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- Forex-Jedi replied Jun 15, 2019
You are correct, it does indeed take work, time and effort to develop your own strategy, but this is where success is. It is, however, not difficult. If you aren’t prepared to put in the work of developing and testing your own strategy then you’ll ...
- Forex-Jedi replied Jun 13, 2019
Developing a trading strategy is a matter of looking for patterns, then devising ways to exploit those patterns. Patterns occur in every time frame, so you could (for example) develop a strategy based on daily, weekly or even monthly time frames. ...
- Forex-Jedi replied Jun 13, 2019
“Apparently blowing up an account is an essential part of the learning process.” No it isn’t. its an essential part of the “failing to learn” process. It’s great that you haven’t lost all your trading capital, but to be blunt, so what? It’s a bit ...
- Forex-Jedi replied Mar 29, 2019
You can’t simply open an account with an ESMA regulated broker with a branch overseas. Many have tried. There is an answer though, open an account with a reputable Australian broker, such as IC Markets or Eightcap. I trade with IC Markets and they ...
- Forex-Jedi replied Dec 8, 2018
Just an observation, you are specifying an absolute value (in pips) for TP and SL, ie 20 pips or 100 pips. However, this takes no account of volatility. 10 pips on one day could represent 1% of the market’s daily movement, while on another day it ...
- Forex-Jedi replied Nov 26, 2018
Mistakes I have seen people make: 1) Thinking that an EA or indicator will do all of the work for them. It won’t. 2) Not developing a strategy. So simple and yet so many traders just don’t do it. Instead they fumble around, switching from one ...
- Forex-Jedi replied Nov 24, 2018
I started out in trading purely out of curiosity because I was interested in how financial markets work, and so I had no expectation of profit. I realised early on that big profits are possible, but only if either a)you’re prepared to take big risks ...
- Forex-Jedi replied Nov 24, 2018
I’ve been trading with FXPro for years, It’s pretty obvious that your display did not update properly, and this has nothing to do with FX Pro. It’s very annoying when an excellent and reliable broker such as FXPro is criticised unfairly.
- Forex-Jedi replied Sep 9, 2018
The best advice I can give is as follows: 1) Don’t overestimate how much use something like Forexfactory is. There are plenty of clueless idiots here who post a LOT. Successful traders (such as my humble self) have nothing to prove, and rarely, if ...
- Forex-Jedi replied Aug 20, 2018
Sorry to say, this rightly belongs in the rookie section. If you’re still not clear about what pairs to trade then my advice is switch to demo. Put simply, you should trade those pairs that you have meticulously backtested your trading strategy on, ...
- Forex-Jedi replied Aug 18, 2018
I started trading purely out of curiosity. I often heard about this index rising 30 points, or that currency falling etc. It annoyed me that I didn’t understand it, so I went about looking to see how it all worked. I discovered trading almost as a ...
- Forex-Jedi replied Aug 10, 2018
Yes ATR includes the current period. If I want to use ATR in a strategy, I use the previous day’s. Also, there are several different ways to calculate ATR, some use the simple moving average of the true range (which is the simplest), others use an ...
- Forex-Jedi replied Sep 10, 2017
There are plenty of brokers who offer negative balance protection.
- Forex-Jedi replied Aug 9, 2017
I wouldn't be so sure that brokers care that much about bad publicity. From what I've read, they will chase you down for negative account balances, and will only hold back from issuing bankruptcy proceedings if they think you haven't got any assets ...
- Forex-Jedi replied Aug 5, 2017
Personally I would give up if you stop enjoying the process, or can't develop a profitable strategy despite trying everything you can think of. It takes a lot of work and time to develop a profitable strategy, but there's nothing like the moment you ...
- Forex-Jedi replied Aug 5, 2017
If you take your profit earlier than your strategy rules dictate, then you are no longer trading your strategy. The rules of your strategy (e.g. Take profit at 'x' level) should have been worked out in advance, and most importantly, back-tested ...
- Forex-Jedi replied Jul 31, 2017
Just because a trader teaches, it does not make them a failed trader. You might think all you need is a profitable trading strategy and that's it. You simply trade your strategy and you're rich, right? Wrong. Successfully monetising a profitable ...
- Forex-Jedi replied Jul 23, 2017
Backtesting as much as possible will help give you confidence in your strategy, and also give you an idea of what profit and drawdown you can expect if you were to trade live. The next step is forward testing. You can use a demo account if you wish, ...
- Forex-Jedi replied Jul 23, 2017
Maybe you didn't know, but I am English, not American, and here in Britain (which, as far as I am aware is still part of the 'English speaking world'), only morons use words like "learnt", and it most certainly is not 'the form normally used'. Maybe ...
- Forex-Jedi replied Jul 22, 2017
I have learned (not "learnt") that poor spelling irritates me more than I thought it would. One day, while walking in a field somewhere, I fully expect to come across a whole load of this loose money that everyone keeps talking about. That will be a ...