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Hey all! New to forex, have a question about risk management.
So I’m on track to double my paper account from 5k into 10k in less than 2 months. I am taking maybe slightly larger positions than I should, but nothing too extreme. My strategy is picking pivots, gauging the momentum, using top down to pick potential pivots, place a tight stop on one side, and then just letting the profits run as long as possible using 4h chart and placing stops as it continues to run. I have found this to have a low success rate but because of the profit to loss ratio being in the ballpark of 5:1 or more sometimes that I only have to win 20% of my trades. When In reality I’m doing far better than that. Getting close to 50% win rate. Maybe something like 30-40%. My question is, is 2 moNths doubling a paper account enough back testing to start with real money? Or is this too risky? Should I double it a second time before I risk the real dough?
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What etf's would you take if you where living in europe (forex risk). With the aim of growing by 5%-10% yearly but with a long term approach lets say 20-30 years, buy monthly and forget.(from etf bonds, to dividend etf's, to growth etf's, etc) I'm still young (25 years old) and want to start investing, I don't plan to kill it with stocks/bonds just make some extra cash by dumping some of my money in a 'safe way' but not be actively trading I think you guys call it the lazy Portfolio. I found a lot of information for american citizens and had a strategy till someone pointed out to me about forex risk and I realized I would be gambling. So my question to you guys is if you were to create such a portfolio what etf's would you get. I just want to see what you guys recommend so I can start looking into them. I also have another question, I was seeing these top 4 european etf bonds on investopedia https://www.investopedia.com/investing/european-bond-etfs/ and in the 5 years term there all in the negative they wrote it themselfs like how can you say they are the best etf bonds when some of them lost 15%. Am I understanding this correctly or no? I was looking at regular bonds yesterday they all seem to rise in price not decrease. Thanks. Edit: I'm from Malta
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Hi guys! I do not have any knowledge on forex as for now but i really want to get into it as i see a lot of my friends have been trading in forex and they are quite well off. How do i go about? Is RM 1000 enough to invest for initial capital? Is it high risk?
Started my journey in June when I turned 18, the legal age required to trade in Canada. Ever since I dedicated myself to the craft of trading I can say it has made me more disciplined in many aspects in my life. I had to come up with strategies to remove overtrading and that 9-5 mentality of trading everyday. It took me some time to realize that trading everyday exposes your equity to a high amount of risk no matter how good the setup looks. Fast forward to November life is great I am making 15,000 per month and I am a funded FTMO trader. This is a manifestation of my efforts and energy going into the trading career that I have birthed. I love my life soo much I am financially free and I can consistently generate profits from the forex market. I started trading live in September, September and October were net negative months but the month of October was the month when I made over 1000 dollars in a day, This post is mainly to inspire others to never give up. My future is going to be amazing by the time. Always stay focused and never quit on something that you cant go 3 hours without thinking about it.
I have an 89% win rate over 18 trades, with a 27% profit. How many trades should I do before going live?
So I've been doing some scalping on pairs with high spreads in cryptocurrencies previously with great success, but I finally figured I'd give forex a real shot (was into it a few years ago, but didn't go live). Last time I scalped in crypto, I had 14 out of 14 successful trades, but only about a 10% profit. I haven't heard about anyone scalping the way I do in crypto, but I find my method extremely reliable when I just find the right pair to trade. This is just to say I have some experience with trading, but I'm by no means an expert. Now, I've been scalping the past few days with a paper trading account on TradingView. I've mostly been trading the US Currency Index, S&P 500 and some crypto pairs thus far. I'm scalping on the 1m time frame using bollinger bands and looking at trends, price action and stoch RSI for confirmation on my entries. I started out with 100k a few days ago and first doubled my account to around 200k and then did a 1,3 mill trade, but I was running like 500-1000 USD per pip, so if the market turned against me, I'd be liquidated real quick. While the trades were good, I figured I was disconnected from the risk I was taking because it isn't real money, and I wanted to try doing more conservative and realistic trades, so I reset the account yesterday. Edit (more trades done): Since the account was reset, I've done 45 trades where I've lost on two of them. If my math serves me right, that's about an 95.5% win rate. I'm up around 77.5% currently. I did lose 1500 on one trade, but that's because I by mistake placed a sell order when I was supposed to add another buy order double down on my long position, so I'm not counting that one in (but I'm not counting the 1500 I lost as profit either). I have a very strict strategy I'm sticking to when doing these scalps. I realize 45 trades is not a huge sample size, but that is kinda why I'm asking: How many trades should I do on the paper trading account before I should run it live with confidence? For anyone who might be interested, here's my account history: https://imgur.com/a/zuRSWwd Edit: here's 6 trades more: https://imgur.com/a/CmbyU6n Edit2: some more trades: https://imgur.com/a/q9xqVyq Edit3: I think we're up to 45 trades now: https://imgur.com/a/CsWZEN7
Charts confusing? Here's how I trade without ever looking at a chart.
