Broker leverage

Beginner Questions
177

Hi @tomo22, the reality about trading is hard to believe. I want to say most trading mentors outside are not honest. They may claim trade since 2000, but their way of thinking honestly don’t reflect what they have claimed.

I know many experts in these fields, but all of them good in making proofs, but when they are being asked to trade alive, the result is different or even zero.

When you really want to be a trader, you need to understand the holy-grail is a combination of four aspects: strategy, money management, risk management and mentality. Lack of one of them, I don’t know how to succeed in this field. If we don’t know what they really mean, even harder to be a trader.

Many others make claims to have found the key of trading, telling to have 85% or even 100% win rate strategy. Be realistic, we are human, selfish by nature. If we have something so good, why do we want to share it for free. If we are being kind to share it for free, other will take advantage of us without mercy. :slight_smile:

I’m not saying, I am an exception. I’m also the same. :slight_smile:

If you observe to all members in trading community, most of them talking about strategy. So many strategies have been discussed. If strategy is so important, the best strategy surely has been exposed here. But in reality, none of them exists. Those who are trying to find influence and benefit from beginner market, still trying very hard to sell their crappies concept. :slight_smile:

Most profitable traders will keep quiet from community. They say no more, because the secret is not in the strategy, but other elements, as I have mentioned above.

Trading is similar to other business. You have to be an entrepreneur, not opportunist. As an entrepreneur, you understand the risk and being realistic. You face the opportunity from market fact, you think of market as it is.

As opportunist, you will be few step behind. You think of market as you want it to be, you will fall to the cliff of despair.

Example, most trader don’t know the realistic balance to start. They will put a number for example 500, and assure themselves as the good number and also the safety net. This kind of though is wrong. It’s similar to you want to open a factory, but you put your capital limit to 500 USD. It doesn’t work. Before you put a number, you should learn at least.

Luckily, you can start with cent account. You can start with smallest amount. To pursue your path in trading, you have to tried it … You have to get rid your trading anxiety, strengthen your mentality. These can be done only by trading with discipline.

Trading with strategy you can scale up. From my past experiences, base on my past students, they are who still trading until now, were taught averaging.
So their basic is averaging, and from averaging they realize the market dynamic to design their own trading style.

2 Likes
178

Yeah I agree humans are selfish by nature and would keep their secrets hidden. I probably would too.

I just don’t know what to do, can I really trust anyone if humans are selfish by nature? For instance someone teaching ICT? I just want to learn off someone who teaches ICT and isn’t a fraud I find this will be hard to find.

How am I to be an entrepreneur without any knowledge on a concept or strategy?

I wanna ask for your advice. What do you think I should do and who should I learn off? I feel stupid asking this question because of everything I’ve read :joy:

@TYGMedia

179

Hi @tomo22, since everyone has different degree of selfishness, there is still a room to learn from others. :slight_smile:

Such as, when you ask me how to start trading, my suggestion is you can start by averaging. You can start by using demo account or max cent account. Try to find out how averaging work. You can combine it with ICT and other methods, experiencing how to grow your account. how to manage your emotion, how to take action, how to face your good and bad trades. None of these can be earn by taking many courses.

This is your real life experiences, these are more important compare to all courses ahead. Most traders fail because they can’t manage all of those.

Entrepreneur has different thoughts. Most people want to be safe. This is the reason we are looking for job. But some of us have fighting spirit. We do whatever to survive, don’t give up easily.

An entrepreneur will do any thing to survive, will learn anything to improve themselves. The opposite as an employee, want only stability of having good stable income for the rest of their life.

For example, an entrepreneur, when trading, we will look through instrument we want to have “business” with. We focus on it, don’t let be lured by other instruments before we can handle it.

We learn how to trade and make profit from it. Learn the realistic balance to trade an instrument by your skill. For example, I have an electronic store. When I started it, I was told, the profit margin was 40%. I needed only capital 50k USD. The truth was, the profit margin was less then 10%, the initial capital was 120k USD. I might be stupid or I was lied. Whatever happened, I have to continue alone, looking to the best way to run my business. Until now, after 10+ years, I have done many strategies to run the business, I can only manage profit margin around 20%.

