Honestly and after a too long journey in forex trading I have discovered some important success factors to succeed in this fluctuating market:
1- Never ever trade without clear, definite stop loss not exceeding 20-30 pip
2- Don’t risk more than 5 % of all capital you have
3- Don’t use leverage more than 1:500 in best case scenarios.
4- Use the excel sheet to monitor your progression
5- Make a fixed daily target 20 -30 Pips only, once you achieved, then leave the market and enjoy your life.
6- When the price goes up in an extreme way, don’t sell, just wait for indicators to give an oversaturation on 4hr time frame only then go deeper in lower time frames here am using a 5 min chart then take the trade.
7- Both 4 hour and 5 min time frames are the best real figures you can relay on.
8- Don’t watch the screen once you got a trade, otherwise your emotion will destroy the deal.
9- Remember to fail to plan is a plan to fail
10- Dot compare your entry level with others as they have their own thinking.
11- Reduce your risk at news time
That list must contain the absolute WORST advice I have EVER seen on a single page throughout my ENTIRE trading career!!!
But then I’m guessing the glorious picture wasn’t posted purely for effect either. Who in the hell is “Invstoc” (which I’m willing to bet a fair amount of money, when I get paid of course, is EXACTLY the question the OP wants somebody to be asking).
In case you missed it: my post was tongue in cheek!!! LOL!!!
Some interesting points. But I’d say that if 20-30 pips is going to wipe out 5% of your account then you’re overleveraged.
1:500 is way too much leverage unless you’re lucky enough to get the entry timing perfect.
Why a fixed daily target? What if the market is going great? What if it’s slow, you don’t want to chase something just because you have a target.
Why are the 4 hour and 5 minute charts the best?
[quote=“soulia, post:1, topic:227644”]
1- Never ever trade without clear, definite stop loss not exceeding 20-30 pip
[/quote] Should have clarified time frame he was referring too.
I am assuming below is referring to broker leverage. If that’s the case with proper trade sizing based on account balance I want as much broker leverage as possible! FX Glory is sporting 3000:1!!
I thought #2 and #11 were good.
[quote=“soulia, post:1, topic:227644”]
6- When the price goes up in an extreme way, don’t sell, just wait for indicators to give an oversaturation on 4hr time frame only then go deeper in lower time frames here am using a 5 min chart then take the trade.
[/quote] There are plenty of savvy traders who want sell their run up to followers of this one! get out while the gettin’ is good!!
[quote=“soulia, post:1, topic:227644”]
2- Don’t risk more than 5 % of all capital you have
[/quote] reasonable.
[quote=“soulia, post:1, topic:227644”]
11- Reduce your risk at news time
[/quote] Trade long term and don’t worry about the news.
Not sure if #9 is in the public domain yet. Could be some copywrite/plagarism issues.
[quote=“soulia, post:1, topic:227644”]
10- Dot compare your [insert anything here] with others as they have their own thinking.
[/quote] This means you should question everything go you’re own way and that there is nothing cast in stone like the key success factors in entering a forex trade.
Well alright. Points 2 and 11 maybe. Possibly even whichever point referred to not comparing your entries to others. But believe me: those three little nuggets are meaningless in the context of the rest of the nonsense.
Anyways. Purely academic now i.e. somebody flagged the post (pity i.e. was hoping for some more fun here) (this is what happens when the markets are dead in the water i.e. people like me have nothing better to do than take the piss!!! LOL!!!).
13 yeas
expert and giving courses in
1- supply and demand strategy
2-technical analysis
3-fundamental analysis
4-price action
5- have developed unbeaten strategy for Eur/Usd with 95% success rate with proven record .6- have discovered many theories in this market
7- partner in 1st economy and forex networking platform without brand name as it will be reported as spam ,
why
10- Dot compare your entry level with others as they have their own thinking.
when you are targeting 20 pip so selecting the entry level should not exceed 10 pip as reversal or deviation before going directly to target …
so let’s imagine that someone takes entry level of the opposite direction of your trade for 20 pip so he will also achieve the target if his entry 10 pips lower than yours,
that why comparing with others may interrupt your right decision so believe in your strategy and accept loss as well as winning
first of all, I’m not referring to specific leverage or brokers the case that I have launched a new economic networking platform.
why 4 hr and 5 min?
I will answer this by example
if you have a mouse at home what is the best way to catch him ??
it’s better to grab him to one room then narrow the movement scope to the corner !!
what I mean most of us plan to trade intraday with a lot of trades so 4 hr time frame act as the room while 5 min as the room’s corner, so you can easily catch the trend and dealing with current top or bottom within 20-30 pip movement
