Hello Guys! I have been thinking of taking forex classes, I’ve been interested with it for such a long time and only now have I considered and really thought it through. So I looked around and saw Leo Advantage which offers classes around 40k. I wanted to ask the following.
Has anyone been a member of the org and actually tried trading using their system?
Anybody here reached Level 2 or 3 and been profitable?
It seems like a TP to SL ratio of 1:5 is very difficult to recover from. Hope you guys can give your two cents about this! And if you know other teachers who are effective, please feel free to reco. Thank you!
Can anyone help me by providing me resources on how i can learn when and how i would pay taxes if i was to start a Forex account as a full time job any advice would help as im struggling to find answers and the government site does an awful job of trying to explain taxes.
I'm posting a comment here. Hey! Every single strategy can be effective when backtested. But it has to be tailored to your particular psychology. You're a human being and you probably have a completely different mental makeup than me. I'll give you the practical breakdown for this strat. What you do is basically buy OTM calls or puts every single weekly expiry. The options which are worth around 10 rupees. Now, the probability of your trade is extremely low. Since 9 times out of ten, this option is priced this low for a reason. (Efficient market hypothesis). You know this based on your backtesting. I'm assuming youve gone back in time for a time period which covers all market cycles. (For the Indian market, it's 15 years since this last bull run lasted a while) However, the tenth time, the market might see a huge move in your direction and the option might expire at 100rupees. So you've lost 9 times. 9*10 rupee loss (multiplied by the lot size, but I'm ignoring that for this example so that it resonates across indices/stocks/commodities/forex) You've lost 90 rupees. But when you win that tenth week, you make 90 rupees! So it all evens out. This is the math. This is where your skill comes in. If you can figure out a way to be right 15% of the time instead of 10%, hey, you're rich! Coming back to psychology, are you okay with losing 9 weeks out of ten? In the real world, you could face eighteen straight weeks of losses. Followed by two great expires. Does your mentality allow you to stick to the plan even after eighteen straight losing weeks? If the answer is yes, then fantastic! Because mathematically speaking, the chances of the next week going in your favour have now exponentially increased! Also, huge thank you to Sir Stalking for taking time out and helping beginners. You're a real one, friend. ❤️
Hello, I'm a new trader. I'm 23 years. I just started trading forex on MT4, my broker is VantageFx. I made like 1k5€ in 3 days ( this was the first time I traded ). But it's still not real for me, because it was really easy to make this money with no experience at all. So I'm wondering if it's a trap or is it real ? I searched all over internet and everytime they say it's really hard to live from trading, and I see a lot of people loosing a lot of money but I don't know how did they do it. But I don't know if I was lucky and made 1k5€ just from pure luck or is trading forex is really easy ? Sorry for my Bad english, I'm french. Edit : Thank you for all your feed back ! I will cash out the money I originaly put and I will keep testing my strat. I will make another post in maybe 1 month to update my mindstate and share with you my conclusion.
Hey all, I’m new to forex trading, developed a nice method in trying with a paper account, using thinkorswim because I enjoy all the indicators. Anyways the question is simple. What’s a good percent trailstop? I can place an order that tracks trailstop based on percent, which seems to make more sense since every pair will have different “sizes” so it makes sense that finding an ideal trailing stop for my method should be useable in % right? Anyways any ideas for more of a swing trading strategy? I typically am trading on the 1h to 4h range. If I get into a good position I’ll just let it run overnight etc. my strat is a trend strat so it works out quite well, just trying to focus in on the ideal numbers now, and setting an ideal trail stop. Anyone have a similar strat and what percent trail stop do you use?
The FCA (Financial Conduct Authority) finally got around to updating its list of unregulated online trading brokers. This list includes both forex and binary options unregulated brokers. Despite the fact, these brokers supposedly offer numerous services they are located in financial havens such as Seychelles, the Marshall Islands or Vanuatu and provide little to no information as to who they really are, and which parent company operates them. So, without further ado let’s introduce these fraudulent companies
Owned by LOK Marketing Ltd, this forex broker is supposedly located in Vanuatu, a tax haven for any illicit business. Apparently, SolidCFD appears to be forging a path for current forex brokers and others that would like to set up shop in the country, whose major exports are frozen fish and distinct floating edifices. However, upon further inspection, the SolidCFD has two other offices registered on their website. The first is under the name MGNC Marketing Ltd. and it is located in Cyprus. A quick google search tells us all that we need to know. MGNC Marketing LTD (Solid CFD) cold-calls potential investors and offers them unauthorized or prohibited financial services. An additional address is attributed to an area in West London. However, upon further review, there is no real company located there. Unsurprisingly no company is registered in the UK under SolidCFD, LOK marketing or MGNC Marketing, which implies that the broker has no physical presence in the United Kingdom. Furthermore, there is a whole list of negative reviews pertaining to SolidCFD. This includes clients being unable to withdraw their funds, aggressive salesmen and not being able to log back into an account once a withdrawal request is made.
