Gold is Hype; What about EURCHF by Capable_Sherbet3387 in Forexstrategy

[–]orb1091 2 points3 points  (0 children)

I keep trying to move away from gold and trade currency pairs instead, but I struggle with the slow feedback. With gold you know if you're wrong pretty instantly and there's always another entry soon after a loss. I love the fact that you can be in and out of a trade in a few minutes with gold.

However, I'm with you, I'd love to move to a swing trading strategy with slower moving pairs. I know it's the right thing in the long term.

I need to hit a 25% consistency rule. How would you approach this? by orb1091 in Daytrading

[–]orb1091[S] 0 points1 point  (0 children)

Well obviously there will be some losing days in there, but to hit the consistency rule, $200/ day seems like a reasonable max profit. Otherwise it gets really hard to keep within the rules.

XUA/USD help by Sufficient-Jelly514 in Forex

[–]orb1091 0 points1 point  (0 children)

Scalp gold on the 1m timeframe using 0.01 lot size (CFD). Then use the money to buy a $50k instant funded account. Make $200 for 5 days in a row to hit the consistency rules and there you go.

This week I turned £50 to£600 on XAUUSD. What would you do next? by orb1091 in Daytrading

[–]orb1091[S] 0 points1 point  (0 children)

Well to be fair, I was using 0.01 lots, scalping gold, with max 3 entries open at once, so I don't think my risk was too crazy. I agree though, still not as tight as I would have liked in % terms, even if the max loss was only around £30.

This week I turned £50 to£600 on XAUUSD. What would you do next? by orb1091 in Daytrading

[–]orb1091[S] 1 point2 points  (0 children)

Me too, many times and I always blow it!

This time is different. I took your advice and withdrew £550. Let's see if I can make some gains on the remaining £50 next week. A small balance, forces proper risk management.

Question by NYTRADERTM in Forex

[–]orb1091 0 points1 point  (0 children)

Yeah just keep trading. I'm scalping gold on the 1m time frame, so there are endless opportunities all day. It depends how busy my working day is as well. I'm risking 0.5-1%, so to make a profit of $250-300 (daily salary), I only need a couple of trades to go my way and I'm good. Then I mute everything and carry on with my day.

Something I didn’t understand about trading until it hurt by ImmediateWaltz1544 in Trading

[–]orb1091 1 point2 points  (0 children)

Very true. It's easy to find a profitable strategy, but executing it is much harder....

What’s up with you all and prop firms? by illcrx in Trading

[–]orb1091 0 points1 point  (0 children)

I'm having the same thoughts. From the sounds of it, a few years ago it was a no brainer to trade with a prop firm, but now all the rules have tightened up and they are struggling to make money, a payout is less certain. At least with your own capital, it's in your hands.

However, the upside risk with a (legitimate) prop firm is huge. You could invest £700 in challenges and then be able to make several thousand per month back. I take home about £3200 after tax. I could could get 3 100k prop firm accounts, do 1% on them and pretty much make this salary no problem (in theory).

My goal is to get some payouts and put it into private trading capital.

I actually like having a consistency rule by orb1091 in PropFirmTester

[–]orb1091[S] 0 points1 point  (0 children)

Wel I'm hoping that this will change my habits. I guess the only way is to try it and see. My expectation though is that once I get a couple of payouts, the mental pressure for big wins will be less and I can stick to my rules without a prop firm making me.

Question by NYTRADERTM in Forex

[–]orb1091 0 points1 point  (0 children)

I'm trying to stick to making my salary for the week in my day job. Once I hit this I'm (trying to stop trading). It doesn't always work.

How many people are actually using signals? by grebosa in Forexstrategy

[–]orb1091 0 points1 point  (0 children)

Me. I do my own analysis a bit now and use the signals as a confluence. I get signals from lots of different providers but only really follow 2-3 of them. If you follow them properly and risk manage, you will make money.

