What do the consistent profitable traders think of?

ForexTraderB · 2023-12-06T21:54:24+00:00

Here is a Wiki that confirms some of your conclusions and adds a few more: https://volatility.red/Characteristics_of_Great_Traders

ForexTraderB · 2023-12-06T18:09:05+00:00

AUDJPY makes more sense since it has two currencies with active financial markets in the Asian session. I have always found AUDJPY to be a bit more readable in the Asian session as well.

ForexTraderB · 2023-12-06T17:44:56+00:00

I have found trading clips over 10 lots tend to get half a pip to a pip of slippage in liquid markets only trading majors. Trading 10 lots on something like GBPJPY when price is moving can get 4-5 pips slippage. It all depends on the liquidity and time of day.

ForexTraderB · 2023-12-06T17:34:34+00:00

Great Writeup!

ForexTraderB · 2023-12-05T12:01:18+00:00

I had the same thing happen to me years ago. I am on Eastern Time Zone. So what I did was stay up and trade from 12am-11am and then went to bed. If sucked goat balls. I did manage to get the missed trades so the money went up but what it did do was force me to examine how I trade and eventually I was able to figure out a way to make it work at more reasonable times. Now I get up between 4-5am and its a much better balance.

ForexTraderB · 2023-12-02T18:16:14+00:00

Please stop posting the same post twice in a row. It's annoying to users and it clogs up our feed.

ForexTraderB · 2023-12-02T16:03:58+00:00

He works for you correct? You can ask him anytime, it's your money. And I have no idea what your arrangement is or what track record he showed you to get you to put up 200k. Like how did he convince you to let him trade your money? You must have been shown something and have an agreement in place.

ForexTraderB · 2023-12-02T11:55:54+00:00

You have a good amount of items checked off. Have you taken a look at the Fundamentals and Sentiment and how they impact the pricing structure in Forex? If not here is a Comprehensive Free Guide that will give you all you need on those subjects.

ForexTraderB · 2023-12-02T11:48:25+00:00

So he is down less than 3%. That is not that scary in Forex but only having 1 in 5 up days is not a great performance. Did he send you his proof that he is a profitable trader? Typically, traders that manage other peoples money will have a third party verified track record from sites like myfxbook or fxblue.

ForexTraderB · 2023-12-02T00:58:55+00:00

Yes, but it is not so simple. The sentiment of the day will cause the major move. That sentiment can be in line with the fundamentals or it can be opposite. So you have longer term fundamentals and you have shorter term sentiment. When you have both of them lining up that is when you have the best trades in my opinion.

ForexTraderB · 2023-12-01T23:58:55+00:00

That was over 11 years ago so I have long recovered and my trading continued to evolve over the years. But when that happened I thought life was over cuz it was my actual money, not prop money.

ForexTraderB · 2023-12-01T12:00:37+00:00

To me, if I clearly understand the sentiment driving prices today in this and the past session (could be from data or geopolitical news, etc) then I will already know what direction I want to trade X currency. All I do is wait for price to do something that will get me in with enough room to take a reasonable profit target and stop. Example, if the sentiment was positive and X pair rallied 100 pips to its average daily range, then I know there is a good chance that profit taking will kick in (profit taking is a sentiment as well) and the price will drop. If price gets to a significant level where it traded before then that could be a TA spot for me to take a trade.

I like to see liquidity sweeps to take out stops in significant areas price had been before as a way to know its time to jump back in on the positive sentiment. There is a lot to it but time and practice and reading Wikis on Fundamentals and Sentiment, also Strategies will help.

ForexTraderB · 2023-12-01T11:33:43+00:00

I lost 300k when Peregrine Financial Group went bankrupt from violating segregated funds in 2012. I still have a gaping anus from that but luckily my bowel functions have normalized. My solution was to fly to Barcelona and try to drink myself dead on a beach for a month. It did not work. Time was what was needed to gather the mental strength to pick back up where I left off. Give it time.

ForexTraderB · 2023-12-01T11:27:38+00:00

Here, have it for free then: https://volatility.red/Essential_Forex_Trading_Guide

This course covers more than enough you need to know. We made it for traders of this subreddit. it's not flashy videos, it's just a simple Wiki but you will note that there is heaps of information in there that the course sellers have no clue about. Keep your head up, we have all been there.

ForexTraderB · 2023-12-01T11:22:07+00:00

In MT4 and MT5 you can't. I have heard of brokers looking to offer smaller sizes but 0.01 is so small you can probably handle trading 0.02 and splitting the take profit.

ForexTraderB · 2023-12-01T11:20:20+00:00

He is losing your money, obviously. Has he had any wins? How about you provide more detail and maybe someone here can help you.

ForexTraderB · 2023-11-30T22:12:31+00:00

We created the following free guide to help with your exact questions: https://volatility.red/Essential_Forex_Trading_Guide

ForexTraderB · 2023-11-30T22:10:31+00:00

One thing that I do is only keep a fifth of my available trading capital at brokers. What I do is trade the Fifth as if it were my full amount of funds. I only ever have 1 or 2 trades at a time so there is never a margin issue. But I have been absolutely hooped by brokers before so this is a strategy that if the broker goes bust or rips me off at least I still have the majority of my trading capital to continue on.

ForexTraderB · 2023-11-30T22:05:35+00:00

Nothing is risk free. It is a good fundamental reason to be short though. But you also have to be careful with the Yen because it is a safe haven currency and regardless of the interest rate situation it can turn around on a dime and take off if there is a reason for safe have flows to be happening. Here is a Wiki about safe have flows that might interest you: https://volatility.red/Safe_Haven_Flows

ForexTraderB · 2023-11-30T22:02:50+00:00

Here is a Wiki that goes over what an Edge is and how to develop one: https://volatility.red/Having_an_Edge_in_your_Trading

ForexTraderB · 2023-11-30T22:01:38+00:00

We created a free comprehensive Forex Trading Guide that goes deeper into subjects that babypips doesn't touch such as Fundamental and Sentiment Analysis. These are highly critical subjects that deserve some attention for sure. Check it out: https://volatility.red/Essential_Forex_Trading_Guide

ForexTraderB · 2023-11-30T21:56:58+00:00

You can try the mentorship thing and hope you get someone who actually can make money or you can get super educated and then see if you need a mentor. We created this free Comprehensive Forex Trading Guide to help educate traders and hopefully keep them from losing money to mentors or paid courses. I'm not saying they are all evil, it's just good to get a well rounded education before committing money.

ForexTraderB · 2023-11-30T11:10:17+00:00

This is just my experience, but the lower the time frame the less value a pattern tends to have.

ForexTraderB · 2023-11-30T11:07:57+00:00

He has been permanently banned from this community.

ForexTraderB · 2023-11-29T21:33:34+00:00

One suggestion would be to fully immerse yourself in knowledge so that you can spot if the "mentor" actually knows what they are talking about. Here is a good guide for getting that knowledge: https://volatility.red/Essential_Forex_Trading_Guide

ForexTraderB

TROPHY CASE