Registered in the Marshal Islands, the company supposedly has an office in North London. However, the address that is provided is used by a company that enables other companies to register their business under their address. This obviously implies that StratX has no workers at its given address. Just by merely glancing at a few of the reviews tells you that StratX Markets is operated by a bunch of con-artists. In fact what is more alarming, a number of former clients are claiming that StratX personnel are operating a fraudulent fund recovery company called Linrow Clarion Solvency that claims they can recover money that was lost to illegitimate brokers like Stratx Markets.
Options Stars Global
Last but not least this “broker” is registered in Samoa, but apparently has some sort of a branch in Cyprus that is regulated by CySEC. That is patently false. Additionally, although the website has a U.K. phone number none of their of operations occur in the country. Not only Are there plenty of negative reviews about them, there is a dedicated Facebook page against them Users of the website report an inability to withdraw funds, threatening salesmen, and pushy brokers who tempt traders into depositing more cash into their accounts. The company has done so badly they even have a Facebook page against them.
If you have fallen victim to a cryptocurrency scam, send a complaint to at [[email protected]](mailto:[email protected]), and we will do our very best to get into contact with you as soon as we can to initiate your funds recovery process.
Now's a good time for to get a lesson in the greeks you fucking retards. This document outlines the relative risks and rewards of certain trading strategies and how to manage risks along with some basic math and econ. This should be basic for most of you. Why do stocks go up? Because capital growth has a diminishing returns to scale. In the long run capital is used to create more capital generating growth until it balances with capital depreciation which is linear. You can increase the equilibrium capital accumulation by increasing savings rates essentially trading off short run consumption for long run consumption. The implications of this are that less capital intensive economies grow at faster rates than developed because developed economies are very close to hitting the equilibrium point and have to rely on technological advancements for long run growth. Not every economy is equal though, all have differences in economic institutions, government effectiveness and political norms which will also affect their long run effectiveness. Long story short if the government engages in ineffective policies like protectionism, price manipulation, overly burdensome regulations, underregulation, or inefficient redistribution programs the short run micro/macro picture will be hurt and reflected in the long run picture. The US has had a thriving stock market despite having relatively low growth because it has taken the first mover advantage in many industries. Global Tech, higher education, finance, and pharma are all centered in the US because the US policies have made doing business in the US the optimal choice for these industries. For as long as the US is a capitalist nation you can be sure that the stock market will go up in the long run. This is not necessarily the case for commodities or forex as higher growth has typically led to investments in productive efficiency outweighing increased demand in raw materials and exchange rates do not have a long run trend. Fundamentally, the stock market is a good place to invest savings into in the long run. Stocks and exponential returns. Stocks go up so you want to capture the value of price increases. Stocks have a delta of one and a gamma of zero resulting in a linear return to movement of the stock price. Long run capital accumulation, although diminishing, is still exponential and in the long run will return an exponentially increasing return to investment on stock. Linear gains * exponential increase in underlying = exponential gains. But what if things go down? In the short run stocks decrease in value at exponential rates which is absolutely fantastic for investors because exponential declines are diminishing in scale. 10% of 100 is 10, 10% of 90 is 9, 10% of 81 is less and so on and so forth. You may get linear returns from movement but you receive increasing returns to scale gains on the upside and decreasing returns to scale losses on the downside. Delta and Gamma Long options have even better fundamentals than stocks because they amplify the exponentiality through gamma. As an option moves into the money its delta increases creating exponential gains in value. As an option moves out of the money delta decreases, lowering losses. Thus options while having more risk per dollar than stocks have far superior risk returns in the short run. Theta and Vega The opposite is true of selling a call and you're put into the position of wanting to sell when times are most dire and hold when times are good. In exchange you get benefit from theta decay but if you can reasonably predict the movement of the market that's pretty much nothing compared to the gains from delta you could get investing the same amount of money into long calls. Selling also requires way more money further reducing its risk to return. But what about vega? When markets crash, volatility skyrockets. Long calls gain and the opposite is true once again for selling them. Mathematically, buying longs has the best return on risk of any option strategy but higher absolute losses when delta doesn't move in your favor. Selling longs or spreads has a way worse return to risk but you'll lose less money when delta moves against you and it's harder for any one position to lose all of its value. Theta gang isn't more profitable than bullgang, it's less risky per dollar spent. The reason market makers don't play like WSB retards is because they play on margin and the 20-30% losses we typically take and make back buying longs would cause their investors to flee bankrupting them. Strategy implications Longs
If you can reasonably predict positive price movement these should be your go to position to capture delta and gamma. Otm has better delta to price but comes at the cost of worse theta to price. I recommend getting slightly OTM options to balance collecting gamma with exposure to theta risk.
