Poks - seem you got some professional info about money management on forex - can teach abit?

Poks - seem you got some professional info about money management on forex - can teach abit?

A question to Swing Trader

What if a trade goes your way and goes sideway/retrace for 2weeks

For example Up 200 pips after buy , then retrace back 100pips in 2 weeks

Yet your SL still valid and your trade condition still valid

Continue the trade or quit?

Cause it make no progress on my account as i cant take other trade while the trade goes.


I bought EURGBP at 0.78477 on 02/05/16 until now 16days goes

I sell CADCHF at 0.76474 on 02/05/16 until now

I know i am taking too long on this trade - but the condition still valid - i adjust SL according to condition
now both SL not BE yet but previously BE already - adjust according to daily limit of price move if i am right

This post has been edited by Goodboy92: May 18 2016, 02:43 PM

Thanks , no indicator( all indicator were useless ) , 5pips more to SL eurgbp , Just a demo account

I knew that intraday is not the way for me, everyone different psychology , background, mindset, thinking speed and I can't stare at PC all day

Tq for the advice, I dont use fancy chart , fibo, and writing all emotional word on chart , as I know it does not work

Yes i learn quite alot from this trade , very rarely price goes sideways for 2week, still got cadchf on , after this trade out i will reobserve my strategy/mindset of market , until now just written down on my paper list to learn/research

https://www.youtube.com/playlist?list=PLgkI...YNalyMld6eqMvXo

For retail trader

https://www.youtube.com/playlist?list=PLgkI...YNalyMld6eqMvXo

For retail trader

What's your trade now?

Price? TP? Stop?

Anyone did the same thing as i did?

What would you do if you were in the trade?

TP at LOW

Quit with SL on retrace?

Anyone?


almost 3week this trade





" demo acc "

This post has been edited by Goodboy92: May 26 2016, 09:11 PM


Attached thumbnail(s)

Hehe86 Thanks for your reply

Yes , i am thinking about that too , but i might get out too soon of a possible continuation trend if doing so ( as it might get a DoubleRetrace before cont )

I am still researching on these area but just waiting this trade to closed then only can really really focus

Other than profit and loss that affect , the time , the stress , the focus i lose , and you can see that alot other pairs moving on these sideways time

etc EURUSD , AUDUSD , i might have signal on these but i just knew that i am not in the best condition to take other trade

and the time will affect the overall monthly performance

Really really alot to be consider

My trading target was to capture the trend as long as possible before a big retrace , as such these CADCHF retrace were small and weak but it was the initial stage of trend and i am counter trending previous trend , yet i am trading a double top @.@ confuse me and maybe because of these the market goes sideways

counter trend on lower price , double top/major resistance on higher price


Well the reason i still taking these trade were , it havent break over previously 2candle range , the volume were weak, the range/pips moved were weak , i am on a profitable position yet with little losses if happen , and if continue i might get a big trend
( i move the SL and TP all the time everyday depend on the price formation )

Maybe emotionally/psychologically i am not willing to lose or i want to know how it like when taking a trade as such , i not sure about that , but i will quit my trade on tomorrow if candle close above 2 candle range or i might not want to lose and predicting that a reversal might be on those price thus move the SL even higher but will not goes higher than the initial SL of trade* i lose more on swap rate

And if i dont passed thru these experience , i will get the same emotionally problem that prevent me from taking other trade like now because i am quite confuse with the situation and no idea how to manage the account for best performance , no calculable thing for me to consider the probability

[quote=hehe86,May 26 2016, 11:12 PM]


Thanks alot , you have just mention the right thing - WHY

i got predetermine TP area of price which not reached and waiting on the next wave

i got a set of market action on my mind which is about distribution and accumulation which i think havent succeed on the trade , or it might have, and that i failed to see ( as price retraced so much )

Yes, i got too many thing on my mind but i just want the trade to continue, i not to say dont have a strategy but it was not complete yet with my experience with them and still going thru them and improving especially on TP and SL when the trade goes on

Initial TP and SL were easy, but the manage of trade need experience and various condition application still not there yet. Or " i am not a pro trader yet "
Because pro trader will just trade on any condition without doubt on their decision except sometime psychological mistake do happen. they dont have question of should i do this or that at whatever condition, they just know what to do.

