Greetings Forex Fans!
Yes, I am the newbie. I am all that you fear. New, unpractised and ready to start the 6 month demo account trial. So here we go. Cowabunga system here we come! Let us say a prayer that the good Lord smile upon the GBP/USD.
If there is a God, he is a Forex trader with 90 lots in a standard account going in blind.
Pray for me.
X
Good luck to you, Captainx. When I started I also used the Cowabunga system. It served me well and was a great help to me in learning forex. You’re on the right track!
Let us say a prayer that the good Lord smile upon the GBP/USD.
& you get in the same direction that he is trading his 90 lots.
Experienced traders do not fear you, they NEED you. They need you to not stick to your plan. They need you to decide to go live in a month. They need you to gamble your money. They need you to be a mental train wreck.
See? This is an over-the-counter market, in order for me to win, someone else must lose. Every time you make money, someone else is losing money.
Keep this in mind.
Happy Pipping.
Hello People,
So Ive been thinking about the type of system I will be using when getting into and out of a trade. Let me know what you think…
Basically I follow the cowabunga system to the letter…heres where I make a few changes…
Instead of allowing such large swings against my position like cowabunga surfer does…he normally uses the previous “hump” against his trade as the maximum loss allowed on the trade…and when his trade is doing well I noticed he will create a new new 50 or 00 target and adjust the stop loss to accomodate…I wondered if going for small wins might be a simpler approach for a newbie such as myself…
Take less risk and hopefully have more “wins” but with less total pips gained…but also less potentially disasterous trades against me…
Lets say my target is always 14 pips. 4 to cover the cost of the trade, and 10 profit…with a small swing of 7 pips against me to put me out of the trade…
Does this make any sense? Will I win my trades more often with such a small profit target?
I understand that cowabunga is able to change his targets at a moments notice…but this is because he has years of experience…If the value of the pips are $10…isn’t a 10+4 pip win still a decent win? What if the pips are $20?
Comments?
X:rolleyes:
Does this make any sense? Will I win my trades more often with such a small profit target?
No, I think you will actually lose more trades this way due to the smaller stop loss. Scroll back through your charts and look and I think you’ll see what I mean.