Optimal position size: The total size of spy correlated longs should not exceed 25-50% of your account balance. Only double down on a losing position if your longs get blown up. Your risk return from delta gets better the more blown up your contracts get and exponential gains can bring you back to green.
When to sell? Sell when you think there's a chance risk from theta or vega might outweigh delta gains. Also sell when the underlying moves against you but that should be obvious. Delta goes up the more you go into the money so its better to hold winners than profit take early when possible.
Profit taking: If you don't want bail from a position completely when you profit take consider selling a call to lock in most of your profits while retaining some delta risk with a debt spread.
You will take losses buying tons of longs but if you do it right your winners will outweigh your losers easily.
Selling naked longs
If you're doing wheel, go for it. Selling naked longs shouldn't be done otherwise unless you want to park your cash somewhere and bond yields are too long for your liking or you anticipate a IV decrease. The tradeoff is receiving gains from theta, smaller delta per dollar spent(lower risk) and less options leverage.
For all intents and purposes OTM credit spreads are like selling naked with more leverage.
Edit: The prior statement was kinda wrong. Selling a wide credit spread is like selling a long. There's still a tradeoff with reduced gains from theta and reduced delta.
When deciding between debt or credit make a prediction about whether IV will increase or decrease and whether you want risk up front or later.
Absolutely do not buy OTM debit spreads in any situation where you wouldn't buy the same position as a credit spread. Compared to a long call you're reducing your delta and vega in exchange for the possibility of theta gains as you reach the short leg of your spread. If you actually managed to reach the short leg of your debt spread before expiration a long call would have made many times more money and now you're stuck sitting on your debt spread waiting for theta to decay it to its maximum value at expiration. Every youtube resource I've seen on debt spread pricing is wrong, if your spread goes completely in the money you will not have something worth max value, you will have something that decays towards max value akin to a close to the money credit spread.
The best usage for OTM debt spreads is as hedges where you think the price will reach a certain point at some specific point in the future and you're worried about adverse movements in delta or IV between now and then.
Edit: For what to do with your cash position, you could put it into gold, bonds, bond etfs, non spy correlated stocks or whatever. Low risk theta gang strats are fine in bull markets but don't expect to make real money from them. I'm cash since volatility is high, u do u.
Low was made around 3350, but not impressive enough. Selling SPX 3415
SPX bounce late last week was not as strong into the close as I'd expected. It sold off to close under the support level and this was a bit of a tell-tale of possible weakness. https://preview.redd.it/hc3dlk70npl51.png?width=1353&format=png&auto=webp&s=d7ecbd969ad10cb7ad22bb460b3bb88265dd6d4b Going into this week's opening trading SPX has also struggled on this level (3420) and while under it I am more inclined to sell. The corrolation is not 1:1, but there's also a lot of signs in the FX market of a stronger Yen with rallies against it faltering into the important levels. I am keeping al my stops tight Follow updates here. https://whatthefxforum.com/swingsindex/sp500-spx/#post-67 I noiced today when trying to re-balance profits from last week that the tracking accout I set up is not updating. Will have a look and see ewhat's wrong with it hen I have more time For now I just allocated most of the funds in it to two different strats. One for purely SPX trades and one for Forex (And CFDs). SPX- https://www.fxblue.com/users/deanblack-spx Forex - https://www.fxblue.com/users/deanblack-forex I left a little bit in the first account so it's still running. Hopefully should be able to work out why its not tracking and fix it. These accounts are not set t update every trade (That might have been the probem), but they will update periodically. Multiple times a day. I'll hopefully have some more spare time in the next few days to do more detailed (Perhaps more regular) updates. This is pening a few things. Will keep posting updates on the levels I think most important.
