another short on gbpusd
We have another long on EURUSD now
AUDCAD TP = 0.9954. Subsequently we will have a reversal.
GBPUSD TP = 1.6583. Subsequently we will have a reversal.
EURUSD TP = 1.3770. Subsequently we will have a reversal.
[26/02/2014 16:23:57] prosperityfxpro: LONG EUR/USD SL 1.3628
[26/02/2014 16:25:09] fzmatt77: I am in!
[26/02/2014 16:25:10] prosperityfxpro: LONG GBP/USD SL 1.6587
[26/02/2014 16:26:01] prosperityfxpro: LONG AUD/JPY
1ST TRADE SO FAR IS SHORT IN EURUSD AT 1.3774 WITH STOPLOSS 55 PIPS
2nd trade gbpusd short at 1.6739 stop loss 55 pips
Thank u for the great signal.
Can u pls give me a link, it seems our story is the same,I demo trade 4 just a month with 3,000usd & making a profit of over 12,000usd with that I thought I was there, so I jumped into live trading with 500usd and making a profit over 4,000usd suddenly I just donât know how am now left with just 20usd, pls is there any link or help u can give me to bounce back with what am left with
There really isnât a video out there that will help you get from 20 to 4k. Losses are going to happen so just understand that and get back to that winning streak you once had. Things will get better bud!
Also⌠i would guess you risk way too much on every position.
Itâs easy to get lucky for a while and make a lot.
Especially if averaging down or using some kind of martingale.
But it will bite you in the ass.
Start again and risk less. That way you can afford losing streaks.
If you had risked 1% every trade it would have taken OVER 300 losing trades in a row to get from 500 to 20
[QUOTE=âjayeye;613169â]Also⌠i would guess you risk way too much on every position. Itâs easy to get lucky for a while and make a lot. Especially if averaging down or using some kind of martingale. But it will bite you in the ass. Start again and risk less. That way you can afford losing streaks. If you had risked 1% every trade it would have taken OVER 300 losing trades in a row to get from 500 to 20[/QUOTE]
Yea martingale money management is horrible IMHO. Iâve seen many of my friends blow their accounts because of it. Highest percentage Iâd risk per trade is 5 and some people consider that too high.
money management is the key to success, but no one realizes that.
The first and most basic thing you need to understand and be confident in is the mathematical EXPECTATION of your method (expectancy).
This is step 1. And if you cant calculate it accurately, you CANNOT proceed to step 2.
I believe most traders fail because they believe their method or system has a positive expectancy, when in fact it does not. In this situation, the money management is not relevant. You will blow your account sooner or later, regardless.
HOWEVER, if and when you use a system that has a positive mathematical expectancy that you can BELIEVE is accurate (or close), step 2 is to choose a money management method that maximizes your gain. People saying ârisk 1%, risk 2, etcâ are quoting a type of money management called âfixed fractionalâ. This type of money management has its advantages and disadvantages. I believe the best money management method is called âFixed Ratioâ. It was originally developed by Ryan Jones. You can google him and âfixed ratioâ and read all about it (there is a book at Amazon too).
But BE CAREFUL! Ryan Jones famously actually blew his accounts using his own âfixed ratioâ money management. I believe personally that it was because his trading methods actually did not have the expectancy that he believed they did, and therefore the other metrics he used in his version of fixed ratio turned out to be too aggressive.
I actually have seen several people come up with variants of âfixed ratioâ that are much more forgiving vs losing streaks and some of these are referred to as âsmoothed ratioâ. Google for these threads on forums, they are around.
Following on from my LIVE work on Skype and twitter:
USD/CAD WILL SHORT UPON A 15 MIN CANDLE CLOSE ABOVE 1.1206.
