Still trading this in it’s original format? Same pair?
hi all,
master99, no there have been two changes. i have reviewed this by providing posts of the changes several posts ago. i am now using starc with the a/u. in fact, i may be changing my starc settings soon, but i will continue using starc. many are still using change two, with the e/u. anyway, the second trade:
8:40 long, .7132
8:45 exit, .7144 +12, +28, again, i just took the +12 for no reason
april total, +28
i’ll be back at 3:00 pm,
see you then,
goji, bernie
Hello Bernie, everyone,
I did not trade yesterday, I took one trade today. I would have stayed longer and taken one or two more, but had to leave.
8:40 - 10X long at 1.3420 - exit at TP +13.1.
+13.1 for the day; same for April.
hey gojilover, first of all many thanks for posting this free of charge.
I like the simplicity of your system. Today I started demo testing it. However I could not move the S/L to BE on this broker, [B]e toro[/B], as they have restrictions.
I choose this broker as they allow 400:1 leverage, so I can trade 20,000 lot with just $50. That way I can trade with low risk. (As a beginner still demo trading for about 3 months). I also tried Oanda but they doesn’t allow high leverage, so I can’t trade a meaningful lot with a low capital.
I would highly appreciate your valuable advice on this situation, broker and leverage level.
Thanks
hi all, char,
this is just my opinion. i understand what you are saying about the 400 to one, but i would go with oanda, and max out what you can do with them. i really think their policies concerning such create a built in safety mechanism, which is very important for newbies. once you learn and REALLY get a handle on things and understand how it all comes together, that may provide the time to switch.
goji, bernie
hi all,
WELL, i thought i would stay with this afternoon’s trade a little longer, especially since i just bowed out on the two this morning. as it stands, i would have been better served by bowing out again. i could have had around 10-11-12, pips. AS IT IS, THERE IS NOTHING WRONG WITH FIVE POSITIVE PIPS. i am only discussing this because it seems there are a number of newbies coming on board. what i have indicated above is NOT A COMPLAINT, but a statement about trading. this is what i refer to when i say that i can give you a basis of a system, but your experience is what tells you to stay in a trade or get out. now, had i not been quite so successful this morning, i probably would have taken the 10-11-12. since i was successful, i chose to wait a little longer. it didn’t work out. when price closed above the mid line, after being below, i bowed out and took the +5.
BY THE WAY, I HAVE CHANGED MY STARC NUMBERS. I HAVE GONE BACK TO JUST THE THREE, AND AM USING; 9-18-1.33. I LIKE IT BETTER WITH LESS LINES ON MY SCREEN. the afternoon’s trade:
2:50 short, .7160
3:00 exit, .7155 +5, +33
i’ll be back at 7:00 pm,
later,
goji, bernie
Please mention what pair are you trading now?
As I’m still following your thread from the beginning I get confused trying to study your new trades.
hi all,
char, please do not take this as a negative. this is what i mean by really knowing what you are doing. an experienced trader would know that if i am dealing with a price of .7140, i am not dealing with either u/chf or e/u. now, i am not aware of anyone still following this thread that is trading the u/chf anymore. although, i can not be 100% sure of that. there is also a group that is still trading the e/u and doing very well with it. presently, the pair i am trading is the a/u.
I WILL BE HAVING AN ANNOUNCEMENT ABOUT AN ADDITION SHORTLY. THIS WILL NOT BE A SUBSTITUE OR REPLACEMENT FOR WHAT I AM DOING NOW. I WILL BE DOING IT IN ADDITION AND I BELIEVE MY REASONS FOR DOING THIS WILL BE UNDERSTOOD WHEN I BRING IT TO LIGHT. I WILL NOT EXPLAIN IT NOW, BECAUSE I AM NOT READY TO START. REMEMBER, MY ENTIRE FORUM IS LAYING OUT WHAT I AM DOING AND YOU are free to FOLLOW, LEARN, MODIFY ETC. I WILL NOT SAY ANYMORE UNTIL I AM READY TO START. hopefully, i will be able to get going in april.
g, b
That is nice, I am using STARC with EMA 10, kinda following the whole principle of goji candles while observating any penetrations on the upper and lower STARC lines. Works pretty good it seems, I went upp 20 pips profit today and I only made one trade, I quit for the day. I would of done more trades but I only trade between 8.00 and 17.00 GMT and the trade I made today was around 15.00-16.00 GMT. I was too busy today but I will have more time tomorrow, hope it goes well considering it being a friday tomorrow.