I’ve been at it for 6 months, but I’m having a hard time putting together a strategy.
I am a huge fan of this sub and I know its full of noobs asking questions that they can most likely just Google to find the answer to. I’m also a noob, but dedicating my time to learning has become a full time job to me. I’ve been non stop studying the game for the past 6 months reading books, watching videos, reading forums etc. I can’t stop looking at the charts or just googling something that pops in to my mind, and jotting down random notes and things that come to my mind. It’s an all day thing. I’m borderline obsessed with it, and I am absolutely determined to succeed. I know there is no secret formula to winning in forex because thats just not the way it works. I am just having a hard time putting together a blueprint for a strategy. I feel like I am all over the place. I have read books with simple strategies, trying to get an understanding for where to begin curating a strategy, but I feel like I’m bouncing around from one concept to another without any real structure to build off of. I am aware of mentors but I just have no idea where to find one. If anyone on here thinks they can help, I will pay for the help! I’m just looking for structure, not a “winning strat”! Thanks in advance if anyone helps. *Also, I don’t trade with any indicators and don’t really believe in them.
Hello fellow traders -I am new to Forex and for my first strategy I'm thinking of using Sweep and Reclaim where I look at the graph in a 1 hour or 2 hour time from set a high and low and when that breaches start investing or selling. Is this a good strat to start with?
I am a beginner and I dedicated this reading week learning stocks. So far it is going good and I learned lots such support and resistance, RSI & MACD strategy, Bollinger Bands, EMA and SMA. I would like to meet up and discuss strats if anyone is down. not a sauder snek btw Edit: Just interested in stocks. But willing to learn more about futures , options, forex etc. Edit 2: any books you guys recommend me to read ?
A lot of people over complicate Forex and will see some bizarre strats e.g MACD, EMA, ITCHI and RSI.Sooo whats the problem with that hypothetical strat? It has 3 Trend indicators in it which doesnt really make much sense does it? why would you need 3 indicators all to tell you the same thing? They dont exponentially increase likeliness of being right with more of them. So why do people do this (and why did i do this?) Because they kinda just grab some indicators they've heard some good things about and chuck them together or even just random default ones, none of which serve a purpose to painting the picture of the market. How to start using indicators to paint the picture of the market? Before i get into it and the PA brigade come, it is completely possible to spot all the things im going to list below with just price action and your noggin, but it takes a lot of damn work. When you actually break the market down it becomes a lot simpler and when i was given this by my mentor it took me on a much better path in forex. The market is comprised of 4 components;
Support & Resistance - S&R is there to make sure there is a reason for it to turn around at this area
Trend - To confirm the new trend
Momentum - Momentum is there to find area's where price is in extreme's
Volatility - Volatility to make sure it has enough Volatility for it to turn around
I use this formula as the basis for all my strat's and my Mentor use's it aswell, its incredibly simple but often incredibly over looked. Example's Of Trades I have labled 1 to 4 on images and they relate to the Forumula above, explanation will be below Trade 1 📷https://gyazo.com/c257d8790abea2083416fbc9643bdf3e 1 + 2 = Itchi (trend) and BB (Volatility) BB was broken and Itchi changed to upwards. 3 = SR that our EA placed 4 = Momentum changed. Trade 2 https://gyazo.com/6ed328786f832266e4f488d5788b930d (1,2,3,4 is the same as above) Trade 3 https://gyazo.com/9989a9ae5aa1be6c7042d1e87842181d (1,2,3,4 is the same as above) Any questions shoot away EDIT: Exits; Exits are based on the same formula, a TL:DR would be i need all 4 parts of the market to enter and only need about 2 or 3 to exits (some times 1 in rare cases) EDIT: Because people cant understand what i mean by this "A lot of people over complicate Forex and will see some bizarre strats e.g MACD, EMA, ITCHI and RSI.Sooo whats the problem with that hypothetical strat? It has 3 Trend indicators in it which doesnt really make much sense does it? why would you need 3 indicators all to tell you the same thing? They dont exponentially increase likeliness of being right with more of them." I am NOT ripping on indicators at all im "ripping" on people (who like my self) used to make the mistake of taking random indicators and having multiple indicators telling you the exact same thing, in the majority of situations you do NOT need multiple trend indicators, multiple volatility indicators or multiple S&R indicators. Majority of the time you need ONE indicator for each as using 5 trend indicators does not increase the chance of them being correct by 1000's of %, the one that I use multiple of is the oscillator, its a custom built one that is then scaled up so the medium and long term one is just the short term one scaled to higher time frames to get a larger picture
Strategy to Make 50% - 100% a Year Trading One Day a Week.
