Today, I am going to blab a lot - just do not take any of it seriously. Let it be processed by your own brain + common sense.
This time, the chart will be empty. There is nothing to show as you would be familiar with it already. As you can 'see', thing are moving along as ANTICIPATED, with price reacting to the 'D's. What you 'see' can only be seen if you abandon what is the norm - trendlines. Remember, price moves UP and DOWN only, it does not move sideways.
Let me know if you still can't see it and would want me to fill up the chart for you. Some of you may also want more than that - perhaps the trade itself :-)
Remember, there is no certainty, only probabilities! This is why SL is extremely important. Knowing where and when is certainly great. But lets say you are good at placing SL - does that make get you what you want? Previously, one of you made 60pips @ 30 lots and win some money - $18k? But does that even get you what you want?
What do we want actually when we trade FX? Of course we want to make 'some' profit. But how much exactly. How about $1m. Yes, that is a nice number that can be said to be a handsome amount.
So, lets say we have $1,000,000 as a target. How do we get there? How much capital do we need?
As we all know, main stream is teaching us this - If you have a certain amount of capital, only risk 1% or 2% at any one time. This is because we need to preserve our capital. SL is a must. Over time, you would see your account increase. They would remind you of 'rule of 72' that teaches us at what time would our account doubles.
But how much is the capital we all have? Some may have a few hundred. Some a few thousands. But let say we use a simple amount - $10,000. This number is what you would risk. How much would you gain in a year? But lets say you did great and got a 100% return in a year, which is $10,000 - bravo indeed. With the cost of living nowadays, that is nothing. Practically a waste of time. But losing $10,000 in a year would be quite a setback to many small traders. Many would not recover. Many would quit. Some may continue and ended up losing more.
The answer may not be in knowing where to put the SL. It is not so much about the R/R. For all these are fed into us early on when we started FX trading. We lose focus on what is the REAL DEAL out there - how to really use whatever skill we have and really make money.
Let me propose a better method - let me know if you think it can work.
$1 if you double it 20x over would get you $1,000,000
You risk only $1 every time and with a $10,000 capital, you can try that many time. Isn't this way a better method to 'preserve' your capital. This way, it would give you ample time to 'train' and 'accumulate' whatever skills required. But one simple skill that you would CERTAINLY acquired is PATIENCE.
So you get the drift yet?
a) Forget SL.
b) Forget R/R.
c) All you need to know is ONE THING - BUY or SELL. Will price move UP or DOWN is the coming Hour/s, Day/s, Week/s or Month/s ?
d) if your 'prediction' is accurate, you just simply double your 'bet'. All you need is 20x.
Things certainly is easier with Options.
Can it be done 20x of straight win?
I would say, its possible. We would never know unless we try. The payout is GREAT. The risk is LOW. It all depends on your SKILL.
And I would know one simple fact based on common sense. If I have $10,000 and continue to trade with SL, R/R and hoping for pips, I WILL NEVER BE ABLE TO REACH $1,000,000
Good luck.
This time, the chart will be empty. There is nothing to show as you would be familiar with it already. As you can 'see', thing are moving along as ANTICIPATED, with price reacting to the 'D's. What you 'see' can only be seen if you abandon what is the norm - trendlines. Remember, price moves UP and DOWN only, it does not move sideways.
Let me know if you still can't see it and would want me to fill up the chart for you. Some of you may also want more than that - perhaps the trade itself :-)
Remember, there is no certainty, only probabilities! This is why SL is extremely important. Knowing where and when is certainly great. But lets say you are good at placing SL - does that make get you what you want? Previously, one of you made 60pips @ 30 lots and win some money - $18k? But does that even get you what you want?
What do we want actually when we trade FX? Of course we want to make 'some' profit. But how much exactly. How about $1m. Yes, that is a nice number that can be said to be a handsome amount.
So, lets say we have $1,000,000 as a target. How do we get there? How much capital do we need?
As we all know, main stream is teaching us this - If you have a certain amount of capital, only risk 1% or 2% at any one time. This is because we need to preserve our capital. SL is a must. Over time, you would see your account increase. They would remind you of 'rule of 72' that teaches us at what time would our account doubles.
But how much is the capital we all have? Some may have a few hundred. Some a few thousands. But let say we use a simple amount - $10,000. This number is what you would risk. How much would you gain in a year? But lets say you did great and got a 100% return in a year, which is $10,000 - bravo indeed. With the cost of living nowadays, that is nothing. Practically a waste of time. But losing $10,000 in a year would be quite a setback to many small traders. Many would not recover. Many would quit. Some may continue and ended up losing more.
The answer may not be in knowing where to put the SL. It is not so much about the R/R. For all these are fed into us early on when we started FX trading. We lose focus on what is the REAL DEAL out there - how to really use whatever skill we have and really make money.
Let me propose a better method - let me know if you think it can work.
$1 if you double it 20x over would get you $1,000,000
You risk only $1 every time and with a $10,000 capital, you can try that many time. Isn't this way a better method to 'preserve' your capital. This way, it would give you ample time to 'train' and 'accumulate' whatever skills required. But one simple skill that you would CERTAINLY acquired is PATIENCE.
So you get the drift yet?
a) Forget SL.
b) Forget R/R.
c) All you need to know is ONE THING - BUY or SELL. Will price move UP or DOWN is the coming Hour/s, Day/s, Week/s or Month/s ?
d) if your 'prediction' is accurate, you just simply double your 'bet'. All you need is 20x.
Things certainly is easier with Options.
Can it be done 20x of straight win?
I would say, its possible. We would never know unless we try. The payout is GREAT. The risk is LOW. It all depends on your SKILL.
And I would know one simple fact based on common sense. If I have $10,000 and continue to trade with SL, R/R and hoping for pips, I WILL NEVER BE ABLE TO REACH $1,000,000
Good luck.
Comment:
Comment:
It seems the 50 is meeting the 200
Perhaps this time things would rip.........
Good luck.
Perhaps this time things would rip.........
Good luck.
Comment:
It seems that 'cheap' supplies are getting scarce, almost dried up now. Most likely, supplies can only be obtained at HIGHER price. If anyone wants it, better get it quick or else it would only get more 'expensive' :-)
Good luck.
Good luck.
Comment:
As anticipated, price is making its move.
To know whether it is going DOWN or UP, we need to know what the market wants - is it SUPPLY or DEMAND?
Next is how far it will go - which is fairly easy - from one yellow line to the next - which we can see better on a 4H chart.
Have a great profitable day :)
To know whether it is going DOWN or UP, we need to know what the market wants - is it SUPPLY or DEMAND?
Next is how far it will go - which is fairly easy - from one yellow line to the next - which we can see better on a 4H chart.
Have a great profitable day :)
Comment:
Remember, sizing is more important than entry - this is the 'opposite' of what we all first learn when we step into this game.
A 10% position that goes up 10% generate the same dollar return as a 1% position that doubles.
Go for WIN instead of PIPs.
Good luck.
A 10% position that goes up 10% generate the same dollar return as a 1% position that doubles.
Go for WIN instead of PIPs.
Good luck.
Comment:
Comment:
Comment: