Strategies, Systems & Indicators
- Thread starter Edward
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i think you should ask this question to my mentore when he is allowing me to go live when he will show green light i think than i am good to go.
Regards
Raghav
LITTLE ADVICE FROM A LITTLE OLDER NEWBIE TO NEWEST NEWBIES -
Dear friends,
First of all, I'm neither an Fx Pro nor hv i made any real amount till now. But, i do have learnt few things in my 3 months' of demo trading. I jst wn2 share those things.
1. First of all, u mite hv heard tht Fx is nt every1's cup of coffee and tht 90% of traders loose money etc etc. As much Fx trading is risky like any other investment, TRUST ME, ITS NOT ROCKET SCIENCE EITHER. I'm neither DR.A.P.J. Kalam Ji or Vikram Pandit (CITI CEO). I'm also a simple guy just like any1 of u.
2. Stop Loss Philosophy - If u guys r serious about making any serious profit in FX, take out these 2 wrds ( stop as well loss) frm yr FX dictionary altogether. Having stop loss for all yr trades wl stop all yr profit n put u deeper Loss itself. This is my revelation. Til da time i kept putting stop losses (during my first 3 weeks of demo trading), my profit ratio nevr wnt beyond 35% and at at end of every single trading by balance used to be negative. If u hv entered a trade wth a Reason and if u hv da confidence in yr trade, plz stick to tht. Aftr i stopped putting SL, my win ratio increased to 60 - 70% n wth Lazzy boy, TRUST ME, i'm hitting nearly 85%.
3. Money Management - Treat this as oxygen and fuel of yr FX trading. If u hv proper MM, u cn enter a trade wth spinning a coin & stl hit success.
4. Emotional discipline - this shoud b yr backbone. Treat yr demo account as if u r trading real money. Accept few losses here & there as u embrace the regular profits. It is very easy to panic whn a trade start going against u. But rem, whn going gets tough, toughs get going.
PS - As i stated earlier, these are my personal views and mite and mite not hold true for anyone or every one.
It is not important what you do,
Till the time you know the
importance of doing it
Dear friends,
First of all, I'm neither an Fx Pro nor hv i made any real amount till now. But, i do have learnt few things in my 3 months' of demo trading. I jst wn2 share those things.
1. First of all, u mite hv heard tht Fx is nt every1's cup of coffee and tht 90% of traders loose money etc etc. As much Fx trading is risky like any other investment, TRUST ME, ITS NOT ROCKET SCIENCE EITHER. I'm neither DR.A.P.J. Kalam Ji or Vikram Pandit (CITI CEO). I'm also a simple guy just like any1 of u.
2. Stop Loss Philosophy - If u guys r serious about making any serious profit in FX, take out these 2 wrds ( stop as well loss) frm yr FX dictionary altogether. Having stop loss for all yr trades wl stop all yr profit n put u deeper Loss itself. This is my revelation. Til da time i kept putting stop losses (during my first 3 weeks of demo trading), my profit ratio nevr wnt beyond 35% and at at end of every single trading by balance used to be negative. If u hv entered a trade wth a Reason and if u hv da confidence in yr trade, plz stick to tht. Aftr i stopped putting SL, my win ratio increased to 60 - 70% n wth Lazzy boy, TRUST ME, i'm hitting nearly 85%.
3. Money Management - Treat this as oxygen and fuel of yr FX trading. If u hv proper MM, u cn enter a trade wth spinning a coin & stl hit success.
4. Emotional discipline - this shoud b yr backbone. Treat yr demo account as if u r trading real money. Accept few losses here & there as u embrace the regular profits. It is very easy to panic whn a trade start going against u. But rem, whn going gets tough, toughs get going.
PS - As i stated earlier, these are my personal views and mite and mite not hold true for anyone or every one.
It is not important what you do,
Till the time you know the
importance of doing it
Dear Friends, I have followed the following MM principle very rigorously (successfully too)
1. I always trade .1 lot size, irrespective of the currency & TF. I go little more (.25 / .5) ONLY WHEN i have to hedge my position to negate a loosing trade.
2. After i enter a trade (long / short) and market is favorable, I close my trade after making profit ( profit depends on currency pair & more importantly TF) and re-enter the same trade at the closed position, but WITH QUARTER SIZE OF THE PREVIOUS LOT. This way, if the market continues to favor me, i will keep winning. On the other hand, if market reverses, then i stand to loose only the quarter of the profit i have already made in that currency pair. This is one more reason, why i dnt use SL.
3. Before i started learning abcd of FX, I used to the regional head of an IT support company and was drawing 12L /annum. now also, my intention is to earn the same. Soon aftr my profit in any trading day used to cross 80$ - 100$, I used to stop trading. This emotional detachment from trading is vry vry Imp. Dnt evr evr trade for the sake of trading. Tht wl certainly spell DOOM. Treat it as yr source of Income, nothing more n nothing beyond it.
