Me aswell soon will be better. Way better than ever…
@1odi My trading journey comes to an end. I have “all the tools”. Either I make it or really forget about it. I theoretised the market through almost all possible angles 100%, if not even what I’m filtering now isn’t working then really is not meant to be. Means nothing is working.
Edit: but I’m sure this is “the way”. All logical approaches in places… very powerful understandings. Outstanding knowledge. It’s the “last fight”. Starting in 1-2 weeks. Currently preparing for it…
i d suggest u take it easy specially during these volatile times, give urself some room to make mistakes, trading isn t easy, but if u persevere and have a passion for it, it can be done. cheers
That’s right! No matter how the markets turn, keeping that conviction and passion ON is very essential.
@1odi What would be a reasonable stop loss size for gold in order to avoid getting stop loss hunted? I know you are not trading it but frim your experience what would be enough room to let a trade room to breathe?
depends on what timeframe u plan to enter, is it near a support, resistance? A break and retest, are u using candle formation like pinbar or engulfing(in which case above or below those plus spread ofc… it depends, there isn t a set SL for every trade… atleast for me a 30 pips stop for example for every trade i take wouldn t work.
maybe post the chart and we can talk about it.
cheers
PS> if ur still using divergence, i d suggest draw ur support and resist zones on 1hr, wait for a setup(divergence and a pinbar or and engulfing) then u can enter on lower timeframe etc. don t go doing what u did on AUSSIE. stop above or below the candle formation, that way if ur wrong u know exactly what u lose and fast, and if ur right, well u have a 1 candle stop more or less…
resistance, nice divergence, impuls move up, but for a fake break i need the next candle to be red and close back within the range.
5m weakness, fake break getting traders that trade breakouts long with high vol and bearish reaction and divergence(scream weakness), 15m nice pinbar, but aussie high impact news in 40 min, so i ll pass on this 1.
plus, we re hovering over resistance, unless it comes back inside the range and does like a retest on low vol i ll pas
just imagine the chart is for GOLD… or any pair, commodity etc for that matter, my stop was above the pin plus spread, cos i figured if it pushes up again it will probably keep going. i use the pins of the candles as resista and support zones(specially if was on high vol). rather then a simple line. so u can also place it above or below such a zone. ur choice really, but if u use for example a candle pattern that u hold reliable, coupled with a zone, divergence etc (more confluence the better) u can aldo set ur stop above the candle pattern plus spread, cos if ur analysis is correct it shouldn t stop u out. and ofc there s exceptions but overalll.
hope this helps, cheers
hammer of support with nice volume(sign of strenght), trendline, hidden bulish divergence, overall trend is up so i d rather buy of the lows
I’m still on demo.
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.
1 Like
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…