demo untill u have few months of consistent results doing same thing over and over again. same setup(s), that way u gain confidence, u can see a win rate, expectancy, win and loss streak, RR… all that stuff. then when u go live u know what to look for and what to expect.
there s a woman i know that trades and has a win ratio of 33%. and she ends up in profit 10 or 20% almost each month. but she has tight rules, knows excat the risk and the reward when she wins, so a win can cancell out quit a few losses, it s all about RR with her and ofc sticking to the rules and plan. i could never trade like that as i get demoralised if i have a long string of lossers, but there are some who can. my point is u don t need to be right all the time to make money, even with a low win rate if the RR is decent u can end up on top. whatever suits ur personality, but for that u need to put in the work, demo ur brains out, see what ur comfortable with etc…tellin u it s doable if u have confidence and u don t get ruled by emotions… and the only way i know how to do that is trust ur market aproach. u can t kill ur emotions, no1 can, but with time and confidence over good results, u ll learn just to take a loss and move on to the next setup cos it s all about the end game, not about the 1hit wonders.
cheers
i am now in demo version. is it worth downloading the full version?
Glad people like you exist. I wish I had known in what I was ready to get. The most painful part, without losing really all this money in NO WAY I would have gathered all this understanding. The worst part is that I still have doubts and my strategy difficult to backtest since I rely on weak vs strong currencies and is hard to find the . But this can be figured out. The biggest issue would he the stop loss size. Ideally would be 20 pips + spread but since I’m so afraid of these “conspiracy theories” I debate if I should change to 40 pips + spread. If is not that manipulated the market I have a great time with 20+ spread. Almost to final, again, but I need to organise myself to put ogether all these information. This stuff is really really tough. Never expected this ■■■■ to be this hard. Like, evil in a way.
I sometimes think if is worth it.
to me it is worth pursuing, and i know how demoralising it can be, how everything seems to be against u, like brokers will hunt ur stop everytime u get into a trade etc…i ve been thro all that…but its cos i knew nothing about technicals, i didn t even looked at the economic releases etc, and i was just getting in blindly. for me, no SL can be same amount of pips. sometimes can be 15, sometimes can be 30, and so on. what u can do is wait for a nice level to break, wait for a retest and a clear rejection and put ur SL above or below that lvl, that way u shouldn t have a big stop and also if it does take u out and ur not trading a news event, it will most likely continue…as for ur strategy, if u cant backtest, then forward test. do like 200 plus trades on demo, see if u come out on top or not, ur win rate, RR etc. i know it can be tedious but it is worth it imo if u can crack the code and work on ur patience, discipline and just sticking to few simple rules.
dude, what s with that 1lot on aussie? u can t be trading microlots and all of a sudden u think ur gonna miss some move and increase lot size… that s 1 thing that can kill ur account easily
trade i just took right now, let s see how it pans out, reasoning on the chart
UJ was taken earlier today, still in
aussie jpy correlates with aussie dollar, i m long both.
closed UJ with small crumbs since i m buying aussie jpy
EDIT:trade management:
aussie jpy moved twice my risk so banked half and moved SL to BE
aussie usd closed with small profit as there was weakness lookin at the 1 hr chart, same for aussie jpy, maybe they ll consolidate there a bit more if it really wants to push higher but for now there are sellers at those high prices
good day all in all
USDJPY fell to hell…
Wondered how I can test my strategy bar by bar (4H) tick by tick (1H). No results found (regarding testing possibilities).
Maybe AUDUSD would start selling from this point. Sure, you never know but looks quite exhausted.
It was a buy safe haven day since last night. I felt the charts visibly showed this among the pairs. CAD,AUD, NZD weakened supremely and yen, franc, euro and dollar went up. Nursing this long on USD/CAD and see if it can go a tad bit higher and close out with profit.
it did after, but i would have been stopped out if i wouldn t have seen that buying coming in, plus i had a nice setup on AJ so i had to close UJ, can t sell and buy the same currency in 2 trades…i mean i can but it s stupid…
as for testing, use forex testers that give u a free trial, or go to daily chart in trading view and replay bar by bar.
i dunno about aussie yet, might just be a 4hr pullback and continue up, but for now buying is out of the question for me since there s weakness were i d look to go long…refering to 1hr chart.
Oh yeas, I’m expecting a rise for USDCAD. Currently expecting a further… This move is beautifully.
Knowing AUDUSD I wouldn’t be surprised to see this thing continuing the uptrend, making another tentacle on D1…
Yes I do too but I rather not hold any positions over the weekend just incase someone happens to drop some type of positive news. The good old juke as they would say.
nice, it s a 4hr range, so u might be lucky and get some more pips out of that.
i was looking at it 2, but didn t set up properly at support, no signs of buying comin in, no candle pattern atleast…something, i ll wait fr a pullback to target the high of the range if it does pull back. so far there s a small sign of weakness right now on 1hr chart, could signal a pullback is comin, maybe on monday, since monday and tuesday ussually markets make the low or high of the week if trending.
i ussually look for the buying to come in from the lowest point, buying into new low ground, but it came after away from that support close to that 4hr trendline on news, and from there just went. had i bought there, was near resist and my stop would have to be large…so i passed.
Oh I see, I took the buy yesterday when we were at 1.39 and 1.38500. I took those positions when I saw the 1.38500 support just wasn’t cracking. Kind of like earlier 1.40100 region wasn’t cracking before this pair shot up towards the 1.41 land. Definitely could hold these positions as I feel they’ll probably be excellent for next week but I rather free up some space and just get in again.
What do you thing guys about EURGBP? I had plenty of good sells (demo), still tend to be bearish, although today looks exhausted.