For the volume i use FXCM volume which i just found recently( 2month ) are much much reliable , can try demo and see the different with other , not on the monthly chart , but intraday and daily were good , you can check, really if volume were useful for you , but if not then nvm , as i study volume were quite an important indication that were reliable and combine with price can show something. If the volume were not reliable please note me also


Maybe i want Prove Myself that my theory of distribution/accumulation were right

Maybe i forget that i am there for profit

Maybe i too sticked to the TP area price

Maybe i see something @.@

Maybe after the trade i might know

But i like to lose , it make trading more fun to learn , i dont learn when i win and became lazy on information or lazy thinking of trading flaw

And until now , what the most important thing i learn was Calm, i manage the trade on as full thinking as i can, without anger and just add position, or just quit, i follow what i told myself , maybe i am wrong about this that i controlled myself which actually fooling myself with excuse, maybe i dont get the full mind thinking , i can only know after i quit this trade.

When you win , what you want more? haha

[quote=hehe86,May 26 2016, 11:12 PM]


Thanks alot , you have just mention the right thing - WHY

i got predetermine TP area of price which not reached and waiting on the next wave

i got a set of market action on my mind which is about distribution and accumulation which i think havent succeed on the trade , or it might have, and that i failed to see ( as price retraced so much )

Yes, i got too many thing on my mind but i just want the trade to continue, i not to say dont have a strategy but it was not complete yet with my experience with them and still going thru them and improving especially on TP and SL when the trade goes on

Initial TP and SL were easy, but the manage of trade need experience and various condition application still not there yet. Or " i am not a pro trader yet "
Because pro trader will just trade on any condition without doubt on their decision except sometime psychological mistake do happen. they dont have question of should i do this or that at whatever condition, they just know what to do.

For the volume i use FXCM volume which i just found recently( 2month ) are much much reliable , can try demo and see the different with other , not on the monthly chart , but intraday and daily were good , you can check, really if volume were useful for you , but if not then nvm , as i study volume were quite an important indication that were reliable and combine with price can show something. If the volume were not reliable please note me also


Maybe i want Prove Myself that my theory of distribution/accumulation were right

Maybe i forget that i am there for profit

Maybe i too sticked to the TP area price

Maybe i see something @.@

Maybe after the trade i might know

But i like to lose , it make trading more fun to learn , i dont learn when i win and became lazy on information or lazy thinking of trading flaw

And until now , what the most important thing i learn was Calm, i manage the trade on as full thinking as i can, without anger and just add position, or just quit, i follow what i told myself , maybe i am wrong about this that i controlled myself which actually fooling myself with excuse, maybe i dont get the full mind thinking , i can only know after i quit this trade.

When you win , what you want more? haha

That was a good TP price , but for fibo method , everyone use fibo variously

Any idea where to know currency swap rate? Why some were both negative either buy or sell

Jack2 , you perform very well , can show detailed performance? On the MT4 right click save as detail report

and as i see from your trade all were around 1 day or less , and mostly small losses with big winning

and that was 1month results which is very good in my opinion ( but good or not only you know )

can see very minimal mistake there but every trader do


just some comment on your trading money management

- No SL , you manage on time? , and 1 big move can clear out all your profit or most, but if you were psychologically strong then no problem, or you protect by using small percentage capital on broker with negative balance protection

- No consistent lots size , maybe you started with profit then you double up

but if your way was simply double up with no consistent then i would advice use a consistent until certain capital increase only change,
as with Percentage based risk if you start with losses then your winning goes small later , because we dont know which arrangement/occurance the win and lose will be

example : W,W,W,W,L,L,L,L - L,L,W,W,L,L,W, - L,W,L,W,W,W,L
to get a more consistence profit factor would be same risk on all trade
maybe you got better money management calculation?


Advice from a pro for every retail trader :

TRADING IS NOT A INCOME STRATEGY

PROFESSIONAL TRADER EITHER WIN OR LOSE THEY GET PAID WITH INVESTOR MONEY
WHEN WIN THEY PAID MORE
WHEN LOSE THEY PAID BASIC SALARY

AS RETAIL WE CANT AS WE PAY OURSELF WHICH IS EVEN A PROFESSIONAL INSTITUTIONAL TRADER DONT DO
BECAUSE THEY KNOW THAT WAS NOT THE RIGHT WAY TO BE WEALTH IN TRADING
THEIR AIM WAS TO BUILD THE CAPITAL AND USE THE CAPITAL AFTER A CERTAIN AMOUNT

SO, TRADING FOR A LIVING/INCOME WAS QUITE WRONG FOR RETAIL TRADER

http://www.fxtradingrevolution.com/

What happen to GBP ?

thanks for the info , yet check on FTSE, uk100, index not much affect , i dont think was the speech that affect the move , it just a reason for them to explaint