It is not important what you do,
Till the time you know the
importance of doing it
1. I always trade .1 lot size, irrespective of the currency & TF. I go little more (.25 / .5) ONLY WHEN i have to hedge my position to negate a loosing trade.
2. After i enter a trade (long / short) and market is favorable, I close my trade after making profit ( profit depends on currency pair & more importantly TF) and re-enter the same trade at the closed position, but WITH QUARTER SIZE OF THE PREVIOUS LOT. This way, if the market continues to favor me, i will keep winning. On the other hand, if market reverses, then i stand to loose only the quarter of the profit i have already made in that currency pair. This is one more reason, why i dnt use SL.
3. Before i started learning abcd of FX, I used to the regional head of an IT support company and was drawing 12L /annum. now also, my intention is to earn the same. Soon aftr my profit in any trading day used to cross 80$ - 100$, I used to stop trading. This emotional detachment from trading is vry vry Imp. Dnt evr evr trade for the sake of trading. Tht wl certainly spell DOOM. Treat it as yr source of Income, nothing more n nothing beyond it.
It is not important what you do,
Till the time you know the
importance of doing it
Last edited:
This reply is for Maidass' post on advice to newbies.
I would 1st apologize to the thread starter (Edward) for digressing from the original topic.And while I am at it, I'd like to compliment Edward for his selfless attitude and I support harsh1234's view that he deserves a little more than just thanks for his efforts. (From the people who use his system and benefit from it.)
Coming back to my views on Maidass' post.I agree to some of his comments and disagree with some. I really hope that this would not be misunderstood as "You are wrong and I am right kind of attitude" and hopefully can develop as a mature discussion (in a different thread so as not to dilute/hijack attention from the main topic of this thread.)
>>
PS - As i stated earlier, these are my personal views and mite and mite not hold true for anyone or every one.
I agree with this one, success is purely dictated by the market and by how we interpret and adapt according to it. There is no absolute right and wrong, because the rules change constantly and we do too.
>>2. Stop Loss Philosophy - If u guys r serious about making any serious profit in FX, take out these 2 wrds ( stop as well loss) frm yr FX dictionary altogether. Having stop loss for all yr trades wl stop all yr profit n put u deeper Loss itself. This is my revelation. Til da time i kept putting stop losses (during my first 3 weeks of demo trading), my profit ratio nevr wnt beyond 35% and at at end of every single trading by balance used to be negative. If u hv entered a trade wth a Reason and if u hv da confidence in yr trade, plz stick to tht. Aftr i stopped putting SL, my win ratio increased to 60 - 70% n wth Lazzy boy, TRUST ME, i'm hitting nearly 85%.
3. Money Management - Treat this as oxygen and fuel of yr FX trading. If u hv proper MM, u cn enter a trade wth spinning a coin & stl hit success.
In my opinion, points 2 and 3 are inter-related and not mutually exclusive.You simply can't be thinking money management (by definition is how much you should risk in an uncertain event to leverage the maximum profit.) without defining the risk %.
While i have not spent time on understanding the lazyboy strategy- Going by your no stop-loss rule, you should be getting a 100% win ratio-until the time your account is wiped out.(and trust me it will get wiped out eventually if you don't have prescribed limits to stop your loss).
I would strongly recommend a pre-described limit to limit your losses (whether it is dictated by support/resistance levels) or arbitrary hard rules (15 pips from entry) or even your equity size (1-3% of account size).
I can only hope that you meant that newbies should'nt have a tight stop-loss so that they won't get caught in a whipsaw movement, because a casual reading of your post indicates that you discourage any stop-loss.
>>
4. Emotional discipline - this shoud b yr backbone. Treat yr demo account as if u r trading real money. Accept few losses here & there as u embrace the regular profits. It is very easy to panic whn a trade start going against u. But rem, whn going gets tough, toughs get going.
I completely agree with this one.With experience you will learn that every once in a while you will go through a losing streak (drawdown period) and will learn to stick to your strategy/tweak it accordingly.But with experience, you will learn that if your are disciplined and are consistent in MM-you will overcome any period of drawdowns.
>>Dear Friends, I have followed the following MM principle very rigorously (successfully too)
1. I always trade .1 lot size, irrespective of the currency & TF. I go little more (.25 / .5) ONLY WHEN i have to hedge my position to negate a loosing trade.
I don't know if i have misunderstood what you have typed, but when you hedge your position (by taking a contra-position in the same pair) you are effectively not increasing your lot size, you are decreasing it.
I personally prefer to book my losses instead of hedging it so that-
1. I know exactly how much to make up and
2. I prefer paying for just 1 round trip commission/spread to my broker as opposed to 2 round trips which is what you would effectively do when you hedge.
