I jump in and out.
I still have 2 more weeks for this to end up in profits.
But look, i am not exiting this trade until i am at least 1:1.4 in R:R, it might take till the end of the year…but hell, i’d rather be disciplined than experiment at this point
that s a big risk, to target only few pips and have a wide stop, u gonna need a very high win %
hahahahahah, we ll talk about, see how it unfolds next week, but if i m right, u gonna go and add volume to ur chart and try and study it. deal? ))))look, we could all be right, price might push up 200 points, i ll bank a profit and then might sell off, and get u into profit, no1 knows for sure, but are u willing to take the drawdown? that s my point.
As i understand there is no accurate way to calculate volume since it’s decentralized, otherwise i’d be more then willing to use it, cause it’s a great tool…
And yes, the markets will do whatever they went.
About the drawdown…yeah…i always risk the same amount percentage wise, so i am willing to take in the loss if it happens…the only thing i am not ready for is waiting for 2 months for this to develop…lol
u have a poor understand of tick vol in forex and volume in general, but anyways, if ur not willing to wait that much, then why go off 1 monthly candle and not drill down? u can t contradict urself in this bussiness or u ll never make money, decide on smthing and stick with it, u need repetition, that s how u get consistency. cheers
check out this new thread, might open ur eyes on volume a bit
or this 1 cos it s more forex related
I’ll take that as a compliment that i have poor understanding of tick vol in forex, cause in reality i have zero knowledge of volume in forex.
Well, patience is what i am learning now…longest position i’ve held is 22 days so far.
didn t meant to offend bud, just wanted to point out that u could look into smthing that could increase ur odds of succes, that s all
I didn’t take it as offense dude, really i have no idea about volume, and i haven’t found quality material to read about it.
Every reputable trader i know either online or in real life say there is no correct way to measures volatility in forex
it s measuring activity, how many participants are in the market, and when u pair that with the spread of the candles u can have a better understanding on what s going on. dude, go watch those videos in pete s thread, they re free, and let me know after if it makes any sence to u
Who is Pete?
Can you give me a link?
u have above
There really is more to my strategy, I’m not a scalper, more long term. I look to see where price is headed on the monthly, then I take a very small position, like 0.25% of my balance, and watch it. It could be days before it goes in my direction, then once it does I open a larger position (2.5% or 5% if I’m confident enough), then move my SL up to profit on the 1st position. Then if price keeps going in my direction, rinse and repeat.
I have started working more on my entries by looking at weekly and daily charts and mapping out patterns so I’m not waiting as long, but this strategy has been working well since I overhauled it a month ago. Now I’m averaging about $40/day with a $9k account.
Will it last? Who knows, but I’ve learned a lot from my mistakes over the past year and I’m very determined to make this work.
@Pip-Skywalker, sorry about jacking your thread!
it s very good if u can make profits, then stick to that. u shold know best as it s ur money on the line. good luck to u
I never drill down below the time-frame of the “decisive” chart - the chart where I decide I should be either long or short and it should happen asap.
But I admit finding a strong entry level within the daily bar would be nice, whereas I always enter using the high or low of the daily range as my entry point. In practice, an intra-day signal isn’t always different from a daily signal. And in the cases where it is, on average this might give me an advantage of half the day’s range. So I’d get half a day’s range advantage in about half my trades. I reckon this could help me make an additional few percent on the winning trades.
BUT, my win rate would decrease as entry would be on breaches of s/r levels of intra-day bars.
it all depends on how u trade, what ur comfortable with, and ur ability of reading a chart to form a bias etc. i for example can implement the way i trade on any timeframe(can trade any timeframe), but i m not the type to hold positions for 2 long more then a week if an intraday trade turns into a swing trade for example. in my humble opinion, every strategy outthere can be implemented and traded on any timeframe, just the concenptions of the people are different. some will say that lower timeframes are just noise, some will say it s a specter of what s going on within the higher timeframes and that s all fractal, and i do agree with that. think about it, if u would take time out of the equation, then it s all the same. anyways, as i said, we all have different views and that s just fine, important is to stick with what works for u and don t get lost in the crowd
just an example of a pinbar(upthrust at that fib lvl) and look at the continuation as it wasn t confirmed. that was my point related to jumping the gun or waiting for it to confirm.
let me know if u watched any of those videos volume related and if it makes any sence to u. cheers
I reviewed the video lessons from Hector, and he clearly states that if i notice that price is reaching S/R on the Weekly time frame, i should look for the entry on the Weekly TF, so i guess there is no point to this.
There is a lot more to the explanation, but at the end it makes perfect sense.
I just wanted to clarify your statement here but, first off, I agree with your approach with small feeler position then adding to position if going your way (adding to a winner) but once you do this your cost basis/breakeven levels tighten. Meaning if you’re long your cost basis goes up if you’re adding to position on the way up so, if the market turns on you, you are now in a bigger position (increased leverage) with a much closer breakeven level and going the wrong way. You will find yourself at a loss much quicker then it took for the gains. A trader really needs to manage and stay on top of the trade. Vice versa of course on short positions.
@TradingGorrila it’s pretty simple. Once your small position (.25% of account) goes in your favour, open a 2nd position (2.5%). When that position nets you a few pips, let’s say 10+, then move your SL up to break even or a small profit. If you’re lucky and catch a good trend you can open a 3rd and a 4th position. However, you have to keep moving your SL’s on all positions to keep increasing your profits.
Here’s a couple examples from earlier today:
Except in these examples I hadn’t set my SL’s yet. Again, these are just small positions as I like to play it safe. But they add up throughout the day.
Hopefully this makes more sense. I will post some better ones later.