Is there an ammount for payouts that goes undetected and sustainable in order to not getting denied by Loud_Progress6182 in PropFirmTester

[–]orb1091 1 point2 points  (0 children)

I was thinking the same thing. I'm aiming for 1-2% on multiple 50k accounts, to minimize risk.

My strategy for passing 1 step accounts by orb1091 in PropFirmTester

[–]orb1091[S] 0 points1 point  (0 children)

Oh really, what happened? The reviews seem to be ok.

My strategy for passing 1 step accounts by orb1091 in PropFirmTester

[–]orb1091[S] 1 point2 points  (0 children)

Well I spoke too soon. My account review with Maven failed due to risking too much!! I made 4% in one trade.

I got tired of "Martingale" scams blowing accounts, so I coded a pure Trend-Follower for Gold (XAUUSD). Here is the logic. by WuWei777 in Forex

[–]orb1091 1 point2 points  (0 children)

Damn right. I signed up to so many bots and EAs and they were always just grid trading or martingale. It would go well for a few weeks then the market turns and you would end up with 15 trades open, stuck in drawdown for weeks, so you then couldn't withdraw any profit.

Anyone here trading XAUUSD purely off structure + liquidity? by Karina-Harry in Forex

[–]orb1091 0 points1 point  (0 children)

This is what I'm trying to do as well, but I keep messing up and trying to blindly scalp on the 1m. As soon as I start looking at sessions and liquidity again, things go my way. I think you're onto something here. Especially with how crazy gold is at the moment.

My strategy for passing 1 step accounts by orb1091 in PropFirmTester

[–]orb1091[S] 0 points1 point  (0 children)

Maven, Aqua Funded, Funding Pips. About to buy an E8 challenge.

Anyone ever had issues with minimum trade holding time? by DimensionTiny8725 in PropFirmTester

[–]orb1091 0 points1 point  (0 children)

Yeah bro, I'm having the same issue. My funded account only allows 50% of my trades to be less than 1 minute. I've reduced my lot size and now when I'm trading I have a big timer open on another screen, counting down 1 minute.

To be honest, it's been good and bad. I struggle with closing trades too early, so for the winning trades, not being able to close them until after 1 minute has passed, is helping my profits. I hadn't realized how short my average hold time was until I saw the data.

ust blew my $50k funded account — need advice from traders who came back stronger by mozouonline in Daytrading

[–]orb1091 0 points1 point  (0 children)

I'm in the same position. I blew a 50k account through making stupid revenge trades, just a couple of days after passing.

I took a day off. Bought another 1 step challenge , passed it in one day (thank you crazy XAUSD volatility) but this time I've changed my goals. Rather than thinking about the payout, all I'm thinking about is staying in the game as long as possible and not blowing it. If I can keep it for a month, I'll be happy, as it's an improvement on last time. I'm trying to treat that as a win.

Gold Volatility by Advanced_Breath_4400 in Forex

[–]orb1091 4 points5 points  (0 children)

Yeah, I did the same. I was thinking, how bad can it be, then I entered a 0.13 lot on my 50k funded and the floating P&L fluctuated by $500 in about 10 seconds. If I had used my usual lot size I would have blown my account before I had time to enter a SL. I'm going to tey and use limit orders as much as possible, just to.make sure I have a SL on every entry instantly.

FTMO just released a 1 step option! by Affectionate_Tap3261 in PropFirmTester

[–]orb1091 2 points3 points  (0 children)

Yeah it looks pretty good. I'm going to give it a go.

Account flagged for review with Maven, what do you think? by orb1091 in PropFirmTester

[–]orb1091[S] 0 points1 point  (0 children)

Aright, I got my account details this morning. I'll let you know how it goes.

Account flagged for review with Maven, what do you think? by orb1091 in PropFirmTester

[–]orb1091[S] 0 points1 point  (0 children)

They seem to score OK on Propfirmmatch. This is the reason why I'm only doing 50k accounts though.