To answer your first question, no you don’t need to specialize in specific pairs. Everything you need to know about the price movement of any tradable asset you can find by looking at a chart for a minute or two. Price action works the same among any tradable asset, which means you can apply to to any market. Even if you have never followed or analyzed a specific currency basket or equity, you should be able to look at the price chart and determine if it is tradable within minutes.
Are you from the US? I ask this because CFD trading is not legal within the US. This means you can’t trade the SP500 or gold through your Forex broker(which trades this things through CFDs), if you want to trade them you need to trade them through the NYSE by trading ETFs(equity traded funds). Or you can trade them through futures/options. All of the previously mentioned fall outside of the scope of this thread. Although if you are a non-US citizen and you find a broker than offers CFDs you are more than welcome to post your analysis here.
In case mates here are not aware, spreads vary according to the time of day, depending on the type of brokers you use. During quiet hours they (spreads) usually spike to rather high level, which may cause your positions to be stopped out.
I did, on AUDNZD. Lesson learnt: don’t trade it. Not that it did not work. But it takes excruciatingly [B]long [/B]time! And you need to endure [B]long [/B]period of draw-down during retacement until it comes back, which it is doing right now . Because of the large SL I traded very small lot size. So, I didn’t lose sleep over it while trading other pairs most of which closed with profit while AUDNZD was plodding along.
I just look around the monthly to see if some PA signal has formed and then look for trades I can enter from monthly support/resistance on weekly or daily. It works really well!!!
I am not sure what Mr. Krugman thinks about this, but in my opinion, trading is 99% psychological and 1% skill.
Personally, I have entered good trades on the daily level only to mentally shut down and exist trades thinking I will lose them. Then a few days later, price goes in the direction I was originally hoping and hits my TP points!.
I now only look at charts at two times a day. Once at 2pm for daily trades (pacific time in Vancouver) as that is my NY CLOSE time and then at 10pm (pacific time in Vancouver), this is my 4HR entry time I enjoy as I can enter a trade and sleep and therefore not screw it up as I am dreaming instead of panicking!
I remember you use AxiTrader. Can I ask you for a favor: what is currently the [B]start [/B]& the [B]end [/B]time of the [B]first H4 candle of the week[/B] on your AxiTrader platform?
I ask becos Sydney fx session currently starts at [B]6pm [/B]NY time Sunday. It will start at [B]5pm [/B]NY time Sunday after Australia switches to daylight savings after the first Sunday in April.
Thx mate.
P/S:[B] I found the answer. No need to bother. Thx.[/B]
Is it right that you are always aiming for high RR trades like min. 3 and upward? Or am I missing something because the trades you took on your myfxbook demo account were as high as 1:1 RR… Thanks for your answers.
I first want to point out that I do trade my demo acct. differently from my live acct. I may take lower time frame/higher R:R setups on my live, that I wouldn’t take on my demo. This is simply because I trade my intra-day trades more actively and I don’t have enough time to do that on 2 seperate accounts. So the majority of my demo trades will be off daily or higher. Also my demo may have test trades on new patterns i’m testing that I wouldn’t take on my live account. Overall the demo isn’t there to show my personal profits and exact trading habits, but to show the overall success of my trading method, and to show a middle of the road potential profits for using this method.
I personally have a minimum limit of 1:1 RR on all of my trades, [B]but[/B] if I see my trade is turning sour, I will close the trade down early. I generally achieve 1:2 or 1:3 on most of my trades.
I appreciate this comment sir! I think most people don’t realize what I am doing is almost unheard of. Although if a teacher is consistently make money then it wouldn;t make sense to me why they wouldn’t show those results, except for the reason they don’t actually make money. If their method is so profitable, showing results should help increase the number of people willing to buy their system! As a matter of fact, if a teacher/salesman isn’t showing some account, you should [B]NEVER[/B] give them your money. If you want to be a certified CTA(comodity trading advisor) or a CPO(Commodity Pool Officer), you are required by law to show your trading results. This is to prevent scammers. It’s required for a reason in the world of regulated markets, so a Forex salesman can give me reasons all day why he/she wouldn’t show results, but I don’t believe them. Again they don’t need to show their every trade and every gain/loss of their own account [B]but as the very least[/B], for the sake of those paying hundreds of dollars, give some sort of proof your method works. If you are making hundereds of thousands or millions of dollars from membership dues, you at the very least owe it to those paying to show even a demo account. I work 60-80 hours a week at my regular job, fly all over the world, I trade both Forex and the Stock market, plus I am active in this thread and other websites, and I still find time to trade the demo account. If someone is raking in tons of cash for selling their system, and they can’t produce some sort of proof that they are profitable, they should be avoided at all costs.
[QUOTE=“krugman25;616162”] I first want to point out that I do trade my demo acct. differently from my live acct. I may take lower time frame/higher R:R setups on my live, that I wouldn’t take on my demo. This is simply because I trade my intra-day trades more actively and I don’t have enough time to do that on 2 seperate accounts. So the majority of my demo trades will be off daily or higher. Also my demo may have test trades on new patterns i’m testing that I wouldn’t take on my live account. Overall the demo isn’t there to show my personal profits and exact trading habits, but to show the overall success of my trading method, and to show a middle of the road potential profits for using this method. I personally have a minimum limit of 1:1 RR on all of my trades, but if I see my trade is turning sour, I will close the trade down early. I generally achieve 1:2 or 1:3 on most of my trades. Regards, Aaron K.[/QUOTE]
Good for you Aaron and a very nice success rate you have going on for yourself. Have you considered social trading or the likes on something like Ayondo? You have the perfect track record (unfortunately I don’t yet!) Where I believe they would pay you for simply recording your trades for others to follow. It’s just another extra income for successful traders I believe,
I have considered it. I looked into Zulu trade but there are certain types of certification that are required before you can do it. It is certainly not out of the realm of possibilities for me, at least until I get my CTA and begin trading clients funds.
[QUOTE=“krugman25;616202”] I have considered it. I looked into Zulu trade but there are certain types of certification that are required before you can do it. It is certainly not out of the realm of possibilities for me, at least until I get my CTA and begin trading clients funds. I haven’t heard of Ayondo, I will look into it.[/QUOTE]
Yeah you should, have a look into it, I think Ayonda simply base it on a track record basis, i.e you have to trade for a couple of months using there platform although I believe if you do it through Tradimo they give you money to trade with. Don’t hold me to that though! And I’m definitely not advertising. Personally I don’t follow other peoples trades as it would take the fun out of it for me but if I was good enough to be an actual ‘top trader’ and get paid for it, I would.
