I'm Nearly in THAT 90% Category

This is a discussion on I'm Nearly in THAT 90% Category within the General Trading Chat forums, part of the Reception category; Originally Posted by sangfroidFX I know of people that trade naked using purely S/R and are extremely profitable. The answer ...

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Old Oct 29, 2009, 12:39pm   #31
 
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Originally Posted by sangfroidFX View Post
I know of people that trade naked using purely S/R and are extremely profitable.
The answer to trading cannot be found in indicators. Seriously re-think your method and ask yourself why, intrinsically does it work.
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Old Oct 29, 2009, 12:39pm   #32
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[QUOTE=sangfroidFX;957526]I'm single, no kids, no mortgage. I've small outgoings, mainly rent and bills.... the usual. In order to make forex my main source of income, I would need to earn between £12,000 and £15,000pa to live quite comfortably.



When you are comfortably making 12-15k a year trading forex then give up work. Maybe get a part-time job earning half that amount when you are comfortably making 6-8k a year trading. If you were comfortably earning 10k a year trading forex you could supplement your trading career with a small night-time job, like delivering pizzas.

Do you see my point?

Don't try to force any issues if you want to eventually trade your own account, it will either happen naturally or not at all. You seem to be in a good position in life generally, don't mess it up by rushing into it, take it easy.
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Old Oct 29, 2009, 12:52pm   #33
 
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Originally Posted by sangfroidFX View Post

..........Point is, I've found a strategy that I like and that potentially works for me.............
hi sangfroid.

so stick with it as long as it includes clear entry rules and equally clear exit rules (and maybe re-entry rules).

You seem to have clear entry rules but, thereafter, you seem to be trading your account rather than the market. Refer to your account to determine position size and risk level but then ignore it and concentrate solely on the market and the rules you have set. Your account will take care of itself.

good trading

jon
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Old Oct 29, 2009, 12:53pm   #34
 
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Sang Froid started this thread I think my strategy can work. I think every strategy out there can work. Just, not every strategy will work for every person. It's finding what's right for you. The strategy I have is not the problem, it works for in demo, it had worked for me live, I however didn't work for me. I was focused on the money and not on the trade itself. I was taking the profit because it was there and not taking a loss because "I can't be wrong."

That it what was intrinsically wrong with my trading I think.

A few posts up Oildaytrader posted a couple of links. EVERY newbie or even those who are like me and losing, christ I'm still a newbie myself, should listen to that podcast over and over again.
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Old Oct 29, 2009, 12:54pm   #35
 
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when u make the trade u can do TP and go away from your computer :/ if your strategy and analysis is good u the price will hit TP and u will earn money.
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Old Oct 29, 2009, 12:56pm   #36
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Originally Posted by sangfroidFX View Post
I think my strategy can work. I think every strategy out there can work. Just, not every strategy will work for every person. It's finding what's right for you. The strategy I have is not the problem, it works for in demo, it had worked for me live, I however didn't work for me. I was focused on the money and not on the trade itself. I was taking the profit because it was there and not taking a loss because "I can't be wrong."

That it what was intrinsically wrong with my trading I think.

A few posts up Oildaytrader posted a couple of links. EVERY newbie or even those who are like me and losing, christ I'm still a newbie myself, should listen to that podcast over and over again.
correct!
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Old Oct 29, 2009, 12:58pm   #37
 
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correct!
Ok, enter trades with a 5 pip stop loss, 100 pip TP order and don't move your stop. Let me know how that one works out for you.
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Old Oct 29, 2009, 1:00pm   #38
 
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price will fluctuate in most cases if your analysis is good more then 15pips, so 5pips stop loss would be quicky filled :/
u can't rly enter on the TOP or BOTTOM that's hard to find, u can just enter somewhere around there..
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Old Oct 29, 2009, 1:09pm   #39
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Ok, enter trades with a 5 pip stop loss, 100 pip TP order and don't move your stop. Let me know how that one works out for you.
that could work if i found a very slow moving pair
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Old Oct 29, 2009, 1:11pm   #40
 
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Sang Froid started this thread
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Ok, enter trades with a 5 pip stop loss, 100 pip TP order and don't move your stop. Let me know how that one works out for you.

I was a bit confused by this at first... but seeing it written in black and white is stark reality for me.

Ok so I didn't quite do exactly what you said here but I did have a 5 - 10 pip TP and a 20 - whenever I felt like it pip stop loss

Seeing it written down... what the f**k was I doing???? How did I think this would make me consistently profitable??? I was banking on more winning trades than losers thats what.
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