it's not euro that's moving the market.
It's usd.

The usd pull is stronger now.

EUR used to be "safe" long time ago... now got lots of members that are very risky.

After dollar, yen & swiss franc are the traditional choices. Tbh...if really bad news & market tank, I'm shorting Nasdaq, crude and Dow... not going long EUR

This post has been edited by dwRK: Nov 14 2019, 01:37 PM

Agree.
If I have to first fork out money to trade why don't I do just that without going through anyone.

Anyway there's no stopping such practice I guess. They have been doing that for years and it doesn't seem people stop sending them applications.

Basically I'm armed with popcorns for the story =)

EU has just reached the H4 EMA60 (1.1046) and daily EMA15 (1.1055). Imo, it’s a good place to secure at least partial profits for short-term long positions.

Btw, I have closed my long positions (ranging from 1.0992-1.1020) here at 1.1052.

Happy weekend.


This post has been edited by Alan Andrews: Nov 15 2019, 11:40 PM

Nice EU GU climb as anticipated.

1st acc - 10k myr - blow

2nd acc - 5k myr - blow

3rd Account - 4k myr, first month profitable after change of strategy

This time using multiple indicators, look at market movement, candle.

Contrast between current strategy & my past attempt:

Current:
1. Entry very dependant on market movement and its supporting indicator
2. My indicators are just for reference, not to simply indicate YES/NO to an entry
3. Always have to adapt to current market situation, not only looking at past data.
4. Multiple point of views. Consider relationship between multiple indicators.
5. Relationship between indicators and market movement
6. Real time decision making. No certainty in making a trade until i have considered every aspect possible in my sight.


Old:
1. Pattern based. If meet requirement, straight-away enter trade.
2. Based on historical data. Doesn't matter i back-test how long, once test real time will fail .
3. No adapting to market changes/movement/momentum. Repeat same thing everyday.

tempting to go full time

First time im doing things right. Took more effort, but overall im happy with the result

Which timeframe that you trade?

H4 & D1

You trade D1 and plan to full time? Just don't waste that time on the chart lor. You can do other many things.

How leh, I need time to analyze chart...

I feel uncomfortable to look at chart in the office

so far i only trade on pc, maybe i should try and get used to trading on phone/ipad

*Im trading 5 currency pairs right now, using same set of indicators

This post has been edited by Archemedia: Nov 16 2019, 11:14 PM

Just tell your manager you are part-time trading (like I did) it will be ok as long as you finish your work, looking at the chart is better than playing phones and games.

Just don't full-time trader until your capital is big enough (this will be hard to reach if you only depends on saving and trading profit) trade for a living and consistently making profit year after year.

"Full-time trader" is just hype for a mentor/instructor/coach because they make money on teaching. You can do so many things besides trading if you trade bigger timeframe, spend time on family, take care of your health, maybe open a small business, learn to trade stock, metals, oil, CFDs etc

if you are trading D1/H4 your screen chart time should be very minimal right?

I have capital to spare but many things to consider.
Many people throughout this forum talked about how XM is not suitable if having huge capital? Currently using XM.

Also how not to trigger LHDN


Pre entry i spend a lot of time on the chart even though it is a huge timeframe. Candle formation very important to me as well

I trade H4 and D1 and yeah "full time trader" is certainly over-hyped. My main income comes from trading
but I also have other business venture on hand. My average trades per year are around 100-120.

Myfxbook Market Phase Hedging

You have plenty of time on hand to do other stuff. Lower time frames only if you have EA or semi-automated.
Really face palming when minutes traders try to go "full time" without an EA That's just plain suicide.

If you trade 4h and 1 day charts you don't have to quit your job la. Honest.
4h charts your trades will last you 1-2 weeks.
1day charts, your trades can last few weeks to months one.

You talk as if you have to stare at the charts to feel safe.

Trading full time is not really as cool as people think. You need to achieve a certain level of consistency before it actually becomes smooth. Let me tell you on certain months when you're not doing well, and you have bills and loans to pay. and you have to put food on the table. And your kids have to buy stuff for school. You will know the meaning of "eat grass to get through the month".

Full time traders must be able to survive with no income for at least 6 month- 1 year just in case thigns go bad.
If you don't have sufficient saving, or you can't afford to go without salary for 2 quarters, don't even try to quit your job.

It is different if you've been consistently making money for a long time. And you're very confident that no matter what happens, you can make money in the long run. If you have reach that kind of level, then go ahead and be full time trader.

D1 & H4...even down to H1 is swing trading territory... one trade should last 2-10 days. You don't need to stare at the charts whole day... set an alarm so you can get ready for manual entry/exit...always have a SL/TP so you don't need to worry no more

Also 1 month of profit... don't think of giving up day job yet. Try consistent profit 6-8 months then maybe can consider...

With a day job, chances of kena LHDN audit is greatly reduced.

Cause income from fx is capital gains, won't get taxed. But you will need a "full time income" from
a legit industry to prove that

Still...best keep every single record I think for 7 yrs...

kena audit no joke they scrutinize your life upside down, that's why I keep 10 yrs of record just in case

my neighborhood... got a full time house wife kena audit because of disposal of a 10-year old Honda city in her name...

when I was buying a car...salesman say better take a 2 yrs loan to look normal... pay cash is abnormal can send flag to LHDN trigger audit...buta buta lost a few k like this....lol

Gov is imho bankrupt... LHDN now looking at getting shadow economy ppl to pay tax... better be safe than sorry

This post has been edited by dwRK: Nov 17 2019, 02:42 PM

based on your current capital, how many % do u need to make for your expenses? if it's more than 10%, it's going to be pretty tough

If I all in my savings, can get around double my expenses @ 10%. But i prefer to leave my savings for low risk & stable investment.

See first my next few months performance. For now i slowly increase lot size. Starting from last 2 trades i just +0.05 my lot size.

Aiming for consistency and continue to incr lot size slowly. I prefer not to inject more into forex for now