I got to agree with girlie here. If you are questioning your trade now ask yourself according to how you trade is it telling you to take the other side of your trade. If so why are you still in it??? If it is not telling you to go the other way and you are no longer feeling so good about it either cash out or do what I do move stop loss to where you will walk away with enough profit to be happy then set stop to that point. It might go big or you might be stopped out but either way you leave happy. that dont sound like you problem right now but could be soon. Where you are not in profit lets say you went long due to this threads strat. Now you are seeing price make lower highs and lower lows what do you do? well if price broke the last significant low and you are not stopped out then do what I do get out or be stopped its up to you and what you see in the charts. If you were already stopped out because thats where your stop is then you just had a bad trade and would not be posting this so welcome to forex it happens all the time. Sounds to me like you got some profit do you have a smile :). Or are you upset because you cashed out just to see it break in your direction. If you are a little upset to see price go in your direction after cashing out put a smile on and realize to were right and got paid out of it you cant get every pip and will die trying. Build better faith in your strat and that will come in time congrats looks like you made a profit I hope.
Thanks for the advice bobmaninc and Nikitafx, I am just following the rules and I am not greedy as I was before. Yes this thread and your advice just change my trading style, I am getting more profitable trade than losing trade.I am happy with the TP as I am getting 1:1.3 ratio which is more than enough for me. But as you know everyday is not same in the Market, some day there is good probability to make more pips then the other day, that is the reason I was asking for the advice, but now I got my answer and thanks again for the advice.
LOL thank you, makes perfect sense! Itās basically how I trade, just not registered that label previously.
Glad that you did not risk 15-20%ā¦ I have never been that sure of anything, nor will I ever beā¦ I prefer to add up the fruits of risking 1% a time!
Thank you for the response, and for continuing with the great thread. Iām an avid reader.
ST
Plus you donāt have to trade every day. If you have a strategy that suits some market conditions better than others, only trade the market when the conditions suit your preferred setups. If you can take 2% in a dayās trading, but only get one good set of market conditions a week, you can sit out the other four days and still make 8% a month. Do that consistently and you are going to make a fortune at some point.
Just my thoughts!
ST
Euro Aussie at the turn 1.3735 was such an entry ST.
Max lots minimum SL.
Only wish was brave enough to hold. Would have been a killer!.
I went short at 1.3762, but my TP was above the Monthly Pivot, I set it at 1.3460. So it was a good result but I agree with you - my nerve wouldnāt have held past mid-1.3400s. Hindsight is always good - I look at the chart now and 1.3150 leaps out as an obvious place for my TP!! - but deep down I know my nerves would not have stood it. But the chicken route still banked 300 pips, so virtually a 6:1 trade. Thatās part of why I prefer trading a lot of Pairs, as you get those rejections of extremes more frequently, imho.
Plus Iād like to repeat my apology of earlier - I just read your post 849 of just a couple of days ago, where you defined BPC. Iād never get a job as a proof reader. Sorry for asking stupid questions!!
ST
Very good week for me, I hope everybody is happy making more pips. Have a nice weekend all.
Been a roller coaster for me. Opened the week and my equity dropped off a cliff then I struggled and fought my way back to where I started only to get knocked back down again but fought my way back. Finished the week off with a 2 dollar loss for the week. I will take it could have been worse.
There is no such animal called a silly or stupid question ST.
There might occasionally be the ādidnt read the thread at allā question. But that is rare as a dodo.
The last trade for the week, Short on EU was the best trade of the week for me.
I was only looking for 30 or 40. I didnt expect it to go the distance.
Good morning Nikitafx, just a quick question, do you trade on Asia session, if you trade what is your bias on the Market now (Asia opening) because bias will be change when the Asia session close and London open. As we know from the last week trading USD is getting strong and GBP,EUR is getting weak. But now in Asia session USD getting weak and G,E going up.
I trade Asian but rarely get a good set up.
Its not my favorite market time to trade though.
All three sessions behave the same way. Its either they are bouncing of a level or continuing from a bounce to reach the next level. Only difference would be momentum.
Asian generally tends to be slower or weaker compared to UK or US session.
Late US session, after their lunch tends to be the weak also. Break in between Asian and UK session tends to be the weakest.
That is why sometimes we can see direction turning in the middle of a session. It can be a strong up and before the session is over its back down. Its because its bouncing of levels.
We just need to find where to enter and put a valid SL.
I dont like trading mondays because sometimes the movements tends not to follow the previous week.
At the moment I have a sell on EU for a SL of 10 pips and I am still at BE after nearly 40 minutes.
The reason I took this trade was because SL is so small that I dont mind speculating on the trade. Furthermore I am only taking a 0.2% risk.
But I would ideally wait until UK to get an idea of what is going to happen.
Patience.
You are absolutely correct Monday is very unpredictable, My SL hit today, never mind tomorrow will be better InshAllah.
The price levels will be the same, but direction is something that can be hard to read on a monday.
That being said EA and EU did give sells that followed candle patterns.
Just so you know after 3 months of being on demo account I took the plunge into live account trading yesterday.
Made 45 pips but not due to my planned strategy which is not that good but for a first start I will take it as I want to start on a positive note. Am risking 2% per trade.
