I am listening
By keeping your true leverage below 1:5 you will be risking a very small % of your account at any time. My account is so small I cannot trade 1 micro lot and fall in that range. So I am looking at risk management on a % base.
Hello… if your account is soo low that it puts you above 1:5, then I highly suggest that you fund your account with more money, or pull out the little money in there you have … your not going to become a professional trader trading for years if your taking over leveraged trades…
I reread the school chapter on leverage. I am at 20:1 true leverage if I follow my plan. However my stop only allows price to move .05% I think that’s considerably less than most strategies. looking at the chart on the page showing a 1% change in price changing your account 10% really reinforces the fact I can not move my stop [U][B]ever[/B][/U].
Yikes. 140 trades for 110 pips. Seems like waaay more stress than it’s worth. If you spent that time looking for a good trade that you can leave your computer with , I would imagine that you would be making a profit and be far less emotionally invested.
Fellow Newb,
Spriggz
Exactly… every forex wants to have more free time, its one of the reasons why they want to trade… this is way to much effort even if he was able to keep it going … I would rather trade 3-5 times a week and have more time then to be doing this… just my opinion and food for thought… although if this is what he wants to do, and can keep it up… then go nuts 
but that is a big IF
Good point. I made about 600 pips since last thursday over 9 trades that went well for me. I just entered on the start of daily candles. The actual, “trading,” took me about 10 minutes.
Oh sure over the 2-5 days they all took to close I would check up on them, but it didn’t consume any more time then I let it.
5 trades tonight 3 wins 2 loss
account down 2%
about 40 min
hit my stop then reversed if I had moved my stop a few pips It would have been a profitable trade. I am feeling good that I stuck to plan.
I will keep posting my results here if anyone cares. I think it will help keep me on track. If anyone wants to see the trades and knows a good way to show them let me know.
Remember guys, the market should be telling YOU when to trade, not “Im going to sit down and make some money” … that will get you killed :rolleyes:
So many people are focused on price instead of time … and most lose … could there be a connection? :rolleyes:
Any special time of the day you trade or avoid?
Well, sure…
Don’t trade sundays, don’t trade fridays
Don’t trade NFP unless you want to pay your broker for using their platform
Don’t trade holidays
Don’t trade news
Don’t trade when you dont know where to put your stop
Don’t trade when you’ve just been kicked out of a trade, put your human emotion back to neutral before trying to go into drive again
Trade Tuesday, Wednesday, Thursday when all of the above is not happening, and only then, you should only trade when the market is telling you too …
It will tell you that when you have a logical place to put a stop where you would gather more information.
Then make sure your risk vs reward is sound and that you not going to be over leveraged… you know, the typical risk management stuff that most ignore…
Just trying to be truthful…
Oh, i forgot some…
don’t trade the end of the month, and try not to trade the 1st of the new month…
don’t trade on a full moon and more protons are coming into the earths atmosphere… (think i’m loony? thats fine, has saved my butt not doing this)
Yeah thanks for the info. Very helpful 
Not trading at news times I don’t agree with. That is unless you are going for smaller amounts of pips and very tight stops. I say be cautious.
The reason I say this, is that no matter when I put on a trade. There seems to always be some sort of damn news. Even if it isn’t high impact. If you don’t trade around news, you basically are going to be doing little trading.
The movement the news cause either spikes price and then normalized back or just adds feul to the direction, at least on the daily charts.
Sundays and fridays I have no problem trading successfully either, but again if you are trading smaller time frames avoid them. I like to be out on friday though, because ibfx closes trading friday and you don’t get to see new data till late sunday.
Trading Sundays and Fridays are trading with DECREASED probability. Thats why you don’t trade them… and in my opinion, if your trading around news, or placing a trade just before the news hoping it will carry you further, well your just crazy… although probably feeels good, like shooting yourself up with a hit of crack or something …
Fade news, etc… do whatever, but to play it when the clock hits 8:30 etc is a very bad idea… especially for newbies that don’t have a risk management plan … and one that is wise.
No, I don’t fade news or try to use it and guess which way the spike is. Like I said I trade daily candles and the end result of the news is ususally price goes back to what it was doing anyways.
My trades get placed at the start of the daily candle, (00 GMT, which is 7PM my time) if my method says to get in. So, my start is often well away from those early morning nasty releases.
Sundays and fridays DOES NOT descrease the probablility of anything. I don’t know where you would get that garbadge. As worst there is less volume and movment, but it doesn’t hurt your probability, unless you are trading for small pips and small time frames.
I’ve traded sunday and friday with every method I’ve tried with little to no difference.
Shr1k, why not start your own trading log thread and keep it separate from this thread. This thread was your story about losing like so many others, start yourself a new winning thread.
Do you really want your next adventure called “Same old Story”?
Just a thought.
I could not disagree with you more. Have you actually done some research in this area?
Here is my proof and evidence: Volatility and Liquidity in Futures Markets ()
Even they found the same conclusion that lower volume = higher volatility which = less income! …
So, would you like to take a stab and go against this research paper and state your case? Common’ lets see some evidence…
I can whip out at least 5 other sources showing decreased probability with volume. What can you show me? Really… I want to see it, I always want to see the other side…
Common’
[B]Ya my evidence is first hand trading experience over two years, not papers[/B].
I’ve found a good longer term entry on sunday night, is just as valid as say wednesday. Sure it isn’t going to move much that day, but the entry is still valid and it reaches the TP or SL just the same.
And again I trade mostly longer term, not a 5 or 15 minute candles.
Trading high probability trades isn’t as simple as, “just don’t trade x days because they are slow.”
In my opinion that paper is completely irrelevant for the modern retail forex market. Retail forex didn’t even exist when that was published, so it cannot be used as proof of anything related to retail forex.
Instant liquidity is 99.99% guaranteed in the retail forex market, and intra-day volatility is mostly irrelevant for anyone trading Daily or Weekly charts.
I don’t think you’re understanding that different people trade different timeframes and different ways. I agree with you if you’re trading 4H or lower charts, but D1 and up are a completely different story.
Yes, daily’s whatever, probably are not so much effected by volume … but in regards to the liquidity and volume, I dont’ think you read the article, at least not by the comment you made… plus in less then 10 minutes you felt like you had enough knowledge from the paper to make a comment like you did?
Go back, we can have an intelligent discussion about it once you have read it two or three times… and the only reason why i sound like an a$$ is because i’ve done days, and months of research, I believe we can have this discussion after you put some time into it …