I feel a lot of times people can over think and try to over engineer making moderate annual gains in the Forex markets. Simple and low maintenance strategies can be devised to do this. If someone said to me, "Hey, I've got $10 million and want 15% a year . I don't want to be in the market more than 3 hours a week". I'd say, "I got this. Give me close of New York session on Friday to 2 hours before the market close. Easy gig." In this post I will teach you how. I will also post setups and track results from strategy on Friday's that qualify. Since I am not doing this for a pedantic millionaire investor, I'll use the whole of Friday for my trades. With this I think I should be able to beat 50% on 1% risk per position. There are specific qualifiers needed going into Friday to trigger this strategy. It will not trade every week. Only when there is a trend present and we are either in a trending week or near the end of a corrective week. Here is what a corrective week tends to look like. https://preview.redd.it/dtdwbsjt74i31.png?width=673&format=png&auto=webp&s=37030c3d5e4aad34812ab806addb5e34e948b525 You can sync up this with real price action in what has been (and still is) a corrective week in GBPUSD. Setting Up Approaching Final High When we see this, we have a really easy trade looking to buy London open area at a 61.8% retracement. There are multiple reasons this trade could work. Lots of different ways a strategy can pick up this trade (I won't cover these here, if you look through my post history I cover them extensively). Here is the area on this chart I will be looking to trade. Entry Area Let's look closer at the trades when we have this set up. I said buy 61.8, but that is too arbitrary. Working one day a week here, should pretend to look busy, huh. https://preview.redd.it/lwtj73tia4i31.png?width=1298&format=png&auto=webp&s=444c8d13d15c8b8f3ea5402ec35cb46c63be1440 So we're looking for the 61.8 retracement for around London. This is where the strategy can potentially come active. This trade may or may not be taken, it depends on a few things. Honestly, one of them is I might sleep in. Others are more professional ... promise. When there has been this failed new high move, it's on. I always want the following trade. Here we're looking for a 61.8 retrace from the failed new high swing. A bounce from there, and then pending order can be placed to enter on a retest of there. This is what I consider to be a strong signal. I can use tight stops here and get good RR. I expect a strong move from this area. When it breaks out of the high and runs a little, I'll close half my profit and trail stops to protect running profits. I will wait and watch for the market contracting and starting to make a messy range. I'll then look for it to start to pull back and look like it's going to start to correct the move of the day. I will look to buy into this move and expect to see price spiking. Not trying to "time the market" or anything, but it's probably going to be 90 to 120 minutes before the market closes this happens. For trending weeks, I'll be using the same sort of execution rules and trading patterns. he prerequisite price action I want to see will be there having been a new high/low in the trend made by Thursday. I'll then be looking for a retrace of that and the market running out the end of the week with a final trend move. https://preview.redd.it/5u0qyoeec4i31.png?width=520&format=png&auto=webp&s=986aa1b123f98e24aec8c23da2dd8651417a8c85 Part 2 https://www.reddit.com/Forex/comments/cufic1/strat_for_50_100_a_year_more_details_first_trade/
Strat for 50 - 100% a Year - Common Points, Example of Setup 3 and First Weeks Results.
