So ive been trading this passed month and have come out 2k plus. But this last week i have been getting hammered. lost 2k. This made me really think and get a plan together.
I made 4k in the last month, lost 2k, profit for the month. 2k.
My plan- Wait for a new high and sell long 200,000 lot. pip- 30-40. profit, over 1k or just about.
Wait for low and buy 200,000 in. same strategy.
New plan- I need one!
I had no plan to start with! I really need your guys help. I have almost always lost on my middle trading but won most of my long trades. I have been looking at trend strategies and moving average strategies. Can you help me?
Do any of you have a simple trend strategy or a moving average strategy?
Before i was trading way over my limit, had 6k was was trading with 200k lots. Risky business. I am now trading with 30k lots and looking for simple pip profit strategies.
Thank you all so much and wish you guys well in your trades.
“wait for a new high and sell long,” …not a good idea, after new high there is usually a correcttion down before a continuation. You’ll probably buy on a peak then have a lot of drawdown before any continuation.
If you want to be a trend trader the traditional thing to do is look for an established trend and enter on a retrace down, before it goes back up.
P.S. if you had no plan to start with and still have no plan you should either go back to demo and develop one or trade micro lots while you develop one. Otherwise you are just treating forex like a slot machine and hoping to get lucky.
Yes i have been treating this like a slot machine. Ive lucky but these last few days have tore me up and shown me my plan was never a plan. I have stopped for the week and am trading on the demo account while i get my bearings back.
Would appreciate any information on sites or strategies i could make.
I trade on the us/jpy currencie.
Thanks
If you’re going to be a trend-follower, it might do you well to study the money-management side of things.
Entry and exit signals in trend-following can be as simple as a moving average cross or, as you mention, a new high or low. Without further concepts like integrating volatility in your bet-sizing to account for a specific market’s conditions, fractional betting to experience exponential growth, and diversification to ride trends across many markets, you won’t get very far.
where i live we need to pay the drinks in casinos:D
to make money in forex you shouldn´t trade against the trend. you need to recognize the consolidations and them enter your trade in the direction of the trend.
get a system that help you do that and you´ll be fine
If you consider the term “trend” to be what is everyone else doing and not what the market is doing then you are well on your way to trend trading.
If you read a lot on the net, and I,m sure you do you may well have come across people talking about the 200ema. Lots of traders use it, and since I want to be “trendy” then so do I. I want to do what everyone else is doing.
And markets move up cos we are all buying and move down because we are all selling.
That’ a trendy pair of trousers.
Yes, they’re quite the rage this time frame.
Sorry, to continue. Lots of people use the 200ema to make trading descisions which means to say those in stay in and those aside get in. I use it heavily and it nearly always pays.
I guess it’s an illusion when I look at a chart and a pair has clearly been moving down or up, for the most part, for half a year or more?
Repeating something over and over doesn’t make it true. Quit going in threads and calling things illusions and myths in an effor to sound like you actually know something about trading.
Yes, it is an illusion. Switch the time frame. Does the same thing happen? Do you have to change the trend lines? You are correct that repeating something over and over doesn’t make it true and that is why I am showing the myth of trend lines - they are nothing more than an illusion. Just because they have been talked about for decades doesn’t make them true. Remember, trend lines are relative and can be interpreted differently depending on the observer and the time frame used.
Draw a trend line. Price approaches the trend line. Only 2 things can happen, price either penetrates the line or price reverses away from the line. Do you really believe the line had anything to do with the direction price moved? If you do, then you have been fooled by an illusion.
Put another way, what did price react to BEFORE charts were invented? That will probably cause you some mental anguish. Deal with it.
Remember, trend lines are relative and can be interpreted differently depending on the observer and the time frame used.
Most things in life, like trends, are relative by their very definition. That doesn’t mean they’re useless to trading.
Do you really believe the line had anything to do with the direction price moved? If you do, then you have been fooled by an illusion.
Put another way, what did price react to BEFORE charts were invented? That will probably cause you some mental anguish. Deal with it.
I don’t believe the trend line is “causing” anything. If you thought trend-followers believe their definition of trends are the cause of market fluctuation, you don’t understand trend-following.
