Forex Trading Discussion!

[daniel8248]

alright will read it up thank for info.

good luck trading today !!!!

 

[shawnwong]

good morning,

got any website to read more info? can sic haha

good luck trading today !!!

anyone trade base on per day chart ?

I trade Rob Booker's Wallaby method. I bought the book but Rob gave out free much later

http://wallabytrade.com/TheWallabyTrade.pdf

Nothing super as it is just laying 3 stochastic of different time frame together. It is counter trend trading (at times along the trend) thus it can be "scary" at times.

It is not the "holy grail" and it will fail, in fact often if u just enter any wallaby trade.

I coupled with other methods of mine so if you are interested, you should make come up with your own. In fact, no one follows exactly what another person is doing.

I assume you r new to FX? Not sure if I wanna encourage you but it is tough. Those who told you they become millionaires or become rich trading FX from a small account are lying.

Anyway, don't trade with money that will cause you anguish if you lost the money.

All the best!!!


‎

 

[act333]

Markets seem kinda quiet today. Don't really have any enticing setups, except for a USDCHF short. Good trading today!

 

[OnlyHuman]

Good to see so many people trading.

Looking to short AUD/USD if crosses below 0.91450.

Also waiting for the short on XAU/USD to form.


Good day trading!

 

[act333]

IMHO gold is gonna march past resistance levels. And the commodity currencies will follow suit.

I'm currently short GBPAUD at 1.66 with TP 1.64 (+200) and SL 1.667 (-70) for a R:R of 3:1. I'm also still holding my USDCHF short from 0.939.

 

[OnlyHuman]

Just wondering how much do you risk per trade?

Personally i risk around 2~3% per trade.

 

[act333]

Just wondering how much do you risk per trade?

Personally i risk around 2~3% per trade.

I risk 10-15% on a trade. But I am reducing it as my account size gets bigger since I am increasing my position size slower than my equity growth. Eventual target is 6.25%

 

[OnlyHuman]

I risk 10-15% on a trade. But I am reducing it as my account size gets bigger since I am increasing my position size slower than my equity growth. Eventual target is 6.25%

Bro, IMHO. You are risking too much on a single trade, because 2 consecutive losses will cause 20% losses.

5 consecutive losses will destroy 50% of your account. And you will need to make 100% back just to break even. You might want to decrease risk per trade to around 2~3%.

 

[squan123]

Bro, IMHO. You are risking too much on a single trade, because 2 consecutive losses will cause 20% losses.

5 consecutive losses will destroy 50% of your account. And you will need to make 100% back just to break even. You might want to decrease risk per trade to around 2~3%.

I'd rather die from a freak accident than from cancer

If you think you have an 'edge', 10 consecutive losses shouldn't happen. If you don't, why not just invest your money in the stock market, or go to the casino?

Keep in mind his r:r is good. If his success rate is high, his MM should be alright.

Few people get rich sticking to the norm

 

[eugenemark]

hello everyone, anyone trading xagusd

 

[supratentorium]

I'd rather die from a freak accident than from cancer

If you think you have an 'edge', 10 consecutive losses shouldn't happen. If you don't, why not just invest your money in the stock market, or go to the casino?

Keep in mind his r:r is good. If his success rate is high, his MM should be alright.

Few people get rich sticking to the norm

You heard of aberrant runs or even experience it?
It never fails to surprise when i flip a coin and see how many consecutive tails or heads i can get. The coin is a solid 50%. The positive expectancy has nothing to do with it.

 

[OnlyHuman]

I'd rather die from a freak accident than from cancer

If you think you have an 'edge', 10 consecutive losses shouldn't happen. If you don't, why not just invest your money in the stock market, or go to the casino?

Keep in mind his r:r is good. If his success rate is high, his MM should be alright.

Few people get rich sticking to the norm

Bro, you have a gambler's mindset.

Please be mindful that 10 consecutive losses is very common among professional traders. Even you have 90% strike rate, 10 consecutive losses could still be possible if we take it from a very large sample size. Anything is possible in the market.

 

[shawnwong]

Bro, you have a gambler's mindset.

Please be mindful that 10 consecutive losses is very common among professional traders. Even you have 90% strike rate, 10 consecutive losses could still be possible if we take it from a very large sample size. Anything is possible in the market.