I predict that when USD/CAD shorts above 1.1206 it will TP on an hour close below 1.1034 i.e. minimum 173 pips profit
WE ARE IN EUR/JPY SHORTS ALREADY SINCE 141.74 / 18:00 GMT
THE MOST RECETN AUD/USD SHORT WAS AT 0.9149 AT 18:00 GMT
MANY OTHER TRADES ARE COMING THICK AND FAST SO BE ON THE LOOKOUT FOR A FAST ENTRY INTO THE TRENDS FOR THIS WEEK ON ALL OF THEM (CURRENTLY I AM TRADING AUDCAD, USDCAD, EURJPY, NZD/USD, EUR/USD, GBP/JPY, AUD/USD, GBP/NZD, GBPUSD, GBPCAD, GBPAUD AND USDJPY)
Gbpaud had a long at 1.8062 and 1.8074 at 15:00gmt and 13:00 gmt respectively!
[QUOTE=âodysseus11;613457â]money management is the key to success, but no one realizes that. The first and most basic thing you need to understand and be confident in is the mathematical EXPECTATION of your method (expectancy). This is step 1. And if you cant calculate it accurately, you CANNOT proceed to step 2. I believe most traders fail because they believe their method or system has a positive expectancy, when in fact it does not. In this situation, the money management is not relevant. You will blow your account sooner or later, regardless. HOWEVER, if and when you use a system that has a positive mathematical expectancy that you can BELIEVE is accurate (or close), step 2 is to choose a money management method that maximizes your gain. People saying ârisk 1%, risk 2, etcâ are quoting a type of money management called âfixed fractionalâ. This type of money management has its advantages and disadvantages. I believe the best money management method is called âFixed Ratioâ. It was originally developed by Ryan Jones. You can google him and âfixed ratioâ and read all about it (there is a book at Amazon too). But BE CAREFUL! Ryan Jones famously actually blew his accounts using his own âfixed ratioâ money management. I believe personally that it was because his trading methods actually did not have the expectancy that he believed they did, and therefore the other metrics he used in his version of fixed ratio turned out to be too aggressive. I actually have seen several people come up with variants of âfixed ratioâ that are much more forgiving vs losing streaks and some of these are referred to as âsmoothed ratioâ. Google for these threads on forums, they are around.[/QUOTE]
I have read about fixed ratio and canât see the point if trading forex. The problem with not being able to add a contract is non existant due to being able to trade in 0.01 lots.
He is basically risking more on a small account and lowering the risk% as the account grows. I donât understand why you would need this system for this. Just risk the % you feel comfortable with. I like 0,5-0,25%. If I had a 1000000$ account then maybe I would lower it to 0,1% since the that is so much money risked in a position.
Also it doesnât take into account the actual risk you are taking (the stop).
I risk a % if my account. The lot size depend on the stop loss. A swing trade is therefore often smaller and a scalp larger.
I risk a bit higher % on setups with larger win %.
I use scripts (power trading scripts that I modified) for this so it is REALLY easy.
Fixed ratio just seems contrived when trading forex.
IMHO.
Or what am I missing?
USDCAD dropping most sweetly PRECISELY from the 15 min close I mentioned to you a day before it happened
Other signals I sent today: (sorry peops I donât have time to always post here on baby pips as I am busy trading for investors and signalling live in the twitter and skype trading rooms):
short on GBP/NZD @ 1.9299
USDJPY short from 102.31 & 102.41
EUR long from 1.3763 to TP above 1.3875
AUDCAD long from 1.0218
GBB/JPY SHORT FRMO 169.14
GBP/NZD (MY LATEST PAIR) SHORT FROM 1.9304 - 1.9336
ENJOY THE PROFITS!
I would like to try your system and see what indicators your system uses as I am brand new and currently havenât found any very useful
141.40 --> EURJPY is likely to have seen its preliminary short on the pair for the rest of this week.
gbpcad is likely to have seen its countertrend long that I am trading up to the trigger level of 1.8530
gbpnzd already hitting 90 pips profit, gbpjpy 50 pips so far and usdcad 55 so far