loooooooooooooooooooooool so sweet
Hey Baller,
How are your positions doing?
I haven’t been able to close many trades recently and am in a fair bit of DD; no SL hit yet, though!
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I think times like these is when your patience as a trader is really tested and FOMO must be resisted.
@The_Baller is it correct to say that there have been no favorable new set ups for the last few weeks and it’s just a case of riding it out until further notice?
Personally I’ve been trying out some other strategies in the meantime, but this will be my main.
Hey everyone
I’ve a few weeks in drawdown too, some demo configurations in different position sizes, always without leaving the rules established in this thread, no SL has jumped.
I want to add that scaling in the trades helps me to have a clear mind, nothing more than just relax and keep learning to carry the DD.
I had a moment of doubt where I wrote to @The_Baller, but finally I learn trades find you and not vice versa.
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Good stuff here. Keep it real.
I’d be interested in joining the group. I’ve been demo trading using this and Fibo, but it could still do with some refining.
Also just wondering where everyone stands on EURJPY?? On monthly it has been on the decline since early 2018, but you could say that it’s recently bounced and is on its way up from the initial move upwards from early 2012. I’m not sure how far back I should be analysing from so just wanted to get some second opinions.
How long a timeframe you look at depends on yourself. You must know the reasons why traders choose different timeframes:
People trade over longer time frames to catch bigger movements. I’m not really interested in trades that don’t look to move at least 100 pips. Because of the longer time in a trade, more up and downs are to be expected. I have many times been up 50 pips, watched it go down to 0 pips, then watched it go down to minus 50 pips, back up to 0 pips, then all the way up to plus 100 pips.
Because of the drawdowns, a bigger stop-loss distance is needed. Therefore a smaller position size is needed too. This depends more on your psychology. Can you handle being 10% up only to then watch this go into drawdown of 10% so you can wait to be 20% up or more?
If you find this is easy for you, you are a special type of patient person and you could increase your timeframe and only trade off the weekly chart in the direction of the trend on the month chart.
If this much movement is too much for you then you could train yourself to be able to handle it by being consistent and sticking to your decisions. This is what I am doing starting with only 1% risk per trade and gradually increasing it as I grow some balls.
If you’re not interested in doing this, you could shorten your timeframe and increase position size. But the whole philosophy of this strategy, as I understand it, is that the shorter your timeframe gets, the more similar to gambling, the more addictive and obsessive trading becomes. Not to mention that the shorter your timeframe, the more time you spend staring at screens stressing yourself out.
So my answer would be:
Go as longterm as you can handle and try to increase your ability to handle big movements.
Big movements is what we want here but the market moves in two directions.
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That turned into a bit of an essay. Anyway, might be helpful for someone.
It was certainly useful to me, thanks! 
The revised link doesn’t seem to work either.
Yes also cannot open link would be nice to have it up and running
Wishing you all a happy new year. Slow last month, scaled into a few positions, throwing some big clips about.
Had to make some pizza money to last this week to get off to a green start.
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Happy new year !! No doubt this year is the year for many here, my best wishes.
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Skimmed off a bit more today.
Small pickings, but you gotta do what you gotta do to keep it rolling in.
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Happy New Year Boss!
Wishing you all the best for the whole year and the years to come…
I hope you would never quit this forum and we could keep in touch often.
The world of retail traders like me needs you for real.
Again , all the the best!
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Wishing you a happy new year my friend.
Don’t worry, I’m not going anywhere.
Will always be here if I win big or lose big.
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We are all going to win big!!
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Hi @The_Baller, I would like to show you my risk management before starting with my real account.
I’ll start with a 5k account (amount I can afford to lose), my position size will be 0.1 lots and I Won’t open more than 6 or 7 positions.
My risk for position will be 5%, could be a little more, I’ll use TS well away and out of the noise.
I won’t use TP, i’ll leave the position until It reaches the obvious S/R level that I’ll previously have marked in my analysis. (I’ll pay some pizzas with what I earn, I think that motivates anyone).
This way of investing helps me a lot in my current situation.
I appreciate any opinion or rectification you can give me.
Apart from this I would like to know what kind of risk an inversor like you has in accounts of 100k or more, is also 5-10%?
Thanks my friend.
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All of the above is sensible to me, but if you want a SL well away from the noise, at 5% on 0.1 lots it might only be 250 pips, you’ll either need to increase the risk or reduce your position size to keep it truly away from the noise.
It’s almost always 10% regardless of account size.
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Hi bro, sorry I had to interupt, please comment me too.
I had close all my wins of last year and made a new account with a revised trading plan for this year of 2020.
Similar to you, this is some part of my plan, please comment and criticise wherever possible:
-Starting acc $2100
-max position per market pair 0.01 lots, 0.02 lots if I’m hedging.
-max market pair 21
-max position 21, 42 if required to hedge all pairs.
-21 because 21 of the most common market pairs in forex excluding GBP pairs.
-NOT touching GBP untill atleast July 2020 or Brexit conclusion.
-max risk per position 1%-5% depending on R:R ratio.
-SL’s are depending on R:R too but atleast 10 to 50 pips or away from daily/weekly range.
-trailing SL’s only on obvious SNR’s.
-No TP unless there is obvious SNR’s
-I will play more PUBG mobile and spend more time with my family and loved ones.
Thank you in advance.
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