The same things happen in trading, many rumors and information, sweet and sours. After you acquire the knowledge, the rest is left to you to do it. You will be staying in learning curves endlessly unsatisfied. Even you learn from master of ICT, SMC, CRT, LIT, PA and many world class mentor, all of them are just selling craps. The real trading situation is 180 degrees different. In real world, none can be trusted except your own experiences. So all mentors are just like Mr Crabs in Sponge Bobs who is selling crappie patties

Your next step is do trading in demo or cent account. Have the real experience, by hook or by crook you have to monitor it with all of your life. There is no second chance, only keep doing it and get better and better. You have to work hard, and you are the one who will get rewarded. When you are wrong, you will have the punishment.

None will help you, including me. I can always give you real guidelines. But you have to experience all of them with your principle nature. You can’t mimic me, as my current condition is so different with you. I was like you before, so I can imagine and show few directions that you can choose, and you will always have a choice to step-back from all of them.

180

Wow this is very very honest and very eye opening. Haha past 6 months of trading I’ve learnt so much in terms of life lessons and knowledge it’s incredible. Thank you for being honest to me and giving me the tough reality :smiley:. Thank you for your guidance it really means a lot to me.

Thank you

@TYGMedia

181

Hi @tomo22, No worries, you can always ask me for opinions.

Since I’m not selling crappie patties here, I love to answer things I know and enjoy interactions here. I trade my knowledge and experience with fun :grin:

182

Hi @TYGMedia

Not sure what went wrong here. I identified an area of liquidity and then proceeded to note Sellers stoploss I set up my OTE and set my stoploss at previous sellers stoploss and then set my take profit at buyers SL
I thought it was gonna be a good trade since I had some good confirmation but it reversed and went to upside.

IMG_9013
IMG_90134032×3024 3.31 MB

183

Hi @tomo22, this is the proof that most of trading knowledge can’t be applied in live trading. But you can use it for analyzing.

Trading needs different skill, which can be earned by performing live trading.

As you can see EURUSD M15 is obviously moving down. According to M4, it’s getting close to a good SnR. SMC we call it POI. Base on this information, we know, there is something around this price level.

In M15, we can see the market structure. There was BOS duriing a cowboy whip :cowboy_hat_face: …
The CHoC is still far away. Current range is good for shorting market.

In M15 we could see where FVG is located, We needed inducement to trick others to jump in.

What real trader will do: we can do long on the way market to form inducement.
Standby near inducement, around POI. We wait for liquidity sweep then short after that.

Liquidity wont tell you where the price will be going. So to have profit with the strategy, you need courage to re-open a position after a loss. When you hit a loss again, most beginner will feel nausea. But when the same signal is showing again, you have to join the event again. Loss after loss … most of us must have chickened out :grin:, so final thing is you need to use money management.

You have to design a good money management, what to do to be still profitable even with so many losses. You also need to manage trading volume, target and stop loss to manage your risk.

So, every trading strategy is faulty. We need to complement our strategy with other elements to have a profitable experience. :thinking:

184

In Australia, high leverage options are limited due to regulations. You might explore brokers that offer up to 1:500 leverage on certain accounts. Always ensure you’re aware of the risks involved with higher leverage and choose a broker that aligns with your trading needs.

185

Hi @TYGMedia, thank you for this. I thought using TP at a previous liquidity level may be a good thing to do since previous price levels have created it causing a zone/POI to form.

Ive really been trying to implement my FVG and been watching tons of videos on why they aren’t working for me and how I can improve it. I’ve tried tons of methods such as using external FVG, waiting for a narrative, waiting for liquidity to be tapped ect… I cant really find that FVG actually work

I want to know your past expericne with SMC/ICT why did you quit SMC? Did fair value gaps work for you??

Regards tomo

186

Speaking on my point. I’m going to do a probability win rate calculation. I’m going to test both theories which are Smc/ict. And general price action (snr,market structure) ect…

Depending on the higher wr i will focus on that certian method I’ll try this with mutiple major pairs too

187

Hi @tomo22, that is the irony :rofl:. The way I look, ICT/SMC are trading philosophy. They don’t need to be correct, but you understand how to use it. This applies to all methodologies. You only need to use what works for you. :slight_smile:

I have met many SMC traders, many of them use SMC, voluntary combine with others methodology.
But when they talk about their methodology, they claim their own SMC.
Such as FVG, it’s said to be so powerful, but it has been patched with many additional “exceptions” to make it work. If there are 10 SMC traders, there will be 10 variants on how to use it. All of them can be worked, but it’s no longer the original idea. So, we have to do whatever to make it work. FVG is a very old concept in PA about range to range. You have to analyze the FVG from lower to higher TF, so you will realize FVG is just RBR, DBD in single candle. Look inside a FVG, you will see RBR or DBD. By understaiding it, you know what to do when you see FVG.