On my demo account however I woke up this morning and made a sweet 101 pips on shorting EU last night(or midnight actually). That is my first 3 digit pips in my life after on and off trading for 1.5 years! Feel so good I tell you.
All this thanks to Nikitaās method here. I was slowly inching up to the 100 pips level as I was making 60,70,80 but so hard to get 90 and then I thought to just let it ride and lo and behold I hit 100 pips finally!
If only it was the live account. 
One of the best starts, cancel that. It is THE best start to a trading week I have ever had!
Thanks Nikita. 
psylence congrats on the breaking the triple didgit pip trade. It is good to let winning trades run unless the market tells you to get out. Keep in mind though it is not the amount of pips you get on a trade that grows your account. Its the percentage gained on the trade that counts. A 200 pips winner can bring in the same amount of money as a 20 pip winner. I just wanted to state that so you dont go out like most people cant blow out your account trying to hit that homerun again. They will come on there own. With that said it is always nice to see a big move and you be on the right side of it. Whats even better by letting trades run is when you risked 10 pips at 2% of account looking to get 30 pips and wind up getting that 100+ pip trade. thats when the account grows big time.
As our pip count increases, our chances of hitting TP per trade decreases.
20 pip TP will have atleast a 97% or more chance, provided our entry is right.
30 pips, say it might be 95%.
50 pips might be 92% or what not.
As our pip increases, the chances of it hitting TP level and we banking profit decreases.
So keep that in mind. We cannot hit home runs on every hit.
Some trades we can let it run. Some we have to take whats on the table.
Best is to move SL to BE if we are planning to let the trade run as soon as we can.
Holding 30 or 40 pips and not banking it is one thing. Waiting for more and end up it hitting SL is another thing altogether.
My last big pip trade was last week EA.
I hope to catch one 100 pip trade a week. But if I dont get it, I dont mind.
Have fun.
I fully agree bobmaninc. My per day target is 30 pips hence the reason why yesterdayās live account closed at 45 pips.
I have actually created a rather crude excel sheet based largely on FX Bootcampās FX Business Planner to play around with the figures and have settled on a 2% capital risk, 30 pips SL and 30 Pips TP. The numbers are kind of bizarre but Iāve doubled and tripled and quadrupled check them and if I can maintain that momentum without withdrawing a single cent it is possible to end up with almost US$500k at the end of the first year. It gets into scary territory in year 2 and 3 and I rather not think about that for now.
I realised that the 3 things to get started in live trading is :
-
Business plan i.e. how many pips to make, how may pips to risk, capital risk etc. What is the weekly, monthly and yearly projected growth how much to draw out as monthly salary etc.
-
Trading strategy. What strategy to use to achieve the desired outcome above.
-
Although this is point number 3 it is actually the most important point and the hardest one of all. The psychological impact and mental toughness and endurance. If you are not patient and canāt follow your rules and strategy and blame the market but not yourself then you are screwed. This I am working on but I know it will take a long long time before I can get in control of this but I have seen a marked improvement in terms of my trading psychology these last few months.
I like your advice though and it is very useful for people like me that are starting out.
Hi Nikita,
Iām kinda using the same technique. However for price action, I do watch out for the engulfing and dark cloud cover
I do add in the BB20 for indicator
As I just started out on this method 2 months ago, I dun have much data to calculate the success rate. May I know whatās ur success rate?
BTW, I realized that I got stop out quite often during important news and economic calendar announcement.
Do you watchout for the news?
How u deal with high volatily period?
When do u know that you are wrong and exit the trade?
How you set ur TP?
BTW, where are u from?? Iām from Singapore.
ShinjiObi
i am assuming a dark cloud cover means you are talking about candle patterns. I am sorry I am not big into terminologies.
I am not sure what a BB20 indicator is. It would be great if you could share on what you do with it.
My success rate at the moment is higher than 80%. This is for the last 3 months,. It is a steady climb from about 50% from when I started trading this way. Earlier this year I was at about 60+%. After July I saw above 70 ++ if I am not mistaken.
After starting this thread and with the help of fellow traders I managed to hit 80% ++ for the last 3 months. Especially after refining my H1 entries and pairing it with H4 candles.
Average monthly lowest low was 60 something %. Highest was close to 90+%.
I am improving consistency in the last 4 months but I dont think the average will go above 80 or so %.
Emotional factors play a part in trading whether we like it or not so it messes up the stats a little.
Then I have stats broken into pips taken. 20 - 30 pips per trade has the highest success rate. Naturally above 80 is the lowest. So those are the rough numbers without me going through all the data.
What is surprising is nowadays I remember my loosing trades very clearly and why it happened without me having to write it down. So I guess clarity is improving.
I try not to trade around news hours. I watch Forex Factory calendar for news output. If I am holding a very good position I move SL to BE. Otherwise I take whats on the table.
I trade news but not during news announcement but after news has been announced. I explain how I do that in this thread.
High volatility does not affect trading much unless we are entering a trade from the middle. I always advice to either catch a move from the top or the bottom, or if we missed, stay out. SL is set as per wave and if it hits, it hits.
If we are trading support and resistance with candlesticks and higher TF as our guide for direction we usually know that we are in the wrong direction before our SL even hits.
And finally I am from Malaysia.