Hello! First of all sory for my English xD. My name is Jorge, 22 years old guy who study business in Chile. I´m a semi-pro poker player and found forex cuz many professional poker players are wining money with forex, these two “games” for me are very similar because you need to know about bankroll management, need to be strong to support the variance of the game and need to recognize good situation to “put your money in”.
I want to share with you all my thoughts about forex and any other kind things and I will be very happy if you teach me about FX!
Hi buddies! I´m trading on a demo account with 100k us$ and a 1.00 Volume (I have no idea about how % of my money it is and if it is a fixed % or it may change depending on others factors xD).
Well, I found a good set up on the pippin ain´t easy blog (not sure) eurusd 4h chart. The price was down after forming an evening star in a resistance level 1.3019 and this could have been a good opportunity to go short (stch overbought) but cuz I´m a newbie (the same as a fish in the poker world) I missed this opportunity BUT now the price probably could go long after testing the support level 1.2822 so my intention is to go long and put the SL above the 1.2886 ( previous support level) and if the price reach it go long again (I think the “pros” do something like “two scales” in this cases programing to sell half of their positions at this point (is that true?)).
Again sorry for my English, any suggestion of any kind will be appreciated, ty!
I have no idea what you are trying to say about the two scales thing, I think you either meant scale into the trade or scale out from the trade.
The former meaning you add to the position as the price clears certain key resistance/support levels, eventually allowing you end up with a large winner with little added risk. The latter refers to entering a larger size initially and exiting positions at key take profit targets at certain “reversal” zones so as to take partial profit on the position as the trade moves in your favour, hence effectively protecting profit. There are pros and cons to both but personally I prefer scaling in as it is akin to “adding to your winners” and cutting your losers.
As for your chart, I have no idea why you have sell and buy orders on the EURUSD open at the same time, maybe you want to explain a bit about that.
The other thing is that I noticed that you don’t have a stop-loss and take profit for one of your sell positions - why is this the case? As a trader, we always want to preplan our exits and entries so that no decisions are made on the fly.
As for the direction of the EUR/USD, I would say simply trade your plan. If you do not know what that is, then go figure one out by scrolling left on your chart and testing ‘plans’ that you come up with.
Make sure each of your plans include:
A set-up that is identifiable and one hundred out of one hundred traders will agree with you that this set-up exists. This set-up should tell you which direction to trade in.
An entry point - how and when would you enter the market? Make sure you have fixed and written rules on this.
An exit strategy - how are you going to take profits? Where is your stop-loss? Dou you move your stop-loss as the trade proceeds in your favour, if so, how and when? etc.
The last step is simply to journal the results of these manual backtesting and see if they are profitable, once that is done, write your rules and entry techniques in simple concise sentences on your MT4 chart using the text function and always remind yourself of what strategy you are trading in any given TF or market.
First of all this is what I´m talking about! I know that exist, but didn´t remind the name xD
As for my chart, I have no idea why there are two eurusd entries, the last one was a mistake if I clicked it, so the TP and SL of this entri didn´t apply
my entry point was done looking at the 30M chart after the price tested the support and start going up (with stch in our side) What do you think about this?
3)My TP is on the middle red line in the image cuz I think that it could be a resistance level and I don´t know how to use scale into the trade and scale out from the trade ( I think here could be cool to apply both (?))
About my strategy I have no exact idea what does it means, I heared people talk about swing trade strategy and price actions strategies, kind like that but I asked to myself if use both or any kind of learned strategies is better than use only one cuz more oportunities>>less oportunities
With regards to 2), Honestly, after being in this trading thing for awhile, you will realise that almost any strategy can work, but you might want to define some things:
Started going up: What do you mean by that? How do you quantify it on the chart? Two consecutive higher lows formed or higher closes beyond the support line? etc.
What do you mean with stoch on your side, what is the value you are using? Do you need the value to change before you claim it is on your side?
I would advise you to start with babypips school, it’s a great place to learn the basics. Don’t bother demo trading
yet!
Sorry if I didn´t explain things well, my english is in the learning way and some frases I said may sound confusing.
This weak has been very special for my poker career, because one of the biggest online poker site (same as a broker in forex world) paid his debt after more than a year! there was a hard time waiting for this moment for all the poker comunnity, too many things being dificult to solve like the best thriller…
Anyway moving to the forex world and trying to reply to Shellsnail:
For my knoledge (90% from babypips) you can see preferently 2 time frames back to confirm a change on the direction of the price (is it called momentum?)
for the stochastic indicator I use 14,3,3 parameters and when the price is over the “80 line” indicate that the price should drop (overbought).
I studied the 70% of the babypip´s leasson and star going demo because there are too many concepts and I feel like I need to put them in practice.
