I suppose there is room for traders who don’t mind holding longer and for those who prefer to limit their losses. Its one of those things where both sides have a good argument.
Maybe its easier to hold and manage trades when the trader is only trading 1 pair? Focusing on making strategic entries until the outcome is a profit. I admit, I want to do some of that from time to time.
At this point in my own trading career, I like not losing. So I prefer to always check the weekly charts on everything I do. I want to know that the weekly trend is long in case I need to allow it to remain open for as long as necessary to get into profit.
My own feeling here:
If I am trading against the weekly trend, I could have a shallow SL, but that would mean losses. So in order to allow enough signals and still have a high probability of winning a trade I like using the 150 setting on XU or XB4, or any similar indicator. It may not be the equivalent of the weekly chart trend, but its a good middle ground that filters out a lot of inferior signals.
Getting back to the idea of holding on to a trade that is in negative profit. The weekly chart trend helps me decide if the trade still looks viable. If it doesn’t still look viable, it still doesn’t have to end in a loss. There is ALWAYS a pullback. Learning when and where to place a good secondary entry based on a legitimate signal on a lower time frame is a great skill to have.
That being said, however, I take the idea that there is no reason the recovery trade has to be made on the same pair that has the losing trade. Make the recovery trade on the best available signal no matter what pair the signal is on. That is how we recover from losses, not by placing secondary entries on pairs we already know we are upside down on. Increase chances of victory. Decrease risk.
Of course, I welcome all ideas and other points of view as I am just another “decent, not great” trader and I don’t want to sound like I am any better than anyone else.
Still waiting for first loss of the year. Doesn’t look like it will happen today.
Little entries still making trading stress-free. A month or so ago I watched an interview with one of the greatest traders in the world. Its the man who bought IG and changed the name to Tastyfx. He said he makes about a hundred entries every day.
Well kofs live service he blew a ton of peoples accounts last few days with his hedging bs and gbpusd hedging swings. You cant see it in videos but people posting it in the video chat of live stream which you cant see the chat replay when you watch it back but blew a bunch of accounts including mine. DO NOT I REPEAT DO NOT SUBSCRIBE TO HIS MONTHLY COPY TRADE SERVICE ON YOUTUBE.
I also learned he blew multiple accounts mid October to but hides it to in the videos.
But honestly no surprise there at all: nobody who can trade with steady success would need or want to post videos on Youtube or to run a “copy trade service”.
I started following KOF probably 18 months ago after finding this thread. I have subscribed to the service for 9 months now. I don’t really need it anymore as I have developed my own strategy which is really similar to KOF but I am a little more conservative in my trades. I had been following his YT channel for a while and having good success but joined his subscription service to really learn how he does his hedging. Now I know how and its fantastic if you learn and really understand it.
mday is correct, a good number of people blew their accounts last week. I have seen this over and over. People join thinking its some magic elixir to make them wealthy without really understanding how the strategy works. KOF has told the channel dozens of times to use an appropriate lot size. His strategy is doomed to fail if you have $500 account and take .10 lot size trades. People are greedy thinking this is the way to trade. In the last year following his strategy, I took a $1k account and its now over $5k. I took a $500 loss in August last year but I made a mistake and learned my lesson. Slow and steady wins the day. My account is up $96 today. Sure, I’m not quitting my job anytime soon but I am profitable.
Why does he have a service if he is profitable? I watch every day while I work and he has never taken a big loss. If he has 1000 subscribers paying $100 a month, you do the math. I’m guessing that’s why he does it.
That’s why I tried to add a filter to the kof strategy (haven’t traded with kof for quite a while). Since I watched a lot of his yt vids and never saw him lose, I wondered why the longest trade I ever saw him get stuck in was 11hrs.
I got stuck in a couple that turned into 14 days. Luckily, they worked out.
So I added a regression channel to my kof chart too. It helps me to not get caught. And as always, I like to focus on trading with the weekly trend just in case
Honestly, I think anyone blindly copy trading is doomed. Even if they are profitable for a while, what happens when inevitably, the copy service stops? Now you have no income from it and you haven’t learned to trade on your own. Its short sighted. And each person is responsible for their own decisions on what to trade.
I saw some trades he took that were so far away from profit it took weeks to get back into profit. But eventually it worked out for him. You didn’t even see those trades on his screen as they were so far away but you could see the positions in the trade window of his Metatrader screen.