Part 1 Part 2 We're going to start this post with dealing with common heckles. Some people have heckled me already in this posting series. I know from having done things like this publicly a few times before there are catchphrase heckles to be dealt with, and we'll do this one and for all here. If I've linked you here, you've done a FMH (Frequently Made Heckle). If you're not a heckler, you can skip the line break for the strategy stuff, but this section may still be interesting for you. FMH 1 : Elliot wave does not work all the time. I know. The clock in my living-room does not work all the time. If it tells me it's 2am and I look out and it's broad day light, I use some discerning judgement based on my experience of looking out of a window, and I suspect it may be incorrect. If it tells me it's 8.30am and I look out and see little kids with school bags walking past the window, I suspect the clock may have a point. When I write all the rules and exceptions in my posts, I am not doing this to make the posts longer. These are rules and exceptions designed to describe situations when it probably is happening. Of course it does not "Always work". I am not say it does. Your assumption I have not thought through the same extraordinary simplistic, "But, what if ...." questions is either you under estimating me, over estimating you, or both. FMH 2 : Fibs levels do not work, studies show it is as good as random. Two points. Firstly, I've read some of these studies. These hypothetical things done by people who have never traded in the market and want to produce intellectual ideas about it. While reading through the method of the experiment it's apparent to me it won't work. I could save them some time if they call me and tell me their hypothesis; "Nope. You'll lose about 20% a year doing that. Good general idea. Okay starting point, but you get fucked here, here and here. Work on that". I will not value the opinion of someone paid to write papers on fibs over my experience being paid to trade them. I will not go out my way to try to get you to value my opinion. I've learned people will either test things I say and know the truth of them for their selves with me posting the amount of interesting evidence/results that I do, and others would not test it if I posted a million examples. Point two. Not perfect does not mean not practical. Fib levels do not react absolutely perfectly. I suspect the reason for this is so many people use them to put stops behind these days. In days gone by, they were probably more accurate, but as stop clusters became more predictable and concentrated this change. Game theory sort of stuff. Read more about my thoughts on this here. The thing is, for those who pay enough time and attention, there are patterns of when the fibs either do work very well, or "do not work" in the exact same way over and over again. If they do "not work" in the same way over and over, that's the same as working to me. I am looking for patterns to trade for profit. Not to compile a pretty chart of data points as to if price turned specifically on the 61.8 over a million samples. FMH 3 - "Everything you're saying is wrong", "You're an idiot", "I am non-specifically and non-constructively disagreeing" (Yeah, people drop that last one, verbatim, all the time) Pics, or it didn't happen. I am willing to "get up here" so to speak and succeed or fail in front of everyone. I'm posting what I do, and explaining all my rational. Results are being tracked. Time and continuity will display my outcomes. Is there a way you suggest you can provide stronger proof I am wrong that I am proposing to prove I am right? If you're just saying you think I am stupid, because you know the market so much better than me my standard reply is as follows; " If you'd like to propose, explain and track a strategy you think will outperform this we can both keep our records and that will best determine who's opinions have profitability. It seems something that would be good for the community. " Pics or it didn't happen. Only analysts and economists are paid for opinions. My job demands a far more practical approach. FMH 4 - "What REALLY happened with (insert news related thing) this and your guesses were just lucky". If I said it would happen yesterday, then set trades for it happening and profited from them today; it does not matter to me the reason you give me for it tomorrow. If you choose to view the market as being like this, you may. If it ever does start to become more relevant to me making profits or not, I will pay attention to other things. Right now, I do not follow them closely and that has never mattered. Either I am consistently lucky, physic or right. Pick the flavor for you. I will not engage in conversation on any of these points coming from a closed minded perspective. By which I mean you only commenting to tell me why you're right. If you feel someone has to add balance with these comments, go ahead. I encourage people to be scientific in their approach and having different viewpoints helps with this. Do your own experiments. I will answer honest questions, and will gladly engage people who disagree with me and do so from the perspective of personal study. Usually we can both learn and teach if both of us have firsthand knowledge. This is rare, but enjoyable. ================================================================================================== On to GBPUSD. As I said may be possible in the previous post, the trade for the bigger run up post Chicago was missed. This can happen. It's better to miss bad opportunities than squander good money on bad ones, and at the time I had the option of entering, there was no way to tell the difference between these - so I did nothing. Later in the day price continued to be consistent with the formations of a spike pattern. Here I engaged the market. GBPUSD 1 Minute My entering pattern was to first open two small trades with a 13 pip stop. This was an emergency stop, I always planned to tighten it up (it'd only hit in the event of an immediate capitulation). The risk here was about 0.15%. When the market moved a bit lower, I entered more positions and having more data felt better about where to place stops. All stops went to 6 pips or less (bigger position, same starting risk). As price reached the best level, I opened my largest trade. Stop went from 3 - 6 pips with big stops being 2 pips. Effective stop something like 3-4 pips. Targets hit for 10 - 12 pips, giving an effective pay off on risk just short of 1:3. I do not use aggressive position sizing in this part of the trade (usually it already carries made profits), so the net risk was low. Around 0.25%. Net gain in positions was 0.6%. GBPUSD 1 min From left to right the positions get bigger. Notice also the biggest position (low) takes profit a good bit before where I forecast the high (bulk close). This trade hitting should give assurance of breakeven on this trade, so the risk on capital is gone on this trade on a double top move, then profits accumulated in the breakout. Results for the day; https://preview.redd.it/96zq7cy1j9i31.png?width=821&format=png&auto=webp&s=d324348621a5c0931a90de207fe8aebb116f934d Current Gain = 0.65% Max risk exposure possible - 0.4% Max real equity drawdown - < 0.2% Due to not being entirely available for trading today this was a big under-performance of what the strategy could have achieved. It's been a decent example day to show the logistics of how the trades can form. To make 2 - 3% today with the same draw-down was possible.
