Forex from scratch --a helping hand from pipshower...

[pipshower]

Dear pipshower,

I read all you posts in this thread. I understand what you meant by this but said why you are doing like this alternatively...why could you do like... 1% risk per trade rather than trading with 1% of the account?

In the above example you said you need to open a trade of $150 and for that trade your pip value is $1. Why could you trade with $1000 and take only 1% risk?

I can explain more...

Thats what i mean the broker has no smaller position to open . It aint oanda .


I myself have traded acct from $500 to 1000 on oanda from the beginning sticking to my MM principle of 1% and its quite easy to do on oanda as my broker .

 

[TFL]

Thats what i mean the broker has no smaller position to open . It aint oanda .


I myself have traded acct from $500 to 1000 on oanda from the beginning sticking to my MM principle of 1% and its quite easy to do on oanda as my broker .

For making things clear...can you put an example trade like below.

ENTRY
STOPLOSS
Real Amount used for trade(without considering leverage)
NO OF POSITIONS means lots or fraction of alots.

Hope this will clear my doubt and proceed further.

ps: Not talking amount brokers like OANDA.

 

[pipshower]

For making things clear...can you put an example trade like below.

ENTRY
STOPLOSS
Real Amount used for trade(without considering leverage)
NO OF POSITIONS means lots or fraction of alots.

Hope this will clear my doubt and proceed further.

ps: Not talking amount brokers like OANDA.

Sure rather than putting it here why dont you check out yourself so you can understand it better.
Get the platform here
http://www.migfx.com/fileadmin/download/software/mig4setup.exe

Then sign up demo acct with starting act size 1k and open position and check.
Hope that will help.

 

[TFL]

Sure rather than putting it here why dont you check out yourself so you can understand it better.
Get the platform here
http://www.migfx.com/fileadmin/download/software/mig4setup.exe

Then sign up demo acct with starting act size 1k and open position and check.
Hope that will help.

Pipshower,

Not to experience but to understand your policy of MM 1% of a/c rather than 1% of trade.
Whats why I said put one of the trade here.

Haribird.

 

[pipshower]

Re: Trading plan...

I agree to all that...What I meant here was that my strategy isnt too good for trading a daily chart. For a daily chart, something like Saint Sir's flow method is more suitable. I dont know what TF do you trade, but personally i would rather keep my TFs a little smaller with this strategy.

And all your comments regarding your money management is true and completely agreed.

Vaise, whats next in your lessons? Are you gonna throw some light on your trading strat?

Ankit

First i dont know what Saint's method you are talking about.So i am sorry i cant comment on that.

Second, I trade daily , weekly timeframes the most and when want to trade more then 4H not below that.

Third, next in my lessons will be trading profitably from my perspective .

Fourth i will be coming to my trading strategy sooner.

 

[TFL]

Re: Trading plan...

First i dont know what Saint's method you are talking about.So i am sorry i cant comment on that.

Second, I trade daily , weekly timeframes the most and when want to trade more then 4H not below that.

Third, next in my lessons will be trading profitably from my perspective .

Fourth i will be coming to my trading strategy sooner.

So...we are awaiting to see you strategy.

 

[pipshower]

Pipshower,

Not to experience but to understand your policy of MM 1% of a/c rather than 1% of trade.
Whats why I said put one of the trade here.

Haribird.

Ok .
I will put it in example.

My account is say $10000
I want to trade EUR/USD
Min position size to open with my broker is say 0.01 lot which is equal to $100 of my acct . And where 1 pip equals $1. So $100 is 1% of my acct which is what i want to risk .

I enter a trade say Short at 1.3700
TP :1.3350 SL: 1.3800

So lets say it hits my SL so i am down -$100 i.e. lost 1% of my acct.
So i lose 9 trades in a row due to whatesoever be reason. I loose 10% of my account.

Now on same broker i am trading with $1000. I loose 9times . Where i stand?

Thats what i wanted to explain.

 

[ag_fx]

First i dont know what Saint's method you are talking about.So i am sorry i cant comment on that.

Second, I trade daily , weekly timeframes the most and when want to trade more then 4H not below that.

Third, next in my lessons will be trading profitably from my perspective .

Fourth i will be coming to my trading strategy sooner.

Well Saint Sir is a very popular teacher at traderji...hats off to him!
Anyways, would be waiting for your perspective and strategy

Ok .
I will put it in example.

My account is say $10000
I want to trade EUR/USD
Min position size to open with my broker is say 0.01 lot which is equal to $100 of my acct . And where 1 pip equals $1. So $100 is 1% of my acct which is what i want to risk .

I enter a trade say Short at 1.3700
TP :1.3350 SL: 1.3800
So lets say it hits my SL so i am down -$100 i.e. lost 1% of my acct.
So i lose 9 trades in a row due to whatesoever be reason. I loose 10% of my account.

Now on same broker i am trading with $1000. I loose 9times . Where i stand?Thats what i wanted to explain.

You are down $100 because your SL was 100 pips away and 1 pip=$1 in ur account. It has NOTHING to do with how much money u require to take this postion...Am i rite?

In case your SL was 200 pips, you wud loose 10% of ur account in 5 trades...And if ur SL was 50 pips, it would take 20 losses to wipe u off 10% in ur account....

If you trade with $1000, that means you are trading MULTIPLE LOTS....Whatever might be the minumum amount required to undertake a Lot, money management will boil down to SL & POSITION SIZING


i guess we all are saying same things...but speaking different TRADING LANGUAGES!!!! he he he

Happy Trading!!

 

[pipshower]

Well Saint Sir is a very popular teacher at traderji...hats off to him!
Anyways, would be waiting for your perspective and strategy





You are down $100 because your SL was 100 pips away and 1 pip=$1 in ur account. It has NOTHING to do with how much money u require to take this postion...Am i rite?

In case your SL was 200 pips, you wud loose 10% of ur account in 5 trades...And if ur SL was 50 pips, it would take 20 losses to wipe u off 10% in ur account....

If you trade with $1000, that means you are trading MULTIPLE LOTS....Whatever might be the minumum amount required to undertake a Lot, money management will boil down to SL & POSITION SIZING


i guess we all are saying same things...but speaking different TRADING LANGUAGES!!!! he he he

Happy Trading!!

RIGHT!
Its all the same!
But woth 1k acct i will be using same 0.01 lot and 1 position only as thats the min on the broker.

 

[pipshower]

This is my current trade based exclusively on daily and weekly analysis.

Here is the screenshot

Now i will move my stop loss to breakeven or to price i feel will hold the key.
The trade was triggered while i was in sleep .So it gives me freedom to do whatever in the free time.

Regards
Pipshower