sareen's Posts | Myfxbook

Traders Club in General Dec 28, 2020 at 06:59

Hello Everyone,I live in London and I am keen to set up a community of traders. This community would meet initially online and then eventually face-to-face once the restrictions, due to the virus, are lifted. The purpose of this group is to get like-minded traders together, to discuss anything other than trading, from becoming the best version of ourselves through our actions and behavioural based learning in addition to helping and supporting each other in life.I read somewhere the importance of community and because everything is so online these days, I thought it would be good to have a clu...

WHO trades forex for more than 10 years and keeps making regular profits in Experienced Traders Nov 09, 2020 at 12:40

Continuous over a long period of time, yes there are many traders who can do thisBut continuous each time a trade is placed? No - you cannot win every trade, that is obvious

Being successful means in General Oct 29, 2020 at 15:10

There are many lessons in trading. Hundreds in fact but they can all be narrowed down to just a few points. This learning can take place through backtesting, demo trading, live trading and reading the right material.Ultimately it centers down to risk management and risk management is not fully understood. People think that if they just limit their risk to 1% they will be okay - this is only a quarter of the equation. Having an edge and executing it to the best of your ability allows the variables to remain consistent. Understand the long term win to loss ratio so that you know how much your av...

WHO trades forex for more than 10 years and keeps making regular profits in Experienced Traders Oct 28, 2020 at 11:01

I cannot recommend the book, 'Trading in the Zone' by Mark Douglas, strongly enoughI finally finished this book after discovering it 8 years ago and it teaches some absolutely incredible lessons that will resonate with many of you. The book touches on the 5 fundamental truths of trading:1. Anything can happen.2. You don’t need to know what is going to happen next to make money.3. There is a random distribution between wins and losses for any given set of variables that define an edge.4. An edge is nothing more than an indication of a higher probability of one thing happening over...

WHO trades forex for more than 10 years and keeps making regular profits in Experienced Traders Oct 01, 2020 at 18:35

A random note as well,I started a new strategy at the beginning of November last year after a 3 year break from ForexI'm happy to say that it has been performing well albeit some set-backs and I will be celebrating the 1 year anniversary of trading this system at the end of this new monthThe time has simply flown byHappy trading everyone & may the odds be ever in your favour

WHO trades forex for more than 10 years and keeps making regular profits in Experienced Traders Oct 01, 2020 at 18:30

Keep up the good workPatience and perseverance are keyDo not worry about missing trades but be sure to continue to stick to your planIt doesn't even seem like you need a mentor but definitely good to have someone who can mentally support youBeing nervous is normal but what I'd recommend is start with small positions/low risk and as you gain confidence you can scale it upHappy to connect nonethelessGood luck with the last day of the week tomorrow and be wary of the NFP!

Control your greed. in General Aug 05, 2020 at 02:10

AgreedIt's truly a long term gain that requires considerable hindsight and general risk management from both a mathematic and psychological viewpointEnsuring that trade plans are stuck to and that irrational behaviours are quickly eradicated is essentialTrading journals which are as qualitative as well as partly quantitative are particularly useful in identifying patterns/results

WHO trades forex for more than 10 years and keeps making regular profits in Experienced Traders Aug 05, 2020 at 02:07

That is very good and encouraging to hear£3000 seems like an account size that could potentially generate anything from £150 to £600 monthly (if assuming a 5-20% growth target each month). Obviously that would also depend on your risk appetite as well.What do you when trades do not go your way? Do you continue to aim for your daily target or is there also a maximum loss that you are willing to accept?Peace, love and PIPs

WHO trades forex for more than 10 years and keeps making regular profits in Experienced Traders Mar 09, 2020 at 19:51

I think that you need to show more proof of your resultsYour results are only illustrated for the last monthWhat does each bar represent (as it doesn't look like per week or day of trading but rather random)?

WHO trades forex for more than 10 years and keeps making regular profits in Experienced Traders Mar 02, 2020 at 10:58

Perfect way of looking at losses - it's very easy to forget all rationality when emotionally responding to losses

Post your XAUUSD Gold signs here in Experienced Traders Feb 09, 2020 at 11:33

Following the $50 approx fall in the price of XAU/USD from $1592 on 3rd Feburary to $1547 on 5th February, from Thursday this week (6th February), gold has begun an upwards trend on hourly. On the 4 hourly this commodity is still very much sideways. On the weekly, however gold is very much bullish and has responded well after a 'spinning top' candlestick was formed after the first week of January on the weekly timeframe. Zooming into the 5 minute timeframe, I would be eyeing longs on gold if price is able to make higher highs and higher lows whilst making support at $1573. Target price...

