If they close at current price I’m bullish on NZDUSD/AUDUSD. How is FTMO trial going?
Challenge to trade for a company. But be careful. Do anything on your own dilligence.
That sounds interesting. Would like more information about it but in the future. Are you doing it right now, @insane19?
You wouldn’t understand the impact of the risks you have taken for a position until you click the trade button. While analyzing the setup and excited that it was a good setup, the temptation always exists to take on more risks than you have in your trading plan. At that time, greed is standing over you, wanting to dominate you. The moment you give in to greed and assume more risks, you begin to understand what it means that trading is a business that depends on your psychology. As you watch price move up and down, and against you, what comes to your mind and makes you anxious is the amount you are going to lose if that price does not go your way. You will immediately forget the reward you were dreaming of while analyzing the setup. At that point in time, you have set yourself to lose in the game because you will lose the ability to analyze the position calmly, objectively and rationally.
So, never toy with risk management and good position sizing. If your strategy says do 1 microlot, don’t be stubborn and take 1 lot because the setup looks very good. Remember, you might be right and still loss the trade. Always remember that. Set yourself up to be able to trade rationally by only taking on risks you can afford to lose. That way, you increase the odds in your favor and you will be getting closer to having an edge.
Having an edge trumps profit. It is more than any money you could make in the business. It is everything. It is both the present and the future. It makes you part of the 25% successful traders and not with the 75% trading casualties. Having an edge is more than money. It is your life in the trading business.
No, but planning to do so.
I lost 96% out of a 100.000$ demo account. 46$ left. Enough for me to get convinced by risk-management. Always imagined my biggest losses are on real account. Turns out I’d go a big shock if that account was real.
Risk management and trading psychology make up 90% of all that is required to succeed in forex. I hope you do learn from this experience. Trade entry is just ten percent of all that is required to be consistently profitable.
@insane19. I have been thinking about the trade history you posted that represents a blown account. I don’t think it’s a problem. I think it’s a challenge that you have to overcome. From my interaction with you, you have what it takes to be a great trader. You have exceptional insight in reading charts bar by bar which is good for a price action trader. But you need to take yourself to the next level. Move above entry strategies. You already own that angle. Do your research on risk management and trading psychology. Some books I can recommend are: Trading in the zone by Mark Douglas, and Trade your way to financial freedom by Van Tharp. These books will give you guidelines on how to overcome that challenge. Take this to be the start of new journey on your way to profitability. You really have what it takes. I see it in you but you have to discover it yourself.
Take this as coming from a friend.
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sold at the top, u have fake break, high vol rejectio, divergence, touch on the 4hr fib…the works. beautiful sell setup, actually today was a day full of good setups and nice volatility, banked 220 pip and still some running
sold at the top, u have fake break, high vol rejectio, divergence, touch on the 4hr fib…the works. beautiful sell setup, actually today was a day full of good setups and nice volatility, banked 220 pip and still some running
@1odi, why don’t you start your own trading journal and record your strategies so we can follow you with what you are doing. It would help if other traders join into your action and show you how to improve where you lack. Just a suggestion.
i just posted chart according to ur strategy. i journal all my trades thro tradebench, but point taken. trade well cheers
I didn’t see the chart. It was not well uploaded. You should have checked it. Maybe edit the uploading.
If your trades are according to my strategy, then we could share the journal but you need to explain your chart so that others reading it can know what you did and why you did it. You get what I mean, otherwise posting a chart without description would be meaningless and clogging up the journal space.
it s also in my post, dunno why u can t see it… i d never post just to tell u how much i made or lost if it s not related to ur method or market aproach cheers
I also saw this. Didn’t take it because I thought the RR was very low. Also, the bearish candle for the two bar reversal was much extended, see how the upper wick went to the resistance level and it closed about halfway towards the support. Just my thoughts though. Maybe this could turn out to be a great trade for you. Please, update on the outcome when you close the trade.
it s a great trade, and i expect lower prices to come for EU. u have a lot of volume(highest volume in quite few days indicating bearish momentum) rejecting higher prices into 4hr fib, fake break of previous resistance closing back into range and bearish divergence. i took the trade off of 5m chart on a huge upthrust( like a bearish pinbar). with the 4hr and 1hr in mind.
thse are high probability trades in my opinion and also based on how i trade and journal etc, and just wanted to show that even without nothing on the chart, with basic knowledge of support and resist, fake breaks that close back into range(double top and bottoms) u can have quite a nice time trading. like i said, engulfment also talks about imbalance between buyers and sellers, shift in momentum etc. and i was curious to see if u spot the setup.
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sure np, u can check here Trading discussion if u wanna see where my sl was and where i entered the trade.don t want to cluster ur journal with all those charts. cheers
just gonna paste this1 chart, cos if u recall i just talked with u the other day about this particular setup if u read above, when i said about volume rejection, fake breaks and ending with engulfments.
hope it s ok.
Just subscribed to that thread
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