This is the trade i did by using Nikitafx method. First time I have made more than 60 pips profit and that’s why i take profit so fast (hehe) although it is just demo account.
I open the trade because i saw the inverted hammer which were confluent with yesterday bias. I set my SL at the high of the inverted hammer. I have waited the trade for more than 10 hours and in my opinion the most difficult part in Forex is patient to wait the setup occur. I am learning to be more patient. Please leave any comment for that. Thanks very much.
Allow me to introduce myself, I am Sam, from Malaysia. I just came back from New Zealand working holiday and currently I am jobless and I am putting all my effort into learning Forex. I have experience in share trading and currently I am focusing on forex trading.
I have gone through baby pips learning school (i did skip some class, hehe) and after that i use live account to trade (3000unit per trade) to test the market, and lost usd50 :56: I heed the advise from the forex master here and now I am using demo account until I get my confident and can have 5 consequent win then only i use real money.
Currently I am learning price action from Nial Fuller you tube movie and i will post my trade in future (sorry Nikitafx to bother you again) Please feel free to point out my wrong point in future and I am greatly appreciate it.
Hi Nikitafx, I was wondering why don’t you make a video and post it on the thread regarding pure price action or you can do a webinar so every one following this thread will understand more.
Please don’t get upset it is a honest request, if you don’t want to do it it’s ok, I am very greatfull to you what you already provided.
A word from the not so wise wait till she gets upset before you tell her not to lol. Just messing with you would be intresting to see to say the least. Good luck with that one Nikita. I will be patiently waiting for the youtube video. I cant make a webinar right now as I am working way to much
Hi bobmaninc, I was thinking to tell her about the video for long time but never get to request it. Thanks for your support.I know you are very busy but I think it will be great if you can also make a video, I have learned lots of important things from your post.
I will diffidently try to do that soon. I am away till christmas and have off till new year but I dont see much trading going on during that time. I fly back up here after new year for a while. When I come back up here I might try to get a room with a better internet connection (thats a roll of the dice though). So it might take a while to do it but I but sounds like fun so why not. I also dont have the equipment with me to do that. I go home this coming Friday so I will make me a reminder to bring some things with me next time. I can always trade higher timeframes. Just I have to many firewalls on my computer to be able to log into my trading account on a public internet connection. I will talk to my computer guy and see what he can do so we can make it happen. Just good to know babypips is still here I have been ghosting lately just been tired and not said much. I go to work before the sun comes up and dont get home till long after the sun goes down. Hard to read charts when I am almost sleep walking at this point. The money I have made though will be worth it I am half way there. At least my first of a few trips in this cold dark place. I also cant complain its been great up here. People have treated me very well. Just miss trading and my kids. So I will be following along. Its not late but I am tired and calling it a nite. Later everyone.
Hi Nikita, I am using FX primus for charting purpose and find out that FX Primus MT4 Trading Platform is set to GMT+3 from March to November and GMT+2 from November to March. It open and close day candle at 6am GMT+8, Will it affect the way you teach? thanks very much!
Hi Nikita thanks for your reply. Are you using Fx primus for trading? Next week I am going to try live account, I will use Oanda for trading and Fx primus for charting. Will update my learning and experience here if you don’t mind. Thanks!
1st week went all fine and dandy and made 220+ pips which was above my 150 pips weekly target. Felt like I was on top of the world and nothing could go wrong…ahem
2nd week, threw caution to the wind and traded lots and lots with no SL = lost my week’s gain in a single Monday. Took a lot more risky trades to cover Monday’s losses and ended up in the red by about 250 pips by the end of the week. What it means is that I lost almost 500 pips in a week!!!
-3rd week(this week), started cautiously and made some small decent gains but again the thought of recovering last week’s losses made me put in more risky trades and am currently -50 pips for this week. To be fair it is a huge improvement compared to last week’s losses.
Mistakes I did :
Did not put Stop Losses.
At one stage on that 2nd week Monday there were about 7 open positions which means improper money management techniques even though I have that clearly drawn up way in advance.
Greed! Pure unadulterated greed which in turn screws up your trading psychology.
What did work :
Nikita’s method.
My lot sizes based on my MM calculations. If I screwed this up I would have wiped my account. My live account however is down 20% at moment.
Today’s been the best day so far in more than a week and I am hoping I can end the week back into positive territory and claw back my losses in the weeks to come.
Nikita’s method works that much I can say what did not work is => ME.
Hi psylence you are correct nikita’s method is pure gold and easy to follow. What we need is patience, mm and less greed, if we follow it we will be successful.
I only do it when D TF bias is solid and correlation is all right and there are no nearby support and resistance areas on D TF.
That too, only when I am watching.
My MM is in a way where I have a “purse” of 100 pips to spend on a given lot size, risking 10% of my account.
I play around this figure. Any loss that I incurred trading without a SL that hits 100 pips, I cut the trade off without thinking.
I only do non SL trades when I know for sure.
Dont be like a deer caught in the headlights. Your trade goes against you and you are watching it cross minus 30. And you are saying to yourself it will go up. Than it goes above minus 50. And you are scanning your chart again and again and looking at the amount of money you are loosing. You would even tell yourself well I will wait till it gets to minus 10 or something and I swear to God I will cut it off. But even if it does you wont cause you would than be thinking that hey this can be a profitable trade. This is a clear sign now that you are no longer thinking but trading on pure emotions.
It might go to minus 10 first time than minus 15 second time and before you know it you are looking at minus 150. All the while you were watching it, and now you are even more emotional than you were earlier.
I have done that too. So dont feel too bad about it.
Always calculate the maximum loss you are prepared to accept on a given lot size, than calculate how many pips that is for a given lot size.
I go for 100 pips. Than I adjust lot size so that I am not risking more than 10% on normal trades. I might go higher or lower depending on the set up. But never more than 100 pips losses.
So I dont take a trade that has a 100pip SL, but I look for smaller SLs. So this way I might have 4 loosing trades in one go but still not loose 10%. Chances for your account to really grow this way is much more higher.
Finally, start with small lots to get your confidence going. Or when you have taken a bad hit due to emotions. Dont try to recover your loss. Try to get winning trades instead. Otherwise you might have Psychological issues in trading if you try to recover loss immediately. Especially when the lots were incurred with big lots.
