redsox11:
I'll start averaging in on GJ if price re-test today's high, around 130.69. SL 30pips.
I'll short it around there.

Trade averaging, say I'm prepare to risk 3%($100) on a trade, instead of entering one big lot size, I won't, I'll spread it out. That's the basic idea.

You can act on it by using attacking sequence or recovery. Entering more trades when price is going in your favor (attack sequence) or against you.

BUT FIRST, know what you're prepare to risk before averaging.


LOL

Thank bro

below is from other forum on averaging. dont know if it work just check what u mean after reading your post

vvv
vv
v

Averaging down is a strategy that is used to lower the average entry price of a trade, so it become in average better price.

As a programer, after 3 yrs experience in automating trading and testing...
I have come into conclusion that,
averaging down is profitable strategy!
but, with the
following condistions:
1. set 1st trade with 20% of regular lot size, SL and TP levels.
2. if trade goes agains you, set 2nd trade with 30% of regular lot size, cause the stoploss is closer
3. if trade goes agains you, set 3rd trade with 50% of regular lot size, cause the stoploss is closer
4. Set Same SL/TP : all trades have same stoploss, take profit levels like 1st trade

you can use buy limit or sell limit after 1st trade.
Advantages compared to 3 trades * 33% of regular lot size in same price:
1. %DD is reduced.
2. total profit is bigger. (backtesting proof)
3. Average Pips per trade is bigger.

From Pepperstone.
holding weekend

currentprice:

sold oil with 100pips SL.
keeping eyes on today's high to jump out in case price move against me
this is 50/50 bull/bear chance. just want to go for SELL could jump out as soon as possible gain or loss
Fingers crossed

currentprice:

trade close with 60pips loss

currentprice:
back again to SELL oil with eyeing on the cycle high to close trade if price goes opposite
oyel may likely rain soon

currentprice:

the high has been taken out. so no trade again
back to the sideline
patient is the key

oyel finally rain after 3rd attempt

the nucca think she can deceive her master. i show her i am not here to be decived

currentprice:


Thank bro

below is from other forum on averaging. dont know if it work just check what u mean after reading your post

vvv
vv
v

pipsbasketing

Their father.

currentprice:








oyel finally rain after 3rd attempt

the nucca think she can deceive her master. i show her i am not here to be decived

Guys, I blew one of my accounts today due to impatience. I could afford to but I didn't like the fact that I did. I actually doubled the money within a week, made withdrawals and almost tripped it when market changed. FYI, I trade indices most. Then my strategy says DO NOT TRADE. I had to stay away from market for a week. Checked back again and still DO NOT TRADE. I became impatient and took my chances. Then I lost half of my deposit and then initiated withdrawals but tempted to go in again before broker funded my bank account, until broker stopped my trades. Had to withdraw only 10 percent of my equity. Mind you, have withdrawn 110 percent profit of my initial deposit plus the 10 percent of initial deposit. These is a big slap to me actually but lessons learnt. I don't do that on my dollar domiciled account anyways.

Advise for THOSE WHO ARE REALLY TRADING LIVE ACCOUNTS. Don't be surprised that many folks here are not. TRADE YOUR PLAN AND PLAN YOUR TRADE. Have promised not to post here again because of lots of disrespectful and pompous folks but I broke my promise to advise someone.

Mind you, my real account is still there. Against my policy to screen shot my accounts history. Be smart and follow your plan. Kapish!!

maryjames9:
Guys, I blew one of my accounts today due to impatience. I could afford to but I didn't like the fact that I did. I actually doubled the money within a week, made withdrawals and almost tripped it when market changed. FYI, I trade indices most. Then my strategy says DO NOT TRADE. I had to stay away from market for a week. Checked back again and still DO NOT TRADE. I became impatient and took my chances. Then I lost half of my deposit and then initiated withdrawals but tempted to go in again before broker funded my bank account, until broker stopped my trades. Had to withdraw only 10 percent of my equity. Mind you, have withdrawn 110 percent profit of my initial deposit plus the 10 percent of initial deposit. These is a big slap to me actually but lessons learnt. I don't do that on my dollar domiciled account anyways.

Advise for THOSE WHO ARE REALLY TRADING LIVE ACCOUNTS. Don't be surprised that many folks here are not. TRADE YOUR PLAN AND PLAN YOUR TRADE. Have promised not to post here again because of lots of disrespectful and pompous folks but I broke my promise to advise someone.

