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- Aug 25, 2013
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just know that everyone is a genius in a bull market
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Free registration at the forum removes this block.Seems like another fiat currency unless it's backed by something physical
Its not fiat because nobody can just print millions of bitcoins, its backed by nothing just like every other currency
watching the screen 24/5, and that just isn't stress free unless someone can enlighten me to a better methodology. Just had to try and learn it myself before arguing against it you know?
I'm still as curious what other traders in here do in general? Last I saw was someone who was using renko charts. I just feel uncomfortable not seeing the price action haha.
I'm refining my strategy to try and take 1-3 trades a week on 4h/daily charts. I use PA based around a few MAs/fibs/chart patterns. I'm going into ways of finding low risk and high reward setups with the potential to ride and add to winners for as long as they will go. I have a bit of a short term mentality and don't like to hold them for too long so I'm looking at medium term mini-trends that last a few days/weeks at the most. I'm getting quite interested in Elliot wave for this as well as other trend trading methods.
Ideally I'd like a few systems (at least 3), one being the one I have now (PA around base MA's), a longer term position trading strategy and a short term scalping for when i feel like doing that. At the same time I have no intention of having to sit in front of a screen 10 hours/day getting stressed out and over trading...
Trading a £1M account with an average 5-10% monthly gain from 1-3 trades a week - that would be nice.
Isn't it a cause for concern if it's backed by nothing? Also Fiat currency doesn't mean that its being printed in the trillions, just means it's legal tender and holds no "intrinsic" value if I'm not mistaken. More based on faith that the world will accept it as a means of "trade" (just like our dollar). Although since it also means that it doesn't have to be backed by anything but "faith", governments would of course print paper currencies to hell lmao. I would still call it a fiat currency since it's backed by "faith", but I read that the more is mined, the more limited it becomes?
Bitcoins have the advantage of being a crypto currency, you can take it anywhere in the world with you. No customs can stop you taking your fortune with you while fleeing the bankrupt state that just put very restrictive capital controls on the border (hypothetical)
Gold is great store of value also but not easily movable like bitcoins. I wish I was into bitcoins last year when it was like $50 a piece
I haven't traded since i blew my account just before the summer, 3rd margin call over 4 years. My first account was the best where I went from 1000 to 3500 in 2 months then I do what I always do and try to catch a falling knife on a massive crash!
1st account gbp/yen crash
2nd Same as above!
3rd Gold crash
If there is no crazy crash then I do alright, my trading is shit really, i short tops and buy lows except they turn out to be the start of a massive bull run or a huge crash.
Sooo yeah I may start another account but not sure if I learned my lesson tbh
Hey man, you probably know a lot more than I do having traded 4 yrs. Each try might refine your discipline even more. What was your methodology before? (TF, setups, etc.) It also sounds like you risk a lot and crashes really does a number on you.
Bingo. If you're blowing up accounts, you're risking WAY too much. You need a defined exit for your trade where you will bail out NO MATTER WHAT. Then you say "how much am I willing to risk on this trade?" and you size your trade accordingly. E.g. say you decide to risk 2% per trade. If you have a $10k account, 2% is $200. Say your trade has a 50 pip stoploss. Risk 0.4 lots on that trade, and if it hits the SL you will have lost 2% on that trade.money management is not my strong point so I over leverage like crazy. I know a bit but not a lot, i need to take it easy and not risk too much on 1 trade.
How's the Elliot Wave workin out for you? I used to look at too.
Gary,
Thanks for replying but the problem is I know this stuff... Its down to character.
If I had 1 million forex account I would trade like this, but with 1000 dollars then its peanuts. im not gonna trade for $10 win (1%) like all the experts advise. I should but I cant... the gambler inside maybe.
So I know the problem is im going too risky because 1% of not much is not worth it. looking at my trades it seems that I am going for 5-10% risky bets. $50 - $100 dollars is more the ballgame where its worth my time. I also have bad habits of letting losers run hoping they come back (this is the true killer)
I only put in money that I can lose and doesn't affect me financially.
What my main interest is, is making a forex robot, done a few and 1 I worked on for weeks but wasnt profitable
Martingale was very interesting too as my account is small and can get crazy growth until the day comes where it kills your account, that day could be the day after you start or weeks away after you tripled your account.
If I start again we should get a little sub forum going, maybe on the inside tho!
sounds like you are trading futures MJ. Not bucket shop forex. The mt4 platforms are a joke. If you start winning they mANIPULATE YOU ON THE DEALER SIDE. i took a spill and financially its been a hard road but now I got a small rental going and fighting inflation to beat the tax man. I know how to trade but the bucket shops will beat you silly. Still looking for an honest broker. that's an oxymoron. there is direct bank lending but you have to trade in full lots. You could handle that but not me. At least not yet.I would also like to know what Forex trading platform is recommended as well. Trading the currency ETF's (FXE,FXA, etc) isn't very liquid as it only trades during market hours.
http://www.marketwatch.com/story/scary-1929-market-chart-gains-traction-2014-02-11. Not forex but has anyone seen this dow jones chart with the 28-29 crash overlay?
So limiting your risk is KEY. If you don't control your risk, your account will DIE.
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