Long on Gbp JPY.
Yea, I guess its all perspective.
He wishes he was only $300 down 
We have all been there though and many of us will be there next week, next month, etc, etc. Trading is all about managing your fear and greed emotions, something we are all working on no doubt?
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āDriven to learn and understand the marketsā¦ā yup, its on point!
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@AmericanTrader wouldnāt taking a loss on initial entries reduce your balance significantly as those will the entries in bigger losses as compared to newer entries?
Or is there something Iām unable to grasp?
Few lessons from the week that just finished. I was in a gbpusd short trade for 5+ days and closed it at a 10 pip profit after getting frustrated and out of fear that BOE interest rate decision might put me in a bigger drawdown.
Once I closed the trade, it shot up in opposite direction after BOE news and I was so glad that I saved myself from that misery. However, price went up, wicked a little higher from the previously reversal point and went on to hit my TP of 100 pips.
Lesson Iām taking from this experience is that you have got to remain patient and never let the fear get best of you especially if you have been managing your position and risk as per the plan.
I did enter into another trade after that on EURGBP which I closed at a 50 pip profit, 4 pips shy of my original TP and guess what that was the best decision I made because price didnāt hit original TP and reversed to almost my entry point. How frustrating it would have been had I not closed that trade manually.
Lesson: Donāt let greed get in the way of booking decent profits and a good nightās sleep.
Now Iām in a eurusd long trade which Iām aware might keep developing for next whole week
Note to self: stay put and donāt panic. Price going against you means you are getting the opportunity to build your position and make bigger profit as said by KoF in many of his videos.
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Yes. But that doesnāt look like it invalidates the benefits to me. The new entry would be at a superior position and its purpose is mitigate a probable loss on the first few entries and increase the chance of an overall win.
Iām only using this technique because of a huge move against me and having too many open positions based on M5 chart tradingā¦ Was down 3000 pips aggregate at one point. Sitting at -1530 right now. I waited for this point before closing out my first entry. If I was not in the USA and limited to FIFO rule, I could close a more recent entry and barely notice the loss.
I only need a 115 pip upward move in price for a 100+ pip win thanks to 17 entries. I am still hopeful for price to hit 170.710 for a 300 pip win (although Iām sure Iāll close before that happens).
Makes sense. Wouldnāt it be nice to have a million dollar trading account though and not worry about low balance or margin call while in a drawdown and have confidence that eventually you will close the trade in profit.
Imagine making just 1-2% monthly profit on an account that size. Life would be so much fun 
As the expression goes, first million is the toughest.
I remember meeting with an old client of mine a couple of years ago to take advice on trading as he is a very successful trader and only trades Bitcoin.
Two pieces of advice he gave me.
- Donāt use leverage
- Aim for no more than 2% profit every month.
At that time, I was like what rubbish. I invited you for coffee hoping you would give me some cheat codes to become rich overnight and all you told me is forget technical analysis and, support/ resistance doesnāt work and blah blah.
Looking back now, it makes perfect sense but we all learn from own mistakes. For him, it took 7+ years to finally become successful.
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So thinking about target pairs to enter when I look back to my bigger win trades, my biggest wins have been those on those currencies (what am I talking about I only trade the euro/usd pair ) where there is already say a + 0.20% or -0.25 on the pair and I have joined the party a bit later hoping for that trend to get more pronounced which it has then gone on to do by 0.30%+ or more working on the theory that once the market has made their decision in one direction or another, they milk it to hell, literally. News obviously adds further momentum to these trends.
I saw it yesterday on quite a few currencies where that -0.20 at lunchtime ended up being -0.55 or that +0.22 went on to be +0.72.
I hope that makes sense to everyone?
I also shared this and to be on the lookout at 8.35-8.50 GMT for possible major trend reversals. Has anyone else on here got tips like this that they would like to share to this chat?
Iām also looking for a suitable AI powered forex pair scanner with a high hit ratio of over 80%+ so that it can identify the best trade setups to do the KOF strategy on too at any one time as that might make this strategy potentially more lethal, who knows?
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Patience with proper trade management does pay off. This is the real No Loss strategy.
Cheers 
This was a great experience. I learned some valuable info about account size in relation to trades sizes and number of trades.
I want to thank you for the comforting words along the way.
Its a good day!
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Closing now for 300 pips.
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Thatās the thing, we never stop learning and improving.
Iām glad to offer encouraging words but mostly Iām thankful to you for bringing up KoF strategy here and inspiring me to start trading it.
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Thank you American trader for this thread and introduction to KOF strategy. I have been testing the EMA full strategy by KOF on my two accounts with $500 each. In a day I have successfully increased the two accounts to $900 each, an increment of $800 in a day in both accounts. KOF is the real deal!!!
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No loss so farā¦
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