How I trade forex and make a profit.

Traderallen

Active member
248 41
If a picture is worth 1000 words than a video is worth 1 million, so I made some videos for other traders to see how I trade the markets. This is not the only way to extract money from the markets but it's how I do it. This first video is on learning how to trade the markets for the beginner.
http://youtu.be/fjrxfbOTbiw
This next video is what my desktop looks like.http://youtu.be/V5SJgW7j6L8
Then I have a video of how I prepare for the trading week. http://youtu.be/gH1G-1oPxF0
This next video is on how I managed trades.
http://youtu.be/RvaDwjQRH-g
Then I have a couple more on understanding volatility and trade volume.
http://youtu.be/CnaUXVhAHHw
http://youtu.be/d9mCrvDgLEg

I hope you all enjoy these videos and maybe gain some knowledge to help you along your path to being a profitable trader. I am not commercial in any way nor am I selling anything. I am just a home-based retail trader like most people on the forum. Good trading to all, TraderAllen

P.S. If you think trading it hard try to make a video about trading. :)
 
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NVP

Legendary member
37,767 2,101
Hey TA

great stuff....

interesting to see you set up your day witha strengthmeter ...........is that Henry Liu's or your own you are using ?

N
 

NVP

Legendary member
37,767 2,101
If a picture is worth 1000 words than a video is worth 1 million, so I made some videos for other traders to see how I trade the markets. This next video is on how I managed trades.

http://youtu.be/RvaDwjQRH-g

TraderAllen

P.S. If you think trading it hard try to make a video about trading. :)

hey TA - thats a nice video .....just a question ....your screen says new highs and lows are traps but you still sold on the breakout of a new low ?

N
 

NVP

Legendary member
37,767 2,101
sorry - one more question TA

are you generally 90%+ on those scalps ?

thats top gun stuff

N
 

Traderallen

Active member
248 41
Hi NVP, Yes it is Henry Liu's strength meter. The notes on my chart are reminders to be cautious. That corner of the chart pertains to low order flow and not to give new highs and lows much room if the volume is low. The chart notes are reminders where I have made a mistake more than once. According to my optimal F worksheet (the only place I keep a running total) the the last 150 trades 92% paid off. the lowest i have been in the past nine months was 89%. Most of my losers are where I made a mistake or just did not follow my trade plan. Allen
 

timsk

Legendary member
7,605 2,379
. . . the the last 150 trades 92% paid off. the lowest i have been in the past nine months was 89%. Most of my losers are where I made a mistake or just did not follow my trade plan.
Hi Allen,
Of your 150 sample, what was the profit ratio? I ask because, as you know, a very high success ratio is pretty meaningless on its own.
Tim.
 

tar

Legendary member
10,443 1,313
I dont understand the fixation with the "win-rate" ! Surely as humans we love to be right nearly all the time , however it has nothing to do with being profitable , your win rate could be 99% and still lose money . Infact a high win-rate always put me off , and i then know the trader isn't going to be successful in the long run ...
 
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Traderallen

Active member
248 41
The amount of profitable trades versus the amount of losing trades is very important. To keep it simple. I average around 90% profitable trades. If I have a bad month I may drop into the 80s. If you're only winning 10% of your trades and you have a bad month you'll likely blow out your account. The idea that's taught to most people that you can win 30% of the time and still be a profitable trader is for the most part not reality. Because one error or mistake will cost you dearly in reality. Just because it works on paper doesn't mean it works in real life. My win loss ratio is high because I focus on not losing instead of winning. Winning trades take care of their self.


I dont understand the fixation with the "win-rate" ! Surely as humans we love to be right nearly all the time , however it has nothing to do with being profitable , your win rate could be 99% and still lose money . Infact a high win-rate always put me off , and i then know the trader isn't going to be successful in the long run ...
 

tar

Legendary member
10,443 1,313
We didn't discuss how much to risk per trade , so i don't see how "one error will cost dearly in reality" ...
 

DionysusToast

Legendary member
5,963 1,501
So a 90% win rate and each and making $8.36 for every $1

Congratulations on being perhaps the best trader on the planet.
 

Traderallen

Active member
248 41
I wish I was wealthy. currently I'm battling in the trenches everyday. Feel free to poke fun at my success I don't mind. I already know the hard work and perseverance that it takes to make money in the markets. My goal here is to improve every day by being able to communicate what I do. And if I can help someone along the way that's even better.
 

DionysusToast

Legendary member
5,963 1,501
Let's consider those numbers for a moment....

Take a 90% win rate and you can quite comfortably risk 10% of your account per trade.

You make 8.36 x your risk every winning trade.

On a $10k account, your first trade risks $1k and returns $8360. Your account balance is now $18360 and your second trade risks $1,836 and retutns $15,348.96.

At this point you are sitting on $33k - tripled the account in 2 trades.

06-05-201421-28-29_zpsd9770f2d.gif


Here's 20 trades, I threw in a couple of losers.

Like I say - it's either BS (content removed)

As for "offending your family" - not half as much as your attempts to offend our intelligence.
 
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