Right now I trying to hard to keep all of my lot sizes at 1.00 There have been trades in which I wanted to go higher yet self control is important in not blowing your account. So far I have gained 15% of my loss from 2 weeks ago. If I can simply stay out of accumulation, and not get bias to a losing position. I should be able to earn 30 pips a day as I did on friday.
Cypriot savers hit as eurozone agrees âŹ10 billion bail-out - Telegraph
This news just was released over the weekend. Now you see why SWING trading is beyond brain dead? When you entered your position you never took in to account news which can rock your position in a heart beat.
News is already priced into your position if you have a sensible stop. NFP is the only news that I donât trade around being a swing/position trader, everything else who cares as it does not effect my positions.
Yes it may not effect your position, because even a 600 pip swing against you would not hit your stop loss. Your conceding to losing more pips, then you would actually ever earn. As for news being priced in. Its isnât always that way. Its an objective point or view by traders. Yet if your holding a position for more then a 20 pip loss then youâll never be able to earn any sort of profit short or long term.
And how could you possibly âPRICE INâ any type of news? Your playing roulette by doing so. No one could possibly predict any news and its effect on the market. That my friend is reckless trading.
If I am reading this correctly, you believe that profit over the long haul is an illusion and therefore withdraw your profits as soon as they reach a certain level. But then you just deposit money into new accounts and start trading again.
See the contradiction? Youâre also trying to make a profit over the long haul. Itâs just over multiple accounts rather than in one account.
Now consider that the amount you withdraw is a TP and the maximum loss you allow on an account is your SL, what is your risk to reward ratio for an account? Do you think this will be profitable in the long run?
Actual what I believe is as follows.
- Profit over the long haul by swing trading is an illusion.
- So one should scalp and withdraw profit at weeks end.
- If one margin calls after losing what was left in an account. Then one should redeposit.
Stats like DRAWDOWN %, RISK TO REWARD RATIO, etc mean very little to me. Only because they do not effect my underlining position. What good is calculating my risk to reward ration before entering a trade, when I enter only on price action? What good is Drawdown % when I can turn 50 usd into 1000usd WITHDRAW 950 USD, margin call the 50 which is left and my drawdown is 99.99%
In forex we have focused so much on stats, and less on understanding that PRICE ACTION is king. Which is why scalpers margin call. And swing traders keep adding to a losing position which will margin call them in the future.
I donât deposit monies into NEW ACCOUNTS (my profit). I simply used another broker because I found a broker which offered a better spread on eur/jpy.Yet turns out paying the higher spread was much better then getting hit with a 15 pip glitch in spread which can stop out my order being I use a 10 pip stop loss.
Rock it Bro, just keep chippin away,
Please elaborate.
I guess OPs screenshot is pretty old huh? haha
I have yet to meet anyone online who has been able to make consistent profit in forex while swing trading. Although swing traders take lower risk, and focus more on worthless stats such as risk:reward, draw down, etc. The reality is none of them have been able to make enough profit worth discussing. It could be for many reasons. Yet when you take a position worried about ânot losingâ then " trying to win" it makes a big difference in how your position will turn out.
What are you referring to?
I will try my best. I pray this week will be one of much movement.
Thats something no one could predict. That is why swing trading sucks!
That is not an a good reason to say swing trading is not profitable. I am a profitable swing trader, i do not pull amazing percentage gains but I am very consistent trader (3-10% per month) in a five figure account.
Good for you if scalping is what works.
well I have to disagree 
Well friends, IMO, every successful trader, over time, finds his own trading style he is more comfortable with. As no two person have same finger prints, similarly no 2 success traders have same trading style. Thatâs because we all carry differrent personalities with differrent cultural background, which has most to do with our emotion. IMO Emotion is the biggest trading block. The more one comes over it, the more successful is he. Hence I think all profitable system is suitable for certain kinds of personalities, not for all. Hence all the best to bestpickrus.
I got this error âSorry, but this system was deleted by itâs creator.â when I clicked the link.
I too a swing trader with reasonable profits(not big profits). Many forum members are aware that I started my trading journal (Bijoyâs Trading set ups) with an account balance of $3035.00 in last week of September 2012 and the same was increased by 55% by the end of February 2013(that is in 5 months). All my trades are posted in my journal. Definitly, I didnât make millions. But it is very clear that 10-11 percentage gain per month is something better than blowing accounts worth thousands of Bucks.
Because he blew the account again =p