Morning! Fellow traders I have been trading live for about a week now. I’ve started off with 80$ and currently after a week my balance has gone down to 79.98 yes you’ve heard it right -0.02$. So right after depositing funds to my account I felt the need to open a trade without giving it much thought so that explains why I’ve lost -0.02$ there I was trading against market bias and the trend with a tight stop loss the next thing I know my trade got closed. *i was trading daily chart Lessons learned few days later after some analysis and thought I’ve decided to long aud/usd and that was on 17th April so it’s been 5 days oh yeah 5 days /I’m trading weekly chart/ hence that could be why movement can be rather slow on a longer TF. I was going through other pairs but didn’t see a good setup on a weekly chart /I’ve decided to stick with a weekly chart/. I only bought 10 units of aud/usd and according my broker with 79.98usd I can trade up to 900units you see I’m being very careful not to wipe out my account before I can learn something. But I’m thinking of increasing my units as the pair moves up to my bias. My SL is far down below , thought it’s better to have one than none even though it’s so far down below. By then my acc will be wiped out ;p. Somehow I’m convinced soon the pair will move up according to my bias but my concern is how long do I have to wait ? So far I’m losing but not that much considering I only bought 10units. How long do you usually have to hold a position trading weekly charts ? Good setups are hard to come by on weekly and once it’s a good one I’m aware that the profits are said to be high. I need some advice ! Thanks !
*i prefer weekly charts simply because it gives clear picture of where the pair is likely to head and past movements and it’s easier and more accurate when I draw key S&R so I can trade off from that key level.
[QUOTE=“ForexEagle101;622198”] AUD/USD weekly says sell. Its a very long term strategy. H12 says buy @ 9321. You have to decide what time frame your following and grasp the nettle? :D[/QUOTE]
H12? I’m trading weekly. When you say it’s a very long term strategy are you referring to buy or sell ? If it’s buy at least I was right about that one though I may have to wait a month ;p.
I’m referring to weekly. Weekly says short from the high of (estimating here, what was it 9456?). So looking to the weekly we should see a sell off. However, intermediate charts will see highs and lows over that time frame. All TF’s are fractal in nature. So looking to the 12h (yep 12 hour TF) I see a retrace long.
[QUOTE=“ForexEagle101;622206”] I’m referring to weekly. Weekly says short from the high of (estimating here, what was it 9456?). So looking to the weekly we should see a sell off. However, intermediate charts will see highs and lows over that time frame. All TF’s are fractal in nature. So looking to the 12h (yep 12 hour TF) I see a retrace long. :)[/QUOTE]
Thanks for the clarification. I guess I’ll wait and see even if that means I’ll have to wait for a month as long as the move doesn’t reverse or wipe out my account. If it all goes my way I’ll be pocketing hundreds of pips :D. And in the meantime I’ll open an another position where I don’t have to wait for a month joke
[QUOTE=“Milos;622210”]Trading is about consistency. Consistency comes from experience. Experience from learning. You don’t have a lot of learning experience trading once a month…[/QUOTE]
I partly agree and disagree with your comment. Yes Im relatively new to live trading but I’ve gotten around studying forex for a while now. I think I have a better understanding of what forex is in theory of course. Still it helps a lot knowing the basics even though I lack experience. As for which TF I should be trading and how much experience I would be gaining I must say that it will depend on each traders strategy and her/his own way of trading. I’m trying find my way of trading and figure out what I’m comfortable with and came to a conclusion that I should stick with weekly TF but that doesn’t mean I won’t explore other time frames like say daily I don’t think I will go any more than that it’s out of my comfort level at least for now. So concluding how much experience a trader would gain solely based on which time frame a trader chooses or prefers to trade in my case weekly and that automatically though not always makes me to hold traders for a month or longer period of time is a little impaired. Don’t you think experienced trader ?
I wouldn’t want to discourage anyone from trading longer timeframes, but you do have a very good point.
Perhaps a reasonable compromise would be to trade multiple pairs, but that’s going to take a lot more work understanding the characteristics of each, but worth doing as you say just to build experience.
As for how long do you wait ? It depends on what you are trying to do, if you’re trying to catch the trend on a weekly timeframe, a trade could last for years, and you’ll need to be using relatively large stops, if your trying just to catch the strongest parts of that trend without holding through retracements even then you’ll be holding for months, and the best way of getting an idea is to zoom in and take a look at previous periods on the daily, or even 4 hour charts.
Timeframe wise I trade the opposite end of the spectrum, so it’s hard to give concrete advice, but personally I’d probably be looking to time entries and exits from a 4 hour chart, allowing me to use tighter stops (probably 20% or less of the size you’d need to trade weekly charts) yet still grab sizable chunks of the strong daily and weekly trends when they occur.
[QUOTE=“simbafx;622238”] I wouldn’t want to discourage anyone from trading longer timeframes, but you do have a very good point. Perhaps a reasonable compromise would be to trade multiple pairs, but that’s going to take a lot more work understanding the characteristics of each, but worth doing as you say just to build experience. As for how long do you wait ? It depends on what you are trying to do, if you’re trying to catch the trend on a weekly timeframe, a trade could last for years, and you’ll need to be using relatively large stops, if your trying just to catch the strongest parts of that trend without holding through retracements even then you’ll be holding for months, and the best way of getting an idea is to zoom in and take a look at previous periods on the daily, or even 4 hour charts. Timeframe wise I trade the opposite end of the spectrum, so it’s hard to give concrete advice, but personally I’d probably be looking to time entries and exits from a 4 hour chart, allowing me to use tighter stops (probably 20% or less of the size you’d need to trade weekly charts) yet still grab sizable chunks of the strong daily and weekly trends when they occur.[/QUOTE]
Thanks for the insightful post. Definitely made me think.
Guess you will likely to have your trading gone sour, blow out your deposit and leave the market with frustration. Consistent profitable trading is in the direct ratio to size your deposit. You may have minimal knowledge and make profit consistently with 100K deposit just playing on volatile pairs.
Regarding the above comments on how you could get experience within a reasonable time limit trading just weekly time-frames (long-term trading), the answer may come from another poster on another thread, who suggested that a way around this would be to get a good back-testing tool, like ForexTester…
No you are not wrong, infact what you realized only a very few traders realize that and that too after much experience. Waiting for the right opportunity and striking at the right opportunity is what makes you successful in this business. Patience pays big time in this trading. Patience pays and perseverance conquers.
