Why not find a 40% win rate system, with R/R of 1:2, and compound your profits and you will be able to afford the braces for your daughter.
Really you can’t trade a real system with a 900 pip loss with real money because it will wipe you out. You used the example of only losing $9.00 if you hit a 900 pip loss, but you will make 10cent if you hit your TP. Am I correct in reading this, if so, why are you wasting your time.
Better off walking down the street and keep your eyes looking at the ground you’ll find more money that way than trading forex.
Well studying, trying to interpret what Master Tang is saying.
so Leverage - must be friend; because conventional thinking says - it’s a great tool to loose your money. (BUT, if you know what your doing with it, I’d guess it could turn a poor man to a not poor man, and do so relatively quickly) Leverage = is needed.
another rhetorical question you had out there - - along with a weekly chart of the E/U - was something like " . . could you make money buying . . or selling . . "
taking the ‘you’ out of the statment, Yes there was money to be made both long and short.
Could “I” have done it - well , I wouldn’t have started this thread, if I could have done it . (not trying to be sarcastic)
and then finally -". . on the right side of the line . . "
hmm - my best guess, if the line is going down - you better not be even thinking about placing a buy order.
But then there is some confusion -
I mention 900 pip drawdown, and drawing from previous posts - if for some reason I set a long term trade and use a 900 pip mark as a Stop Loss . …
seems to conflict directly with high% and quickly . . a couple of words that Master Tang - you seemd to agree with.
so still confused overall. let me ask, do you not use bar charts? only a line chart?
Mater Tang, I agree 85%+, but the way you put stuff over in this thread is very good (for want of a word).
PerchTird, key thing here, 2 years, one more year and the chances are you’ll be there, well, from what I can gather in general. Remember this very important point when we crossed threads/posts the other day, I said messy price, petefader quoted accumulation, I said big move, he quoted distribution, in forex remember it’s the same **** just different day, a wolf or a sheep, it’s the same damn thing, trade with the trend off of double bottoms and double tops, and now if I may add, nail that trading plan with reading the volumes.
I have read through this thread I dont understand either, I dont trade a method of stop loss and take profit, I use sell and reverse with an emergency stop loss in case something goes wrong but prior to that I did a lot of testing and analysis of different trading methods and it appeared to me, no matter what the stop loss is it will be hit sooner or later and it did not seem to matter what SL to TP ratio I used the SL would win out in the end and wipe out the profits and some.
If the stop loss is too close to the TP level it will get hit more often than the TP, if the SL is too far from the TP level the win/loss ratio required to outwiegh the losses incured by stopped out trades was unachievable.
I even tried a 2000 pip stop loss and sure enough it got hit and wiped out all the profits.
Did I miss something in my testing ?
No, if 3 in ten trades go wrong, and you make equal profit on each trade, there are 3 chances that your trade will be on the wrong side of a trade to the extent of a margin call.
Just because it was a test, I wanted to see what the results would be trading with various different SL and TP combinations. In other words, allowing the trades to run until they either hit the TP level or were stopped out
Thanks for the vote of confidence- I learned very quickly that it would be a rough road. . . so onward I will go. . but I need to set some hours or guidelines, as I cannot fritter away another entire year of not spending quaility time with the family.
I ran so many different combinations of TP/SL, with different trading systems, I dont remember, I just did the 2000 pip one out of exasperation because I failed to find the magic combination that would work all the time lol
I believe it - now that I jog the memory on all the places i’ve been and trades I’ve studied and etc. .
Seems that the whole gist of the success, stems around, simply understanding what your looking at. It would seem common sense I guess, if you understand what your looking at, then you understand HOW to take advantage of it.
I mean - put me on a pool table/billiards, and little o me I have a 1 in 50 shot at making every ball on the table without scratching, nor missing 1 time.
I know guys who probably do this 1 in 10 times, and believe it or not there are guys who can - now you gotta reverse the ratio - - can run out 10 times before they miss so they’re 10:1.
K maybe went overboard there - but I’d like to get to that 10:1 side of things if possible.