>>2. After i enter a trade (long / short) and market is favorable, I close my trade after making profit ( profit depends on currency pair & more importantly TF) and re-enter the same trade at the closed position, but WITH QUARTER SIZE OF THE PREVIOUS LOT. This way, if the market continues to favor me, i will keep winning. On the other hand, if market reverses, then i stand to loose only the quarter of the profit i have already made in that currency pair. This is one more reason, why i dnt use SL.
Again, while it is commendable to let your profits run like what you had suggested-
would it not be better if you had originally opened a position with 1.25 lot size, and close 1 lot and 0.25 lots at different target points, instead of reopening 0.25 lots at the exit point (wherein you will again be paying the broker's spread).
>>3. Before i started learning abcd of FX, I used to the regional head of an IT support company and was drawing 12L /annum. now also, my intention is to earn the same. Soon aftr my profit in any trading day used to cross 80$ - 100$, I used to stop trading. This emotional detachment from trading is vry vry Imp. Dnt evr evr trade for the sake of trading. Tht wl certainly spell DOOM. Treat it as yr source of Income, nothing more n nothing beyond it.
I completely agree.Overtrading is one of the biggest perils of this market.You should know when to quit and when not to force trades.
All in all, you have raised a lot of valid points and i wish you all the best in your trading career.
Regards,
Scalper.
I would 1st apologize to the thread starter (Edward) for digressing from the original topic.And while I am at it, I'd like to compliment Edward for his selfless attitude and I support harsh1234's view that he deserves a little more than just thanks for his efforts. (From the people who use his system and benefit from it.)
Coming back to my views on Maidass' post.I agree to some of his comments and disagree with some. I really hope that this would not be misunderstood as "You are wrong and I am right kind of attitude" and hopefully can develop as a mature discussion (in a different thread so as not to dilute/hijack attention from the main topic of this thread.)
>>
PS - As i stated earlier, these are my personal views and mite and mite not hold true for anyone or every one.
I agree with this one, success is purely dictated by the market and by how we interpret and adapt according to it. There is no absolute right and wrong, because the rules change constantly and we do too.
>>2. Stop Loss Philosophy - If u guys r serious about making any serious profit in FX, take out these 2 wrds ( stop as well loss) frm yr FX dictionary altogether. Having stop loss for all yr trades wl stop all yr profit n put u deeper Loss itself. This is my revelation. Til da time i kept putting stop losses (during my first 3 weeks of demo trading), my profit ratio nevr wnt beyond 35% and at at end of every single trading by balance used to be negative. If u hv entered a trade wth a Reason and if u hv da confidence in yr trade, plz stick to tht. Aftr i stopped putting SL, my win ratio increased to 60 - 70% n wth Lazzy boy, TRUST ME, i'm hitting nearly 85%.
3. Money Management - Treat this as oxygen and fuel of yr FX trading. If u hv proper MM, u cn enter a trade wth spinning a coin & stl hit success.
In my opinion, points 2 and 3 are inter-related and not mutually exclusive.You simply can't be thinking money management (by definition is how much you should risk in an uncertain event to leverage the maximum profit.) without defining the risk %.
While i have not spent time on understanding the lazyboy strategy- Going by your no stop-loss rule, you should be getting a 100% win ratio-until the time your account is wiped out.(and trust me it will get wiped out eventually if you don't have prescribed limits to stop your loss).
I would strongly recommend a pre-described limit to limit your losses (whether it is dictated by support/resistance levels) or arbitrary hard rules (15 pips from entry) or even your equity size (1-3% of account size).
I can only hope that you meant that newbies should'nt have a tight stop-loss so that they won't get caught in a whipsaw movement, because a casual reading of your post indicates that you discourage any stop-loss.
>>
4. Emotional discipline - this shoud b yr backbone. Treat yr demo account as if u r trading real money. Accept few losses here & there as u embrace the regular profits. It is very easy to panic whn a trade start going against u. But rem, whn going gets tough, toughs get going.
I completely agree with this one.With experience you will learn that every once in a while you will go through a losing streak (drawdown period) and will learn to stick to your strategy/tweak it accordingly.But with experience, you will learn that if your are disciplined and are consistent in MM-you will overcome any period of drawdowns.
>>Dear Friends, I have followed the following MM principle very rigorously (successfully too)
1. I always trade .1 lot size, irrespective of the currency & TF. I go little more (.25 / .5) ONLY WHEN i have to hedge my position to negate a loosing trade.
I don't know if i have misunderstood what you have typed, but when you hedge your position (by taking a contra-position in the same pair) you are effectively not increasing your lot size, you are decreasing it.
I personally prefer to book my losses instead of hedging it so that-
1. I know exactly how much to make up and
2. I prefer paying for just 1 round trip commission/spread to my broker as opposed to 2 round trips which is what you would effectively do when you hedge.
