I tried to catch reversals (even if it was others signal not mine). I went with him I lost my money.
Just because I noticed a beautiful bullish engulfing pattern I risked everything assuming a reversal would occurr.
Perhaps I should wait for a new lower high, even a second. Just to make sure a new uptrend is established.
I wonder if it is a problem that I wanted to trade a correction. Even if it can have 400 pips is still a correction on D1. Would this qualify as a trend? Even if a new lower high occurrs on AUDCHF, would be a good idea to buy, or solely rely on sells since it’s overall downtrend on W timeframe?
I still feel trading is a fraud after all this experiences. Completely rigged and fraud.
I don’t know how to even recover all my losses. I have 220$ left. But I can lose again, and unwilling to invest more.
And also no one lost more money than me. I have around 1100$ burned in this sh.it.
Edit: to be fair I’m glad I only lost 300$. This can fall another 100-200 pips and even more from what I see. EURAUD might be a good sell soon.
@insane19 glad u did closed, so what challenge was that? ftmo or topstep? was a free trial or u paid the fee? anyways, now that the cat is out of the bag, are you willing to learn a simple basic aproach? if the answers is yes let me know, i ll try to help u with that for free ofcourse cos i m not a financial adviser or crap like that. but since i saw u had the other post as well saying it s all a scam, rigged etc… i would like to prove u wrong if ur willing to learn and stick to some basic rules!!! no need for indicators (emas if u want visual help) but jus price action, trendlines, support and resistance.can t get any simpler then this. anyhow, like the others said, don t give up, we ve all been there, no1 s perfect and even if u are a natural at something u still need to practice.
cheers
i know some people that are trading for ftmo and some for topstep, that s why i asked, to my knowledge they are both legit. ok then, i ll look up some charts and i ll post in the trading disscusion thread. u can follow along there. btw, only demo trading, no more real money untill u ditch the double the account in 1trade idea
I applaud you mate. You took the plunge and beat your ego and bias. You told yourself the market is telling me I’m wrong, it’s not doing what I originally thought and therefore I will close the trade. Well done. Many before you have not been able to close and have blown their account. To be fair, I was one of them and if I can become a fulltime trader so can you.
Now go back to basics. Solidify your knowledge. Spend time on charts on demo. See what you did wrong, right and what you couldve done. Analyse everything! Keep an eye on the chart this week and see what happens. On the IG market data 90% of retail clients are long so likelihood is price will sell off quickly to shake out the weak hands. Let’s see. Stay out of live trading for now.
if u wanna buy low in the future wait for something like this, u ll usually have a trenline break, followed by a small accumullation with volume incraesing of the lows rejecting. ten u wait for the break and retest, and on the retest that s when u enter. this is how i trade more or less, not financial advice lol, but in reference to ur divergence setup.
cheers
ps: if u look close enough u can also see the fake break down with volume increasing and rejecting and the reaction is back into range, that adds to the probability.
@1odi Great catch. Are 1h timeframes really working? I’ve been told they’re like gambling. Nice SL set. I thought about looking to enter the Sell on H1 for EURJPY once a simmilarily setup occurrs. Objectively speaking, would that be considered a good trading opportunity, coupled with risk-management and stop loss used?
who the fudge taught u how to trade…ur better off learning by yourself…do not buy eurjpy, yes it s going up and yes from 1hr perspective looks good, but i wouldn t buy it. actully i mm looking to sell it if the setup occurs, it s just a retracement on daily for now, and it hit resistance already. i m gonna look for a nice red candle these comin days.
I told I’m expecting bearish action from EURJPY. And most likely USDCAD (still unsure). Also your trades have 1:5 risk-reward? Do they often work? I never tried big risk-reward except demo or scaling in negatively (recent trades). I thought stop-loss hunting would be very dangerous (at 20 pips stop loss) but if I’m wrong is a great profit to make good profit. In fact, I will cease 0.3 lots. I’d only stick with 0.1 lots with 20-30 stop loss when a setup is showing (of course I’m waiting the perfect opportunity I want to avoid at all costs over-trading/ revenge trading). Eventually my balance would recover. Another great thing would be that good setup happens often than 1-2 times a month if you trade D1 lol.
weekly trend down, broke that level now retracing, u have that broken support that might turn resist, u have 50 to 618 fib, the 200 and the 50 ema and u have a break of daily trendline. u can buy on 1 min if u wanna make 10 pips… i wouldn t buy that, but do as u wish
then my bad, i misread…sorry, tired i guess. my risk to reward if i m trading from 1 hr and above looks like this. for ex: i enter the buy or sell with 1lot… my risk is 50 pips . if price reaches 50 pips in profit, i manually take out a 3rd of my position, then next tp is at 100 pips for another third and move my stop to BE and i usually leave the last position running, it s what grows the account, no matter small or mediem etc… not always, but sometimes u gonna hit some home runs with that 3rd pos. again this is when i m trading from 1hr charts or 4hr etc… if i m trading intraday, i go for whatever the market has to give, be it 10 pips, 20, 50 or 100. and i say that cos i m getting in or out according to the volume and let s say i m long on gold on 5m, i m up 10 pips, but then i see i bug green candle with high volume and the next candle is a red 1, no matter how small, i m out, cos that s weakness and is tellin me that for whatever effort to rise was there the reaction was bearish. so most of the times price will range or just fall right off… just to give u an example.
around 3 years now
dude, i m tellin u, ur conspiracy theories, i had them 2, i mean they ve crossed my mind, i felt like i m getting cheated, was trying and kept failing, over and over and over again, but when i set my mind on something there s no backing down. so in the end, atleast i m breakin even and not losing money anymore don t give up, there are people makin a livin out of this, i knew that then when i was havin issues grasping the hole trading bussines. look at it as a career, that s how i look at trading. u gotta spend time and put in the effort if u wanna succed. in evert career is same thing, isn t it? or u just become a lawyer or a doctor over night? so keep at it, try to learn from any1 that is succesful, don t think u know it all and u ll improve!!
disclaimer, the trades i showed in trading view are on a demo account. i mean i m long in my reall accounts to but don t wanna post from metatrader anymore. so whatever take in my live accounts i take the trades in the trading view account too. was 500 bucks yesterday since i posted those charts and now it s sittng at 598
i m just playing there i mean with the risk, cos i m risking 5% from the 5oo bucks on each trade. do not do this at home. unless u know what u doing. so i ll post only from tradingview from now on, since i saw a dude got his account hacked in forex factory, dunno how but they managed and he was posting real account 2. anyways, keepat it, don t give up… all good things that matter in this life aren t easy, u have to work hard.
cheers
@1odi Hope so. I’m done with this. To sky after I vlose my orders. Always this kind of coincidences. Hope EURJPY sell will go better. If this fails aswell f. it
don t give up, there are people makin a livin out of this, i knew that then when i was havin issues grasping the hole trading bussines. look at it as a career, that s how i look at trading. u gotta spend time and put in the effort if u wanna succed. in evert career is same thing, isn t it? or u just become a lawyer or a doctor over night? so keep at it, try to learn from any1 that is succesful, don t think u know it all and u ll improve!!