Nice, protect them positions. Have you started trading live yet?
Itâs always been live, Iâve never traded a demo account, demoing with fake money isnât really my thing.
Got ya, it was the same for me. I do demo from time to time if Iâm testing a new thing out, and if I want to forward along with doing my back testing. I feel like the back testing helps me the most when deciding on a new strategy or adding something to an existing one.
I donât really back test either, donât believe in it really. I even found a program that shows replay candles but it still seemed ridiculous to me, just canât take it seriously. My âdemoâ is micro lots, itâs real money but if I blow the account I donât really care, itâs like $200, itâs nothing, and you have 2000 pips to play with or even $100, thatâs 1000 pips to play with.
BTW I am switching to 4H from tomorrow so we will be on the same page.
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Got ya, you just forward test everything then. No playing around for you lol. Straight to it.
Nice, I still mark zones on the Daily then mark them on 4HR and trade from the 4HR. Gives me a few more opportunities to trade with still being accurate. I think I will eventually work on down to lower time frames but just because it interest me. Not necessarily need to but want to be able to do it. I do trade the US30 and other indices on 1HR.
I am switching mostly because of FTMO, I donât think it would be possible for me to pass with dailies, I would have to get really lucky to pass their ridiculous percentage win and drawdown at the same time in just 20 days.
I think J Fox said he gets into 5-10 trades per month, I just donât think that would be enough for FTMO for that specific month.
Yea, I felt like the 4HR gave me a balance of good setups and enough trades to keep me active but not over stressed.
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Good evening (actually 11 41pm here in nigeria) just finished reading this thread from top,my name is joseph, and seeing your trades and setups i have to say,im happy for my future days in the fx market, thank you for sharing, i wish you the best,
I also have a question, your FTMO Account (lets say 100,ooo usd)your daily drawdown will not exceed 5000usd, and u said you use 2.0 lot, u also said you set 3 differrnt TPs,does that mean you take only 3 trades, if no then how many trades do you take that keeps you a safe distance from your daily drawdown
Hey there @emarley, thanks for the kind words.
As for my FTMO or any account really. I will open up any trades that have good entries. I may change my lot sizes to make sure I donât have too much risk opened at any given time.
The different TP are just how I exit that one trade. Each trade will have their own set of TPs. I have alerts set that when price crosses these I can manage my trade, itâs nice so that I donât have to always be looking at my charts.
As far as the chart you posted I donât really trade from the one hour. The pin bar is nice for sure but it most likely due to the spread of your broker at that time. Remember from 5:00pm to 6:00pm(eastern time) that is the swap. So spreads get real wide and it can throw some crazy looking candles as well. Especially if it gaps one way or the other.
All this doesnât mean I donât think itâs going up. If it retraces back to my support and gives a good entry I would enter a buy as well. Just wanted you to see why that particular pin bar was formed. Wasnât really from buyers or sellers more or less from the swap.
It seems your broker has some pretty wide spreads from your screenshot, looks to be just under 7 pips. Right now mine for this pair is right at 1 pip and under.
Ok,thank you ,ill try and modify this your strategy to my taste and give you feedback soon,thanks for your time
Slow week for me, Only 5 trades total but still a good week. Hope everyone has a good weekend. Iâm off to the beach next week but still should be able to post.
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Who told you that the pin bar is a woman? lol.
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Sometimes the market is like that dangerous girl you shouldnât mess with, sheâs pretty but you know deep down. That sheâs also psycho. lol
8/15/21
Trade I have started the week out with.
Good luck everyone this week. Trading and the beach, got to love it.
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Hey, if you can make money while lying on the beach you know youâre doing something right. Good for you!
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lol I wish I was living that dream. Just a vacation with the family.
Feeling good about switching to 4HR charts?
Yes and no⌠I am not really sure about the levels on H4, I might stick with daily levels and then enter based off the 4H charts, however currently I am testing a little H4 breakout strategy I came up with, so thatâs what I will use this week.
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I can understand that for sure, way to recognize yourself there. And that is a good idea as well set zones with the daily and entries on the 4HR.
Iâm always get too nervous with trying to trade breakouts lol. How you basing your breakout? Patterns such as wedge, triangle etc⌠Would like to hear, if you donât want to post it just send me a message.
Itâs nothing special, I am using fractal breakthroughs, no special candle or patterns, it should look ok (be a decent candle), and thatâs it. Still working out the TP and SL.
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