>>2. After i enter a trade (long / short) and market is favorable, I close my trade after making profit ( profit depends on currency pair & more importantly TF) and re-enter the same trade at the closed position, but WITH QUARTER SIZE OF THE PREVIOUS LOT. This way, if the market continues to favor me, i will keep winning. On the other hand, if market reverses, then i stand to loose only the quarter of the profit i have already made in that currency pair. This is one more reason, why i dnt use SL.
Again, while it is commendable to let your profits run like what you had suggested-
would it not be better if you had originally opened a position with 1.25 lot size, and close 1 lot and 0.25 lots at different target points, instead of reopening 0.25 lots at the exit point (wherein you will again be paying the broker's spread).
>>3. Before i started learning abcd of FX, I used to the regional head of an IT support company and was drawing 12L /annum. now also, my intention is to earn the same. Soon aftr my profit in any trading day used to cross 80$ - 100$, I used to stop trading. This emotional detachment from trading is vry vry Imp. Dnt evr evr trade for the sake of trading. Tht wl certainly spell DOOM. Treat it as yr source of Income, nothing more n nothing beyond it.
I completely agree.Overtrading is one of the biggest perils of this market.You should know when to quit and when not to force trades.
All in all, you have raised a lot of valid points and i wish you all the best in your trading career.
Regards,
Scalper.
Hi scalper.
thx fr yr time n advice as a reply to my post.
I'm 2ooo matured to gt in2 u r rng...i'm ONLY right kind of blame-game. Dnt wry. Im taking yr reply in rite spirit ONLY. All of us r here only to share da mutual xpertise.
It is not important what you do,
Till the time you know the
importance of doing it
thx fr yr time n advice as a reply to my post.
I'm 2ooo matured to gt in2 u r rng...i'm ONLY right kind of blame-game. Dnt wry. Im taking yr reply in rite spirit ONLY. All of us r here only to share da mutual xpertise.
It is not important what you do,
Till the time you know the
importance of doing it
The Primary Objective:
Morning Friends,
The Primary Objective of this thread is to help the new comers and struggling traders, by providing Systems, Strategies, Indicators and discussing other aspects of forex trading.
I started this thread primarily for the objective stated above and also cater to my passion of training and mentoring and nothing else was in my mind, neither there is any, as off now.
I thank Harsh and Scalperfx for your kind considerations... having said that I am still not an IB for anyone, but was thinking of becoming one with some good brokers... if you have any suggestions in choosing brokers you are welcome.
Above all I would like to state, whether you open an account with me (in future, as I am not an IB right now) or with one of my toughest enemy (i don't have any, just for emphasis).... it doesnt matter, I would be committed in the same way as I am now in helping you and guiding you to the full of my capacity...
So this thread is not about commissions and brokerages, it is my new 'Friend Circle'... so Money doesn't matter keep rocking guys...
Sunny, Animedia, Shv3, VSSOMA, Khalid, Boufalo, not heard anything from you guys off late, hope everything is fine... and you guys are in the midst of pips...
Take care guys, I am now going out and will be back by the evening.... keep rocking and keep posting...
Morning Friends,
The Primary Objective of this thread is to help the new comers and struggling traders, by providing Systems, Strategies, Indicators and discussing other aspects of forex trading.
I started this thread primarily for the objective stated above and also cater to my passion of training and mentoring and nothing else was in my mind, neither there is any, as off now.
I thank Harsh and Scalperfx for your kind considerations... having said that I am still not an IB for anyone, but was thinking of becoming one with some good brokers... if you have any suggestions in choosing brokers you are welcome.
Above all I would like to state, whether you open an account with me (in future, as I am not an IB right now) or with one of my toughest enemy (i don't have any, just for emphasis).... it doesnt matter, I would be committed in the same way as I am now in helping you and guiding you to the full of my capacity...
So this thread is not about commissions and brokerages, it is my new 'Friend Circle'... so Money doesn't matter
keep rocking guys...Sunny, Animedia, Shv3, VSSOMA, Khalid, Boufalo, not heard anything from you guys off late, hope everything is fine... and you guys are in the midst of pips...
Take care guys, I am now going out and will be back by the evening.... keep rocking and keep posting...
- Status
| Thread starter | Similar threads | Forum | Replies | Date |
|---|---|---|---|---|
| R | Fundmentals Of Forex Trading Strategies | General Trading & Investing Chat | 1 | |
| O | Fundmentals Of Forex Trading Strategies | Forex | 0 | |
| N | Forex strategies | Forex | 5 | |
| D | Simple Breakout Strategies and Systems | Technical Analysis | 0 | |
|
MetaTrader: Indicators, Trading Systems and Strategies | MetaTrader | 45 |
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