I visited your thread because Babypips recommended it (sent me a link in their newsletter).
Coincidentally in the newsletter today they sent me a link of another member, who also shows his MyFxBook (he shows it in the first line of his first post):
I don’t expect you will be successful on this one. Baller said many times he will not provide any myfxbook link and to be fair I don’t even mind it. This thread already helped me to look on trading differently and I’ve never been paying attention on monthly charts before as I do today.
To me this thread is not about how much money does he earn nor what is the exact entry or close price. I don’t even care if this is real or demo account, but the point here is that trading seems to be working with this easy set and forget approach and that’s why I’m glad to be here.
Sometimes there’s no need to ask questions it is just about to go with the flow.
@The_Baller this is a really interesting approach that you’re taking and I’d like to try it. However, just got a couple of questions about your approach.
After you’ve determined the monthly trend and your weekly support/resistance lines, how do you decide whether to go long or short?
You’ve said that you don’t trust candlestick patterns so I’m ruling that out. Yet you say that you follow “price action”. So I’m left with the assumption that you trade between weekly support and resistance levels, but only in the direction of the monthly trend?
Would that be a fair assumption? Would you trade between support and resistance but against the direction of the monthly trend? Just trying to get clarity here.
Also, at what level to enter? e.g. let’s say that a weekly candle (last week) has hit a resistance level, so you’re thinking of shorting it. Would you “enter at market close” of the last weekly candle, or maybe go for a retracement entry on that candle?
@The_Baller, am an absolute newbie…just warm out of the mint shop in South Africa. Oh, I have no idea what on Forex is going on in this world out here. Having been following the thread link for a few days now, I can say it gives me hope and the confidence that I can make it if I try. There are times I wish I had a mentor, the honest-good old type. But the point is, I am glad I ‘met’ you via this thread, whether you’re fake, fiend, fraud or otherwise. Don’t think about them, you have explained yourself enough for someone who is not charging a cent to be heared from. Think about me and the guy who is able to learn something from you. Those who complain, they did not have the initiative to start this thread and they can’t help but bark. Those who suggest positively, welcome cause that’s also food for my brain. So soldier on brother, and pull that cart alongside…lead us the conclusion of this journey. I will follow on, cause I want to be able to put on my family’s table like you, some day.
I am not The_Baller and I know he responded 300 to 500 pips for stop loss, but I will share my opinion and if it means something to you great.
For me I would say as a bare minimum (can definitely be more!) you would want your stop loss outside of (bigger) than the 14 day moving ATR value. And always remember to adjust position size to make that an amount you are okay with losing. After you see the results and build faith in your strategy you can rev up the position size.
Many new traders believe a smaller stop loss means a smaller risk, and that wider stop losses mean they are risking more. However, this is simply not true. Stop loss size is only half of what determines how much your risk is for a trade. The other half being position size.
Remember Big Trades can takes days even weeks to play out. As an example I have been in a short on EURNZD for 2+ weeks in good profit and fortunately the swap on a short EURNZD is positive so I’m making a little profit each day from that.
You are doing very good here sharing your stuff - keep it up. I always thought about it to do trading exactly like your but life always comes under way. Now I am back in track
@The_Baller, as many have said thanks for sharing your trading knowledge and dis-regard the ones questioning your methods without showing anything that has worked for them. Just wanted to ask you a question in regrads to the open positions you have at the end of the week. Do you close out all your positions or keep them running?
Glad you’re back. I am trying your system on my practice account. One pair in the greens the other two currently red. Let’s see how it works out. This is a strategy that will take at least half a year to try out and get meaningful results I reckon.
On what planet do you think people want to see nature pics.??? I thought we were going to be sent some pics. of Bentleys!!! Get with the program!!! LOL!!!