Oh also I trade any currencies as long as they look good. And today I thought that EUR/USD and GBP/USD looked good but I traded on GBP/USD.
EUR/USD and GBP/USD kinda had the same movement today but there was more action in GBP/USD.
I don’t really know what to say, but trading on a 400:1 leverage account is not trading with low risk, the higher the leverage the higher the risk. The higher the leverage the higher pips per standard lot and so on. You are underestimating the leverage power. If you want to be successfull you should go MAXIMUM with 100:1 leverage. People that chose 400:1 leverage accounts are often those that think they can get rich over night by winning more per trade but they are not taking in account that they can have losing strikes no matter how good they are. I have seen no pro forexer go with 400:1 leverage. I advise you to go trough the school of pipsology.
Edit: I think you should see goji as a role model, he gets happy even if he wins 5 pips in a day which is a very good attitude. He knows himself that 5 pips * 20 ( 5 times a week for 4 weeks) = 100 pips is nothing bad a month. Ofc we all want to be at around 400 pips atleast. But I wouldn’t be sad if I got 100 pips a month since that could be alot of money depending on how much capital you have on your account, If you have saved a good amount of money and you have about 25000 usd then those 100 pips on a 100:1 leverage account would be 1000$ per standard lot of 100 000. If you trade with about 10:1 true leverage then you are trading with around 200 000 lots meaning you get 2000$ per month by just as little as 100 pips. You hit a good month and earn 400 pips and you get 8k $. Like I said 100-400 pips is alot. If you start getting greedy for pips and force trades you will lose it all.
Going 10:1 true leverage is what I’d go for on a day trading account with a stop loss of 10ish.
hi all,
dean rookie, great answer to char. i really appreciate when others answer the questions of others. it tends to create our sense of community. i especially like your comments about even 100 pips per month. i see some of the ads for other posts that say 3000 in two weeks. i am not denying their claims but how much were they risking, what was their draw down, how long did they have to wait. i like to get in and get out with tight stops and allow the pips to build over the month’s time. I HATE LOSING TRADES. when you have a losing trade you have to make up for it to get positive. you do not have to make up for anything when your trades are positive and its amazing how even the +2, +3,+4 trades add up over the month. this approach fits my personality. some people CAN NOT TRADE THIS WAY, ANYMORE THAN I LIKE WORKING OFF OF THREE HOUR OR DAILY CHARTS. i have found what i like to do, it seems to be working, and i share this with whomever. oops, it’s almost time to go to work.
g, b.
hi all,
now to continue my last post. i am already in and out of a trade. i had a reason for entering and a reason for exiting and i made +7 pips, IN SIX MINUTES. ok, it’s time for another lesson. i trade four times per day, except twice on fridays. that’s a total of 22 trades possibly per week. if you can earn +7 each time that is +154 per week, and +616 per month. over time, that will make you wealthy beyond your wildest dreams. NO, I NEVER FEEL BADLY ABOUT TAKING, JUST, 7 PIPS.
tonight’s trade:
6:35 long, .7158, cross and close of the mid line
6:41 exit, .7165, after touch of upper line +7, +40
april total, +40
see you at 2:00 am,
goji, bernie
hi all,
well this is the next to last trade of the week. it looked like the a/u could move higher but it closed above the top line and that indicates an exit, which i did.
the 2:00 am trade
2:02 long, .7135
2:15 exit, .7144, +9
see you at 8:00 am,
goji, bernie
hi all,
if you are using the new parameters, you had a perfect set up for a trade this morning. i point this out so that those of you learning this system get a feel for what i am doing. anyway, the 7:40 candle closed above the upper line. the 7:45 candle was almost dogi like, but not quite. it was red and it closed below the upper line. so entrance was at the 7:55 open, .7142. now, if you checked, which you always should, there is news coming out at 8:30. we want to be out of this trade by 8:28, at the latest. well, at 8:19, price touched the bottom line and we closed the trade at .7130 for a very nice 12 pips of profit. add that to the +9 at 2:00, and i will end the day with +21 pips. after two days of trading in april, the april total stands at +61.
have a great weekend,
goji, bernie
Hey y’all!
