Sorry dude but your plan sounds more like a recipe for failure… You might wanna take a few steps back and have a reality check.
If that was the way to go… 95% of all forex traders would succeed…
sorry dude. I respect your concern but I’ve come to a point where losing is not possible. It is impossible.
It is not much but so far out of the $10k. $8.4k is from my credit card and it generated $3k in profits. I think I go buy myself a wine.
I’ve come to a point where losing is not possible and not winning is impossible. The only obstacle is learning to let market give me more money.
ForexPriceActionTradingHack.com4 System by newbietofx | Myfxbook
It is not a big return as I’m not a very hardworking trader. My goal is to make $100 per day and got get laid. BTW I learning how to pick up girls in Singapore. Damn they are shy. I’m 6 ft.
1st milestone achieved.
I cheated. I use $8k from my credit card and play a standard lot size of 0.5 lot per pip. So 1 pip is around $5. When I got up to 10 pips. I’ve closed. Only recently I’m aiming for a 20 pips profit.
I’m going to cheat again and raise my credit card to $20k credit card. My threshold is $1k as I’ve $3k profits. When I made $10k in profits. I’ll share what I know.
In the mean time. Learn to PUA. Seriously. It teaches you a don’t care mindset. It also teaches you a number game. The more you try, the more you fail the high chance of getting one contact.
The same goes for trading. Retail traders like you and I make money by risking money in the market. If you don’t risk how to make? Fear of losing it will make you less likely to commit. But as long as you know where to exit if you are wrong. And exit when you are right. Nothing will make you rich more than you.
Good stuff man, keep rockin it.
Whats PUA , sorry im a newbie .
[B]P[/B]ick [B]U[/B]p [B]A[/B]rtistry. Where people try to codify and reproduce success in picking up women, by drawing from their observations, personal experiences (previous successes) and or following the tutelage of ‘professionals’: like Neil Strauss (and his book, THE GAME)
The art of seducing women in short
was very popular a couple of years ago, read the book myself out of curiosity…was quite funny to see other university students lifting processes directly from his book on nights out.
wow nice work bro. keep smashing it!
[B][U]Updated[/U][/B]
Lost $3k in the month of January 2015.
Lot size got bigger. Ego got bigger. Will never lose mentality got arrogant. Started placing limit orders at places I shouldn’t put.
Manage to get back on my feet.
Got back to first milestone.
Why did I lose? Mostly ego and mental. Technical wise I got lazier. I didn’t do multiple timeframe analysis. I just hope in anywhere anytime.
Did the system fail? Could have but at that point in time. It didn’t. The market did go my way. But I had to endure a 10 lot standard 50 pips drawdown to enjoy a 50 pips BIG winning streak. My testicles couldn’t take it.
10 standard lots. 1 pip = $100 US dollars. I can’t.
What did I learn from this? Arrogance and laziness is going to kill you.
Did I lose $20k borrowed from the bank? Nope that’s why I got back.
What is my next step? After losing consecutively for 2 weeks. I realize. I need the hedging. It keeps my mind sane knowing I can’t lose. Also I am more selective in placing trades to hedge my losses. The market is a cunning scheming little bugger. I’m trading mostly crosses as they give me faster returns and longer distance to recover if I’m wrong. But man are they a fox.
I also learn what I use to read. Lance Beggs of YTC Price Action. (Sorry for the plug but he is really good. Technical wise.) It makes more sense. I learn about higher high and lower high. I learn about weakness and strength. I learn about breakout and pullback. I learn about odds and stacking them in your favor.
“Change the environment to stack the odds” - A client of mine and he is a pilot.
If you can’t change the environment. Find one that suit you.
“Alter what you can control” - From the same guy who is a pilot.
Position sizing. My balls got smaller and my brain sweat when the lot got too big. So now I trade 0.1 standard lot for $20k. I still trade standard account as it their spreads are better. But I’m looking at 100 pips a day.
Emotions. Fear is the result of uncertainty. Uncertainty is the result of losing. Losing is giving a sh*t for the money I lose. So I reduce to $1 a pip. I don’t feel that much.
Also totally non related. When I’m winning. I stop doing PUA. I thought I had it better. I guess I must continue chasing girls. It kept my balls in good conditions.
Milestone 1. Restarted
Guess I need to eat my words.
Yes. My ego and arrogance got in the way. System wise it got abit too big. But it kept me sane. But I am more selective in hedging.
Man you were doing good you should have keep your habit. Why changed what already works?
Let me give you a realy good advise/quote…
There is easier to make $1 a million times, than to make $1 million once…
Hey. It is me David.
I wish to joint down my ideas of using Martingale and Hedging. But after 3 months of hedging. This is what I’ve concluded.
Cons
- You risk alot of money just to avoid taking a loss.
- You start to sweat and perspire as market goes into channel and you have to open more position to avoid overthinking on the direction.
- You have doubts and fear that you eventually get your accounts explode.
Pros
- You don’t have to think where the market go.
- You don’t have a losing capital.
- You don’t have doubts and fear initially.
So why do I still hedge?
It is like a parachute. I can jump from as high as the building and not fear of killing to my death if it works.
The key is the lot size. You sacrifice big gains in a short time for small gains to avoid getting your account slaughtered.
My entry is usually base price action (strength of price) and volume (rising ticks over the previous volume) and candlestick pattern (either engulfing or hanging man or shooting star)
Candidate to hedge
AUDUSD and EURAUD
EURUSD and USDJPY
I seek possible worst case scenario.
Example.
What would happen if I seek to buy both AUDUSD and EURAUD. Not at the same time.
Can suggest?
My account is in the 5 figures. My smallest lot is 0.1 and I’ll hedge in this matter. 0.1, 0.3, 0.6.
Greatly appreciate the discussion.
Miracle happen. Those correlated pairs I told you. Is like watching the matrix. Bullet time. When one pair rises the other pair falls. When one pair falls. The other pair rises. Only difference is. There is a lag.
Binary options.
Planning to make $50 a day. That means around 10 trades a day on Forex and 15 trades a day on binary options.
I’m not doing hedging anymore. Especially martingale however I do have an EA that does it for me. Will publish it on the 4th day of May.
but first. Unfortuantely I struggle to get to where I am. My strategy is mostly base on news momentum. Those high red high impact. Then I go to 1 min and wait after 3 candles to assess direction.
