Wildbill's Posts | Myfxbook

What is your best tip to set STOP-LOSS in Trading? in New Traders Dec 17, 2022 at 18:22

The above post is for your original stop loss on a new trade. Once you have a profit of at least 20 pips, move your stop loss to a profit position of two pips past the entry. According to statistics from studies by brokers, your percentage of profitable trades should always exceed 65% to be a profitable trader who can weather the storms of the market.

What is your best tip to set STOP-LOSS in Trading? in New Traders Dec 17, 2022 at 18:14

Set stop loss 5 to 7 pips above or below the last change in direction on a 60 minute setting. That should eliminate most temporary wobbles or minor spikes. Remember that the banks that support the market through your broker will often create a temporary spike at the NY change over for the new trading day. I have always suspected this is a spike deliberately used by the banks to sweep up some profits by taking out unwary traders. I usually try to remove my SL for a few seconds at that time of day.

Where is GBPUSD Going? in General Feb 10, 2022 at 01:02

To answer this question about the direction of almost any pair, you have to have a chart that will show you the Dollar DX on a 60 and 240 minute timeline. Many pairs which have the dollar in them, such as GU, EU, AU, etc. are directly governed by the dollar DX. Many other pairs, GA, EA, etc. will also be controlled by the movement on the dollar even though they don't have the dollar in them. The dollar flipped today from a down direction to a current direction up. The dollar affects about 78% of all trades, either directly or indirectly, so you have to keep aware of what it is doing if yo...

How long it takes to learn in General Oct 18, 2021 at 14:33

Learn what? Anyone can learn the mechanics of trading pretty quickly, and trading a demo account seems to make everyone "rich" in a short time. Demo accounts are simply lures by the brokers to get you excited about trading by letting you gamble with funny money. You can't learn with a demo account because you don't know the techniques by which the market is manipulated by big banks.There is a reason why 90% of all small retail traders lose all their money and fail when trading 4x. They begin trading when they learn the basic mechanics, usually by scalping, and using some indi...

Scalping is good in General Sep 17, 2021 at 14:54

I tried scalping when I was a newbie in 2008. It looked easy and I could get into some pairs like the Eur/USD with a low spread. Brokers love traders who scalp because most of us give them a lot of money until we give all of our account to them by slow attrition. How can this be? Do some math? Remember that you have spread costs going in and out of a trade (although the spread going out is hidden by the broker by showing you the net) So if you scalp for a few pips you have to figure in the spread costs. (5 pips minus 2 pips +3 pips gain.) It doesn't matter if you are trading minis, micros...

Becoming a scalper in Experienced Traders Dec 08, 2020 at 13:41

I tried scalping as a newbie. Ultimately it is a losing strategy and the tension of very short trades will wear you down. Remember there is the problem of the charges of spreads going in and going out (although most trading platforms hide the going out charge). It is hard to scalp with a risk to reward ratio of at least 1 to 2 because your stop losses will be hit frequently because of the normal wobble of the market. And if you add more risk (higher stop losses than your target to prevent that) one maximum loss is hard to make up.Example: Set a SL for 30 pips and profit taking at 5-8. How man...

Fundamental or Technical- novice traders should start with? in General Sep 28, 2020 at 20:17

find a chart service that shows the Dollar price movement. This affects all the pairs which include the dollar and many other pairs have some reaction to dollar movement. This is the most fundamental information that will let you know which direction the Big Boys are going to move dollar pairs.

Fundamental analysis vs technical analysis in Experienced Traders May 29, 2020 at 23:05

/the best system to use is one that trades with Price Action. Technical analysis is always about the past and the info you get will be behind the move of the market. Fundamental analysis is more for economists who take the long view or traders who trade off current events and announcements.Price Action trading takes some of its style from technical analysis and some from other information in order to predict the future moves of the market. There are plenty of articles explaining the difference if you google it. Don't take my word for it.

20 trades to become millionare - is it possible? in New Traders May 13, 2020 at 17:27

I don't think many people appreciate my humor or sarcasm. The theoretical "One Trade for a Million" is possible. If you pick a quality analytical trade on a pair that statistically goes 100 pips ATR from close to close of one trading day, the odds are better than posting a big bet on a casino game like red or black since the leverage (return) is better in fX. And you don't have to make 20 winning trades in a row. If you trade at 60% or better wins and have faith in your analysis, just put a 1000 pip SL and let it ride to the end of your goal--or your margin account, eh?. In ...

