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Thread: What Have I Learned Since 2006??

  1. #1
    So, here I go again starting a second thread. Why? I discover I get distracted very easily and will begin a thread but for whatever reason I'll stop updating it. Let's see if I can break this habit that is dreadful.

    A couple of things concerning the TE attached to the particular thread. I use a commerce management EA that I created that which you see as a stop may not be the stop. Usually it will be about 10 pips nearer to price than what is shown. The discontinue shown on the TE is an OMG stop that can't close the trade or is there only in case the EA doesn't. Two lines on the screen essentially move and if price moves in the way it will open the trade for me. Is useful when price moves quickly since I exchange some time frames. So although it is an EA it is for assisting with commerce management. Whom I enter and depart is based on my personal system and completely manual.

    The first couple of trades that are revealing from the TE are uhoh trades. I had some code in the EA that would move the exit and entry lines whenever they were not on the monitor. Thought it was a great idea until I left that the EA enabled and scrolled back in time. It triggered moving the lines without hesitation the trades opened. Stupidity can be costly. LOL! I have since accepted that code out.

    Right now I exchange two sessions each day. By 7PM to 10 PM Eastern time US I'm trading the AUDJPY pair . And the EURUSD will be traded by me during US and London sessions from about 5AM to 4PM. I'll usually start London session sooner than 5. I really don't need sleep so I am awake I will wake up and check the charts. I have 6 time frames for whichever pair I am trading at the moment. 1 hour, 30 minutes, 15 minutes, 5 minutes, 1 minute and believe it or not the 15 minute chart. Over time I will explain why I use each time period. Each has a goal and it is not only for entry. The position dimensions may appear large in relation to the account dimensions but rest assured that the risk is kept reduced by utilizing lower time frames.

    Every day throughout the week I shall post something I have learned since beginning in FOREX back in 2006. Some of these things you may agree with or you may not. Trading is a religion. Everybody has their beliefs and anyone who disagrees is currently going to hell.

    I expect that at the time I am done on this thread it'll function as an example of what can be done with time and hard work. That is why that the TE is called Possibilities.

    Please do not ask what my method will be at this point. It will take a few posts to begin to comprehend exactly what I operating through this screwed up mind of mine. Be patient. Everything will be shown by me over a period of time. Little chunks here and there. Also, I won't post the EA, there are plenty of trade management EA's out there simply do a search.

    I shall try to do a screen capture at the start of each trade but likely will not post it until after the trading session is completed.

  2. #2
    1. Know the difference between how much you really CAN buy/sell versus how much you really SHOULD buy/sell. How much you can buy/sell is determined by your leverage, just how much you really should buy/sell is determined by your risk. Back when I first began trading at the U.S. you could still get accounts with 400:1 leverage. Is equally as good as it gets and even those accounts change leverage based on currency pair. I can remember having a account and buying and selling 10 standard lots. Did really well the first week and pitched my account in a couple of times (beginners luck). Margin called just 3 days later. It did not wipe out the account but man it wiped my ego. LOL! If you do the mathematics, 10 lots was $100 USD each PIP! That meant I only had 50 pips TOTAL before the account was wiped. At that point I stopped and learned about risk, leverage, stops, etc.,. I also learned about what type of trading satisfied me the best. Before you ever set your initial trade be sure to understand how to calculate the risk. Knowing that you have a specific quantity of your account at risk goes a very long way to helping you emotionally as you are trading. It allow you to consider your transactions and also will help keep emotion out of it. Use a spreadsheet if you have to some kind of indior on your trading appliions but make sure you understand the risk before you place the trade.

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