On the subject of entries, yes there is no definitive answer for them but I have this indicator here that might help based on the ATR? I know others have spoken about this but at the time I didn’t know it was called ATR when I added it as I fiddle all the time on TV.
Anyway I was using it and then forgot about it until just now, especially as I am still having problems on entry even today I missed a big run. So on AT’s system say you saw point 1 on the chart and missed it which happens all the time, then you are wondering where to enter. In this example on the 1 min chart you would enter at 1.07220 and your you would set your stop loss at where the ATR is at the time, so in this case it’s at 1.07200, so a stop loss of 20 points. Do the same with the sell using the red line above the candle as your stop loss.
It does however make for a crazy villas chart, but you could toggle this on and off as you trade? I think that is the reason why I stopped using it as I couldn’t see everything properly.
The name of the indicator which can be configured is ATR Stop Loss Finder by VeryFid
@rocktrucker
Looks good. I see a lot of people online who use Average True Range for SL/TPs.
What do you think about entering not at the signal, but after the signal and the first little pullback? Could make for the tightest possible SL for those who would like that. Maybe that would be a good filter as well.
Mr williamrhoeder, somebody that is very well known and very respected as a computer programmer at the mql site will clearly tell you that it is moving averages.
and your point is what exactly? I was just chiming in here over entries and thinking that this could be at least a starting point for low risk entries if you missed the initial signal? If you don’t put your stake in the ground somewhere you will miss the trade entirely.
So are you guys going to give the ATR a try tomorrow then? I am as it takes away another level of fear from entry into trades, as in on the 1 min the SL can be as low as 10-20 points, got to be worth something?
@AmericanTrader
Okay alright. One more thing. Does it work well on higher time frames say 15, 30 min or 1h even or is it logical to increase the number of periods for the ema(s)
I think it works on all timeframes, if you have the patience.
I tried changing values for EMAs on different longer timeframes but never gave them a real test. But looking at charts for 1H or higher with the standard ema parameters look like it should work fine.
I know there are traders who like the 1H and higher trading. I used to do a lot of it too. But now that I have a realistic chance of making 50 or more pips per day on 1M or 5M, it seems like tying up pairs with a longer trades doesn’t make as much sense to me. Maybe it still does for people who can’t keep on eye on the charts during the day.
@AmericanTrader
Exactly I can’t monitor my trades all the time. I’m a student and currently knee deep in reports and assignments and as a new trader I keep being told that I can’t start with the minimum deposit ($10) I mean I don’t mind locking in a few cents per trade or a doller per day as long as I’m profitable. Whats your opinion on this .
I think you will find it difficult to consistently make 5 cents per day off a $10 account. It could provide good learning experience though. Learning is the key. That way, when you have more to invest, you will have some experience behind you.
You’ve probably heard this before already, but making a 1% increase in your account monthly is considered successful, and no matter what anyone tells you, even if you have some outstanding initial success, you must and you will go through the agony of losing. Most (90%+) will lose it all quickly. You will experience at least 1 trade that will threaten to wipe out your account, weekly, if not daily. If you are trading on a 15 minute or longer chart, your stop loss will have to be big enough to handle losing most of your account on every trade you place
That is usually only true if you’re playing very large capital.
If you’re trading $10 like this college student is saying that he’s doing and you earn 1% per month you just sat and monitored trades for 10 cents per month.
But if you are trading 10 million dollars for example, and you earn 1% in a month then yes you pocketed $100,000 pre-tax.
@AmericanTrader This is encouraging. Thankyou. Right now I’ll start demo trading till the end of the semester and save up as much as I can before starting a live account. Thankyou for your time and wisdom. I’ll probably post updates on how I faring.
You have a one out of 10 million chance of making profit at the forex prior to losing a substantial amount of money.
I am saying that 100% of forex players lose a substantial amount of money first and then and only then do they have like a one out of 10 million chance of winning any substantial amount of money on a regular and consistent basis.
Playing the 4X is like playing a broken roulette wheel.
Playing the forex is like playing a broken slot machine.
Demo until you’ve saved enough, then demo another 3 months. Then live trade once or twice a week and demo the rest. Scale in slow. Look into trading psychology. Watch the words of rizdom podcast series on YouTube and truly listen to what everyone on there has to say.
This is encouraging. Thankyou. Right now I’ll start demo trading till the end of the semester and save up as much as I can before starting a live account. Thankyou for your time and wisdom. I’ll probably post updates on how I faring.