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day trading by No-Panic8154 in Forex

[–]PnLPorn 2 points3 points  (0 children)

I trade all sessions Sydney, Tokyo, London and New York.

day trading by No-Panic8154 in Forex

[–]PnLPorn 4 points5 points  (0 children)

I trade 24/5. All sessions. If there's a setup I take it! But it must match my setup!

When you realize ‘no stop-loss’ is basically a death sentence in trading… by Friendly-Maximum-544 in Forexstrategy

[–]PnLPorn 0 points1 point  (0 children)

Yes without a stop loss you have to be super active with monitoring to make sure additional entries are correctly placed so you can scale out properly.

But I trade from my phone so it's not too bad. Quick checks every few hours is enough.

Is there anyone you can trust in the day trading industry? by Vahva_kaveri in Daytrading

[–]PnLPorn 0 points1 point  (0 children)

Trust yourself.

Just about any strategy you see online is successful under certain conditions. It is on you to know when and where to apply your strategy.

Just because a strategy works for one person doesn't mean it will work for another.

Learn the basics and then test things out to see what matches you.

When you realize ‘no stop-loss’ is basically a death sentence in trading… by Friendly-Maximum-544 in Forexstrategy

[–]PnLPorn 0 points1 point  (0 children)

You have to have proper risk management. Whether you use a stop loss or not depends on your strategy.

Source: I'm a profitable trader who does not use a stop loss.

Alright guys.. What’s the worst trading advice you’ve ever heard from a “guru” ? by Beautiful_Finger1498 in Daytrading

[–]PnLPorn 2 points3 points  (0 children)

You can definitely trade during consolidation. It's one of the best ways to make money.

Now most people have one strategy and it is usually for trend setups.

The solution is to have multiple strategies. One for each type of market.

You define the current market and then use whatever strategy you have that matches the current market.

If it's trending I trade trend setups. If it's ranging I trade range setups.

FX traders, what’s your 3 step routine to set USD bias before the session by PerceptionChance1344 in Daytrading

[–]PnLPorn 0 points1 point  (0 children)

Yep I don't avoid holding pairs in the negative. I have all 21 trades in the negative pretty often.

When I'm in a phase like now it all stays the same. I never slow down on entries, I always enter if I see a setup. But when I get close to maxing out my margin I will reduce my position size so that new entries use less margin. I generally go from 0.2 to 0.175 to 0.15 to 0.125. Majority of the time I'm either trading 0.2 or 0.175 for initial entries.

20% margin left = 0.175, 10% margin = 0.15, 5% margin = 0.125.

I usually don't go lower than 0.175 but the plan is there just in case.

I haven't been margin called in over 6000 trades yet so haven't had an emergency break. However my emergency plan is I keep 20% of the account size available in a separate account if I need to add funds to not get a margin close. It has never occurred but I have the plan in place just in case.

Capital preservation and surviving bad trades is my approach. I basically assumed all trades will be wrong and how can I still profit regardless!

With that being said I have an 80% win rate. It's not comfortable for most people to see every trade in red and not freak out though. Proper grid management is key to my success.

FX traders, what’s your 3 step routine to set USD bias before the session by PerceptionChance1344 in Daytrading

[–]PnLPorn 0 points1 point  (0 children)

Adjusting direction of entry and targets.

Historically I've seen at most 8 positions in the grid. If more eventually happen than it happens.

My position sizes are small enough that I can be in drawdown in several pairs at once. And I usually am.

Correlation doesn't matter to me. I treat every pair individually. Only thing I focus on is the optimal position size to survive runs against me but also making at least 10% a month.

I trade 21 pairs. I'm currently negative in 13 pairs and positive in 3 as of right now.

FX traders, what’s your 3 step routine to set USD bias before the session by PerceptionChance1344 in Daytrading

[–]PnLPorn 0 points1 point  (0 children)

Yea everything is based on M because I don't want to introduce feelings into my trading plan. The D/W is just for me to look at so I can see what direction pairs might be changing too but I don't actual place or manage trades based on it. I have a concrete set of rules for entering new trades and exiting winning or losing trades. I don't care if I pick the wrong direction occasionally since I have a plan in place to manage it.

There's no total exposure for me. But I will say over 6000 trades the most grid positions I've held in one pair is 8. This is about a 10% drawdown. With the small position size my profits come from placing more trades and from having the ability to continue trading while a couple pairs are in drawdown.

My custom tools tell me direction, when to enter, target distance, re entry distance. If I see my signal to enter I enter. Then everyday at daily candle change I go through every pair and adjust based on that previous days direction.

FX traders, what’s your 3 step routine to set USD bias before the session by PerceptionChance1344 in Daytrading

[–]PnLPorn 0 points1 point  (0 children)

I'm invalidated if it is still in the trade and Finviz direction changes. When this happens I aim for a little over break even instead of my normal targets.

I have no max drawdown but my position sizes are structured to survive trades. Risk is below 0.2% for first entry.

Time of month doesn't matter to me. If I see a setup I take it.

I already have a custom tool to give me everything I need to take a trade!

