Thanks! — Sorry for the late response, I do have a day job, too... @california - Thanks for your valuable input! I wasn't familiar with the DIBS system, and I'll definitely give it a shot. @lord68 - This system will average ~10 orders a month. ...

The Daily Stop System

@Trumpcard - indeed, as carbwb6 said, the position size is based on the ATR. @california - The max drawdown was 275 pips. I'm not sure what you mean by "in percent" - in percent of what? Currently I'm just testing the pips, I don't have a live ...

The Daily Stop System

polymorphfx - You're absolutely right, I had the numbers mixed up. It's fixed now. Thanks!

The Daily Stop System

As other have said in this thread, first and foremost - get a job. You CANNOT trade forex out of stress. You should do it with strategy, consistency, and willing to learn (and learn = lose). I would advise you to start with a system that works on ...

What would you do - time/money spent?

I chose forex for various reasons: 1. Very low commission compared to stocks 2. Variety of brokers I can choose from 3. A lot of learning material (on- and off-line) 4. Higher leverage (but that turned out to be one of the major disadvantages ...

Why do you choose forex?

I'm currently testing a system which does not use stop loss, but the position is always closed at EOD (end of day). So, you might regard it as a no SL system, but as long as there is a clear, deterministic rule for closing the position (which is not ...

Trading without stop-losses

I believe demo is a MUST. Yes, of course with live account your emotions and excitement will double, but just with demo you can really test your strategy. Now, consider this: - If your strategy worked on a demo for, say, 3 monthes, and you hadn't ...

Difference between Demo and Live

You should consider that closing the order in the same price you've opened it will make you lose the spread, so a real BE will be to close the order at the original price + spread (for a BUY) or original price - spread (for a SELL)

BE - Breakeven, how to set?

Started with 150$. After two weeks it was 250$, A week later - 50$... Learned my lesson, stopped trading and went back to the drawing board. Currently mixing Binary Options & Spot.

How much did you start with?

I would say - The more mechanical and structured your system - the less chaotic your life will be. If, by backtesting or statistics, you can evaluate how many losses you're going to have, then these losses won't have an emotional impact on you.

Is it a happy life ahead?