Do not scalp if you're new, this is most common mistake which everyone makes.
If you are starting out, try working on the Daily chart first, followed by H4 chart then to H1 chart and finally go to the minutely chart when you're pro. I dont reccomend you to go to Min1 though, because you'll be fighting with the floor traders.
As you are finally able to start profitting from the higher timeframe, then move down to the lower timeframe, From D1 to H4, and repeat your process until you get a desired timeframe while still being able to be profitable.
If you start incurring losses when you are trading on a lower timeframe, STOP, Take a break and when you resume, move back up by another timeframe.
Besides, it doesn't hurt to trade on the higher tf, you have more time for yourself.
Profit wise, I don't see any difference in profits, its better to lose opportunities rather than your capital.
As for the stop loss, yes, it will be higher in pips when you're trading on the higher tf, but the amount loss is still the same. 3% of capital when you're stopped, E.g Stop loss was set to 10 pips in M5, 10 pips > 3% of capital.
But then you moved to H4 charts, Stop loss in H4 is about 80 pips, set your position size in a way that 80 pips is = to 3%
Do this consistently, having a good R/R ratio and a good MM will make you profit CONSISTENTLY.
The following 3 users say Thank You to Nasdin94 for this post:
Opened an account because I despise elite trader, but wanted to fish around for some new info on execution/charting/data feeds.
Moving from a backed account to backing myself, and I don't see the need for CQG/Prophet X/TT when its coming out of my pocket. I don't use the autospreader anyway, which would be the big reason to have TT IMO.
I have been thinking and reading about quantitative trading for a long time.
Now, I am preparing a possible go-live.
I will trade real money only if I am confident in the value of my systems.
I plan to take the go-no-go decision at the end of the year.
Until then, research-test-bin-research-test-bin-etc.
I am impressed about the quality of the discussions on this forum, and will try to bring my own contribution.
Hi I joined Big Mikes Elete club 2 weeks ago and have been checking out the indicators. Have been tading for 15 years and have developed some indicators to make trading easier to see all the manipulation that goes on !!!!!!!!!!!!!!! during a trading day . Have some FREE indicators for any one out there who needs help just contact me and we can exchange ideas Ninja 7 only users Regards Robert
I am brand new to the world of trading blogs. I have been trading for a while and only recently realised that I need to be talking with other traders. I have gone through a few different stages in my development. In the beginning a thought that all you had to do was find a indicator that was right most of the time. I blew up my account a couple of times (in a bad way). I then realised I needed a system to trade. I no longer blew up my account in a transient mannor but couldn't stick out the painrful drawdown periods. I then realised I needed good money managemnt rules and I started making profits overall but they were nothing to write home about. This is because I couldn't stick to my own tested and proven rules when I had actual skin in the game. I then realized that phycology and the need for self control was perhaps the most important aspect of all. This is where I currently am is working on my phycology. I have bought a self study course on trading phycology, I listen to audiobooks on the phycology of wealth and success by authors such as Tonny Robbins, Zig Ziglar, Dr Covey, ect. I have even hired a coach.
My only point in all of this is I really love to trade despite how dubious and tenacious it can be and am really commited to it. I really hope to be able learn anything that I might be missing from any of you as well as share what I have learned. I really look forward to hearing from the rest of you.
Not in this thread please. Again please use a more appropriate thread for anything other than simple introductions.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
Just a quick hello, I"m from sydney Australia, and it would appear that I have the back ground and experience of 90% of people who have joined this forum , so won't go into any more detail , only that I hope to start a journal ( advice coming from all angles on doing this ) soon , and that I can add something to the forum at some time soon
Last edited by darcy13; October 15th, 2011 at 06:02 AM.
The following 2 users say Thank You to darcy13 for this post:
This is my very first time doing a forum. I was your video and read a lot of the other post. I think I am going to really like learning through this trading forum. Well my username is kelvinc Iím fishing up a BSBA with a minor in finance then I plan to go on to get my masters in finance or something!!! Iíve always like the stock market and the more I learned about that the more I moved to learning about options. It was more like a hobby, and then I heard about the forex, looked on-line for information, and decided to go with FXCM. Mainly because of the free learning but as I got into it I thought the instructors were good.
I asked a few question did the demo and opened a micro. I felt that there was a big difference between working with play money vs. your own money no matter how small it is. Like everyone else, the little money I put in dropped to almost nothing but then I got serious. I got it built back up to more than what it was. Now I'm toying with the idea of developing this into a career.
Looking up some things I came across this site liked what I saw and joined. It seems that there are a lot of thing that are for elite members only (I don't know how to put a sad smiley face cartoon thing on, but pretend it's here). In addition, I see James Stanley is here and I am a big fan of his. ( It's his indicators I can't down load). I see so much other stuff and people giving advice and asking advice. I don't consider myself a beginner but I am not intermediate either but Iím working it.
I'm really looking to get to know more people in the forex market just to trade ideas and see if I'm right at least some of the time!!!
The following user says Thank You to kelvinc for this post: