@samewise
Those were some very kind words. Thank you from the bottom of my heart.
We’ve both been learning since the thread started. I believe I am at the place where my learning has brought me that makes me profitable daily, and I know what I need to do to take it to the next level. A level where Trading can finally replace my job income. I will continue to work as I only need to do it 10 or 12 days a month and it’s a good thing to get out of the house and keep a healthy mind.
Because of my being able to generally make a hundred or more pips per day now in a relatively short time, I’m back to getting a little exercise between sitting on the couch and having coffee. My time is freer to go do things.
I hope you and any of our other friends in the forum know that you’re direct messages are always welcome too.
I’ve not a clue what went wrong if I’m honest with you. Cannot wrap my head around it. When do you end the trade at a loss? Also, can you explain more about cost averaging?
@TWILS0
I’m not sure there are very many cases where it ever needs to be a loss, other than once trading capital runs out.
With an account balance of $500, I would say your entry size should be limited to 0.02 for entry.
The cost averaging is just making One initial entry when you believe you see a signal, such as a long bearish candle during an overall uptrend. Your entry at that point is a long order. You wait to see what price does after that and if it goes down further that’s fantastic. You look for buyers versus sellers to be at 0/0 and you enter another long order. Repeat as often as necessary. The practice part is knowing how much distance you have where price is at the moment to get back to the 20 or the 50 or the 200 ema. You need enough orders in so that you know you would be in profit when you get back to whichever of those EMAs is your target for closing. It’s not as hard as it may sound. With practice it becomes second nature and you don’t even have to think about it.
By using the 0.02 size entries, I doubt your active trades would ever have you in a more than negative $20 or so position. I’ve been doing a lot of 0.03 entries in my practice days and it’s been down $32, $34 at worst. And price has always come back to a point where I’m in profit.
A secret of all successful traders is that having a loss is essentially meaningless beyond our abilities to learn something from it. You will notice in watching the king of forex videos that when he has active trades open pays zero attention to how much in the negative his account is going. His entire focus is on what the candles are doing.
I’ve never seen him lose a trade, have you? If you have the patience you will remember those couple of trades you lost in 2023. Because you will find that you can manage all of them into winning positions if you have the time and the patience.
Since it’s a demo account, you bet I would hold on to them. Great practice to build confidence right there. I’d hold on every trade I make until it’s a profit.
Please forgive my “lazyness” (it’s not easy to find the info due to jumping scroll). What are the numbers like 49.1, 72.7, 96.5, etc, on your chart above?
@froghunter
Those numbers are from an indicator I got off of a Forex Factory forum. Its like a zigzag that counts pips from bottom to top but I have blacked out the zigzag line.
@AmericanTrader Quick update. The trades haven’t really gone any further against me, but haven’t come back yet. Will leave them open, evaluate and update further when they made a move!
As for whether it is a good value or not, it depends on how long you’ve been trading. If you are in the first year or two - it would change your life. If you are seasoned and already doing ok with Forex, its a small price to pay for some tips and to see how to flip accounts trading with the trend.
Having my win loss record on kof now be 78 - 0 since I started again that week before last, I would like to speak now to the less experienced traders who may read this.
As you know, or as you will find out, forex Trading is difficult enough just with what the market throws at you every moment. Yet, if you frequent forex Trading websites and forums, you will also be hit over the head with many opinions about how one way of trading is better than another and that you are crazy for even considering Trading the way you think you should.
Those comments do not come with any malice, those are other traders honestly trying to help you on your journey. Most, I think, really would love to hear that you are doing well and being successful.
So if you decide to go with the kof strategy and you find you enjoy it and you are having many successful trades - here is where once again trading psychology must be mastered… master your emotions about your trade. Master your emotions about others that are only trying to help you. We are all choosing different strategies and we all want each other to be successful even among any disagreements over what is the best way
Most of all, Master your emotions over a losing trade. It means nothing beyond what you can learn to do differently from it. If you can never be okay with losing then you can never, ever, Master 4X trading.
I now have confidence that if I want to, I can tum on my computer tomorrow morning and make 30 to 100 pips. The 30 part of that assumes there could be a loss or two losses or three losses. But in time you will see that the market does the same thing everyday. So you can do the same thing everyday too.
I would add to this it’s about discipline as well. I was chatting to you earlier about the acquaintances that I know personally that make serious money from forex trading and wouldn’t say any of these guys have special talents or are even remotely interesting individuals. I would go as far to say that these particular guys are very boring individuals and not ones that you would want to be stuck talking to at a party. Anyway I digress, as they guys are so controlled, they have their emotions and discipline in check.