20 trades to become millionare - is it possible? in New Traders May 12, 2020 at 18:07

Go for it. Place a single trade of $10,000 on a pair where a pip equals $10,000 and has an ATR of 100 pips. You can make your million without making a single additional trade. Let us know how it turns out.😲

Arrogant advice in New Traders May 06, 2020 at 22:27

Having some real money in the game is necessary to make us aware that this is not a video game--it's a business just like any other but you don't have to worry about all the expenses like rent, insurance, salaries, inventory, etc. like a retail business.On the other hand, if you treat it like a casino, subject only to the whims of chance, you will never learn how to make it a successful business. Get into a solid learning program that will teach you why the market moves as it does. You can pay someone now, or pay a lot more later as you lose your stake on "hunches".Trade safe...

Luck is important in General Apr 16, 2020 at 23:10

To believe in luck as a trader is a fatal fantasy over the long term. The FX market is not random like the ball on a casino roulette wheel. Do any of you really think the Big Boy Bankers who trade billions of dollars in the FX market are just gambling on red or black?You have to study and learn what methods the Big Boys use to manipulate the market so that they make money and 90% of retail traders who believe in an EA or luck simply fall by the wayside.I hate to see these kind of threads because they perpetuate the myths that Bankers are simply running a casino based on customers who believe i...

Price Action Scalping EAMT4FRE in Trading Systems Mar 20, 2020 at 17:43

Very close win/loss percentage ratio. 53% wins could turn around in a flash.

scalping is risky ? in General Mar 16, 2020 at 16:58

1. Most scalpers don't figure in the cost of their trade spread in and out because the broker only shows the net profit on their charts.2. If the average profit is five pips with a 30 pip sl, how many trades will it take to make up one loss? You can't make your stop five pips because it will almost certainly get stopped out just from the normal wobble of the market.3. retail traders try scalping because it appears to be a way to risk very little money. But over a long term how many trades go bad and the "house" spread in and out eats you up. It's like a 'friendly&quo...

WHO trades forex for more than 10 years and keeps making regular profits in Experienced Traders Aug 19, 2019 at 12:49

I started trading in 2005 and like you had some successes, some losses and periods of time when I got mad and didn't trade for months. By 2014, I decided I had to get into some program that had mentoring and worked with a system that was able to decode the methods of the Big Banks to talk to each other via the charts.Starting with a small account, I have had profitable months in every month since June 2014. I am conservative in the amount of my trades and have a 88% winning percentage over thousands of trades. As you might assume, my profits have increased my original equity over twenty ti...

Oanda FIFO fixer in Programming Aug 16, 2019 at 20:33

Did it fix numerous trades with the same unit amount. I could change the oldest but even the Oanda people I talked to couldn't figure out a fix. They finally said I need to change the profit and stop loss items.

scalping is risky ? in General Apr 10, 2019 at 06:19

What stop loss do you use? What scalping goal. If you use a 10 pip goal and a ten pip stop, then you can figure out the percentage of wins you must have in order to be profitable, always allowing for the spread in and out.The next thing is why you make a trade that is short of long. If you have a valid reason for a trade based on some technical reason or target, then you should look for longer trades than a scalp of 5 to 10 pips.It's not all about the spread and the pips and the time frame however; I found it was a very stressful method of trading. You have to be sitting on your trade all ...

90% are loser ..why ? in New Traders Mar 15, 2019 at 08:17

Retail traders mostly fail because they attempt to trade FX, a market dominated by a few big banks with an agenda, without learning what that agenda probably is for the day and how to read the BBs price actions. I bounced around for years with indifferent results and spent lots of money on EAs and programs that were supposed to do my thinking (trading) for me. I chased every new idea or program including scalping, moving crossovers, double bollinger bands, and my gut feelings.Happily, I found a training site with a daily mentoring program that taught me the whys of the market and had the tool...

90% are loser ..why ? in New Traders Mar 15, 2019 at 08:17

Retail traders mostly fail because they attempt to trade FX, a market dominated by a few big banks with an agenda, without learning what that agenda probably is for the day and how to read the BBs price actions. I bounced around for years with indifferent results and spent lots of money on EAs and programs that were supposed to do my thinking (trading) for me. I chased every new idea or program including scalping, moving crossovers, double bollinger bands, and my gut feelings.Happily, I found a training site with a daily mentoring program that taught me the whys of the market and had the tool...

How many pips a day ? in New Traders Feb 06, 2019 at 12:42

The market makers (Big Banks) have rules for their traders that include using the Fibonacci progressions and trading for a minimum of 55pips. If you learn how to mimic their agenda trades, you should be able to make 100-200 pips per day on average.

All Quotes
AUDUSD	0.6414	USDCHF	0.9102
EURJPY	164.77	EURCHF	0.9701
EURGBP	0.8605	GBPJPY	191.31
EURUSD	1.065	GBPUSD	1.2368
USDJPY	154.619	USDCAD	1.3798

EURUSD	1.065	GBPUSD	1.2368
USDJPY	154.619	USDCAD	1.3798

Posts by Wildbill