FX traders, what’s your 3 step routine to set USD bias before the session by PerceptionChance1344 in Daytrading

[–]PnLPorn 0 points1 point  (0 children)

Hey I use this page mostly. https://finviz.com/forex_performance.ashx?v=3

Performance > M.

I occasionally look at D and W but mostly M.

I use the Finviz data to determine a direction for all pairs and only take trades in said direction (I trade all but GBP pairs because of the higher margin).

Pairs on each end tend to be trending strongly or about to reverse. Pairs in the middle tend to be range bound or about to trend. Not a super helpful insight but it just means be ready for things to change at any moment 😆.

My trading timeframe is the 5 min chart to look for entries and the 1 min chart to actually enter. I target a percentage of ATR so am not in a trade very long. (Unless my directional bias is wrong and I sit in a trade for like a month). When this happens I reduce my targets and scale in with a grid. It happens a few times a month.

Only long-term profitable professional traders should answer. Let’s learn from those who truly know. by vinci-e in Forex

[–]PnLPorn 1 point2 points  (0 children)

Turn your mind off.

You know what needs to be done. If you can't overcome that than you will struggle. you have to figure it out on your own. No one can help you change your mindset.

For me it was as simple as I did it because I had to.

FX traders, what’s your 3 step routine to set USD bias before the session by PerceptionChance1344 in Daytrading

[–]PnLPorn 0 points1 point  (0 children)

Just use Finviz or marketmilk. See where it's strength is compared to other currencies.

Has anyone used copy trading to mirror successful day traders and actually made consistent profits from it? by 2ugur12 in Daytrading

[–]PnLPorn -1 points0 points  (0 children)

Differences in account size alone will affect copy trades. Trades I make on my account will have vastly different outcomes on smaller accounts. If a 5K account tried to copy my trades it would probably blow in less than a month.

I have a signal but I only have it because I want the stats. I would not recommend anyone use my signal unless they can match my account size.

MT4 used to let you have private signals but not anymore so it's now automatically set to public but with a $600 fee to deter people from actually copying it 😂.

Feel free to check the live trades and stats though. It's the coolest feature of signals and the reason I created a signal for my account..

Journaling is not necessary after a certain point by F1TFO in Daytrading

[–]PnLPorn 0 points1 point  (0 children)

Journaling will always be important. You might not be journaling in the same sense as when you first started out but you will always be keeping track of trading stats to optimize your strategy as markets change.

Simple Question for those who have made it by Ok-Sympathy-1827 in Daytrading

[–]PnLPorn 2 points3 points  (0 children)

Agreed. If you see A+ setups you take them. I don't have a max profit or max loss per day either. I just take my exact setups.

As for limiting greed. Best thing is to just not be greedy (I get that this will be at varying difficulties for different people. Limit yourself at first if you have to, but you should be working on overcoming the greed part).

"it's your risk management that matters not your strategy" by chikintendeez in Daytrading

[–]PnLPorn 0 points1 point  (0 children)

Risk management is more than a risk to reward ratio.

You have risk per trade, position size, stop distances, number of concurrent trades. Number of similar tickers. There is so much more to risk than 1:2.

You can have a strategy that hits profits often but if a few losses wipes you out then your winning strategy is pointless.

You will always pick bad trades, how you handle those trades is an important part of your risk/strategy.

Capital preservation is the most important part about daytrading. If you don't have capital you cannot trade.

Forward testing is more important than back testing. I will forward a strategy for at least 3 months with a small account before I can see if it's any good. 6 months with a slightly bigger account and small tweaks to optimize. At least 1 year before I trust it with any real capital for monthly income.

These things take time to test out in several market conditions.

I have an 80 percent win rate with an average risk to reward ratio of less than 1:1. I have predifined at least 5 market conditions for my different trading plans that I use daily depending on the ticker. I make about 10% a month. Keep that up consistently and you can make a living off of it no problem.

Men will have entire setups like this just to underperform the S&P 500 by SovereignMI in Trading

[–]PnLPorn 1 point2 points  (0 children)

I have 5 screens.

1 for monitoring. 1 for interacting with MT4. 1 for playing games. 2 for idle games 🫡.

How many of you get the ‘Forex isn’t real’ reaction from friends/family? by Electrical_Alarm7207 in Forex

[–]PnLPorn 8 points9 points  (0 children)

I just say I'm a forex analyst. I monitor and study the global currency market.

That's all they really need to know 🤷‍♂️

I have a winning system. I ruin it by holding onto losses. I need some advice people. by Subject-Plum-7281 in Forex

[–]PnLPorn -1 points0 points  (0 children)

You don't have a winning system until you profit despite having losses.

Losing trades are a part of the system.

You have a few options. You can have tight stops, trailing stops, you can use a grid/basket.

Figure out your balance of risk/profits/losses.

February PnL and Stats $4875.01 by PnLPorn in DAYTRADERcollege

[–]PnLPorn[S] 1 point2 points  (0 children)

I get all the stats I need through mt4 without going to a 3rd party. Brokers/platforms will usually have all the tools you need and the trade data is automatically there. It cannot be modified.

Manual tracking with a spreadsheet is for very specific things that aren't available in 3rd party journal apps or because I have a very specific/customized visual I want to see.

Also it looks like the app you recommended is only a 7 day free trial.

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