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how do i spot volatility on charts without using indicators? Replied 2 months ago - High/Excessive Volatility When volatility is excessive, price tends to engulf the Simple Moving Average line
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what is the success rate of funded traders? Replied 2 months ago - Around 2% because the prop firms will look for every reason to deny you a payout, they will try to accuse you of breaking one of their rules.
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trading with a higher leverage in cfd means? Replied 2 months ago - It means you should have extra money sitting in your trading account because if you sustain just a little loss, your broker will immediately require you to deposit more funds, or your trade will be closed at the current loss.
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why should i use low leverage when trading forex, any advantages? Replied 2 months ago - Low leverage ensures you don't make silly trades because every time you want to open a position, the broker will ask for high margin collateral. Low leverage helps you become a more serious trader instead of just gambling away.
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anyone know how to find expected value in trading? Replied 3 months ago - EV helps you find out the probability that every trade you take will end in a profit. I always calculate EV for every trading strategy separately, so I know which strategy is more profitable. The best EV figure should be above 0.25. Calculate EV using formula (win rate x amount won on each trade) minus (loss rate x amount lost on each trade) You need to be honest with yourself when calculating EV, if possible, use an excel spreadsheet to populate all your wins in one column and all your losses in another then take the sum of each column.
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how do I know I am revenge trading? Replied 3 months ago - when your ego tells you you're a super-trader who can't lose. You just don't want to see a loss in your trading account statement. Thats how you know you're self-destructing and revenge trading. Its okay to end the day in a loss, it doesnt mean youre a bad trader, it just means the odds were not in your favor. After a losing day, just g back to the drawing board and conduct a post-morterm to find out why you lost. Once you discover the reason you lost and you make improvements, you will likely recover the loss the next day.
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if you can't take a small loss, you will be forced to take a big one Replied 3 months ago - I also agree, I mean i faced the same scenario today. I opened a short trade but when i saw price was going up instead, I quickly closed it for a small loss of $1.45. I went ahead to open a long trade and made around $19 profit. I didn't delay and begin to hope that the short trade will somehow become profitable, I acted immediately and closed it.
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stop loss or hedging, which is a better risk management method? Replied 3 months ago - hedging is too difficult to manage for me; I like to set a trade and go to sleep instead of continuously monitoring a hedge. besides i think hedging can encourage one not to accept losses and to try to engage in risk-free trading. This can be counterproductive in the long run.
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what's your favorite forex risk management tool? Replied 3 months ago - I like to use the alarm tool to alert me when price gets to a desired level. It has been very helpful to me.
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is it bad to exit a trade before your stop loss is hit Replied 3 months ago - I would only do it if i wanted to switch bias. For instance, if i were short and i wanted to change bias to long, then i would close the short trade and open a long one.
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what is a guaranteed stop loss, when should i use it? Replied 3 months ago - I use guaranteed stops when i am worried that price slippage may occur. My current broker (Trade Nation) allows me set guaranteed stops and its not even that expensive.
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how many trades should you do a day forex? Replied 3 months ago - I avoid trading excessively, i place two trades per session. So, during the London session I place only 2 trades. I also reduce the lot size on every trade so If for the first trade I used 0.5 lot size, on the second one I will use 0.1 lot size, third one will be 0.05 lot size etc. By doing this I lower my risk on every subsequent trade I take.
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How much does it require to earn more profit Replied 4 months ago - You are putting the cart before the horse, focus on developing your skill and profits will come. You may not make 100k at once, and that should not be the goal, trading is about a series of small wins which add up in the end.
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any dangers of trading nfp using pending orders? Replied 4 months ago - Some brokers will not even execute the pending order at all, and there's nothing you can do about it, they will just give you an excuse. Another risk of using pending orders to trade nfp is the "whipsaw effect" where price reverses course quickly thus stopping you out immediately.
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after nfp, how long before spreads return to normal? Replied 4 months ago - If the first 5-minute candle after nfp release is very big, then typically volatility should die down in around 15 minutes and spreads will return to normal conditions. But if the first 5-minute candle is small then volatility may persist another 20 minutes before it subsides. This is just my observation
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do you use take profit or do you exit trades manually? Replied 5 months ago - I always use take profit because i once had a bad experience where i was up 50 pips before i lost my internet connection and by the time it was restored the trade was in a loss.
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why don't brokers stop you from trading after reaching your daily loss limit? Replied 5 months ago - I agree with this but i guess it is not in the brokers interest to do so. They want you to trade as much as possible, so they get their fees. I mean, you even see brokers opening their platforms to traders on some public holidays (like Easter) when they know fully well that liquidity may be insufficient leading to higher spreads.
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Fear & Greed - the 2 deadly sins of forex trading Replied 5 months ago - I'll just say this even though it is not a direct answer, but whenever you are entering any trading don't think of how much you can make, first think of the risk. How will you feel if you lose that amount on the trade, because losing is almost guaranteed. Whenever you are placing a trade you have to be ready to lose. You don't know if you will be right or wrong. When you are in an emotional state, you will try to push back. It is not just fear & greed. You are also sometimes in a mental state where you are not even aware of your risk, and you are just pushing back. So, at all times think about the risk first. Every trade is just you testing your bias in the markets. And you should only risk the amount that will not make you uncomfortable when you lose it. By doing that you will be able to make money in the long term, and keep a level head.
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What’s the ideal leverage to use in forex to maximize profits without risking too much? Replied 5 months ago - I would say 1:500 is ideal for me.
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its not how much profit you make, but how much you keep Replied 6 months ago - I can relate to what youre saying George! Its the cold truth! Its easy to call yourself a trader but how much of the profit do you really keep gicing it back to the market? It is like running around in cirlces only to find yourself back at the begining. When i started trading XAU/USD i was always making money then losing it back to the market until I said to myself "this has to stop". I began trading responsibly and only taking high quality trades with a high probability of success. I also started cutting my losses very early not giving them time to grow. The solution is to manage risk properly and not lose too much money in one day, so you have enough gun powder to try again the next day.
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