Alright, after my February goji losing streak, I went and worked on my demo. I’ve been practicing trading in a discretionary way without a plan. I mentioned before, I’m really good at at, but only when I’m winning. I can have a losing day and give back two weeks of profit. I’m still working at this and gradually getting better. The demo account is up a good 8.3% in 7 days of trading.
However, I’m going to try the goji system as Bernie trades it this month on what’s left of my live account. I think it helps with my discipline. I’m going to trade at 8:00 AM, 10:00 AM and 3:00 PM. Three possible trades per day. I started this morning by taking a short when the candle closed below the SMA at 8:10 AM EST. I got out of the trade at 8:16 because the next candle closed above the SMA, lost 6 pips on this trade. Then, I was toggling between my live account and demo, and accidentally placed a live trade that I meant to place on demo. I made the loss back and my account is at a nice round number that will be perfect for starting the month with on Monday. When I start this next week I’ll focus on one thing at a time!
So Bernie, when you get a close above the top starc line, you enter short on the next close below the line (and vice-versa for a close below the bottom line)? I know you’ve gone over this, but I want to be completely sure since the system has undergone some subtle changes recently. In fact let me sum up what I understand and you can just answer “yes” or “no”.
AUD/USD M5 chart. Starc settings (9, 18, 1.33). SL: 17 pips, TP: 23 pips.
Enter long on next candle after cross above 9 SMA, short on next candle after cross below 9 SMA. End trade if you get a close on the wrong side of the SMA line.
Enter long on next candle following close below, then open above lower starc line. Enter short on next candle following close above, then open below upper starc line. End trade if you get a close on the wrong side of the upper/lower starc line.
Orders are at market, NOT on the next 5-pip multiple.
I’ll go over the thread again this weekend, but is this essentially how you do it?
Thanks!
lavaman
Hey Dean, thanks a lot for advice.
I’m very new to forex trading & discovered this thread yesterday. So I’m still going through this thread from the beginning. I’m still demo trading. I had self studied and demo traded for 4 months now.
I went through babypips School also and had read in many places that too much leverage is very risky. However I don’t understand if fully. If I have very tiny capital on my account (say $150) and open trades with very low amount (say $25) I don’t really see the risk of 400 leverage. Moreover that is the only way I can trade with such a low amount, as I can understand. May be you are trading in thousands, I can understand that 400 leverage with $1000 is risky, but is it the same with $25?
With “e t o r o” I can trade 10,000 units with $25 at 400 leverage. If I use 10 leverage I have to put $1000 to trade 10,000 units.
So which situation you think is more risky?
Trading 10k units with $25 x 400 or with $1000 x 10
I really appreciate all of your comments?
Is this timing as on Oanda or what? Sorry to ask this but I can’t find them on the chart.
You should read this
The Number One Reason Why Traders Fail in the Forex Currency Market
All 7 chapters in College: The Number One Cause of Death for Forex Traders
That should explain it all.
And my advice to you is. if you only have 150$, then don’t go live. Keep demoing, go get a job if you don’t already have one. Save some money, atleast 1k usd then go live.
No he is recording in his own time. His time is 4 hours behind 0 GMT if I am not misstaking which should mean that when he types 8.00 he means 12.00 GMT.
I am not 100 percent sure, but you can check it up.
charithjanitha -
DeanRookie is right. If you have $150 in your account and you are trading 10,000 lots, you won’t last very long unless you are right all of the time. Very few people are right all of the time. When you’re just starting out you’ll most likely make lots of mistakes, overtrade, misinterpret, get greedy, try to make back losses, etc. If you want to start an account with $150, try using Oanda or some other broker that lets you pick lot size. That way you could try trading with 10:1 leverage (what I use myself and what I would recommend for a newbie scalping with relatively close stops). You could trade 1500 lots and increase it or decrease it with your account size.
Or, you could start with a larger account. However, many newbies lose there first accounts, so it might not be a bad idea to start with a small amount that you can stand to lose. If you are like me, your first 6 months to a year won’t be about seeing how much money you can make, it’ll be about seeing how little you can lose, and learning from the numerous mistakes you are likely to make.