Hello everyone. My name is Roger and as per topic, I’m here to help everyone. Of course, there will be many who will be skeptical-why would someone be at an online forum with the intent to help everyone? Well, when you have reached a certain age in life, I guess you look past material things and you will consider relationships and seek to find other forms of self-realization.
I worked in a bank for over 15 years and have plenty of experience as a trader. I am currently retired, living on my passive income and trading income (mainly forex and stocks trading). My passive income is generated via a bond portfolio and renting out a property. I live in Phuket, Thailand.
If you have any issues about Forex trading, feel free to reach out to me. Don’t be shy, I’m open to helping anything. I could even help you pass your prop firm challenges!
Welcome aboard, Roger. I am living in Chiang Mai, and currently reading The Zen Trader by Peter Castle. The content of which is also very helpful for trader success - that is if they can be bothered to put in the work learning about themselves.
Maybe a starter question before you get stuck in with the new trader questions?
I’d like to understand how you treat the hardest question in trading - how do you get out of profitable positions?
I’m happy to admit that despite all my trading experience I still go back and forth on this one. I trade off the D1 time-frame and right now I’m using a simple rule which is to get out of a long on the third consecutive higher close, set a re-entry order at the next close whose day shows a lower close or lower high. This is simplistic but comments welcome… this is a forum after all.
What is your goal? If your goal/daily target has been met, what is wrong with being content and exiting? In the financial markets, it is easy to be consumed by greed.
The market don’t give a crap about your TPs and your RR. Always assess the market-is your position still correct? If yes, you can hang on or exit. If no, exit.
I don’t have a money-specific goal/daily target but I’m always aiming to get a positive win rate. I agree - the market does what the market has always done and it doesn’t take any account of whatever I might have spotted. Or thought I spotted. I think a lot of candlestick pattern theory is just pseudo-scientific anyway…
There isn’t. In fact, there are many disadvantages such as not having enough volume to move markets and a lack of market information.
Retail traders need to accept that they can never always capture the full gains. Suppose GBP/JPY was to rise 400 pips, a retail trader should be happy capturing 250 pips at best and they should never aim to catch the first flight. Too many retail traders have the false belief they can perform as well as institutions-it can’t happen because they have a lack of information. For myself, I spend close to USD 5,000 a month buying market information just to keep my edge.
