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*Official* Forex Trading thread. (DYODD advised) - Part 2

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Old 22-09-2017, 08:33 PM   #1
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*Official* Forex Trading thread. (DYODD advised) - Part 2

Seems like no thread on Forex except for FCS.

Talk about Forex trading here.

Scoop for cai png or 2 Star Michelin food all are also welcome for "horse race". :D

TRICKS OF THE TRADE
1) Work out a strategy that suits your trading style.
2) Capital preservation. In this game the winners are marathon runners not sprinters.
3) Before each trading day read up financial news and upcoming economical data release timeline first.
4) Have a healthy margin level. In case flash crash happens.
5) Trade currency pairs with tighter spreads and high liquidity.
6) Risk to reward ratio. If instinct tells you it is a bad deal. Walk away. Plenty of opportunities going forward.

There are too many factors to list here. One will learn as you go along. Eg. AUD, NZD, CAD are correlated to commodities prices.

RISK MANAGEMENT
Low risk appetite: Place stop loss at 10 pips.
Medium risk appetite: Place stop loss at 20-30 pips.
High to extreme risk appetite: Place stop loss from 50 pips to no stop loss. :s13:
Your risk appetite is also getting higher? :s13:

I think you guys are starting to get the hang of it. This is what I meant by letting it run its own course. Use stop loss sparingly because your profits will be eaten by frequent stop loss cuts.

EUR, GBP and JPY are highly volatile especially if there are major data releases. The price movement will prata (range bound) multiple times and triggered all stops both north and south bound.

Sometimes we must also learn how not to trade when positions are stuck. Do not do dollar cost averaging with multiple positions on same currency pair because your used margin will be under stress.
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Old 22-09-2017, 08:33 PM   #2
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Old 22-09-2017, 08:34 PM   #3
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This is a continuation thread, the old thread is here
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Old 22-09-2017, 08:34 PM   #4
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ya 20 to 100 lots...power sia
This type of order size can start to play stops hunting during illiquid periods liao! :s13:
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Old 22-09-2017, 08:35 PM   #5
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Congratulations guys we have made it to Thread 2 liao!

Please keep up with the sharing and participation!
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Old 22-09-2017, 08:35 PM   #6
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huat ar, part 2 liao
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Old 22-09-2017, 08:38 PM   #7
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We trade forex, yes, we want to get profits.
Back of our minds, we also like to hit upon 10-20-100 lots in the future, if we can reach that stage. Can anyone tell me the above is not their dream to come true?
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Old 22-09-2017, 08:39 PM   #8
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Lol... I was the poster #9999, Mr Canberra was #10,000.
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Old 22-09-2017, 08:39 PM   #9
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We trade forex, yes, we want to get profits.
Back of our minds, we also like to hit upon 10-20-100 lots in the future, if we can reach that stage. Can anyone tell me the above is not their dream to come true?
you are pro trader ?? sound to me you are one
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Old 22-09-2017, 08:41 PM   #10
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Lol... I was the poster #9999, Mr Canberra was #10,000.
Haha huat arhhh!
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Old 22-09-2017, 08:42 PM   #11
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I am not a pro-trader ..... yet.
Trying very hard very day, to fight the market.
Market is king, and we respect that.
Hopefully that day will come, soon.
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Old 22-09-2017, 08:43 PM   #12
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Haha huat arhhh!
why not me huat ar
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Old 22-09-2017, 08:45 PM   #13
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why not me huat ar
Because The God Of Wall Street is my trading consultant!

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Old 22-09-2017, 08:48 PM   #14
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I am not a pro-trader ..... yet.
Trying very hard very day, to fight the market.
Market is king, and we respect that.
Hopefully that day will come, soon.
you only trade forex ? and how long already ?
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Old 22-09-2017, 08:48 PM   #15
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EURO-DOLLAR: A very slow start to the NY session,...

EURO-DOLLAR: A very slow start to the NY session, as the market sits back awaits the next move from N.K. The pair has been bouncing between $1.1960/70.
Traders all humji as scared of Rocketman's next move.
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