September 5, at 9: If a trader ever asks why in the Forex market, there is most likely a headline, news announcement, or technical reason for the movement — making it great for after-the-fact explanations. For a single trade setup, I believed only 1 position can be taken either long or short depending on the trade setup. How is it possible to take 2 positions for a single trade setup?
Forex for Beginners
You should not widen your stop loss when the price goes against you and is about to hit the stop loss. Also, please note that a too wide stop loss is like having no stop loss. And a too tight stop loss causes you to lose money even when your position is correct. Checking the charts when you have open positions can trigger the negative and harmful emotions that cause you to make mistakes. When you see your position is losing, you get emotional and you close your position not to lose more, or you will widen your stop loss because you are afraid of losing too early and you want to give your position more time.
I take the positions, set the stop loss and target and then I come back the next day. Therefore, when they take a position and it goes against them, they take more positions probably to hit the market turning point finally. However, in most cases the forex market keeps on following the same direction and these traders will lose all they have in their accounts.
This is not trading. A good trader is not someone who doubles his account every month. You can double or triple your account by averaging down if the market turns around finally and you close all your positions with profit. However, you will wipe out your account the next time that you repeat this method because the market is not supposed to turn around every day.
Strong trends can be continued even for years. A good trader is someone who properly follows the markets strong movements and trends. That is the key secret. Over-trading is another syndrome I see among novice Forex traders.
Over-trading does not help you make more money. It causes you to lose your money faster. It is possible that you double your account within a short time through over-trading, but you will wipe out your account the next day, because you are not going to be lucky every day. If you trade based on luck, one day you win, and the other day you lose all you have already made.
I am not greedy at all. I do not try to become multi millionaire and make millions of dollars every month. It is possible to make millions on the paper and with the demo account, but live trading is different. I never open a big account to make my broker greedy. I trade with a small amount of money, raise it into some reasonable amount, and then withdraw most part of it and leave a small amount in my account again.
I always do this. I enjoy growing a small account. This is too hard when you trade through retail brokers. This is much safer, and besides, it eliminates the harmful emotions, specially fear.
You can save your profit and turn it into a huge capital after a while. Then you trade through a bank account. This is what professional traders do. You have to be happy with a small account and small profit while you have to trade through the retail brokers. Any trader looks at the market from a different angle, so traders can not compete with each other.
I know myself as a good trader, and I do not try to compete with a friend who trades more than me and makes more money. We are both good, but just our trading style is different. Trading style has a direct relationship with personality.
Trading is an investment opportunity to grow your wealth, not a good way to make a living. Hi, I have been reading your articles on bollinger bands and candlesticks including the doji articles. I completely understand how to set stop loss and where to enter but I am unsure as to what my profit should be in terms of where I set it.
I want to ensure that I hit my profit wherein I do not set my profit too high that I make a loss before I make a profit. How would I go about this? If the trade setup is strong, then your target can be even x3 of the stop loss. I do enjoy all your article, every bit of it has always been motivating and inspiring me to learn better.
Thanks for helping me as a trader. May God bless you. Dear sir , Kamel has really got the point what i was looking for. What is a healthy number of trades to place for an experienced trader after analysing 20 currency pair?
It is impossible to give an exact answer to this question. On some days I take no positions. Sometimes I take a few. I mean 1 to 3 positions. The best time for the daily candle close is 5pm EST. You should use the platforms that their daily candle closes at 5pm EST. The reason is that at that time all the markets, specially New York and London market are closed and the formed candle reflects both of these markets movements.
For example, when you see an engulfing pattern you enter just after the daily close or you place a pending order? Stop-loss is a shit thing. In my experience, as every one knows history repeats itself, at least by not setting a SL you can wait for market retracement and can make your loss minimum as market reverses itself.
But putting a SL, a definite thing that you can going to loose money. Warren Buffet and other famous traders never used any Stop Loss in their entire career. So they should be loss all of their money,but they are billionaire……………….
I heard this in a video by a so called millionaire: Are you sure that if you set no stop loss the price will turn around and you can get out with no loss?
Those who wipe out their accounts think like this? Can they trade like Warren Buffet? Do they know what Warren Buffet and his financial and investment consultants know? If you want to experience how trading without a stop loss can wipe out your account, then open a demo account and take positions without stop loss. If you like to see how history repeats itself, then open another demo account and trade without stop loss, after your first demo account got wiped out. I agree with you Chris Sir, I did not said that history does not repeat itself.
Personally I think that there is a criteria for SL. I did not said that you cant have any loss by putting no SL. From watching the course videos see if you can pick up on one of the setups you saw in the course material. Once you can see the first setup chose another setup to watch for. Look for a larger time frame then time the entry to a trade on a smaller time frame.
You will see this taking place in the trading room. Everything starts with the Jump Start indicators. Watch the following video for more detail on the best way to learn this system quickly and start making pips on your live account in 2 to 4 months. This is a step-by-step system. You can make money using Launch Pad. You will see a bigger picture when you understand Nth Degree.
The trading room will help to learn the system faster and with a deeper understanding of what is going on in the currency market. Jed and Kirk Norwood support forexstrategysecrets. To build your trading career with a solid foundation visit http: Either Launch Pad and or Nth Degree. Sections of this page. Email or Phone Password Forgot account?
The Forex market is a rather technically pure market with global transactions occurring around the clock. If a trader ever asks why in the Forex market, there is most likely a headline, news announcement, or technical reason for the movement — making it great for after-the-fact explanations. But live trading perplexes and fakes out traders with nasty unanticipated volatility.
This simply means that managing risk and trade size is important to reduce the noise and capitalize on the actual movement or direction the market has to offer. A solid education can provide an application-based foundation. Support and encouragement are also necessary to stay positive as a trader. I am a big believer in having a support network to tap into when you find yourself struggling. Lean on a support network of traders who are performing well and adopt some survival skills during the tough times.