JacoAF's Posts - Page 3

myfxbook is not updating in General Sep 30, 2016 at 08:29

Having the same issue. Spoke to Ethan from MyFXBook on Tuesday via e-mail. He did something on their servers and it was sorted.... but 24 hours later I have the same problem. So I think they know about the issue, and I'm sure they will sort it out soon.If you have the new EA installed (I have ver 1.85), enable the "Debug" option, if you see something like this in your experts tab (I use MT4)...--------------------------------->2016.09.30 10:24:37.112 Myfxbook EURUSD,Daily: Status: 502--------------------------------->... then it indicates a problem on the server side (Bad G...

Low leverage is dangerous, why? in Experienced Traders Sep 29, 2016 at 12:46

I absolutely agree. I hope I did not come across as doubting your considerable trading experience. I have a number of students on Myfxbook, and I teach them that a Stop-Loss, Take-Profit, Risk & Money Management as an absolute must for new traders. So most of my posts are aimed to explain to my students the importance of protecting their equity and managing risk while trading.I will admit, experienced traders develop the ability to manage a trade without stop-losses to a certain extend, but that does not mean it is the correct thing to do as a trader, from the perspective of risk managemen...

Low leverage is dangerous, why? in Experienced Traders Sep 29, 2016 at 06:57

vontogr@.... as far as I can see I was quoting and responding to the post made by clessm....

DEMO ACCOUNT vs LIVE ACCOUNT in New Traders Sep 28, 2016 at 12:43

Have you tried a VPS Kieran... I have had connection problems like the terminal disconnecting from the server, lag on order execution etc. I got a VPS and things run much smoother now. Still get re-quotes sometimes in high volitity, but it works much better..... talking about algo trading of course.... not manual trading

Low leverage is dangerous, why? in Experienced Traders Sep 28, 2016 at 12:37

So what would you do in your expert opinion if you sit with an open trade or trades and the market jumps 1800 pips against you like with Brexit on the GBPUSD?.... with no stop-loss?.... on any leverage account.... especialy a leverage of 1:100, 1:200 or worse 1:500?I'll tell you what you do.... you go and open a new account (hopefully you did not use your home-loan money.... cause then you are in deep sh*t) or deposit new money..... cause your account went "bye-bye".... your account "has left the building".... your account "is pushing up daisies".... your acco...

Low leverage is dangerous, why? in Experienced Traders Sep 28, 2016 at 12:30

Hi Janeo,I just like to correct something...Leverage has nothing to do directly with how much profit you make. For example, open two demo accounts, one with 1:50 leverage, and one with 1:500 leverage. Now place a single 1 standard lot trade on each of the accounts, with both a 10 pip stop-loss and 10 pip take-profit. You will see that both accounts will make exactly the same profit or loss.High-leverage is definitely dangerous when you over expose yourself. By this I mean, because high leverage require only a small amount of your available free-margin, traders tend to place too many trades. Ye...

DEMO ACCOUNT vs LIVE ACCOUNT in New Traders Sep 25, 2016 at 09:06

I think Kieran has the right idea here, and to emphasize his point, I would add that it is crucial you ONLY look for for high probability setups near strong support and resistance levels. Many new traders make the mistake of trading every Hammer, MA Cross or 50% Fib retracement, simply because the indicator told me to buy/sell. The key to using any tool on your charts, whether its an MA Cross, Candle Pattern, Chart Pattern, Harmonic Pattern, RSI, MACD, etc. is to have the patience to wait for these signals to happen near strong support and resistance levels. This way you will get a much higher...

Are you loosing money in forex? in New Traders Sep 23, 2016 at 08:23

It's the age-old story on MyFXBook. When someone starts with "I made whatever%" in "whatever number of days/weeks/months", then you know its bullshit. Signal services are a load of crap. And if any retail trader can claims that he/she made "1480% in just 4 weeks"... then he/she is a 1400% more profitable than Institutional Traders (Banks, Hedge-funds, etc.), HFT Traders (who has the fastest and best equipment and software a few million dollars can buy) and the best minds in trading in the world.If you have to resort to providing "Trade Signals", sell...

Which indicator is the best to measure breakout ? in Experienced Traders Sep 18, 2016 at 23:57

My personal opinion (tried all kinds of indicators in my early trading days) is that indicators should never be used as a reason to do anything. Any indicator is based on past price action. What I found is that in order to try and "predict" future price action as best I could, I use support and resistance levels to determine a Breakout Zone (typically 30 Min chart) and S&R levels on a 4-Hour chart to determine profit targets.Look at the attached chart for example. I wrote my own (rather unsophisticated) indicator that uses Fractals to draw horizontal lines on the chart. It draws ...

