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Hello everyone,
                      I have been paper trading for some time now, and I have finally gone live today. I would like to use this thread to speak some of the formations which I trade and why I do so... Have a look at this formation below...





 Doesn't it look like 'Italy' ? The move down creates what looks like a 'leg' and the accumulation prior to NY market close makes what looks like a 'foot'. Now if you find the same formation on your 5m or 15m of any pair, what happens next?

10% in 2-3 days... Mate, better keep 'paper trading'. I see you gain 3-4% on 5 pips... This will 99.99% result in a blow up of your account.
I want to warn u before it's too late. Better take your money out of your account because you will loose it all. I know this sound hard but u are the 1000's Myfxbooktrader with a 'get rich quick' mentality and will end up with big losses.

I wish u all the best but better read some stuff about risk management and trading psychology before going on a real account. Try to develop a system and be disciplined. Only then you might have a chance to survive in this fx world.

SteadyCaptureFx posted:
10% in 2-3 days... Mate, better keep 'paper trading'. I see you gain 3-4% on 5 pips... This will 99.99% result in a blow up of your account.
I want to warn u before it's too late. Better take your money out of your account because you will loose it all. I know this sound hard but u are the 1000's Myfxbooktrader with a 'get rich quick' mentality and will end up with big losses.

I wish u all the best but better read some stuff about risk management and trading psychology before going on a real account. Try to develop a system and be disciplined. Only then you might have a chance to survive in this fx world.

Thank you very much for the advice. I take it that your advice is being passed on to me, based on your personal failures. 3-4% profit on 5 pips, should be acceptable as long as you are willing to risk the same amount. Many people risk 1000% less per 3-4% and still manage to blow their accounts. The system which one trades is much more important then money management.

Mate, there is no holy grail & get rich quick way in this market. Do your homework before you enter the fx market with real money. Ofcourse u can train with a small amount because a demo account isn't good because you have a different mindset in demo trading compared to the real thing.


'3-4% profit on 5 pips, should be acceptable as long as you are willing to risk the same amount. Many people risk 1000% less per 3-4% and still manage to blow their accounts'

Normally when I read this kind of bullshit I wouldn't even comment but I want to avoid you losing all the money on the account. Better invest the 1800 in a mentor, tradingbooks,... that will be a better investment than the 'casino' u are now running. Believe me on my word, you will blow up your account if you continue trading this way. What will you do when you have a losing streak with 3-4% risk per trade on 5 pips? It's 'insane'...

'The system which one trades is much more important then money management.'

I disagree with @HolyGrailPTY. Listen to what @SteadyCaptureFx says.

Imagine that I use a coin toss strategy to trade - it is such a shitty strategy with 50% chance of winning. However, my wins are twice as big as my losses, and thus I make money in the long run. This shows that money management is the key to success, and this is what our firm strongly believes in.

Thank you very much for the advice. I take it that your advice is being passed on to me, based on your personal failures. 3-4% profit on 5 pips, should be acceptable as long as you are willing to risk the same amount. Many people risk 1000% less per 3-4% and still manage to blow their accounts. The system which one trades is much more important then money management.
100% true what SteadyCaptureFx said here...sorry but honestly, You wont survive long with this kind of thinking. That last thing You said 'that system(or strategy) is much more important than Money management' is exactly the opposite. Money management is the key, with good MM even not the best strategy can make profit. it dont work opposite. Byut U look like U need to wipe Your account now :-) A did that twice till I found out...

I really would like to thank all of you for posting useless banter on this thread. The purpose of this thread was to speak about trading formations, and not theory based on someone's belief of what has happened to them will happen to me. Many people stride for longevity, when the reality is that goal isn't something which is realistically obtainable. Even if it were, the reality is not blowing your account in 4 years, but never having withdrawn or even been in profit, within that same amount of time makes the 'longevity' claim pointless.
 
 If I take a trade and close in profit for 3-5% for x amount of pips, then MY reality is I am basing that trade on where my stop loss is. Many people criticize, without even having a foundation on what to attack. @SteadyCaptureFx doesn't even have a live account posted, yet is giving me advice about how it is to trade, and speak about my trade/money management as if he has any idea as to how I trade.
 
