need a mentor
Apr 02, 2017 at 07:11
544 Visa
3 Replies
Medlem sedan Feb 02, 2017
1 inlägg
Apr 02, 2017 at 07:11
hey traders, as my title states....i am doing pretty bad in forex (really bad), i am still pretty new, thou its really not that trading is hard or anything its just the psychological parts that keep me in a solid losing streak. so i am reaching out there, if there is anybody who could offer help, i will be more than glad to welcome it.
Struggling trader.
Thanks in advance
Struggling trader.
Thanks in advance
Medlem sedan Mar 31, 2017
8 inlägg
Apr 06, 2017 at 06:47
Hi sonnycloud, if you still need some help let me know.
Better to lose less then to make more
Medlem sedan Nov 19, 2014
169 inlägg
Apr 12, 2017 at 06:16
Just a follow-up....
MY STRATEGIES
My Strategies up to 2016 involved targeting Weekly Range targets of 100-200 Pips using the Daily and 4 H Charts over the last several years, earning 40% on average each year. All Based on Candlesticks. No Indicators or Economic News.
Right now, however, strategy is a lot more aggressive.
1. TARGETS - 70 PIPS PER TRADE
2. STOP LOSS - 40 PIPS (90-120 Pips with Previous Strategy)
3. HOLDING PERIOD - 24 HOURS (5-7 Days Previous Strategy)
4. TIME FRAMES - DAILY AND 4 HOUR
5. AVERAGE NO. OF TRADES - 2 PER WEEK/6-8 PER MONTH (2-3 Per Month PRevious Strategy)
Depending on your Risk Per Trade, this can provide between 50% to 70% Per Month.
Compared to previous approach, its a lot more aggressive, with more short-term trading opportunities that take a much shorter time to hit their targets.
It continues to take advantage of the stability and accuracy of the Daily and 4 Hour Charts, but using a much smaller Stop Loss and a Trading Target that offers a Larger Risk Reward Ratio.
CHALLENGES
1. DONT WATCH TRADES
As with my previous strategy, however, the challenge is to hve the discipline to never monitor the trade until it is closed.
This prevents us from interfering with the natural dynamic of the market based on our emotions.
2. DONT WATCH FOREX NEWS
Once a trade has been made, it is CRUCIAL to not watch news related to the pair being traded. This can unnecessarily influence you to second-guess a decision that was right from the start, based on news that are often insignificant to the trade. The news may reflect what will take place in 3, 5 days, but not the next 24 Hours when your target will be hit.
3. CORRELATED PAIRS
Related to No.2, since correlated currency pairs move in sync with each other, you may be tempted to get confirmation from them. However, none are perfectly correlated. They may eventually move together in the next 4, 7 days, but in the short-term, there can be a difference in direction.
So this approach does not require a long-term commitment which can lead us to force a trade that only offers a short-term benefit. The stress of holding a trade for just 24 Hours is much lower compared to 5-7 Days, plus the Larger Risk-Reward offers a better Profit Cushion against losses.
KEY ASPECTS (TRADE SECRETS)
1. KNOWING THE SIGNALS TO TRADE AND THOSE TO AVOID
2. KNOWING KEY PULLBACK AREAS TO EXIT THE TRADE/AVOID TRADING
3. KNOWING HOW TO ANALYZE MARKET DIRECTION
4. UNDERSTANDING THE RELATIONSHIP BETWEEN THE DAILY AND 4HOUR
5. THE SAFEST, STRONGEST AREAS TO PLACE STOP LOSSES ON THE 4H (SOMETIMES THE 1 HOUR)
Sounds good?
Duane
MY STRATEGIES
My Strategies up to 2016 involved targeting Weekly Range targets of 100-200 Pips using the Daily and 4 H Charts over the last several years, earning 40% on average each year. All Based on Candlesticks. No Indicators or Economic News.
Right now, however, strategy is a lot more aggressive.
1. TARGETS - 70 PIPS PER TRADE
2. STOP LOSS - 40 PIPS (90-120 Pips with Previous Strategy)
3. HOLDING PERIOD - 24 HOURS (5-7 Days Previous Strategy)
4. TIME FRAMES - DAILY AND 4 HOUR
5. AVERAGE NO. OF TRADES - 2 PER WEEK/6-8 PER MONTH (2-3 Per Month PRevious Strategy)
Depending on your Risk Per Trade, this can provide between 50% to 70% Per Month.
Compared to previous approach, its a lot more aggressive, with more short-term trading opportunities that take a much shorter time to hit their targets.
It continues to take advantage of the stability and accuracy of the Daily and 4 Hour Charts, but using a much smaller Stop Loss and a Trading Target that offers a Larger Risk Reward Ratio.
CHALLENGES
1. DONT WATCH TRADES
As with my previous strategy, however, the challenge is to hve the discipline to never monitor the trade until it is closed.
This prevents us from interfering with the natural dynamic of the market based on our emotions.
2. DONT WATCH FOREX NEWS
Once a trade has been made, it is CRUCIAL to not watch news related to the pair being traded. This can unnecessarily influence you to second-guess a decision that was right from the start, based on news that are often insignificant to the trade. The news may reflect what will take place in 3, 5 days, but not the next 24 Hours when your target will be hit.
3. CORRELATED PAIRS
Related to No.2, since correlated currency pairs move in sync with each other, you may be tempted to get confirmation from them. However, none are perfectly correlated. They may eventually move together in the next 4, 7 days, but in the short-term, there can be a difference in direction.
So this approach does not require a long-term commitment which can lead us to force a trade that only offers a short-term benefit. The stress of holding a trade for just 24 Hours is much lower compared to 5-7 Days, plus the Larger Risk-Reward offers a better Profit Cushion against losses.
KEY ASPECTS (TRADE SECRETS)
1. KNOWING THE SIGNALS TO TRADE AND THOSE TO AVOID
2. KNOWING KEY PULLBACK AREAS TO EXIT THE TRADE/AVOID TRADING
3. KNOWING HOW TO ANALYZE MARKET DIRECTION
4. UNDERSTANDING THE RELATIONSHIP BETWEEN THE DAILY AND 4HOUR
5. THE SAFEST, STRONGEST AREAS TO PLACE STOP LOSSES ON THE 4H (SOMETIMES THE 1 HOUR)
Sounds good?
Duane
Trade Less, Earn More
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