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What is the best leverage to use in forex for a $10 account balance? Replied 2 days ago - $10 is barely enough to open a reasonable lot size so you will ne needing high leverage like 1:2000 if you want to trade 0.02 lot size of a major fx pair
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can i open more than one trading account with a broker? Replied 6 days ago - Yes brokers allow you open more than one account. For example you can have an account for the MT4 platform and another account for MT5
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is it good to keep shifting my stop loss as price nears it? Replied 1 week ago - For me I hate to take many trades, I just take one or two trades in a day. For the trade I take i can adjust the stop loss if the market is too volatile.
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How did you overcome overtrading? Replied 1 week ago - How can we build such an interface @patrader?
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what is FOMO in trading & how does it manifest? Replied 1 week ago - FOMo for me is basically when you try to chase the market and because you enter in a hurry, you fail to do the necessary technical analysis which you usually do. To fight FOMO, I always tell myself that there will always be another trade so even if i miss one setup I dont try to chase it. Sometimes, the best trade is no trade because although you do not make money, you also will not lose money 😊
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How Do I Take Partial Profit on MT5 Without Closing The Trade? Replied 2 weeks ago - nice one
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how to know when to exit a trade? Replied 2 weeks ago - Please look at this image and if you were shorting the market, you would see that when orice closed above the 14 SMA it kept going up so exiting would have saved you losses.
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does the spread affect where i can set my stop loss? Replied 3 weeks ago - When spread is high, the distance between bid and ask price becomes wider. If you took a short position like in the image i attched, then watch the ask price line because once it reaches your stop loss you will be kicked out of the market. Also if you are long, always watch the bid price line as you will be kicked out of the market when it reaches your stop loss.
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is trading a game of probability? Replied 1 month ago - Not just probabilities, trading is also a game of averages and that is why pivot points are effective.
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how frequently should i monitor an open trade? Replied 1 month ago - I only monitor an open trade when it is nearing a level of support/resistance. outside that I dont bother to monitor i just set my TP
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how do I know when i am gambling during trading? Replied 1 month ago - Hi @Liam, my own take on this subject is that if you find yourself thinking too much before you place a trade, then you are likely not sure of the trade and are about to gamble. You should not have to think too much if you have a good strategy on ground. Since you already know what you are looking for, once you see it, you place your trade. Overthinking means you are unsure of what you are about to do and may be in the brink of gambling.
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why you should have a daily loss limit in forex Replied 1 month ago - Daily loss limits are the holy grail of trading. For me, $50 is my average daily profit target so why would I want to lose more than $50 in a day? If in one single day I lose say $150 it means 3 potential days of profitable trading has been wiped away. Hope I am making sense.
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do brokers hunt stop loss? Replied 1 month ago - Trader Tom is such a good trader, and I like his response.
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whats the best risk to reward ratio in forex? Replied 1 month ago - I don't think there is a best RR, it depends on the price action you are facing on the charts. Some trades just require you placing a wide SL and smaller TP and that's just the way it could be. It is left to you to take the trade or leave it.
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as a trader don't hesitate to pull the trigger Replied 1 month ago - I would say always wait for confirmation of a candlestick pattern before entering. I don't enter immediately i see a candlestick pattern, I place a pending order 2 0r 3 pips above the pattern and wait for price to go to the pending order and trigger it. By doing this, I avoid fake outs.
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if i get stopped out of a trade, should i jump in again? Replied 1 month ago - If after I get stopped out i discover my daily loss limit has been reached, I will not enter again. But if it has not been reached and price started going in my favor after i was stopped out, then I will enter again & place a wider stop loss than i did the first time.
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win rate or risk to reward; which is more important? Replied 2 months ago - You can have a high win rate but still be unprofitable if the amount you win is peanuts and the amount you lose is sizeable. The RR is more important because it keeps your losses small and your winners bigger.
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what do you check for before you open a buy/sell trade? Replied 2 months ago - @Paul this almost happened to me today. I was on GBP/USD chart instead of EUR/USD and I almost placed a trade on it but i cross checked and found out i was on the wrong chart.
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At the end of the day is forex trading really a profitable venture? I mean you can make profits here and there but it seems like the losses will always outweigh the profits Replied 2 months ago - When you are wrong how much do you lose and when you are right how much do you profit? You need to ride your winners for a bit longer to be able to remain profitable.
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what did jamie dimon say about the bond market? Replied 2 months ago - He said something about US bonds no longer being AAA rated but that they have been downgraded to AA. He also said borrowing during covid 19 has put an enormous interest rate burden on US so the bond market is overburdened
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