I learned SMC for 2 years, I was looking for a new perspective in trading. SMC and ICT are actually good, for beginner. But I don’t like with their concept about market. Market doesn’t work that way, but for the sake of their marketing, just enjoy their story. Their technical skill, the way to find a structure, is good. However the explanations about how it moves are completely wrong. :thinking:

Example, the FVG is being targeted. They explained with their concept of candle formation, during the course, it’s 100% success, very simple and satisfying. In livel trading, we hit up down, left right. We get bullied by market. Waiting for inducement, liquidity sweep, we open positions and bang!! … we are robbed by market again. :woozy_face:

The proper way to trade is, started by picking an instrument. Look for patterns, and find out how to apply the methodology on it. Volatility, instrument’s behavior will be the parameters on how to use it. So, from my experiences, there should be a SMC for EURUSD, SMC for XAUUSD kind of thing.

So you have to find out how to apply the skill on each instrument. You may proof it yourself by trading with EURUSD, GBPJPY, XAUUSD, XAGUSD, XAUAUD, XTIUSD/USOIL, DE40, US500. Each of them are different type of ghosts. :rofl: .

So I finally can say, to be a successful trader, you can only keep trading, exercise the mind and action. For example, you are instructed by your supervisor to deal with a customer. The supervisor teach you how to win a deal. When you are on field, all of the teaching are garbage. Supervisor told you make the customer happy, the real thing, how? How to make a customer happy. You need to meet a lot of customers and learn how to react fast and accurately in a split of seconds. You miss one step the deal is off. You react to slow, you loss the opportunity. There is nothing can be used to help but keep doing it until you understand the whole thing.

Example again, when I want to meet a new prospect, I will have to check the person background. I will read articles the person has interest to. The minutes I meet the person, I will assess everything quickly about the person and try to blend him or her will all my skills naturally. These thing can’t be taught but experiences.

The same thing with trading. You need to trade everyday, make it your habits. For example, EURUSD keeps moving down. If you have no experience, you will look for “insights” on how to make profit with current condition.

The truth is nothing can be done. Technicality, we know EURUSD is testing its strong support. We just wait for reversal. Don’t have to squeeze our brain for liquidity and FVG. Just waiting for a good reversal. If we use PA, look for HH, HL. If we want to scalp, look into M15 and bellow to swing with. If the support is broken, just look at our trading plan. Do we have breakout experience? if don’t, learn how to do it. :smile:

188

Hi @TYGMedia, yes I agree ICT over hypes FVG and majority of them make exceptations such as “oh it can breakout and then re touch it still counts” which is not true.

When you say “look for patterns” what do you mean by this.

I wanted to ask how do you trade during consolidation? Should you even trade during this period and wait for a trend to form?

I feel like I have completly forgotten everything about price action I’m not sure why and SnR I’ve been trading SnR today and I’ve been getting stopped out due to breakouts occuring at my SnR. I’m going to watch some videoes on price action, SnR and some others :smiley:

189

Exness allow higher leverage

190

Hi @tomo22, patterns as what I had explained here :slight_smile:

Yes, I am still trading during consolidation. I will trade when price is consolidating in a good area. Have you watch Batman Return? Ra’s al ghul told Batman: Always mind your surroundings. :smiley:

191

@TYGMedia

Hi thank you for this. What is the ma50 by the way?

Also I’m having some trouble with babypips some reason I can’t reply on my computer when I click the reply button but on my phone i can.

For instance, when I reply to your comment on my computer and I’m finished I click reply and nothing works it’s very weird. Do you know any possible fixes?

192

Pepperstone has pepperstone pro accounts which is only for professionals traders . You have to pass a financial degree like the rg 146 and be trading with them for at least two years to get the pepperstone pro which is 1:500 leverage

193

Hi @tomo22, MA50 is Moving Average 50. MA is the most reliable indicator. It works on every instrument, we just need to reconfigure its parameter accordingly.

I’m not sure for this. Probably you can ask BP’s moderator. Last time I got the same problem, due to login problem. We can only login into 1 device at the same time. When you login in other device, the previous will automatically logout.

It’s also can be caused by the page isn’t fully loaded, so the javascript run with error. :slight_smile: Better to consult with BP’s moderator for sure :smile:

194

Have you tried using Firefox

1 Like
195

Nope fire fox doesn’t work I think I’ll stick with what @TYGMedia has said

196

@TYGMedia hi, oh I thought so haha . What do you Mean configure how do you know what to configure it? Is it based on pair?

I will contact BP support