If you’re operating a sensible risk measure when placing your money into the market then in order to lose that amount in one day suggests you’re running a capital base of approximately €50-70k, which for a relatively new starter seems a rather large investment.
If I were you I’d dial that capital investment back, significantly reduce your stake sizing & perhaps switch to demo mode for a while to ensure you’re properly understanding the basic concepts of what you’re trying to achieve.
At the moment you don’t have a career in Forex. You’ve barely stepped onto the starting grid & have an awful long way to go yet, but your progress will be very shortlived unless you slow down, take stock of what you’re doing & begin appreciating the extremely high risk scenario you’re considering participating in.
Hi Guys. I admit it. I’m hooked on forex!
I’ve been trading now a couple of years with mixed results.
I’ve been using 3 Ducks as a basis for my trades for a few months, still with mixed results.
I feel there seems to be a lack of charts for people to comment on this thread, so I’ll post some of my trades and hope you guys will be able to tell me where I go wrong!
Cheers,
Wayne.
I don’t think it’s a case of a lack of charts at all because the set-up is very straightforward & unambiguous. This isn’t an approach that really warrants a lot of interaction or pages of examples. Once you’ve got your basic layout plotted you’re all but done.
The only decision after that is whether you have sufficient confirmation from your 4 & 1 hour charts to place a bet.
It’s not really up to anyone else to tell you if you’re going wrong or not because your risk appetite, trading style & experience levels will be very different to someone else.
You don’t have to always be in the market or constantly placing bets just because the moving averages on the 4 & 1 hour charts say so. I don’t know about you but I’ve flipped through the hourly charts over the past couple day’s & haven’t seen anything worth trading at all. A lot of pairs & currencies are in transition & rotating back & forth this week primarily due to dissipating (summer based) liquidity & news/data influenced output.
Your 4 hour chart of EURAUD is a perfect example of that.
Since printing that 1.44 high last week it’s printed a low, followed this week by a lower high & lower low. It’s now attempting to rotate back above Monday’s opening lower high at 1.4180 & is flat-lining the 60SMA on that timeframe.
It’s basically chopping around trying to generate one-sided momentum & in my book doesn’t represent a particularly high probability opportunity, but then neither does much else out there at the moment so I’m perfectly happy to stay flat until something does.
But that’s just my view & like I said, everyone will have different opinions on what does & doesn’t constitute a valid, high probability set-up opportunity.
Consistent progress in trading isn’t made by blindly following rule based models, it’s made by using a proven set of tools that help the participant to filter out high risk, low probability set-ups.
That’s why 2 people trading the same model can experience very different results & rewards.
I tend to respect those traders’ opinions that stay out of the market more than those that dive in.
I am way more selective now than ever, but still I think I take too many.
This trade won me my 30 pips TP, but I was a bit wary over that 4hr chart. The recent higher high and higher low just tipped the balance for me. I did like the look of the other two though.
I agree with you on the 1 hour charts. I took a hit yesterday because I didn’t respect the HH/LL etc on those charts. I should’ve stayed out, but the temptation is always there. Once I get over that I think I might make progress.
I would still like to see more charts of others’ trades. My art teacher used to say “a picture’s worth a thousand words”.
[QUOTE=“laine;508169”]
If you’re operating a sensible risk measure when placing your money into the market then in order to lose that amount in one day suggests you’re running a capital base of approximately €50-70k, which for a relatively new starter seems a rather large investment.
If I were you I’d dial that capital investment back, significantly reduce your stake sizing & perhaps switch to demo mode for a while to ensure you’re properly understanding the basic concepts of what you’re trying to achieve.
At the moment you don’t have a career in Forex. You’ve barely stepped onto the starting grid & have an awful long way to go yet, but your progress will be very shortlived unless you slow down, take stock of what you’re doing & begin appreciating the extremely high risk scenario you’re considering participating in.[/QUOTE]
Hi laine,
Thank you for your kind suggestion.
However please note that I am trading mini lots…
My real big problem, as it is for many traders, I believe, is the psicological way when facing a losing trade. I always say to myself that on the market the are always new opportunities, but in the real moment I lose a trade I want to recuperate immediately!
The other big problem I have is that my winning trade are usually very little…
Hi kashif.
Other MA is SMA20. Only because the person who got me into forex (who does it for a living) uses 50 & 20. As I now follow the 3 Ducks system I changed it to 60 & 20.
I think 2 MAs can help in decision making. i.e. waiting for a crossover, diverging MAs etc. It’s just something I’ve always had on my charts, and I don’t think it clutters the charts by keeping it in.
As I wrote in this forum already some days ago, i have 4 usdjpy lots opened at 97,75 2 weeks ago. Although this week has been a disaster…now I have the position still opened.
Is there anyone out there helping me in deciding if selling the lots on Monday?
Hi d-pip. Of course I had a profit on my mind. I was sure that I coul reach 104. And in that case I would have taken 3 lots profit and keeping 2 more lots hoping to reach 106.
Recently, not a whole lotta action out there for a trend trader Duck Hunters,
Granted the Aud.Usd 4 hr downtrend is still moving lower but the price movement or price action is in tatters and anything but elegant!
Eur.Usd, Usd.Chf, Gbp.Usd and Usd.Jpy all look a bit flat after we’ve seen retracements or pullbacks on those pairs and Eur.Jpy is fast asleep in a sideways range … Zzzzz
On The Flip Side, British Pound is currently a bit weaker than the Euro and Eur.Gbp might be worth putting on your shortlist for next week. The 4 hr trend is currently up which means Eur is stronger than Gbp and your Ducks would favor the buying (long) set ups on this pair.
In the back of my mind, if Gbp.Usd gets back under the 1.5060 area (more Pound weakness) I’d be getting the trigger ready for some selling (shorts) when our 3 Ducks line up and targeting the 1.4900 area and below (see the chart below).
Hope yawl can catch a bit of the action,
Andy
Captain Currency
These are not trade recommendations. The 3 Ducks Trading System is best used as a set of guidelines with discretion in addition with your own market analysis and trading ideas. I do not accept liability for any loss or damage, including without limitation to any loss of profit which may arise directly or indirectly from use or reliance on such information.
i have one doubt in this strategy…i have noticed many situations where price closes above 60 SMA on both 1 and 4 hr chart…but at that time in 5min chart price is already above 60 SMA…so enter at that time or wait first it go down below 60 SMA and then rise again above 60 SMA on 5min chart ?..i am somewhat confused so attached image of 5 min , 1 hour , 4 hour chart on 11 july 2013…please check 4hr candle of 00:00 of 11th july and also check 1 hr chart…check alos 5min at 4:00…This time is insta time and may be GMT+2:30…please help me in this…thanks…