Been getting PM's about how I trade without looking at charts. So here it is guys. Say EUUSD is down -0.20% and -20 pips on D1 and -0.15% and -15 pips on H8. I now have a trade opportunity because I know two things. The price is low and the price is starting to go back up. I can buy. TP/SL is simple. I'm aiming for zero and I take a long position. 15 pips for TP & SL and size my lot according to my risk management tolerance. Since Forex ranges more than it trends I know odds are I made the right trade. I don't touch the trade and it'll close with a profit or loss. When that happens I repeat the process having never looked at a chart. To demonstrate here are a few charts as I get most are thinking I'm crazy. But this is what you're doing when you follow the trend. Hoping for uncharted territory to make a profit. https://preview.redd.it/8ryw5lvqkjy51.jpg?width=2337&format=pjpg&auto=webp&s=456efdeeb838fe0f5c5aa8aac405f7c776f08e62 Here's what you're doing when you aim for zero. Buying low, selling high & selling high, buying low. Price almost always will go back to the middle which takes all the guess work out of trading. https://preview.redd.it/z79symlskjy51.jpg?width=2209&format=pjpg&auto=webp&s=fb945390f2f3c031ae81680689eb7c30730ad9a7 If your profits depend on prices flying off into the vast unknown you're not going to make money because that's not going to happen often enough. If your profits depend on prices that happened just hours ago there's a much better chance people will want to make a deal at that price again. Try it out. Trading really is as simple as buy low sell high. But you're not buying low and selling high when you follow a trend. Then you're buying high and hoping it goes into uncharted territory.
So there seems to be a lot of new people on this sub. And makes sense if you have questions a lot of time you'll turn to reddit for the answers (I know I do). Well here are some tips that I think would benefit new traders.
Don't trade ANY Euro pairs. Look I know it's the most traded pair it goes up and down really fast and there's so much potential for you to make money. Turns out there's even more for you to lose money. It's way too volatile specially if you don't know what you're doing. EUUSD is the worst offender.
Trade the Daily. Might think you're cool looking at charts every x amount of times during the day. You get to tell your friends and family that you trade all day and they might be impressed at what you're doing but unless you have some years under you stick to the daily. There's less noise. You can see clearer trends and when you don't stare at the screen all day you're less emotional therefore a more effective trader. I only look at the chart 15 minutes a day to either enter close or manage my trades. Whatever happens when I'm gone is what happens.
There is no holy grail indicator Look for it all you want. It doesn't exist. There are good indicators. There are bad indicators. There are some indicators that are so broken if you do the opposite of what they're intended for you'll actually make a profit. But the fact remains that there's no perfect one. Stop looking. What you should be looking for is an indicator that fits with your strategy.
What currencies to pick. I actually never see this brought up. The notion in forex is that all pairs can be traded equally. To a certain extent that's not false. But until you get the hang of it stick to a strict trading diet. Look for pairs that trend a lot. Duh look for the trend I can hear you say. When I say trend I don't mean a couple of days or weeks. I mean a couple of months. Half a year. Pairs that do that have a higher tendency to stick with one direction for a while. That's where you make your money. An easy way to identify those pairs as well is putting together a volatile currency (USD) with a less volatile one(JPY).
USE YOUR SL Trust me even if not putting a SL has netted you all kinds of gains eventually the market will turn around and bite you. With no safety net you'll lose most if not all your profit. The best offense is a good defense.
How to pick your TP and SL level. Most new traders care so much about that. I put it near the bottom because in my opinion you should know everything listed first. This is my opinion and I use it for my strategy I use the ATR(average true range) indicator. It's a really helpful tool that helps you identify the range at which the candles will either rise or fall. Obviously you want to set your TP inside of that range and your SL slightly outside of it.
Lot sizes. Everyone has a different story about how they pick their lot size. The general consensus is don't risk over 2% of your account. But I'm a simple man and I can't be bothered to figure out what my risk is every single time. So what I do is I put $0.10 for every $100 I have on the account. I then assign $300(minimum) to each pair. That's $0.30 per pair. It's easy to remember. 10 cent for every $100. If you're able to blow $100 with $0.10 then you probably shouldn't trade.
