over 7,000 trades ive ironed out most the kinks but there are still some nuances that demand u be an above-average trader.
MrFantastic said:
I have too. The 10 pip rule was like a 
revelation to me. It's so simple that it's scary.
10pip Take Profits work because it can easily be scaled ($$$-wise) and because the market will give you 10pips everyday. The huge 60-100pip trades are what's hard to come by (and are what the hive-mind chase), honestly. Currency pairs are ranging too much to pull that off consistently in 2016. When I was making $1,000.00 per trade I was still doing it with 10pips lol. My account was about $6-7k at the time too.
In Fx you take what you can and run. There is no "buy and hold" here like there is with stocks. Up until now, equities/stocks have been in a bull market 4 years ... Currency pairs don't have that kind of luxury. A currency can't rise too much against the other in a pair otherwise a central bank (see: Bank Of Japan, Swiss National Bank, etc) gets involved and does some freaky black swan shyt.
Ur moving averages have to be the quick ones too; something like 5SMA + 8SMA + 40SMA working in unison. A SMA combo like that will get you a quick entry on the 1Hr given the market is actually TRENDING (which is the purpose of me referencing the 4hr chart as the larger timeframe). I.e - If 5SMA crosses 8SMA on the 1HR chart [and if they crossed on the 4HR chart recently confirming the same direction], enter the trade. those huge moving averages like 100MA, 200MA are for swing traders and signal the move too late from my experience.
If the 1HR and 4HR aren't agreeing with each other that means wait, lol. because either the trend is changing or there's a retractment going on. Gbp/Usd on both 1hr and 4hr today were bearish as fukk which meant it was ripe for trading. 4hr chart is GOAT and when it's not showing a clear, defined move it's best to sit out and wait for the big fundamental release of the week (in this week's case Non-Farm Payroll) to cause a break-out. all indicators break down during ranging conditions so [you as a trader] have to know how to spot that WHILE or right BEFORE it happens.
Once u get an offshore broker that allows 200:1 leverage and above is when the $$$ piles up. The CTFC is constrictive as fcuk but there are (reliable) overseas Fx brokers that have made a niche of taking in refugee US traders that want to use high leverage. Outside of high leverage there is NO REASON to trade forex truthfully... Might as well trade Penny stocks or regular stocks if ur not going to use anything above 1:100.
the other beauty about high leverage is that it reduces ur exposure to the market. I needed $18,000 to make $500.00 when I was with OANDA and FXCM. Overseas I just need $2600.00 to make that same $500.00 with 1:1000 leverage. If u blow the account fukk it and re-fund it, it's only $2k. If ur win-ratio is worth a dikk u'll have doubled that 2k (esp. making $500.00 per trade) long before the market snipes you.
but b4 u start thinking profits U have to earn ur stripes as a trader first, etc ... getting ur win/ratio up to 80%+++ skillfully filtering trade opportunities, and seeing that you can consistently NET 10-20pips a day using said system before you make a big push for making money. if the trading performance is there, the money will come automatically...truth.
Swirv said:
Matter of fact breh do you still like trader'sway? I saw your post about funny stuff happening with the 5.0 lots. Did you square that?
TradersWay still the GOAT breh... that's the Atlanta of Forex Trading. I didn't bring it up to them because I saw things were back working the next couple of days. I chalked it up to me winning trades too fast ... like 17 seconds or 2 minutes fast.