WHO trades forex for more than 10 years and keeps making regular profits in Experienced Traders Feb 04, 2020 at 10:27

Update on the strategy is that I suffered some drawdown during the middle of December but I have since managed to post consistent daily gains. The drawdown was part of testing the strategy somewhat to confirm the importance of long term trend and multiple time frame analysis. Delivered 3% in December and 8% in January. Aiming to post 15% this month. There are so many ways of trading but using multiple strategies can be dangerious and requires further discipline.

WHO trades forex for more than 10 years and keeps making regular profits in Experienced Traders Jan 27, 2020 at 12:46

Thank you danpadcas - also wishing you well for this year and beyond

WHO trades forex for more than 10 years and keeps making regular profits in Experienced Traders Jan 09, 2020 at 15:10

I cannot say that I have been trading for 10 years.However, I have been trading for 8 years, out of which I traded full time from 2012 through to 2014 on a harmonic patterns strategy as well as for a whole year in 2015.Only recently have I taken it up again on a serious level but not full time (several hours a week).I initially, like most other traders, was searching for the best signal service, best strategy, best indicator, where I tried thousands in the hope of finding the holy grail. There were numerous times where I was sure I had found the correct methodology, only to then be outdone by ...

DEMO ACCOUNT vs LIVE ACCOUNT in New Traders Dec 07, 2015 at 11:48

Demo account trading is nothing like a live accountIt is good to get started on a demo account to get used to things but there is a substantial differenceThere is nothing that simulates losing and earning real money than losing and earning real moneyThere is a massive difference psychologically being down 100 PIPs in a demo account compared to in a live accountIt will hurt so much more in a real account, but in a demo it will not matter and you will not let it affect your process/system

The RVD Markets LTD company announces the initialization procedure of bankrupt in General Jun 23, 2015 at 16:54

LMAX or London Capital Group are definitely worth looking at if security/safety of funds is a prioriyHowever, when you consider the extent of the volatility during that moment of madness when the Swiss Central Bank un-pegged the CHF from the EUR, only a handful of brokers went out with the majority of them being a "market maker" type brokerEnsure that you for a broker which allows your orders to interact with other clients' orders and you should be able to see the depth of market as well Nonetheless, it does cause concern when a broker like RVD Markets, which did offer some of th...

DEMO ACCOUNT vs LIVE ACCOUNT in New Traders Mar 10, 2015 at 08:16

I agree. Winning in trading usually has very little to do with a broker unless their spreads are volatile and too wide. As long as the prices reflect the representation of the wider market the only thing a trader needs to manage is their strategy, system and mindset. The 95% who lose is a greater social norm, as if you look at most people who work, roughly 90-95% of people are paying more tax than the other 5-10%, 99% of people earn significantly less than the other 1%, etcIt is all a pyramid system. Brokers rely on this 95-5 ratio because it is merely a self fulfilling prophecy. There are onl...

I'm new to Forex trading and looking for some advice in New Traders Jan 26, 2015 at 11:08

Couldn't agree any more with that statement. eToro charge extortionate spreads and there is very little transparency in what you see compared to what you get.

I'm new to Forex trading and looking for some advice in New Traders Jan 26, 2015 at 11:05

Great website.

I'm new to Forex trading and looking for some advice in New Traders Jan 26, 2015 at 11:04

Also depends how quickly you learn from mistakes, your will to act and acknowledge epistomology, how greedy you are and your rationale. According to results women make far better investors (particularly younger women) as they do not allow short-term insight get the better of their trading decisions. It's a lot more fairer to say that newbies will most likely lose money before they are able to make money consistently from the market. Let me know your thoughts.

All Quotes
AUDUSD	0.65172	USDCHF	0.912
EURJPY	166.97	EURCHF	0.97877
EURGBP	0.85729	GBPJPY	194.7
EURUSD	1.0728	GBPUSD	1.25132
USDJPY	155.62	USDCAD	1.36622

EURUSD	1.0728	GBPUSD	1.25132
USDJPY	155.62	USDCAD	1.36622

Posts by sareen