How to avoid reversals. Tbh you can't. There's no way to predict the future so eventually you'll get hit by one. What you can do however is minimize the blow. How I do it is for every pair I take two trades. If you remember in the previous tip is said I do about$0.30 per pair well I divide it 2:1. I take one trade with a TP(2) and one without (1). If my TP is hit I pocket that amount and if the trend keeps going in my direction I make even more. If the trend decides to end or reverses my losses are minimal because at least I kept half.
There is NO right way to trade. Stop listening to people telling the best way to trade is fundamentals or naked charts of to use some specific indicator. There are no right way to do this. It's as flexible and unlimited as your imagination. I personally use indicators but if that's not your thing do YOU! Just remember to manage your trades properly and be level headed when trading. Hell if your trading strategy is flipping a coin with proper trade management you'd probably make some money (don't quote me on that).
Trade money you're willing to lose Don't trade your rent money.
That's all I have for now. If anyone sees this and wants to add more feel free. Hope this helps someone.
Do you find yourself being more lucky and magnetic towards desirable events on SR streak? I'm specifically interested in people who make their money with forex trading, sales, playing pokesimilar games, etc. Where luck is considerably involved. What do you think about it and can you really rely on SR as a source of increased luck(not 100% of luck, just a slight increase) and therefore take more risks with activities similar to the ones described above? If yes, what are other ways of increasing your luck/magnetising ideal events and people in your life? Is it about increased vibration, life force, aura or something else?
first weeks learning. I have some question, please?
Hello: I´m from Portugal. In the past 2 months i start to study information about Forex. I´ve been developing a model that looks quite promising. But i would like to get help in some questions, if you plase; 1) Is there anybody here from Portugal? If so, which broker do you use? Are they a Market Maker ? 2) Metatrader seems to block sometimes my laptop. So what are the alternatives? CTradeRr? 3) A more technical question: I came from SportBetting. In Sporting Betting position size is fundamental. I´ve noticed that risk management with Forex is a lot based on stop loss order. But i´m a believer in bankroll management, so i want to test all possibilities . An example: I have 2000 Euros. My model says to apply 8% of my bankroll. Would this be just a simple conversion to lot size? And if so, does it really make sense, since you are gonna apply a stop loss? Thank you guys.
In these difficult times, please be aware of trading/investment scams
In these difficult times, when many people may be losing their jobs, I wanted to draw attention to share trading/investment scams. They’re relatively easy to recognise if you’re familiar with their ways of working: they usually approach people out of the blue, offer fast or big returns, promote a lifestyle many of us wish we could have, don’t want to discuss the risks and they’re not regulated by the FCA. Now I’m not a finance expert and don’t know the ins and outs of the regulatory work but I know that I should only deal with companies with a good public presence that are also FCA approved. If they start dodging questions, it’s a clear sign that they may be up to no good. I was approached by someone on Reddit today offering investment account management promising returns in as little as 7 days. Their profile is full of photos of someone living a lavish lifestyle and sometimes looking at a few charts. They were super quick to respond to any question but suddenly went quiet when I asked about the FCA. Again, I’m not an expert and some offers may be genuine. But now that many of us are struggling, it’s important to be extra careful and avoid potential scams as much as possible. The FCA has some good guidance on their website about these scams and how to avoid them. Stay safe, all.
