F
Farah
@farah_zendaya
Last seen:
5 months ago
Malay Trader
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I would take some days off if the prop firm allows that. It could be that the losing streak is due to a patch of bad luck days. Then when I return I lower my lot size but the risk in lowering the lot size is that the prop firm may see it as a lack of consistency
When faced with a drawdown I always reduce my lot size and stick to my strategy even more religously.
Please what price did you enter at, where is the stop loss, what is the reason for taking the trade, what is the strategy, so others can learn? Also what was you entry candlestick pattern, can you show on 5 minutes timeframe instead of H4?
USD has been weakening for the past week and gold soaring because of the whole sell America thingy, so for the coming days the bias should be bullish.
London alone accounts for almost 50% of all forex transactions in the world so it makes sense for a broker to want to keep their key infrastructure there.
Binomo is not a forex broker, they are an options broker. At Binomo, you can trade options on different assets such as currencies, commodities etc.
Binomo minimum deposit is $10 and you can trade some instruments by providing an initial margin as low as $1.
MT4 does not have a deposit button, to fund your MT4 account you need to login to your brokers mobile app or their website and access your client area then make the deposit from there.
If you have a savings account, select the bank transfer funding method from your client area, input the amount & an account number will appear. Transfer money from your savings account to that account number and wait for some minutes for it to reflect in your MT4 trading account.
Some call it the "afraid to trade" syndrome, where you know it is time to pull the trigger, but you just freeze in inaction until the opportunity passes. You then get upset with yourself and try to chase the market and end up taking a risky trade and losing.
I faced this problem to but the way i fixed it was that i don't stare at the charts for too long. Because the more you stare at the charts, the more you find a reason why your trade could go bad.
Once I open the charts and i see the setup i have been waiting for, I immediately pull the trigger and set my stop loss then close the charts. I then come back later to check how the trade is doing.
Alomost all ASIC regulated brokers have guaranteed stop loss, it seems like the ASIC regulator ensures they do. Pepperstone, Plus500, CMC Markets, IG Markets etc. all have guaranteed stops.
synthetic indices can be customized to make the prices change faster or slower, while ordinary indices cannot be customized as they move with the flow of the market.
Synthetic indices is like running on a treadmill while ordinary indices is like running in the wild. For beginners, I think synthetic indices are better since their volatility can be adjusted and lowered to mild.
i trade basically using common sense price action which i develop my strategy on, then whenever something is not clear to me, i call up a technical indicator to help give me clarity. Thats is what indicators are for, they are not a trading strategy in themselves.
xauusd prices move faster than most conventional instruments so the beginners must be looking for a higher reward for their risk. While currency pairs like eurusd move around 100 pips in a day, xauusd can ove 200 pips in a day, making it more profitable and more risky at the same time.
I think beginners should avoid xauusd till they are sufficiently grounded in risk management and can develop a good strategy for xauusd.
When they say 90% of retail forex traders lose money, it is partly because of this kind of high risk trading by beginners who want a quick buck.
You might get lucky with xauusd a couple of times but your luck will eventually run out and if you dont know what you are doing you could make big losses and even quit trading.
although both prop firms and forex brokers have demo accounts, succeeding on a forex broker demo account does not mean you will succeed on a prop firm demo account because prop firms come with alot of rules designed to make it hard to succeed.
For example prop firms have daily drawdown and maximum daily loss limits, some prop firms dont permit trading during news releases, some prop firms dont permit using expert advisors, some dont even allow you engage in high risk trading etc. Breaking any of these prop firm rules will lead to them cancelling your account and you will need to pay for a new account.
So, although a trader may make profits on a demo account, he needs to practice on a live account to be able to develop control over his emotions which he cannot do on a demo account.
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