FX is a zero sum "game" and no wonder there is always "fresh meat" in the market. People thinking they can get instant rich, invincible in trade ,etc

There is a reason y expert or generally people advise not risking too much for each trade. MM (money management) is just one aspect in trading, another very important aspect is psychology ...

90%? Huh... I guess these are the "holy grail" searchers...

 

[squan123]

Seeing that I'm getting so much flack, I thought I'd try to defend myself a little

I don't mean to put this across in a negative way, but I would encourage everyone, including me, to widen our perspectives. Here's what I think:

If I have set aside 50k for trading FX, and funded an account with 5k, is trading 10% risk for a 30% reward on the 5k account as repelling now?

Supratentorium: I've definitely experienced long losing streaks, but why would it concern anyone? The thing is: there will always be a point in time in trading where you hit the tail end of the distribution. Now the more important question is how to skew the distribution to your advantage. This is the best argument thus far.

OnlyHuman: I do not know your definition of a professional trader. The majority of proprietary bank traders are actually not profitable by themselves, not without front-running the book. And junior traders do not have to be stopped out. If they're deep in the red for whatever reason, there's always someone with a higher credit line to bail them out. Hedge funds are something else.

Shawnwong: People ridicule at those who are different from the rest. Whether or not they are right, only time can tell. No one is looking for a 90% strike rate, unless you are looking for one. Plucking out quotes without context are what paparazzi reporters do best. In fact, FX is a NEGATIVE-sum game. So why are you still playing it?

Of course a string of 10 consecutive losses or more is possible. Wouldn't you have taken a step back after 5 consecutive losses to question why? Hey, people have died from a lightning strike or shark attack. But if by God's will you discover that edge, would you only risk 1% to make 3%, or more? Think about that, while keeping in mind a flash crash would wipe any account out in a jiffy.

I encourage constructive criticism, not condescending remarks without any proper thoughts put into it.

 

[shawnwong]

It is zero sum, I won and I lost but overall I m still in the game after 6 years...

Its alright how and what u gonna do with ur money but it is painful to see newbie blow their account esp their hard earn money.

Let me fill u in y 2% or somewhere around that. One most important aspect is psychology. Say 7 lossing run, risking 2%, that 14% compared to say 10% risk that 70% of ur account gone. 14% and 70% thats alot of difference. It WILL affect how u trade next. U may ended risk even more or do something out of norm (doesn't follow ur system) just in hope to recover all ur loss...

This is just simple example. Not only losing, winning will affect u pyshologically too. After 7 winning run, feel invincible, thus double or triple down. Plus like what u mention after 5 losses start to question urself, ur system, etc . All these r psychological aspect. To be frank, I think psychology is the most difficult part of trading.Sucessful trader control the psychological aspect well too.

Anyway this is just my opinion and no agreement is needed. Let the money does the talking, cheers

 

[guowei]

praying USD/JPY go up! pray pray xD

 

[OnlyHuman]

Seeing that I'm getting so much flack, I thought I'd try to defend myself a little

I don't mean to put this across in a negative way, but I would encourage everyone, including me, to widen our perspectives. Here's what I think:

If I have set aside 50k for trading FX, and funded an account with 5k, is trading 10% risk for a 30% reward on the 5k account as repelling now?

Supratentorium: I've definitely experienced long losing streaks, but why would it concern anyone? The thing is: there will always be a point in time in trading where you hit the tail end of the distribution. Now the more important question is how to skew the distribution to your advantage. This is the best argument thus far.

OnlyHuman: I do not know your definition of a professional trader. The majority of proprietary bank traders are actually not profitable by themselves, not without front-running the book. And junior traders do not have to be stopped out. If they're deep in the red for whatever reason, there's always someone with a higher credit line to bail them out. Hedge funds are something else.

Shawnwong: People ridicule at those who are different from the rest. Whether or not they are right, only time can tell. No one is looking for a 90% strike rate, unless you are looking for one. Plucking out quotes without context are what paparazzi reporters do best. In fact, FX is a NEGATIVE-sum game. So why are you still playing it?

Of course a string of 10 consecutive losses or more is possible. Wouldn't you have taken a step back after 5 consecutive losses to question why? Hey, people have died from a lightning strike or shark attack. But if by God's will you discover that edge, would you only risk 1% to make 3%, or more? Think about that, while keeping in mind a flash crash would wipe any account out in a jiffy.

