David- looking forward to a response.
David -
Let me add my thanks to you along with the others for providing your mentoring services. I’ve been paper-trading for about a year now, and I still haven’t arrived at a consistent winning approach, even after lots of books and courses and videos.
That said, I’ve heard the advice that once an entry has been determined your stoploss should be about 1/3 the size of your target price. I get it. This keeps losses small and profits larger.
BUT,
Most of the set-ups I see just don’t have targets that are that big! For example, if the stoploss is about 10 Pips away from the entry, a target that is 30 Pips away is not likely to be hit. My stops and targets tend to be about the same size.
Am I missing something? I’m thinking I should trade much longer time frames.
Thanks,
- Gus
Hello David,
I was wondering if you or anyone on this thread could recommend a reliable u.s. broker? I really don’t trust the broker thread as I understand the reviews could be coming from the brokers themselves, I would rather hear from regular traders such as yourselves. Thank for any help.
David,
I have been interested in Forex for a long time. When I do get the itch I start watching videos and reading peoples thoughts and reviews on things. And it seems like a lot of people talk about how long it took them to start turning a profit on a regular basis and stuff like that.
What if I did not want/need to learn? Not to the point I don’t know what’s going on and stuff like that. What if I wanted to just find a good single service and stay with them? I don’t need to drive the buss as long as I am getting there. I have been reading about different services and reviews. And I am yet to find a bad one about BOTS (_inary_ptions_rading_ignals). I can understand why if people are doing well they don’t talk about it. I just can’t seem to find anyone talking bad about it. You would think people would be quick to talk about a service that did not work.
I am a guy running on a rat wheel for a job. Yes things can get better and I can make more money but that would be just more stress. The quality of life would never get better. I am single guy so a $1000 a week would be more than enough to get away.
It seems when I do end up talking to people about this stuff. I run across someone was making $30K a month one point. And they look at the money I would need as pocket change.
Is it crazy to think I could trade on a fake account until I got used to the singles in the trading room. And then take $500-600 and build it slow to the point I could pull out $200-300 a day? While still staying within a good balance in the account and never risking too much.
Or is that same plan everyone has and 85% of them fail in the end? I feel like people are doing it all the time. I would think it comes down to discipline and money management.
One of the things I liked about what I read about the BOTS trading room. Is they only trade for two hours a day. They have a system and stay within it. They don’t chase trades all day.
I left out parts of the name of the service I am talking about above not knowing if I can use links for things like that. I am not part of their site at all. It’s just the one that has the most and best reviews.
Thanks
I disagree strongly about not to paper trade. Read books like Jesse Livermore which you can download online . paper trading is pretty much part of parcel in learning how to trade . hence I don’t understand why you say leave paper trading for newbie. Please clarify. I am newbie myself.
Books and course is great before even trading IMO. You will need a basis to base from. Only then one can see what works for him/her. Jesse Livermore always says, do your own research and learn the behaviour of price behaviour. Journalling it. IMO.
Timeframe , for me is important multiple tf analysis is very important. To get an entire picture .IMO.
Hello David,
can you please explain me this buy the rumor and sell the news think?
What really is?
It is actually buy the pair that you are trading and selling on the news (Take profit)?
Thanks a lot,
tchutchuco
David, anything?
Hi David,
sometimes I check the thread in the hope to fine a good post. You managed to have almost 100 post and the only valuable ones were when you got critics from many members.
Funny is that you still push the newbies on using those M1 and M5 charts. Awesome! Is there any way to lose money faster?
If you get too many critics you just create some new accounts and write what a great thread we see here. Hahahahaha. What a joke! Thread without any real information.
If someone asks something you always answer such basic information that anyone could learn within two days after hearing about forex the first time.
Lately a couple of members gave you questions (not me). I quoted one of them. The question was repated and it wasn´t about how great you are, so you just ignored it 3 times. You have a great personality (ironic joke), with ignoring difficulties and you teach forex?
I highlighted the last sentence of your last post about asking questions 24*7. You wrote it, and just ignore the questions.
Boy, wake up and do finally some work. Saying “Hi” for newbies is not the way how value is created. Good that there are some members with experience sharing here sometimes what a scam is going on.
David branco, do you trade live ?
After learning about fib sticks on Pipsology, I looked up EUR/USD on my FXCM demo acct and noticed multiple options to view charts from 1 month to 1 minute (and 50-1000 ticks) of timeframe which changed the candlesticks drastically. What view(s) do you generally analysis? Or recommend a newbie to look at first, seeing how I’m only half way through elementary school lol 
-Thanks for your time!
David please tell my which broker do you advise to use and if you do trading live please.
Hi Norisvpips,
Below is an excerpt from an article by currency analyst James Stanley on What is the ’Best’ Time Frame to Trade?
[B][I]"All new traders should begin with a long-term approach; only getting shorter-term as they see success with a longer-term strategy. This way, as the margin of error increases with shorter-term charts and more volatile information, the trader can dynamically make adjustments to risk and trade management.
Traders utilizing a longer-term approach can look to use the weekly chart to grade trends, and the daily chart to enter into positions."[/I][/B]
In my experience, too often new traders are reluctant to try a long-term approach, because they equate longer-term trading with bigger losses. While you generally have to risk more pips on a long-term trade, that doesn’t necessarily mean risking more dollars.
Consider that when you trade one micro lot (1000 units of base currency) you are risking only 10 cents per pip. That means you could risk risk 100 pips, and that would equate to $10.
Thanks Jason!