Howdy folks, I've been lurking for a few days. So far this seems like a great forum. A little about me and trading in my late teens me and my father tried to trade commodities with no success. I gave up on that, in the early 2000's I tried to trade forex, but made every mistake in the book, over leveraging, over trading, seeking the holy grail. A lot of my problem us that I really want to work from home, I'm not materialistic and I don't need to be "rich". In 2012 me and my family took a huge financial blow and by 2015 we were in a homeless shelter. I got us out in 2016. At one point I was supporting 8 people make 15 bucks an hour. Rent ate half my pay. Anyhow, fast forward to know. The family is doing much better financially and I have decided to learn a new trade, namely medical billing and coding, that way I can provide for my family from home. After I made that decision it freed up a LOT of mental space in my head. I don't need to risk more than one or two % on any trade, I don't need to stress about when I'll be profitable, I won't have to worry that I can't pay rent. So, I'm starting over the way I should have started 20 years ago. I'm getting Forex tester, and going to start back testing a strategy. Namely the buy sell line strat that 60minuteman posted over on Forex Factory. I know what I want to do, I want to swing trade on the 1 and 4 hour charts. I'm going to take screen shots of my winners and losers and try to build up a library of trades to review. If I can find a method that nets me a positive expectancy I will graduate to micro lots, if I'm profitable I will slowly raise my position sizes, never exceeding 2% of my account. Any and all advice is welcome, especially any advice about swing trading or psychology. Thanks for reading. Royce.
TLDR; Learn from scratch or pay to get a code to build off I have a strategy I traded manually last semester on forex that netted me some gains. (Around 3 percent over 40 trades). Unfortunately I no longer have the tabulated results so take it as you wish. The strategy only profited around 40 percent of the time at what was ideally a 2 to 1 risk. Problem is I can't really evaluate the efficacy for it because it took almost a couple of months to make those 40 trades on 1 min timeframes on forex pairs. Not to mention all the liberties I took exiting early. I intend to try to make an EA out of this on MT4 so i can really test it in a truly mechanical environment and learn from the shortcomings/advantages of this strategy. But I am not proficient at coding, I only know abit of C++ and MATLAB. So I am considering either going at it myself or hiring someone to code it for me (Python -> ZMQ -> MT4). Heres the strat: It might be stupid but I think there will be alot to learn watching it fail. https://drive.google.com/file/d/1gOuUCGjfqcvEmSfbI1REEUBN-UWlUf0J/view?usp=sharing Basically, it uses ATR for the exit sizes, Bollinger band and MA crosses for entry and direction. If it closes out of the money it will wait until the MAs cross before entering a trade again. Only one trade will be opened at one time. This is a pretty vanilla idea that can be found all over the internet tbh. But I want to see how and why it wouldn't work. Will this be too difficult of a maiden project on MT4? Should I learn and build off of a sample code instead?
Hello one hello all ! Hope you are all having a splendid day ! Due to a near death experience I feel very uncomfortable in the work place and I’ve been really looking into forex for some time now, I currently make just over 1k a month in my current job and was wondering how long it would take to learn to be able to pull that in a month consistently with forex ? Suggested strats ! What do you suggest starting deposit should be ? Thank you to every one who reads and responds ! Your help will go further than you know ! :D
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