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 Forex Version XVI, Foreign Exchange Market Discussion

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jrmsong
post Jun 30 2015, 05:13 PM

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all sifus, do you have a dedicated threads just to talk about ur trading style and strategy? would really like to learn the thought process when u opening trades, holding trades, and closing trades...
jrmsong
post Jun 30 2015, 05:25 PM

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QUOTE(jay_y @ Jun 30 2015, 05:16 PM)
For this forum? I doubt so....
I would suggest people to back-test their strategy so that they can learn from it.

Talking about strategy here is like feeding beggars with free lunch.
However in reality, no free lunch in this world.
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lol. actually dont say as free lunch lah.. because there are so many strategies out there..
it's the student's money that's being risked, not the teacher's money.. so students have to do their own due diligence too...

sharing is caring.. sharing strengthen and solidify your strategy even more.
jrmsong
post Jun 30 2015, 05:30 PM

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QUOTE(gxthelord @ Jun 30 2015, 05:19 PM)
there are other threads on other website which discuss  strategy, technical analysis etc. Such as dailyfx, forums on forexfactory. Here's not so much i guess.  All the links are on first page. smile.gif
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noted... thanks.. i've read those from ff and other forums.. seriously there are tons of strategies.. but not all are suitable to everyone... i think the newbies really got to know their own characteristics well before they apply the strategy in live trading.


QUOTE(Zanmai0146 @ Jun 30 2015, 05:20 PM)
Learn yourself. When u get hurts u come to here. We try to heal you
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haha thanks.. u're one of the sifus... hopefully can treat u kopi one day... =D
jrmsong
post Jun 30 2015, 05:49 PM

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i usually trade on EJ, GJ, EU, GU pairs. among these pairs, whichever that trend better or have higher volatility, i will trade.
i believe that i need to focus on certain niche in order to be success.

i've used forex tester to accelerate my back testing, so far the strategy seems promising to me. however, when i start trading in live account, it's receiving mixed results. some months i get TP many times. some months i get SL many times.

my question is, how do you overcome the fear/depression/frustration in the month of many SLs and move on to keep trading?
jrmsong
post Jun 30 2015, 05:54 PM

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QUOTE(Zanmai0146 @ Jun 30 2015, 05:52 PM)
All newbie problem. Wan more exciting game from fx? Go enter XAU. I'll confirm you will ever get a good sleep. laugh.gif
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no offence but, that's not a good advice.. lol biggrin.gif
jrmsong
post Jun 30 2015, 06:34 PM

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QUOTE(gxthelord @ Jun 30 2015, 05:58 PM)
One thing I can share laa I guess is knowing your risk management well. Risk reward ratio, etc. Its the foundation of everything.
How many trades you are able to lose, how much trade u need to win to cover back those loses, how much risk per trade, etc. ^__^
With that strong foundation, then u no need worry even when Market are moving against you. smile.gif
just my2cents. ^^
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Thanks for sharing. My risk management is superb. I've been trading in super small lots, well below the "recommended" risk. I do this so that i want to get myself comfortable with my trading method before I'm confident enough to adjust my risk.

However, risk management is one thing, trade management is another thing. No matter how good is ur risk management, if ur trading strategy isn't sound, u still lose money, just that it will take u longer to lose money.

How do u deal with ur losing streaks? Will u inadvertently adjust ur lot size to be smaller or larger after the streaks?
jrmsong
post Jul 1 2015, 08:48 AM

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QUOTE(carrer @ Jun 30 2015, 08:07 PM)
This is based on my journey/experience in forex. Others might differ.

1. I have spent around 5 years trading forex, I have tried everything, coded many robots, etc.
2. I have not been profitable till recently. Forex is not easy, it is difficult. But once you have mastered the art, it's easy. Like when you learn to swim, first it is hard, but once you 'get it', you can swim easily. Same as cycling too.
3. You need an edge. Nobody will reveal their edge easily. Without an edge, whether it is statistical or not, you cannot beat the market, no matter how good your money management is.
4. Once you have found your edge, you can turn it into a robot(if your edge is mechanical), otherwise, you have to trade manually (if your edge is discretionary).
5. I don't trade using indicators. The price is my indicator. Have you heard of "Price is everything"? But I know some people are very successful trading using indicators.

That's all for now. I would like to listen to other traders' too. Would be very interesting if we could share our experiences and journeys.
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Thanks for sharing. You got some interesting facts.
What do u consider as an "edge"? How do u determine one? Do you stick to one strategy whether winning or losing for a certain period of time, forward testing in order to deem it's worth to continue or give up and try something else?

When it comes to finding the right strategy for ourselves, I think it's important to "fail fast". Motivation and energy will drain. I always wonder how the traders keep the motivation high up to keep moving on. This is something that I wanna learn from fellow traders here.
jrmsong
post Jul 1 2015, 12:06 PM

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QUOTE(carrer @ Jul 1 2015, 10:37 AM)
An edge is an exploitation of the market's nature. It could be statistical or discretionary. Curve fitting of indicators are not an edge. For example, if you take EMA 10 crosses EMA 50. And you find them not profitable then change it to 11-48 for example, that it not an edge. Market will change, because it is random technically (it is not if you know then fundamentals). The Turtles was using an edge somewhere in 1970 or 80s based on Donchian channel. That was the edge, because it gives statistical advantages. Somehow, a few years back, about a decade or something, it started not to work (on EURUSD). So:

1. If you found an edge, keep it. If you give out, once others start using it, you will lose your edge.
2. You have to stick to your strategy no matter what. But if you notice that it gives you unusual losses, you probably have to check your edge again.
3. The only free lunch in Wall Street is diversification. Try diversification and you will understand.
4. Nothing could motivate you better than your will or desire to be successful and make money.
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well say. quite a lot of studies you've done. rclxms.gif

your explanation of losing the edge is probably the reason why some EAs were so successful initially, start performing badly after a while. either it's due to market condition is changing, or too many people are using it (that's where people get stops hunted).

there are so many ways to make money other than trading. what made u so focus solely in trading? mind to share?

jrmsong
post Jul 1 2015, 02:29 PM

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QUOTE(stevendefool @ Jul 1 2015, 02:16 PM)
FxPrimus
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it's recommended to use skrill as withdrawal method for this broker.
much cheaper and faster.
been doing that for last few years
jrmsong
post Jul 1 2015, 02:42 PM

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QUOTE(stevendefool @ Jul 1 2015, 02:34 PM)
When I login to my FxPrimus account, I don't see the option for Skrill. Under withdrawal tab I only see International Wire Transfer and Fasa Pay. And then below the withdrawal tab is Payoneer Services.
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maybe it's not available to other customers.
else, try payoneer local bank transfer. it's cheaper and faster than wire transfer too.
jrmsong
post Jul 1 2015, 03:00 PM

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in my opinion, deposit and withdrawal should be end-to-end instead of going through third party, especially when the third party is not licensed to provide financial service in highly-regulated country.

worst case scenario is the third party is actually an individual. these individuals can hold you hostage and run away with ur money when the greed kicks in. when more people are involved in the deposit/withdrawal process, there will be more disputes when things turn out ugly.

we should focus more on trading, not on the nitty-gritty issue like this. Oanda, fxprimus, IG/IC markets, FXPro are fine. pick one and focus on trading.

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