I am neither a forex trader nor a day trader....
I just registered for a free virtual forex trading account... (the primary objective was to get a feel of trading with help of realtime intraday candle-stick chart and that too for free!
In the beginning, my stops (which were fixed @ 20 pips) were invariably hit and soon I lost my virtual 1000$
. Ofcourse, the trading was hunch-based!
Then I again registered with 3000$ and this time decided to use some indicators etc.
So, my setup was :
Currency : GBPUSD
1] Candle Stick Chart {1min. & 15min.}
2] Moving Avg. Cross-over {3,15 Close}
3] CCI {14}
4] Bulls Power {13}
5} Awesome Oscillator
6} Take Profit : Fixed between the range 15 - 30 pips
I based my decision on (1) Moving Avg. crossover, i.e. 3-day crossing above 15-day, and (2) Awesome Oscillator crossing above the signal line, these were my signals for buy and the reverse of above conditions were my signals of sell.
I entered a total of 8 trades on friday, starting at 10.40 AM, out of which closed 6 with gains of 127 pips (a virtual gain of 1270$)!
Two of my trades are still open - shorted 3 lots of GBPUSD and bot 1 lot of GBPUSD
Now, in all the above trades, I did NOT use Stop Loss, which is a MUST in day-trading and I personally will never risk real money in this manner. But the results are quite astounding - six trades closed with profits and two in red (down 650$), but still open and can go in green or can be closed with minimum loss.
Now, what I want to ask is : How can S/L give losses and NO STOPS strategy give you profits?
Nitesh
I just registered for a free virtual forex trading account... (the primary objective was to get a feel of trading with help of realtime intraday candle-stick chart and that too for free!
In the beginning, my stops (which were fixed @ 20 pips) were invariably hit and soon I lost my virtual 1000$
. Ofcourse, the trading was hunch-based!Then I again registered with 3000$ and this time decided to use some indicators etc.
So, my setup was :
Currency : GBPUSD
1] Candle Stick Chart {1min. & 15min.}
2] Moving Avg. Cross-over {3,15 Close}
3] CCI {14}
4] Bulls Power {13}
5} Awesome Oscillator
6} Take Profit : Fixed between the range 15 - 30 pips
I based my decision on (1) Moving Avg. crossover, i.e. 3-day crossing above 15-day, and (2) Awesome Oscillator crossing above the signal line, these were my signals for buy and the reverse of above conditions were my signals of sell.
I entered a total of 8 trades on friday, starting at 10.40 AM, out of which closed 6 with gains of 127 pips (a virtual gain of 1270$)!
Two of my trades are still open - shorted 3 lots of GBPUSD and bot 1 lot of GBPUSD
Now, in all the above trades, I did NOT use Stop Loss
, which is a MUST in day-trading and I personally will never risk real money in this manner. But the results are quite astounding - six trades closed with profits and two in red (down 650$), but still open and can go in green or can be closed with minimum loss.Now, what I want to ask is : How can S/L give losses and NO STOPS strategy give you profits?
Nitesh
