 20 pips and my target is 40-50.
Your profile says that you have less than a year experience.....I guarantee you that if you learn strategic money management FIRST then you will be much better off. It doesn't matter how good your trading system is if you can't protect your capital against losing streaks and other things of probabilistic nature.
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