Mark you are a wonderful son. God will Bless all your trades .Entering and exiting.
You are a a wonderful human all around. THANK YOU.
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There are many ways most of the traders look at Support and Resistance levels. Some use Pivot points, some employ Fibonacci and some use Moving average based Stop Loss or Target levels.
Well explained thank you sir may god give you strength and more blessings
Im back. Mate
I did my homework thanks to you.
I decided to follow USDCAD
Entry price= 1.28431
Since I was long
Take profit= 1.28494
Stop loss= 1.28412
Lot=0.04
I made 1.96usd but Iām the one who decided to close the trade because of the fear.
So my question is should i have let the trade carry on or I did the right thing by closing it??
Or after modify i just have to go to the gym, the trade will automatically close itself after it has hit target and loss??
Hi
I struggled as well until I played around on a spreadsheet and I figured the following: 1% of $90,66 is $0.9066. If using lot size 0.05, 0.9066/0.05/10=1.8132 pips!
However if you use 0.01 lot, 0.9066/0.01/10=9.066 pips. Personally I never use less than 10 pips on stop loss. Am also new in Forex and use 20 or 30 pip stop loss and 0.01 lots. I aim for 30 to 50 pip profit
Trades close automatically after hitting TP or SL. However you must develop a trading system. Entry at 1.2843 and TP at 1.2849 gives you 6 pips. SL at 1.2841 is 2 pips. That sounds like gambling. Please develop a system while trading a Demo account. If you donāt do that it wonāt be long before you blow your account. I blew mine from $250 to $20 in a few minutes because I didnāt know what I was doing. Now am back on Demo and paper trading
Hi mate, let me just make a quick comment on that, since you are new.
Even though i understand what you mean, you should knowā¦ where you put your Stops is not determined by a number like "i put mine at 30 or 50 pips"etc
itās determined by the instrument you use
Example
if put a stop at 30 pips on US2000 it would probably be ok
if i did the same thing on EUR USD itād probably get taken out too frequently and a stop of 60-70 pips may
be more appropriate
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Depending on the timescale you trade and your intentions, a ācatastrophic stop lossā of 400 pips may be more appropriate 
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Thats awesome
RE this
you can simply things for yourself by doing this
Entry Price = 1.2843
Take Profit = 1.2849
Stop Loss = 1.2841
No one cares about the last digit
other than than
GOOD WORK MATE
Now. THE RIGHT THING is to end up in profit or to learn
if you did either one, you did the right thing
itās normal in the beginning to get jittery and close trades manually
but youāll get over it
Keep going
Ohh. here we go againā¦ hehe
Youāre being a comedian huhā¦ hehe
i think youāve missed what i tried to say again
you seem to have a habit of taking things out of context
of course it depends on your strategy , me and you know this, HE DOESNāT
so my comment is directed to a newbie, not to someone like you who knows better ok
and therefore the WAY I SAY IT is catered to him
if it was you, itād be a different comment
Hope that clears it up
Mate, iām getting this funny feeling that you want to tell me that iām a firetrucking idiot
(as is evident by your comments) hehe
Mate, if you feel that way and thatās your personal opinion SAY IT, I wonāt get offended,
but DO ME A FAVOUR, and tell me why, have that courtesy
Feel free, as opposed to throwing little comments around that can last forever and just create bad blood.
come out with it, feel free ok
What happens on Babypips ā¦ STAYS ON BABYPIPS hehe
Martin, I have made a comment, which you seem to want to take personally.
My reasoning is ;
EURUSD Has been range trading between about 1.1550 and 1.1950 for a good many weeks now.
A 60-70 pip stop loss is well within the daily range on this instrument, whereas a 400 pip stop loss in either direction at any time, puts you outside that range. If your SL gets hit, you know you were wrong.
Whereas with a 60-70 pip stop, there is every chance that the SL will get hit and then the direction reverse to show that your failed bet would have been successful. It happens frequently. But every time you get a SL hit, it Locks IN a loss of cash to your account. That means you willl have to get a good successdul bet, just to recover some of what has been taken away, when you could have had 2 profitable bets.
Over the past weeks almost any bet within the range 1.1630 to 1.1895 would eventually have made a profit. But how mant have lost money because their stops got hit ?