 As for @Shneck he is another 'DO AS I SAY, AND NOT AS I DO' but he has no account to show us what he has done. He also believes that money management is much more important then the system which you are using. Well the reality is how can you manage your money or trade, if you don't have a plan on how to even go about entering the market? Most of you guys, based on the accounts posted, minus @Shneck and @SteadyCaptureFx because they don't have one, think that risking a small amount of your account (money management) is the way to go. You try to pick tops and bottoms, and when you fail, you end up opening fresh positions, which is based on your bias to the floating loss. Basically you are avgín your position, instead of respect the laws of price action. So for you guys to think money management is much more important then the system you are trading, I would advice you to rethink that theory. Do you think dating a women who is 'HIGH MAINTENANCE' will change her way of being because you have a plan on how to 'MANAGE YOUR MONEY'. Of course not! Her behavior is a given, just as the market's behavior is a given. Your money management in no way shape or form will change the behavior the market. Once you grasp how the market works, then you create your money management around that, thus making the system the key.
 
 If you don't aim for accuracy, which almost no one does here, then of course you won't risk .01 - 1% of your account per pip. Yet, if your system is based on accuracy, then your money management will reflect that.









 

 

Go ahead man :-) just wanted to share my experience. Find for Yourself, if it will go well for You in the longer term. I wish You good luck mate :-)

HolyGrailPTY posted:
 Hello everyone,
                      I have been paper trading for some time now, and I have finally gone live today. I would like to use this thread to speak some of the formations which I trade and why I do so... Have a look at this formation below...





 Doesn't it look like 'Italy' ? The move down creates what looks like a 'leg' and the accumulation prior to NY market close makes what looks like a 'foot'. Now if you find the same formation on your 5m or 15m of any pair, what happens next?

Nice title.
I do not see any edge here, just beginning trader...

We are in a strong Dollar environment but with little News out this is just a trappy market. Watch out for false breaks out where the big boys can get you upside down fast.

togr posted:

HolyGrailPTY posted:
 Hello everyone,
                      I have been paper trading for some time now, and I have finally gone live today. I would like to use this thread to speak some of the formations which I trade and why I do so... Have a look at this formation below...





 Doesn't it look like 'Italy' ? The move down creates what looks like a 'leg' and the accumulation prior to NY market close makes what looks like a 'foot'. Now if you find the same formation on your 5m or 15m of any pair, what happens next?

Nice title.
I do not see any edge here, just beginning trader...

Of course you won't be able to see anything because looking at the nose dives your account always takes, itis clear to see that you have a hit and miss system, and you don't aim for accuracy as I do!

sbnelson2005 posted:
We are in a strong Dollar environment but with little News out this is just a trappy market. Watch out for false breaks out where the big boys can get you upside down fast.

 The purpose of this thread was to share charts which speak about high probability formations. The sad reality is that people rather follow then learn, or be pessimistic about making profit in forex. Giving people advice like 'Watch out for false breakouts' doesn't help anyone earn money, as a false breakout can never be identified before it happens.

Wow! A bit negative. Yes false breakouts can be identified ahead of time when you consider the entire SHAPE of the market. Like we were in today. Sorry to have bothered you. Good luck with your chart of Italy!

sbnelson2005 posted:
Wow! A bit negative. Yes false breakouts can be identified ahead of time when you consider the entire SHAPE of the market. Like we were in today. Sorry to have bothered you. Good luck with your chart of Italy!

  It's always easy to say something ÄFTER the fact. Why don't you upload an account and show us your ability to profit from being able to identify a false breakout PRIOR.

As the account continues to grow, the fact remains that the market trades with very strick patterns. These patterns are created with by price action, and has nothing to do with what 'herd traders' know as 'support or resistance'. Most of the time in which a currency trades, is far away from support and resistance, and the 'noise' people mention is the price action which ends up shifting the price towards pivots (resistance and support).
  I personally take profit at pivots, instead of entering positions at them. Reason being is that once the price touches any given pivot, nothing in past charts could possibly tell you if the price will stop or continue. However, if a person has good money management, tight stop losses, and non-bias towards reversing the trades once the stop has hit, then you can achieve high profits (3 -7% daily without losing the same amount of your account.
  The holy grail in forex is trading 'Price action' and not sitting and waiting for specific prices in which to enter!
  

Week two has ended well. If anyone wants to talk price action please do so here.