Geez, you guys and girls give a dyslexic bloke a headache. But great to see such an open debate.
This statement concerns me as it clearly shows a lack of understanding of converting pips to profits and demonstrates clearly how marketing has got to you. First a 1 lot trade on a $5000 account is using leverage at its extreme. It’s excessive and will set you up with delusions of live trading. My cricket and golf coaches taught me you play as you train. Trade you demo as if it was live and use correct position size each and every time. At this size of 1 lot, a 35pip move against you would represent 1% of your account. The moment you put a trade on you are going to suffer excessive unrealized drawdown simply because of spread widening. You need more than ballz of steel to ride those times out.
Next in order to make the equivalent of $472 on the EU, I would have only needed a 36 pip win. Thats 3.5 times less than your UT trade. It’s all relative bro!
This is a solid foundation and practiced by many (including myself) of the more contributing members heres. However I believe that’s a more short term even a intra-day trading strategy. In my thread I also talk of directional bias as a starting ground but you must be open to trade in the here and now. Which in the end, means taking opportunities in both directions. I know you spent a lot of time on the GBPNZD and am therefore surprised that you have moved away from this pair. But if the TRY is your choosen pair, live it, breathe it, love it.
What has this taught you? MissCroft has put a name to it and it’s a hyperbolic trend. I also remember turbo posting an image along the lines trends are like trams, there’s always another one coming.
We’ve all been there. Remember when I jumped onboard donchain channels. Very promising strategy but it took my time away from whom I am and accordingly set me back.
Two steps forward, one step back. Actually this week I started my first week trail over at TopStepTrader as per one of Lexys recommendations and traded E6 futures for the first time. Had a blast using the NinjaTrader platform. Might be the answer I need to rebuild my capital. Be nice to trade with a %return goal instead of a %growth. Pretty tight rules to adhere to but, that might give me a bit more discipline.
That’s tuff and just plain stupid. This forum need more of you and less of me. I can’t say I disagree with much of anything you have contributed. The mod’s will get over it. I haven’t been booted off yet!
I wanted to highlight this as also very true. Just because I might be critical of your swap to this pair doesn’t mean it’s not right for you. The descisions we make are made because of what’s right for each of us. Not because it’s what others do.
Unforunately, this is true. However many of us don’t have the same opportunities as others. That’s why we end up here. Does not mean we don’t posses the raw characteristics to succeed. We just have to desire it more.
Hell, I couldn’t teach anyone to boil water little known trade as I do. But I have put my technique out there. I’m here to learn and I have documented my journey for reference. Yet I have found that those that do know better seem reluctant to share that knowledge. There are exceptions and I’m sure there are many of us thankful for that.
Just want to add in that haven’t recieved any changes in margin requirements correspondence from my broker IC Markets against the TRY. However have had changes during the US elections particularly the MXN, both the Greek and British debacle and once against the Russian ruble in 2016. Like Manxx, I would take these correspondence seriously as at the end of the day, our broker takes on board our risk and has to manage that risk. Their team is far greater experienced at that than what I will ever be.