I am not ābeing a comedianā here and I am beginning to get the iimpression that every time I disagree with something you have said - you are taking it as a personal attack. I cannot control how you choose to feel about my comments - and would not wish to. That is your choice, but please stop implying that I am āpicking on youā for some reason.
[Edit a 400 pip SL at $0.10 puts you at risk of $40 - and will only get a suprise hit in a ācatastrophic situationā on this particular pair in current circumstances. ]
first of all before you read thisā¦ do me a favour,
- calm down and read it with a Neutral frame of mindā¦ ok
NOW, IāM GOING TO BE 100% HONEST WITH YOUā¦ OK
Iām going to sort this out right now
this is a big misunderstanding, and i know how it can be sorted,
Lookā¦
Noā¦ When i said to you [quote=āFalstaff, post:31, topic:125116ā]
Ohh. here we go againā¦ hehe
Youāre being a comedian huhā¦ hehe
[/quote]
What i i was trying to do was lighten the situation
thatās why i put the āheheā in their
Now. PRIOR TO THAT COMMENT
and YOU KNOW this is a fact
You made a low blow and a comment about my wife
Now,ā¦ i didnāt take that too deeply to heart, but i know why you said it, and so do you
Now, letās be frank
HAD YOU NOT HAVE SAID IT
i would not have taken this comment the wrong way
can we agree that Family should be kept out of the discussion.
Now let me address this
thank you for providing reason, I GENUINELY appreciate itā¦ ok
and itās good to see that ITāS MY FAULT FOR MISUNDERSTANDING YOU
but i was confused because of that previous comment that involved my wife
and also the fact that you just came out at me for giving that bloke advice about his son
can you see how these things connect , and can you see how i would make a few assumptions and be a little cautious with you
now let me address this
Mate, HONESTLY AND SINCERELY
Noā¦ I donāt take it personally if you disagree with me
Now let me say this as well,
i notice a lot of people ASSUME THAT I WOULD, sure, i get that
but iām not , not just for a mere disagreementā¦ NO WAY soā¦ thatās sorted ā¦right
FEEL FREE TO DISAGREE WITH ME (Just donāt be rude and insulting) but , disagree all you like.
i donāt take it as a personal attack.
You cannot control my feelings, thats true THATāS WHY IāM TELLING YOU HOW I FEEL
that beingā¦ I donāt take disagreement personally like other people. ok
so thatās sorted
now as for PICKING ON ME ā¦ FOR SOME REASON
mate, ā¦ hehe
Really ?? some reason
ok, Every one is allowed to explain themselves and defend themselves
do me a favour
Explain the Attack on me regarding you mentioning my wife and that you believe she had a job that was NOT THAT IMPORTANT
How would you have taken that ? by the way
if i said something about your Wife or Mother or sister
soā¦ itās not for SOME REASON
there was a GOOD REASON
but, this can be sorted very easily
AS IT STANDS NOW
- I Respect your willingness to work it out
- Iām not angry
- I accept that in this post you have brought it to my attention that i have misunderstood you and your intentions.
i therefore apologize for calling you a comedian, although my comment was not intented to offend youā¦ IT DID.
for that i apologize
but i have also explained to you WHY IT WAS DONEā¦ right
-
Mate, i can forgive and move onā¦ No Problem, I just need to know we are going to be cool and stick to the topics
-
Iām also giving you a heads up, FEEL FREE TO DISAGREE WITH ME WITHOUT ANY FEAR OF ANY ATTACKS
but BE CLEAR ON THISā¦
When you disagree Disagree
Donāt Disagree and throw around Low blows, because we all know what it means ok
THATāS ALL I ASK MATE
TREAT ME WITH RESPECT, IāLL TREAT YOU WITH RESPECT
IS THAT COOL
@anon81929759 - Martin, You recommended the OP to uses 60-70 pip stop - loss on the EURUSD pair, after (s)he asked for adviceā¦
I disagreed and you said I was ābeing a comedianā.
I then gave my reasoning, why I believed your advice to be wrong and you produced this āred herring postā.
I donāt think you and I could ever be āmatesā in the real world, so I think it best we are just businesslike in our dealings with each other.
