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how frequently should i monitor an open trade? Replied 2 months 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 2 months 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 2 months 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 3 months 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 3 months 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 3 months 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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win rate or risk to reward; which is more important? Replied 3 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 3 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 3 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 3 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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what is the success rate of funded traders? Replied 4 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 4 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 4 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 4 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 4 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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stop loss or hedging, which is a better risk management method? Replied 4 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 4 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 4 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 5 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 5 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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