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forex influencers claim to trade $1m account size, is this possible? Replied 9 months ago - You will notice that these online forex gurus who claim to trade 1 million dollar account size even do so with unknown forex brokers and not the tier-1 forex brokers which is suspect. I do not think there is any forex broker that can accept as much as 1 million dollars from a forex guru and let him trade and they issue payouts, they do not have such liquidity. Anyone that wants to trade with up to $1m has to pass through the banks and bigger liquidity providers like oil companies or hedge funds; and not forex brokers. So this is how you know that it is fake when online gurus display $1m as their account trading account balance.
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should i take profits early when trading forex? Replied 9 months ago - I dont think taking profits early is a good idea in the long term. I mean it may seem like a good idea/quick fix in the short term, but it will hurt your overall profitability in the long term. In trading to become profitable over the long term, your profits have to exceed your losses. If you exit with profit early and also cut your losses early then you will only break even and will neither be profitable or unprofitable. And studies have shown that if you take say 10 trades you are probably going to lose around 6 of them, so this is why for the trades you win you must let the profits run to cover the losses you sustained from the other 6 trades.
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Why is My Stop Loss Triggered Without Price getting To It? Replied 9 months ago - always set your charts to show bid price and ask price lines. If you are short it means you entered at the bid price and will have to exit at the ask price. This means when the ask price line (the upper of the two lines in the image) reaches your stop loss it will be triggered. If you were long it means when the bid price (the lower of the two lines in the image) reaches your stop loss it will be triggered.
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the less you trade, the more you make; can anyone relate to this? Replied 9 months ago - online trading is one area where doing it more does not mean you will make more money. In fact doing trading more will result to more losses because trading is about probability. There's always going to be times when the market will move against you or you make a wrong decision; so the more you trade the higher the probability that you will make a mistake.
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How to calculate risk management in forex Replied 10 months ago - One way is to use a Risk to Reward (RR) ratio. RR = (Stop Loss Amount/Take Profit Amount) If you set your stop loss such that you will only lose $10 if the market doesn't favor you, and you set your Take Profit such that you will gain $60 if the market favors you, then your RR ratio becomes ($10/$60) = 1:6 or 0.1. This means you are risking $1 to get $6. An RR ratio below 1.0 is considered safe so from the above example our RR was 0.1 which is safe. Many people consider 1:2 as the ideal RR ratio and some will argue that an RR of 1:6 is greedy but it depends on your risk tolerance. An RR ratio from 1.0 and above, is considered high risk and unsafe because you will be risking more to get less; which does not make a good business sense.
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How do you manage risk when trading forex? Replied 11 months ago - To manage risk I always use a stop loss in calm markets and a trailing stop loss in fast paced markets (aka volatile markets). During volatile markets, I remove any excess money from my trading account and leave just the amount needed for a trade because sometimes stop looses can fail to trigger at the right price. I also make sure I have the brokers mobile app on standby because sometimes your MetaTrader desktop can freeze and lock you out of the trade and when that happens you can continue monitoring the trade from the mobile app.
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How To Use Trailing Stop Loss Replied 11 months ago - Before I set my trailing stop, I will first of all set a normal stop loss because trailing stops only get activated when you start making profit. So setting a normal stop loss will protect you from immediate price reversals. After I set my normal stop loss, I right click on the stop loss line on the charts and select trailing stop. I then set the number of points or pips of profit that I want the trailing stop loss to secure. If I select 5 points, then when price moves 5 points in my favor the trailing stop automatically adjusts itself by 5 points. When price moves another 5 points in my favor, the trailing stop adjusts again by 5 points. It keeps doing this till price starts reversing and hits the trailing stop then it will close me out of the market with profit.
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