Emmizay12:
you may be good,. but even the best traders still post their losses

Mirasteel:
Good money and happy New week 💰

phranco:

One thing I hate about this forex thing is when you open 2 positions and hit a SL, it will wipe your entire profits.

Mirasteel:
No sir, your account can only be wiped out once you are greedy. if you practice proper risk management, your account will be safe.

Gasayi:
Hello
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phranco:

. Note the SL is at 40 pips and TP 1 is between 21-25pips

highcurrent:
When it comes to forex, take this two things important;
1.when you win, how much do you win, when you lose, how much do you lose.
2. When you are in a winning trade, what do you do?... When you are in a losing trade, what do you do?
These two questions will help in becoming profitable!!!

Now look at that screenshot, evaluate yourself; check your wins, check your losses.
Your one loss has already taken up like 3 wins...

You need to work on your risks to rewards (R:R)...

phranco:

Bro how do I work on my R:R to ensure profitability in trading?

1. Do I need to ignore Tp1 and aim only Tp2 with 2 positions opened? So that even if I hit an SL, my profit will cover it. What if Tp2 fails after Tp1 hit, it will still take me back to SL.
2. Or do I need to reduce my SL from 40pips to 25-30pips? Is a SL of 40pips too high for a signal?

phranco:

Bro how do I work on my R:R to ensure profitability in trading?

1. Do I need to ignore Tp1 and aim only Tp2 with 2 positions opened? So that even if I hit an SL, my profit will cover it. What if Tp2 fails after Tp1 hit, it will still take me back to SL.
2. Or do I need to reduce my SL from 40pips to 25-30pips? Is a SL of 40pips too high for a signal?

Pls I need you to guide me cos I'm loosing interest already in forex. Guide me to profitability pls

mrpassionate:
Your SL needs to be reduced to Max 20-25SL your TP1 minimum should be 50. That's even if you are not shooting for TP2. You can't have an SL that can't be 2x of your TP.

The overall efforts that you should also work veery hard to be great at is, Your Wins to Loss ratio.

40/60 is great, but you could do better to av 70% winning ratio, having this will solidify your psychology in trading..

phranco:

Thanks bro, I understand your input perfectly well. Now I want to ask, if I receive a signal @40pips SL and want to reduce it to 20-25pips like you said, how will I calculate it? This is an example:

GOLD SELL NOW IN ZONE 2003.50 - 2007.50 (SCALPING)

TP 1 : 2001.50
TP 2 : 1999.50
TP 3 : 1997.50

SL : 2011.50

Use Proper Money Management. Past Profits do not predict future earnings. Consistency is 🔑

This signal is at 40pips SL, how do I calculate and reduce it to 20-25 pips, thank you.

phranco:

Thanks bro, I understand your input perfectly well. Now I want to ask, if I receive a signal @40pips SL and want to reduce it to 20-25pips like you said, how will I calculate it? This is an example:

GOLD SELL NOW IN ZONE 2003.50 - 2007.50 (SCALPING)

TP 1 : 2001.50
TP 2 : 1999.50
TP 3 : 1997.50

SL : 2011.50

Use Proper Money Management. Past Profits do not predict future earnings. Consistency is 🔑

This signal is at 40pips SL, how do I calculate and reduce it to 20-25 pips, thank you.

phranco:

Thanks bro, I understand your input perfectly well. Now I want to ask, if I receive a signal @40pips SL and want to reduce it to 20-25pips like you said, how will I calculate it? This is an example:

GOLD SELL NOW IN ZONE 2003.50 - 2007.50 (SCALPING)

TP 1 : 2001.50
TP 2 : 1999.50
TP 3 : 1997.50

SL : 2011.50

Use Proper Money Management. Past Profits do not predict future earnings. Consistency is 🔑

This signal is at 40pips SL, how do I calculate and reduce it to 20-25 pips, thank you.

phranco:

Just look at this pics below, I get signals to trade from a quality signal group, at least they have 90% accuracy. As you can see, this is 5 signals, 2 positions of both TP1. I had some profits, but one SL wiped the entire profits that I had to start afresh. Imagine if it's 2 sl at same time what will happen. Although it's my demo account. But I just gave you a proof. Note the SL is at 40 pips and TP 1 is between 21-25pips

CoolKizzy:


Pls where do you get signals?

phranco:


https:///SyntheticxOfficial

https:///DoctorPipsOfficial

These are two signal group I follow on telegram and they are good with 90% accuracy
. Although there are still bad days in the market.