MightyOne wrote:PeterD wrote:MightyOne wrote:PeterD wrote:I love your posts MightyOne, keep them coming, I learned a lot from you, as days went by, I think I am getting better and better at seeing your Zero Lines, they are everywhere at different timeframes.
So far I am still learning since this is my first forex trading experience, I have been able to double my account, and of course it's just a demo, not real money, I am sure it will be a different story when I trade with real money, I am sure I don't have so much guts...
So far, things I have learned:
- Get out as soon as you feel you are going the wrong direction, the less pips you loss the better.
- It's a matter of finding a good method of entry with the lowest risk and highest reward.
I don't know, it's sounds simple, but I think that's all there's to it?
I have been trying to trade with longer timeframe, less stress...
Attached is my last trade I just made with demo account, I got 80 pips.
I wish I would be able to do the same thing with my real account in the future!
Thanks again MightyOne and Avery, for making everything looks easy (trading without indicators).
Your trade was so well done that it looks like it came from my own hands.
Just keep letting the chart talk to you and teach you how to trade.
Don't become attached to any one method of doing some thing.
Be flexible and always look for new information.
Never think about how much money is in your account;
it is just a number that lets you know when to increase your lot size and nothing more.
The trade that was done last night was definitely came from your ZL perspective, you opened my eyes, really,
When I look at charts, I would flip back and forth between timeframes, to see where the ZLs, as I would expect some support/resistance.
And I was always wondering if there are some crowd lurking in timeframes that I don't see? May be there are crowd that use 8-minute chart or 20-minute chart? (or whatever number that people don't normally use?).
I still need to learn how to properly manage trailing stops and lot size, any insight on these ones? (sometimes, you feel like you don't want to give back some inital profit where profitable trade turns into a loss).
The exotic time frames are used to create a chart where conditions look more favorable than the other time frames.
(EDITED TO AVOID CONFUSION)
My advise on trailing stops is NEVER USE THEM!
Try using the Minimum Move Trader's Trick...
My method for SL is to treat every pair the same based on the 5m range.
The EURUSD 5m 288 is sitting at 15.5.
The minimum stop I would use is a 1.5x or 23.2 pip stop
and the maximum stop I would use is a 2.5x or 38.7 pip stop.
A 1.5x stop is used for scalping a single candle and you have around a 75% chance of being able to mitigate your loss.
A 2.5x stop insures that over 90% of the time you will not get
wicked out of a trade and you will have room to exit at a smaller
loss and some times no loss at all.
If you started with $400 and are risking 4% or $16 a trade then
you would divide 16 by 38.7 and trade 4 micro lots. ($0.41 per pip)
If you were using a 23.2 pip stop then divide 16 by 23.2 and trade
6 micro lots ($0.68 per pip)
Continue to risk the same $16 per trade even if you lose 1 or 2 trades.
when you can add more micro lots then add them, but never reduce your trade size.
All this is made simple by using TRO DRAGON MONEY MGMT and saving your template when ever you lot size has increased.