I encourage constructive criticism, not condescending remarks without any proper thoughts put into it.

Well Bro, thank for your comments. Please don't take it too personal as i am just giving my 2 cents worth.

i understand how you feel, i was where you were when i just began trading. I never understood why people are talking about risk per trade, when i am actually long a certain pair and already making money, why the need to even talk about risk. I was always thinking, whenever i am in red on any trade, what i need to do is just wait a little bit and it will be green and never set any stop loss.

Until one fine day, a couple of trades on EUR/JPY just basically blew my account.

What you are saying is that you are risking 10% on a single trade to make 30%. Its a very good trading idea, but very difficult to implement on a constant basis. If you can successfully achieve that on a constant basis over a period of 1 year. You are going to be very wealthy.

All the best!

 

[guowei]

Well Bro, thank for your comments. Please don't take it too personal as i am just giving my 2 cents worth.

i understand how you feel, i was where you were when i just began trading. I never understood why people are talking about risk per trade, when i am actually long a certain pair and already making money, why the need to even talk about risk. I was always thinking, whenever i am in red on any trade, what i need to do is just wait a little bit and it will be green and never set any stop loss.

Until one fine day, a couple of trades on EUR/JPY just basically blew my account.

What you are saying is that you are risking 10% on a single trade to make 30%. Its a very good trading idea, but very difficult to implement on a constant basis. If you can successfully achieve that on a constant basis over a period of 1 year. You are going to be very wealthy.

All the best!

if winning rate more than 60% u are already god like 70% win rate u can open ur own investment company, 80% the world will worship u liao. 90%... can form ur own cult liao. 100% u can go predict when the second coming will start!

 

[squan123]

I agree with the majority of what has been said here. I am certainly not a newbie (I hope) and with a well researched MM you can increase your equity aggressively on a run yet decrease the rate of loss of equity on a losing streak. Perhaps the scope of our discussion has been too simplified.

It's true that if winning rate >60% 'you are already god like'. However the equity curves between 2 traders may be drastically different. One may be a gentle upward sloping curve, the other a parabolic one.

Nevertheless, may everyone achieve great pips!

 

[shawnwong]

Well Bro, thank for your comments. Please don't take it too personal as i am just giving my 2 cents worth.

i understand how you feel, i was where you were when i just began trading. I never understood why people are talking about risk per trade, when i am actually long a certain pair and already making money, why the need to even talk about risk. I was always thinking, whenever i am in red on any trade, what i need to do is just wait a little bit and it will be green and never set any stop loss.

Until one fine day, a couple of trades on EUR/JPY just basically blew my account.

What you are saying is that you are risking 10% on a single trade to make 30%. Its a very good trading idea, but very difficult to implement on a constant basis. If you can successfully achieve that on a constant basis over a period of 1 year. You are going to be very wealthy.

All the best!

Like you I don't understand the low risking at first. You really need to hit rock bottom before you do.

Anyway, I believe to be successful 3 things are needed. They are interlink and strongly dependent on one another.
1) Good System (be it technical or a set of rules or whatever methodology you trade)

2) Money Management

3) Psychological Control

A good system meaning a system that was tested to your best ability, something you can depend on in your darkest hour.

Money management controls your trade size, your stop, profit, how many you wanna risk per trade ,etc.

Psychology control as I mentioned in previous email.

In simplicity, the market is either trending up, down or sideway at any moment of time. It is not possible to find a system to make those situation 100%. For some, their system are good for up trending and it performs very well but when thing changes, it fails miserably.

Y I said they r inter-dependent? Going back to the previous example, you r in a losing streak. After examine your trades, found nothing wrong but just pure losing. So what r u going to do? It is moment like this you depend on your good and sound MM + your psychology control to pull u thru this period.

Your MM is also depending on your system. Example if your system has a average winning % of 40%, it will determine your stop loss and profit. Example with 40% winning, a stop of 50 pips for a 50 pips profit doesn't make sense since in a long run you will lose.

Psychology control affects your MM and your system. I have mentioned from earlier example. After a losing streak, lost control on MM, double down or lost hope on your system, start looking for better trading system.

I think I made my point. Remember, system, MM & trading psychology.