I will advise you stay away from yen pairs cos these pairs are very volatile and unpredictable, yen has too many economic reports/speeches which distort the market dynamics in a very unfavourable directions(many socalled forex teachers dont even know this and wont even tell you if they know it).
Price action is very accurate on usd pairs, if you look at Eurjpy and Gbpjpy daily chart you will notice to many whipsaw/scary candle formations.
Do you PA trading on the usd pairs, i dont trade usdchf cos of its instability.
For the Private message issue may be its your connection or you are clicking the wrong button, try again and let the admin be aware of your difficulties.
I cant drop my email here cos i have been giving some warnings by the admin on this regard. I will try my best to assist people by staying under the forum rules.
I will definitely take on board not trading the jpy pairs, I’ve noticed they fluctuate a lot and would be way too unstable for me when I eventually go live.
I trade Eur/usd, Gbp/usd, aud/usd, nzd/usd in regards to the usd pairings as those are the ones I’m mainly comfortable.
I’ll definitely get in to admin about the pm issue.
Thanks for your help. This thread has given me a lot of valuable information in regards to how and what I should trade.
One more question. I move my stops up to BE once I am up the same value as what my initial stop loss was, but how do I trail stops when trading PA? Should I just leave it to hit my limit or trail it up?
Theres no perfect way for managing trades in forex; you have to figure out what works best based on your risk tolerance/trading personality/trading experiences. I move my stops to breakeven based on these scenarios;
once price move in profits equal to the numerical value of my stops.
2)If theres a news report close by
3)If theres any opposing strong PA against my initial position.
4)If price is close to a support/resistance point.
5)Based on my gut-feel and trading experiences.
6)If the setup was against the main market trend its wise to quickly move stops to breakeven if price has move decent amount of pips.
I dont like using trailing stops much cos the markets retrace to-and-fro alot in the markets.
But you can trail stops using a 25pips setting.
The only time i use trail stops is when price has move far greater than my stops NUMERICAL value; for example if my stops was 55pips then price moved 75pips; at this point i will move stops to lock in 56pips and set a trail stops
Sometimes if the market shows sign of retracement its wise to exit the trades once price moves in profits equal to the numerical value of your stops(cos a bird at hand is worth nine birds in the bush).
You have TO really practise PA analysis before going live , patience and discipline is very vital in forex. Theres nothing as important as having confident in pulling trades once you understand the PA dynamics of the markets.
Forex is a risky business with unlimited rewards.
PLEASE OTHER TRADERS SHOULD REFER TO THIS POST CONCERNING HOW I MANAGE MY TRADES.
Very good post and I personally use trailing stops when my trade is in profit equal to my stop loss. I lock it at least 50 pips and then set up the trialling stop loss but usually get stopped out with profit due to retracement. Only a very few times I make more than expected.
Hello guys, theres an interesting formations on these pairs =
1)On the Eurusd daily chart; there have been a double price rejections at 1.30000(a powerful psychological point) , as i stated earlier in this week’s trading outlook. So if the daily candle closed like this today we may likely buy. Also the moving averages are pointing up.
2)Also a bullish candle is trying to form on Gbpaud signaling upward run, on this pair the trend is bullish.
3)Nzdusd; a bullish signal is about to form on this pair ON THE DAILY CHART.
We will look at THESE pairs 10 minutes to the daily candle close to decide. So just be around by then you never know which one will give us a home run.
its also a vital part of my trading. Also Market ebbs and flow sometimes irrespective the trend.
Some of the winning trades we had were counter-trend setups.
the rule of the thumb is to trade with the trend but sometimes we have very good trades from counter-trend positions, dont worry with time you will have a good understanding on this.
You must certainly have not be following the 2% rule as risk then, as you certainly cant have had 40 loseing trades, Horlique is giving his time, analysis and expertise for free and anyone following properly will be showing fantastic profits …posting negative comments when you quite clearly have not been does not do any good to anyone
Have you had 40 loseing trades then with 2% risk ??? … seems like the facts are you want to get your trading straight
and I apologise if you think I was in some way “bullying” you …is posting negative false comments on loseing 80% of your account …(impossible to do following the thread correctly with proper stated money management) … could this be seen as bullying
Did you read last weeks euro issues? Perhaps you omitted it just so you could create issues. I have followed this thread since day one an I will not waste any more time on your game. I doubt you would be so courageous in person.
Look freddypond, I also take advice from a firm as well. I get a call every morning at 6:30 am my time (costa rica) and place entries or orders based on the advice given since I am relatively new to forex. I don’t just take advice from this thread. I also take advice from another thread here. If you take the time to read my previous posts you will see that I clearly defend this thread. Your intentions are evident and I am not interested in continuing this conversation with you.
Facts?? 27 trades with very few outright losers. Most should have netted 50 pips or at worst break even, with a couple home runs with over 100 pips. The 200 pip target is a preliminary target, but u should me moving you stops up and taking profit as the position gets further into profit.
If you are reading and correctly following the instructions of moving your stops up once in profit of 40-50 pips, it’d impossible to be down 80%
Fact is that you don’t quote understand how to manage risk to 1-2% and moves your stops as instructed.