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- fxmaster1972 replied Oct 24, 2012
The Martingale system is the most dangerous trading method in my opinion. A trader who uses it is no different from a casino gambler who doubles his bet size each time he loses. Sooner or later he will lose all his money. The only way it might work ...
- fxmaster1972 replied Oct 23, 2012
http://btnlightning.com says they can get 30% profit a month on average based on news trading. They do charge a pretty high commission of 50% of the profit, though. But if what they claim is true, you can get 1000% return in about 18 months. Their ...
- fxmaster1972 replied Oct 20, 2012
For losing trades, using proper stop loss orders is the obvious exit strategy. For winning trades, however, it's been tricky for me to decide how to come up with one. The one I'm currently using is to use trailing stop orders that vary according to ...
- fxmaster1972 replied Oct 19, 2012
Brokers with the tightest spreads would naturally be the best for scalping, provided that they allow it. I trade with Exness and Hotforex. They are both good. Exness is even better because they offer the smallest spreads I've ever seen, even for ...
- fxmaster1972 replied Oct 18, 2012
The way I remember it is: Use stop orders if you think the trend will continue in the current direction. Use limit orders if you think the trend is going to reverse.
- fxmaster1972 replied Oct 17, 2012
I like #7 best: 7. Average people earn money doing things they don't love. Rich people follow their passion. Following my passion is what I'd like to do, even if it means I have to be poor for a while.
- fxmaster1972 replied Oct 17, 2012
I didn't start using stop loss orders until a few months into trading. That's when I realized it was a big mistake not to use one. The fact is, anything can happen in the forex market, and no one can accurately predict the price movement all the ...
- fxmaster1972 replied Oct 13, 2012
I've been using Exness as my broker for a few months now. The best thing I like about the broker is their low spreads. I have yet to come across a broker with lower spreads, even for mini account holders. They allow both scalping and hedging. EA's ...
- fxmaster1972 replied Oct 11, 2012
You can actually use high leverage and still trade with low risk. The way to do it is to choose smaller lot sizes. For example, if you have a leverage of 1:100 and trade 1 standard lot, your gain/loss per pip is $10. If you have a leverage of 1:400, ...
- fxmaster1972 replied Oct 10, 2012
If you define the perfect trading system, or the Holy Grail, as a strategy that wins 100% of the time, of course it does not exist, unless you have unlimited capital and use the Martingale strategy. But unfortunately, no one has unlimited capital. ...
- fxmaster1972 replied Oct 9, 2012
Since the reward-to-risk ratio is 2:1 (200 pips: 100 pips), the expected winning % would be 33.3%. This would yield an expected profit of zero from each trade: 200 pips x 0.33 + (-100) x 0.67 = 0. If the spread is taken into account, the expected ...
- fxmaster1972 replied Oct 8, 2012
I started out as a short-term trader but I'm coming to the realization that if I want to make a living out of forex trading, I have to be a long-term trader. Short-term trading is too stressful and emotional. Also, it's difficult to filter out noise ...
- fxmaster1972 replied Oct 7, 2012
The pair that will be affected most directly by US news is USD/JPY. If the news is better than expectations, it will go up. If worse, it will go down. Other pairs such as EUR/USD and GBP/USD are a little more tricky, as they might go up or down ...
- fxmaster1972 replied Oct 7, 2012
It depends on the time horizon of your trading. If you're a long-term trader, you should not use a leverage higher than 1:20. Most long-term traders use leverages less than or equal to 1:10. But if you're a short-term trader (day trader or scalper), ...
- fxmaster1972 replied Oct 5, 2012
Perhaps they are engaging in relative strength trading: Buy the relatively strongest currency and sell the relatively weakest currency. Euro has been the strongest risky currency lately while yen has been weakening against the US dollar.
- fxmaster1972 replied Oct 4, 2012
It all depends on what kind of leverage you're using and how much of your trading capital you're risking per trade. It is possible and a small number of traders have actually achieved it for a reasonably short period of time. But to make 20% profit ...
- fxmaster1972 replied Oct 3, 2012
The demo account is definitely helpful in getting the feel for the forex trading. You can learn a lot, especially from your mistakes. However, there is no element of emotion or pressure while trading on demo accounts. It can be a good thing or bad ...
- fxmaster1972 replied Oct 2, 2012
I used to trade using the Bollinger Bands, too. I also found after extensive testing that the price doesn't always return immediately to inside the outer bands. Eventually it does return to inside the bands, but often times the bands have widened so ...
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