After a slice of pizza or two its clear why a lot of people have got their panties in a twist.
When you’ve been accustomed to losing more than you win, you expect others to be the same, otherwise it must be too good to be true.
Even though I will lose a trade on this account, or maybe blow it altogether, people are getting it twisted because there haven’t been any losses yet.
You have to get it into your head, its only been 1 month - it could be months before I take a loss, and the wide stop loss helps.
When I started trading with my very first live account, I was just using a website that said if I should go long or short on Crude Oil - I didn’t blow my account until 6 months later.
When I did blow it, it took 20 mins to lose the lot.
I smell something off with good ‘ol Dave there and it’s not his driving habits either. But who knows. Maybe it’s just me. Anybody notice two different color BMWs with the same plates by the way???
i d rather buy at the bottom at the range with the overall trend in this case, cos sometimes, u might just be that lucky and breaks out to resume the trend. i use a similar aproach to urs, a top down approach starting from weekly, sometimes maybe monthly, support resistance,trendlines, and go down to 4h or 1hr to have a tighter stop. i like the idea to go swinging on daily weekly, but my live acount isn t yet at that lvl, workin towards it. keep up the good work bud
I was talking to a friend about this the other day.
When you want to plug something, in his case his Forex course that helps people - you need to plan ahead.
You need to know you’re going to plug it then you go about taking multiple pictures of your cars, watches etc.
As you mentioned, his cars are 2 different colours, so one of the pictures must be pretty old.
It’s a bit like the fitness guys on Instagram, they get absolutely ripped (which isn’t easy no doubt). Then go to the gym for a day or two, with multiple clothes and take over 1K+ pics.
They then post these pics on social media, slowly throughout the year - the aim is to create a years worth of content in a few days.
Followers think this guy must be ripped all year round, then they end up buying whatever supplements they are selling.
This guy is more or less the same, except nobody is asking for his Myfxbook link.
Hey @The_Baller, glad to see even out of the office, you have your hand on the pulse…
Your with IC Markets, you’ve stated this a few times, your LIVE account header is from inside their site.
Yet, you only believe that IC Markets offer Ctrader as a trading platform…
I would have thought you would know this for sure… since your using both…
Now… on with the show… The strategy that @The_Baller appears to be using in this thread, the Chikou Span as a means to set Support and resistance can be seen demonstrated in the YouTube videos below.
Part 1 (Below)
Part 2 (Below)
Just thought I’d help him out while he’s taking advantage of Aston Martin (see what I did there…) and post some solid information for those wishing to follow the strategy in his thread.
@The_Baller Can you elaborate aka drop some knowledge on what your risk/reward ratio is at setup?
Don’t know other people’s opinion on this but I think stop outs are one of the greatest obstacles to successful training. How to read a chart and determine SL level is almost more important than TP. Can you advise how you determine your SL level?
I have been trading a strategy of placing support and resistance based on the Daily chart. I wait for price to get to one of those levels and then I do wait to see confirmation that the level will hold. I have been trading that profitably (very small profits) for a few months. I chatted with The_baller and he recommended using wider stops as a problem I have been experiencing is price kisses my stop and then goes my direction. I now try to place stops based on the weekly or the largest stop I can. This has caused me to significantly reduce my lot size but I have had quite a few trades come down to what would have been my stop (But now is not) and then have it reverse and hit my TP.
And as far as placing S&R perfectly don’t even try. I remember talking to my first mentor about how my S&R didn’t match his and he said it’s only 20 pips higher that’s fine.
Hope this post contributes something, if not… Oh well.
Interesting… I always like my charts clean. My only concern here is what if the market goes against you and reach your SL which is around 200-500 pips away? Even with £2 per pip that would cost about 10% of your account which you are fine with. To cover that loss, you’ll have to gain more or less pips assuming you’re using consistent lot sizes but from the pics you posted you only take less than 100 pips mostly.
From what I noticed in H1/H4 TF price more often than not breaks the S&R zone even after price tend to give buy/sell signal confirmation. I once tried to trade on the weekly but it’s overwhelming to take the trade knowing that price could actually break support/resistance of what seems like it’s respecting the zone.