[Edit - to correct two spelling typos]
Noā¦ i didnāt RECOMMEND.
that was a Hypothetical scenario that was supposed to illustrate that MORE PIPS would have been better.
itās not like i said
"I Martin Kuliza hereby declare that the OP SHOULD DEFINITELY use Precisely between 60 - 70 pips"
thatās not what i said or meant.
you took my comment with too much weight
I understand
and i didnāt give a RED HERRING of a post, i gave MY REASONING AND EXPLANATION, Just like you did
Why is your reasoning, called Reasoning
and my reasoning is called a Red Herring
I know and iām not trying to be mates with you, Iām just trying to get along
and i already said all this Regarding being professional and businesslike
but, is it BUSINESSLIKE to bring someoneās family into the discussion
Example, if me an you worked in an office in Accounts or something similiar
and you made a comment about my wife or family.
isnāt it reasonable to think thatā¦
a) Friction would be created in the workplace
b) Eventually youād be called to the managerās office
c) Youād be re - educated and told not to refer to the family members of other staff and that your comment was innappropriate and not relevant in the workplace
THATāS CORRECTā¦ RIGHT ?
so. i agree
letās be businesslike
but you were not being BusinessLike
businesslike means - focus on Forex, you are free to disagree with me and i wonāt be bothered about it.
but Family doesnāt come into it, Nor should Rudeness
soā¦ I AGREE TO THOSE TERMS
letās be Business like
you wanna do that ?
Goodnight Martin .
Goodnight Falstaff ā¦
Thank you martin.
I have another question let me say I enter a tradeā¦
Audusd
Ask price 0.7638
Bid price 0.7643
Since Iām long Iāll be using ask price as an entry point???
My balance is 100usd Iāll be risking 1% which is 1usd
Pip calculation
0.7643-0.7638 =5
Now to check cost per pip
1Ć·5=0.2
Which means is 2usd cost per pip???
Let assume Iāll be using micro lots, how do I convert 2usd to lot size 0.00???
Since cost per pip is 2$ which means if a trade goes my way Iāll reward myself with 2$ profit???
ok so
Account Balance = $100
1% Risk of Account Balance = $1
AUDUSD
LONG TRADE
Pips Spread = 5 Pips
Entry = 0.7638
QUESTION : Where are you putting your Take Profit ?
QUESTON : Where are you putting your Stop Loss ?
to answer your question
ok, iāts like this
0.01 Lots = 10 cents per pip
0.1 Lots = $1 Per Pip
1.0 Lots = $10 Per Pip
therefore $2 Per pip is merely $1 Per pip (0.1Lots) x 2 hence 0.2 Lots
but that aside
this doesnāt make sense
Because Your risk is 1% right (Aka which is $1) total for the trade
yet you are trading at $2 Per pip
HEADS UP MATE
since you only have $100 in your account and you are trading at $2 per pip
letās say you put your Stop Loss 50 Pips from the entry and your stop loss gets hit
YOU LOSE $50 (50% of your account IN 1 TRADE)ā¦Not Smart
and itās gonna be more
because you have not calculated that NOMINAL REQUIRED MARGIN for the trade
so Letās say on AUDUSD the Margin is like approx $100 THIS MEANS TO START THE TRADE you need to invest $100
Youād be stuffed
letās say for example that the NOMINAL MARGIN is $50
Nowā¦ YOU THINK you are risking 1% of $100 rightā¦ WRONG
After your intial investment into the trade, you are only left with $50, hence you need to calculate 1% of $50
so itās actually 50 cents at risk, Not $1
and then you have to factor in your account Leverage
Mate, BOTTOM LINE ISā¦ Starting with $100 is not going to work, ok
but as for calculating the Lot size
THEORETICALLY, your answer is 0.2 Lots = $2 Per pip
Hope this helps
It sounds to me that you are not actually āTradingā in the way we normally āDo itā
Are you betting "Binary Options " ?
If you are, Then you will not bank ā$2ā for a āWinā - In my ābrokerā they pay a lesser % for a āWinā than they take for a āLoseā so you would āWinā something like $1.60 or āLoseā $2 and Iām not sure the āSpreadsā work the same way on "Binary options " either. - I tried them on Demo - and I donāt like the fact that the price has to be +/- at a certain āTimeā either.
Trade Demo until you āGet the feelsā of what you are doing - It will likely save you at least $100 