My heart goes out to you! Forgive me for sticking my nose in where it is probably not wanted, but there must be something to learn here for you if you have been stopped out on four trades, which all then turned around and would have given you a profit!
It is a gut-wrencher when that happens, but it is worth trying to work out if there is a strategic issue here that you can correct.
You seem to be pretty hot on getting the direction right - which leaves two options why this was not working (at least on this occasion). Either you were getting in a bit too early before the market was starting to move or, more likely, your stops are too tight?
It is quite common for price to start off in one direction only to reverse back and retest earlier levels. This is often the stage where range traders are still active and pushing price back. Then, if the move is really genuine, price will move off again and the range traders reverse into trend traders and volume picks up and we are off to the races.
Stops therefore need to take account of the preceding range to avoid getting caught up in the price tug-of-war.
Alg buddy, forgot to ask you - can you (at least roughly) estimate what your SL percentage is? I know you use fixed-size lots regardless of volatility, but can you give me an average?
I asked you about your max ever drawdown and you told me a value in dollars, but I am interested in percentages (I think you said 2k but not the account size).
Anyhow the average % risk per trade would be the best information.
not out of line at all my friend. i appreciate the replyâŚ
i usually trade around 1 lot size. USDCAD i do 1.3 bc of the exchange rate so its close to 10pips = about $100. try and keep my losses to around $200 or less. i trade off of support/resistance levels. only indicators i use are rsi for spotting divergence and moving averages on Daily, as they usually act as support and resistanceâŚ
im usually a little too early and i think my stops are a little to tight. i could trade a little less size-wise and keep the same stops. weâll see
some divergence here on the 4hr. if we have another trend day in the Indices tomorrow, this will most likely trade lower. i want 1.29 to break and act as resistance and iâll look to Short it
I think thatâs a wise move at this point. I managed to get most of this move today, but counter-trend trades are risky. Letâs see if it turns back up around the 1.285 level:
ALG, I am thinking of taking the FTMO challenge my man. Which platform do you use? Was thinking of going with MT5. Which account size did you do? Iâm looking at the 25K account
nice my man, sick. yeah i use MT4 with my Osprey account. Iâll do MT5 w FTMO. i know the leverage on their instruments but just wish i knew how much margin is used on things. 25K account is probably enough though. itll mainly be FX trades, thank God those are cheap lol. nice to have a bigger account to trade a decent size of the Indices
On a regular FTMO account leverage is 1:100, but if you want the swing account so that you can hold trades over the wknd then leverage is 1:30.
However, if you pass the first 2 steps and qualify as an FTMO funded trader then you still have to go back to not being able to hold trades over the wknd, if I read that rightâŚ
I donât really know since I donât have a swing account. But I would think you could still hold over the weekend and such. I believe thatâs why your leverage is lower. So to scale down the risk.
yeah youâre right about the daily drawdown limit. i should have had that in mind more, lol. maybe i should just go for the 50K account, i def wont even use all the margin. itâd be cool to have extra anyway tho⌠yeah i know the CFDâs are much different than Options. Ive traded stocks w CFDâs before. spreads arenât as tight as like trading the traditional stock market but 10x leverage is nice lol
i donât care for the swing account. if i hold something, its only over night, never several days. iâm wondering if i should wait until the New Year or fill out the form tonight and sign up lol