Whats crazy is I wasn’t even being greedy. I had a $10,000 account and was using 0.06 lot size and he still blew it the go watch last 4 or 5 videos and he was edging 10x lots 8 times at the bottom not including a whole bunch of normal lot size trades too to try to cover the top orders that gbpusd dropped 180 pips in London session the night before when according to him it was bullish and going up and after the large hege entries the market reversed in the next 24 hours all the way back up 180 pips and then he started the next morning with like heavy 10 to 15 10x hedges now and then the market crashed again last night to down below the original 8 orders of 10x size it was a giant mess and s#1t show so many people blew their accounts and yeah he recommends like if you have a 100k account to use 1.0 zero lots but I did the math his account says 600k which i seriously doubt is real and he never shows all he makes is excuses about his privacy as why not to show its a real account but his 600k account would not have survived either unless he traded it off time over night there is literally no way it would have made it either so somethings fishy af there to.
That’s some good inside info right there. I agree 100% with your thoughts on following people providing a signal service. People have to learn how to get a guide manage an open trade. I sit here month after months being profitable and yet I have no idea if anyone else on this thread has been using it and is consistently profitable too. I’ve come away thinking that there is no shortcut to the necessity for a person to trade for a few years and learn the instincts necessary to make any system work.
So I have never intended any of my posts to be a signal service. Rather, just to show what I’m doing. We’ve entertained several strategies since starting the thread and I love when people offer their own strategies. A part of me still believe that most strategies work if a trader takes the time to master them.
I am, of course, most happy with my recent chart setups.
Well I thought I was playing it safe because when I asked dips#h!t he said to use 0.10 lots insane lesson learned will not trust another single soul who charges for signals or copy service I just don’t want others to make the same mistake so I will spread this info about him in as many places as possible.
Oh man, it’s so hard to hear when people are going through or have gone through a struggle. I look back on the ones that I went through and it’s been long enough now to where I can say it helped me grow. But nothing takes away the pain of knowing others usually to have to grow by going through similar pain.
I think that’s a little unfair. I do understand your frustration though. But there are literally dozens and perhaps hundreds of us that trade profitably using this strategy every day. I don’t even need to follow him anymore but I do because I feel its a way to pay him back what I have learned. Sometimes I’ll take a trade in the morning before the session starts and when I log into the live stream I see that I am in opposite trades of what he takes. At first this was pretty scary, but I followed the strategy. At the end of the day, we’re both profitable using the same strategy, in trades going in opposite directions. As AT said, there are multiple ways to make money using any kind of strategy. The key is to protect your account and really master the strategy over a period of time.
He does do that 10 and 5 lot size thing pretty regularly as a hedging strategy. I am not confident enough for that yet. I hedge using the same lot size or double, but not /that/ big but what I have seen is that he ends up with a much larger profit at the end of the day than I do (percentage wise). I’m ok with that and reducing my exposure.
I’ve followed KOF videos for a bit, but his trading account was is in the millions. Thats when I bailed, I love the idea but the large trend runs scare me and my GBPs.
Sorry another question, what do you think about re-entry during a trade when the Heiken Ashi indicator flips colour twice (back to the original colour) mid-trade when you just closed out?
I feel so tempted to re-ernter and play out until it hits the channel edge.
I HATE getting stopped out! Sorry you had it happen to you.
Today was a big news day. It’s best to look at the projected high impact news release schedule and if scalping, try to close trades before the release, or start new trades after the release. (As I try to stay with the weekly trend, it doesn’t really matter for my own trading).
Re: repainting. As far as I can tell, the fs30 reacts to rsi and volume. Along with the 15 candle history. Is that how you see it?
I still love it. But I do tend to rely more on the vhp signal line crossing the smoothed HA 1 Lime. Hasn’t let me down yet.
***I trade mostly off D1 charts and have a massive SL because I don’t want it to ever get hit. It is for catastrophic end of world scenarios. If I want a trade closed, I’ll close it myself. I have not been stopped out in a long time.
I even scalp off the D1 all the time. If the setup is there and buyers are in control - I’m in. If there is enough profit after a while, I often close rather than checking to see if the vhp signal line is getting ready to re-cross the Lime.
Maybe another poster will have other suggestions too.
Ah !!! I missed this whole bit of the strategy, I will take a closer look at this as a signal. I’m still learning the setup but so far its been a positive exerience.
I think this is where a lot of my loses come from. Trading against the trend, on a small pullback (which I only see after the fact because I didn’t check the weekly or even the daily). So for me it comes to fomo trading, seeinng a big move in the charts and getting sucked it, when I should sit back and WAIT! I missed it, just WAIT.
That’s a really good point. This has worked in my favor plenty of times.
Still a problem I have that makes the first losing trade now two losing trades! Work in progress.