I currently manage around half a million dollars and have been trading for 6+ years with 3 years of consistent profitability. Paid for my trading lessons the hard way by losing a lot of money at first. Here's some advice that might help you. 1) Treat trading like a business. I know you probably heard this 100 times before but I feel like I should emphasize this point. Majority of traders overestimate their ability to make money and underestimate their risk exposure. 2) Think long term. The more complex your trading system is, the less freedom it has in terms of flexibility because of too many variables in your analysis. So, keep your trading system simple. 3) Do not rationalize or predict the market. Do not look for comfort in your strategy. In fact, do the reverse. Find comfort in the thought that markets are chaotic and there's always a good chance of you losing a lot of money. This should keep you up on your toes and controls your greed during a profitable streak (You are not a money printing machine, trust me. ) 4) Every trade you open should be assumed as a loss. This is very important in terms of having a healthy mindset towards managing risk. I never open a position based on how much money I can make. I do it based on how much I can afford to lose in this particular trade. 5) Biggest mistake I have observed while working with other traders is not doing their homework. If you don't plan your trades before the day even began, then you will develop a mindset of chasing the market which will lead to your downfall. Which brings me to my next point 6) Maintain three things - a) your daily trading notes that you read before you begin trading b) market observation notes which includes particular strategies and observations in specific markets and c) a full fledged trading journal where you record everything you traded. Always remember that majority of your trading work is done when you're not trading. 7) Journaling is the most important and also most neglected part of trading and most traders, including some very good traders do it in a wrong way. How do I know that? Let me ask you something : Tell me about what kind of trading setups were the most and least profitable in the last 100 trades. Explain them to me in detail including your analysis and opinion on what you think might have happened. If you can answer this in detail and with specific examples from your last 100 trades then I know you have a good journaling habit. If you cannot , then it's time to improve on your record keeping. Remember that your journals are the only way you can guarantee that you will grow as a trader. 8) Remember this no matter what - Not having a position in the market is itself a position if you know what you are doing. There's no need for you to always trade all day everyday and try to make money. In fact, I can guarantee you that markets will not always behave according to your trading system and during those times trying to "find a needle in a haystack " type of behavior is reckless and will take an emotional toll on your mind. Just sit on the sidelines if the market isn't moving according to your system. 9) There's no thing as overbought or oversold scenarios especially in forex. Heaving a bearish bias because the market moved up by a lot is just ridiculous and most likely guarantee that you miss out on bullish scenarios. If you start developing a bearish bias after a huge bullish move then you better have a damn good reason for it instead of just saying " It moved up by a lot so I'm expecting a reversal". 10) This one is a personal opinion. Always remember to take breaks and relax during the weekends. Managing stress while maintaining performance is a huge part of the job and I don't want you to burn out after a few months of serious trading everyday. Maintain a decent social life outside of trading to keep your sanity intact. Get some hobbies. Your health and well being is very important to your long term performance as a trader so don't neglect it.
r/DayTrading's Monthly Questions Thread - November 2020
Please use this sticky to ask questions and to see answers to similar questions you may have. Over time we'll be collecting common questions and adding it to our wiki. See the getting started wiki here. If anyone is new to day trading, I highly recommend reading the Forex community's wiki paying special attention to babypips website which also teaches some general tools you can apply to stocks/futures/etc and especially read the wiki's sections on risk & money management that can be applied to any market. Pattern daytrading rules wiki. Also see the sidebar (or "about this community" on mobile website) on every related community to learn more about trading. Here's a list of all the previous question stickies.
Forex Risk Management is the single most important thing to master. But it’s also a broad topic. Let’s narrow it down and give you something you can actually use right now. You may want to watch the video just for the visual aspect of it alone. It may be easier to follow since we’ll be hitting some pretty technical stuff. Or as always, you can continue reading on… How you manage your ... Forex Risk Management Tools. Risk management is all about executing positive expectation trades while using leverage responsibly. The following forex risk management tools can help you complete this task: 2% Rule: This strategy states that between 1% and 3% of the trading account balance may be put into harm’s way on a single trade. Risk vs Reward Ratios: Guidelines vary, but traditional ... Foreign Exchange Risk Example . An American liquor company signs a contract to buy 100 cases of wine from a French retailer for €50 per case, or €5,000 total, with payment due at the time of ... If you use the Forex Risk Calculator you can not only calculate the risk properly and accurately you can also make sure you will get enough profit without risking too much money. The idea of calculating risk is just to minimize the risk factor in a trade. Conclusion about Forex risk calculator . It isn't that hard to ace risk to remunerate proportion once you comprehend the fundamentals of how ... Forex Risk Management Strategies That You Should Know. What is the risk in forex trading? Risk is the potential for uncontrolled loss of capital in trading. Leverage in trading is a borrowed capital to increase the potential returns and in the forex market, high leverage is up to 1:1000. So traders can trade with more money than they have. Risk percentage = Risk / Capital. But there is the ... Forex Risk Management Strategies. MIND, MONEY, METHOD. WINNING FOREX STRATEGIES. Don’t have time to read the Guide now? Request a PDF version. It’s pretty common for new Forex traders to think making money through online Forex trading is fast and easy. However, it’s a process that takes time, dedication, commitment, and patience, if you want to be successful and profitable in the Forex ... Forex risk management is one of the most, if not the most, important topics when it comes to trading. On the one hand, traders want to keep any potential losses as small as possible, but, on the other hand, traders also want to squeeze as much potential profit as they can out of each trade.
Things about Forex Risk Management and Position Sizing ...
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