What Every New & Or Aspiring Forex Trader... Still Wants To Know

The plot thickens…

Hey now, you gotta keep reading there :wink:

I was trying to make myself fit the system, instead of making the system fit me. I got so frustrated with what I was missing, that I was blind to what was perfectly available to me all along!

I see the video editing skills are improving xD

hi guys,
a quick one: just wanted to share a little trick about MT4, when open the terminal=>history tab and see the list of trades made, you can grab the line of particular trade and drag it up to the corresponding chart to see visually how the trade has developed, e.g entry, SL, TP, etc… it is pretty handy for a screenshot I think…
have a good weekend all :slight_smile:

[video=youtube_share;gMjsukohzCU]http://youtu.be/gMjsukohzCU[/video]

[B]GLGT [/B]:57:

Required equipment for all TEAM members: AR-15 with scope, silencer, flash suppressor and sling.

For the ladies: The Hello Kitty AR-15 with flash suppressor.

Ha-Ha. Hello…I think NOT! :eek:

is this better?

Our girl Chloe
(from the tv show [I][B]24[/B][/I])

with the M-16
(military version of the AR-15)

Pink blouse — but no pink assault rifle — for this girl.

Or for Sweet Pip.

So I get a surprise to see you leaving, and now another surprise with your return all within a 24 hour period. Needless to say, I am more happy to see your return than I was to see that you had left.

I’m sure that revisiting the post of yours from when you decided to quit isn’t exactly what you’d like to be doing, but there may be some information or advice you have for me on one of the issues that had made you decide to stop trading. The main issue seemed to be that you work full time (or were at the time of that post, and weren’t able to monitor your trades as much as you would like to for stops and targets. This is my MAJOR hang up with trading, I am basically setting targets at 1:1 just because I am unable to scale out of positions because I need to be sleeping due to work.

Have you managed to find a better balance with your time since your return? I have a fairly good grasp on the concepts we are being taught (going to refresh my memory on all of those as well) but unless I can take advantage of better profit targets, I don’t know that I will really be able to grow my equity like I want to.

Thanks for the nice template :smiley:

Looking forward to what’s coming in February!

Hope some of you caught the down move or the gap fill. MF pointing down on higher timeframe and open up a 4h and fridays highs just peaked over OTE of the weeks highs. Gap fill on 5m for the fiber and OTE from asian session highs for London Open on cable. And in TT sell zone and above mid pivot. Cant wait for tomorrows video I am a content ***** and just want to learn.

Hi,

I did my first NYO trade this morning.

I am not too sure if I understood the whole picture but, I came out with a 10 pip profit.

GBP/USD
1- TF Daily & 1H was down
2- Found an OTE to short in the kill zone. (orange box on my pic.)
3- I was questioning the low made after the LO kill zone. I was thinking that it can be re-tested.

That is why I went short.

However, I was not too sure about the fact the the ADR was already filled.

Also, this as lead me to feel that I would end up in a range for the rest of the day. So I closed up my stop lost and I was stop out with 10 pip profit. Then Sideline for today.

As of now, I can see that the market is going lower.

So, I think my OTE was good. I just did not had the patience to let 'it ride…

feel free to comment.

Cheers,


Looks like a good short to me. On my charts the ADR was filled for today but NYO is usually a continuation of LO which was clearly short (Missed my entry which was at the .702 level of the early move Sunday). If I’m looking at your OTE correctly it looks like the .702 level came in right on the S1 which is nice. I understand why you took profit early and would have though you’d be in a range for the rest of the day. I probably would have only gotten a few pips as well just to be safe being that the ADR was filled but I also might have held or left a small amount still on looking for WS1 to be hit testing the old lows, 1.58826

The webinars you host usually last one to one and a half hours, correct? Only asking because I have a class 9est. Will I need to download anything to be able to view?

UPDATE: Adding a few comments for the rationale for the trade…was so pleased with results neglected this part.

Daily and hourly market flow was short. 4 hour was long. 2 out of 3 were indicating short.

My swing high was at MS1 support level which was breached and now short term resistance. So I had more confidence going into to the trade that the MS1 was there in my favor as well. Looking back at Friday’s pivots, I noticed the Friday MR1 level was almost coinciding with this level too. (within 8 pips of each other).

The only thing i didn’t like going into the trade was being in the “buy zone” of pivots…but it appeared that today would be a down day as the London high didn’t come close to the overnight high and London was trading down so I thought it was worth the risk.

END UPDATE

Took a good NY Open trade today on the fiber. See attached.


Felt like I saw this one coming and managed it exceptionally well.

I entered during the NYO kill zone at the OTE.

Took 40% off the table at a 30 pip gain. (the first checkmark)

And closed the rest at the 161% extension level.

I entered with 1.5% of equity. I saw the retracement coming and entered a sell limit at 1.3666. and initial stop loss at 1.3693. So an initial 24 pip stop loss + 3pip spread so a 27 pip stop loss total.

I closed 40% at a 30 pip gain. And 60% at a 60 pip gain. This was a 4% increase in equity and resulting in a 2.66:1 R/R ratio.

Done for the week!!!

Man…using the rule of 72…a 4% gain/week doubles money in 18 weeks!

2 successful weeks in a row since discovering this thread.

I advise breaking your position into pieces (2 or 3 is sufficient) and setting separate targets for each piece. If you spend some time mapping out the levels, your pre-set pending limit orders can actually get you profits that you might not have had the “guts” to hold out for… and then again sometimes you’ll miss a target by a pip and curse your job/body for taking you away from your sure-fire win! That part you just gotta take in stride… it’s really the best you can do

And if your problem is not being able to enter, limit orders can work there too. I would advise slightly wider stops to compensate for the fact that you aren’t going to be able to get the intra-session OTEs for those tight-risk trades, but you should still get some nice rewards with 30-50pip stops!

Lastly, you might want to focus more on the swing trades, rather than the scalps. Or even attempt position trading…that’s something I’m working towards, but man to be honest, I don’t have the patience for that style just yet :stuck_out_tongue:

In response to the quote AK selected above:

RC, somewhere in this thread (not too far back) is a post of mine that has a cracked version of the IBFX partial close EA. What this does is you type in the order # and at X pips take Y% off and move stop to +Z pips (multiple times). Also, if this does not work for you try looking for a 2:1 reward:risk ratio. Even if you’re right 50% of the time you’ll make money. Typically a 30 pip stop and a 60 pip target, no scaling. Move stop to BE+1 at +30 pips.

I’ll try to find that post of mine soon, the EA really does help a lot.

Decided to post it again lol. Think everyone should at least take a look at the EA, if you’ve gotta sleep or work this could help you quite a bit.

Partial close.zip (1.93 KB)

Thanks a lot for the comment Hellogoodbye4201

It was nice to see that I was not far off the road.

I will look forward to repeat Tuesday am. I will keep 'it post.

Cheers mate, :57:

Do you put this in your indicator folder and load it on to the chart like any of the other indicators? If so, it is not appearing on my charts!

Regards
Ali