DEMO ACCOUNT vs LIVE ACCOUNT in New Traders Sep 12, 2016 at 11:29

I can give you some advise from my own experience. When I started I once to turned a $1000 demo account into something like $16000 (more or less) in two weeks trading the USDJPY. Needless to say I saw myself as a "trading king", and promptly opened a $1000 live account.Boy did I get my behind handed to me. I literally lost the whole account in 4 days. The biggest problem with trading a demo account is that you don't experience the emotional turmoil of trading live. Think about it for a minute. If you are trading a demo and your account goes into a considerable draw-down (by that ...

Low leverage is dangerous, why? in Experienced Traders Jun 02, 2016 at 17:04

Interesting... However, any form of leveraging can be dangerous if you have no clue how to apply proper risk management on your portfolio. High leverage (e.g. more than 200) is very dangerous to NEW traders, who tend to place more trades (because each trade requires less margin). New traders also are less disciplined in using correct stop-loss and take-profit levels, which could result in holding onto multiple high-leveraged losing trades for too long, resulting in blown accounts very quickly.I think you have a valid point if you are an experienced trader with a solid proven trading system. It...

Forex Contest Valutrades in Contests May 24, 2016 at 07:35

Well said my friend... you nailed it 100% 😀

Forex Contest Valutrades in Contests May 24, 2016 at 04:40

I suppose you could attempt this on a real account.... and I suppose these is a slight chance you could make good money in the first month... but do you honestly think that this method of (manual) trading can be sustained over a few months or even a year.... If so then I would think that we have discovered that illusive "Super Trader" that just does not exist...I don't know man.... I've been trading long enough with my own money to know how easy it is to blow up your real account because of excessive risk taking... and trading without stop-losses... it works well for a few we...

Forex Contest Valutrades in Contests May 24, 2016 at 04:19

Oh Lord... please don't learn to trade like him, unless you intend to trade only these competitions for the rest of your life. On a real account I doubt you would ever see anything close to this.I agree with the "lucky" comment.... when you don't have any emotions involved (like with a real account), and you can't really lose anything (like real money), then it is possible to "gamble" your way to 4000% in a week.I just would not advise trying to learn this as a trading strategy.... it just does not work on real accounts.... only in these competitions...Just my o...

Forex Contest Valutrades in Contests May 20, 2016 at 16:05

LoL :) ... so true, so true...

Forex Contest Valutrades in Contests May 20, 2016 at 08:13

Oops.... what happened? Leading from behind now?

What indicator you use for scalping? in New Traders Jan 06, 2016 at 06:20

Hey man, if it works for you, that is all that counts in trading. I've been trading for just over 5 years now, and believe me I have tried just about all methods and styles of trading. I've tried scalping using only pure candle charts (no indicators whatsoever) placing multiple orders simultaneously and closing them simultaneously using Multi-Terminal and 1 minute charts, al within 30 seconds.The thing is, my personality is of such nature that scalping is just too stressful for me long-term. So I eventually, after years of trial and error, developed my own personal style of swing-tradi...

What indicator you use for scalping? in New Traders Jan 05, 2016 at 14:10

What you says makes sense, however, I don't believe that using only price action as a tool will give you the best advantage to find the best high probability trades. If you know how to use the RSI or MACD and combine that with Market Structure (Support and Resistance), Fib Levels and Candlestick Formations you can get higher quality trades that will give you the best Risk/Reward ratio.I must confess, I am a short term swing trader (manual), so my technique may work best on my style of trading. Scalpers may find using raw price action a more effective alternative. However, I would not advis...

What indicator you use for scalping? in New Traders Jan 05, 2016 at 08:54

Hi Anatonis, we meet again :)Well that question is quite a broad one. You get various type of technical indicators.Trend indicators are the most popular, i.e. Moving Averages, Stochastic Oscillator, MACD or the RSI. These basically give you two types of information, A) the TREND direction of the market (is the market going up - Bullish; or is the market going down - Bearish; or is market moving sideways - Neutral) and B) the momentum of the market (how fast of slow the market is moving in that direction).Another popular type of indicator is Volume/Volatility indicator, i.e. ATR and Bollinger B...

Calculation P/L by comment indicator for MT4 in Programming Jan 03, 2016 at 10:55

Don't know of one, but if you give me more details I could perhaps write you a custom indicator that can do that. It seems fairly easy to do... :)

All Quotes
AUDUSD	0.6409	USDCHF	0.90844
EURJPY	164.616	EURCHF	0.96778
EURGBP	0.85642	GBPJPY	192.197
EURUSD	1.06534	GBPUSD	1.24383
USDJPY	154.518	USDCAD	1.37716

EURUSD	1.06534	GBPUSD	1.24383
USDJPY	154.518	USDCAD	1.37716

Posts by JacoAF