Mind you, my real account is still there. Against my policy to screen shot my accounts history. Be smart and follow your plan. Kapish!!

You didn’t lose tho. The market collected his money Nxt time dont try to make 100% in 1week.

Emotions is the hardest thing in this business, once you can control it, boom you will see results.

bojbest:



You didn’t lose tho. The market collected his money Nxt time dont try to make 100% in 1week.

Emotions is the hardest thing in this business, once you can control it, boom you will see results.

Yeah. Tis a naira account with just a little below 100 dollar naira equivalent and testing out a naija broker called EGM. Lessons learnt but can't repeat that on my main account o. That one na steady 10 to 20 percent weekly target.

For those folks making consistent money in forex, the best way to spend it is not to blow it like wizkid or Davido. Invest the money in what can earn you offline income or buy stuffs that ride in value. I Used to spend forex profits on my siblings, family, clothes, children's school fees, because it was easy money. Now, seeing forex as a business, I have decided to acquire cheap landed properties everytime I withdraw my profits from reliable estate companies and I do not tell my wife that I have made withdrawal. I always boast to her everytime I made profits with a big smile but not anymore. She only know I make profits when I acquire 150k or 200k land in a remote part of town in my state or buy blocks to fence off the land for security reasons.

For those newbies, take time to find a good combination of strategies that is profitable IN THE LONG RUN. Preferable use DAILY TIMEFRAMES because most indicators out there are very suitable for Daily TF. At least that work for me more. Trade your plan and plan your Trade.

Great advice. Thank you MJ.

Please which broker are you using for your dollar account.

maryjames9:
For those folks making consistent money in forex, the best way to spend it is not to blow it like wizkid or Davido. Invest the money in what can earn you offline income or buy stuffs that ride in value. I Used to spend forex profits on my siblings, family, clothes, children's school fees, because it was easy money. Now, seeing forex as a business, I have decided to acquire cheap landed properties everytime I withdraw my profits from reliable estate companies and I do not tell my wife that I have made withdrawal. I always boast to her everytime I made profits with a big smile but not anymore. She only know I make profits when I acquire 150k or 200k land in a remote part of town in my state or buy blocks to fence off the land for security reasons.

For those newbies, take time to find a good combination of strategies that is profitable IN THE LONG RUN. Preferable use DAILY TIMEFRAMES because most indicators out there are very suitable for Daily TF. At least that work for me more. Trade your plan and plan your Trade.

currentprice:
Averaging down is a strategy that is used to lower the average entry price of a trade, so it become in average better price.

As a programer, after 3 yrs experience in automating trading and testing...
I have come into conclusion that,
averaging down is profitable strategy!
but, with the
following condistions:
1. set 1st trade with 20% of regular lot size, SL and TP levels.
2. if trade goes agains you, set 2nd trade with 30% of regular lot size, cause the stoploss is closer
3. if trade goes agains you, set 3rd trade with 50% of regular lot size, cause the stoploss is closer
4. Set Same SL/TP : all trades have same stoploss, take profit levels like 1st trade

you can use buy limit or sell limit after 1st trade.
Advantages compared to 3 trades * 33% of regular lot size in same price:
1. %DD is reduced.
2. total profit is bigger. (backtesting proof)
3. Average Pips per trade is bigger.

copy from forexfactory

You are chasing the market..

You need to read about Nick Lesson..

When you hit better volatilty you will see this thing is really bad.

chloride6:



You are chasing the market..

You need to read about Nick Lesson..

When you hit better volatilty you will see this thing is really bad.

Really really bad my brother. Why worry over a trade if it goes against you when you have your SL/TP in place?

What happened to your original plan before you entered trade?

Indecision and fear do kill many traders prematurely and send them packing from the forex market!

Anyway, Forex all the way...

Opengates:


Really really bad my brother. Why worry over a trade if it goes against you when you have your SL/TP in place?

What happened to your original plan before you entered trade?

Indecision and fear do kill many traders prematurely and send them packing from the forex market!

Anyway, Forex all the way...

Yup thats the spirit...


The bigger thing killing traders is unrealistic expectations...

Some guys want to make 10% weekly...

I laugh in Volatility....

Even the biggest Investment banks in NY dont make that...

So how can you...

The best traders make about 120% in 1 year...

Anyway peace out

chloride6:


Yup thats the spirit...


The bigger thing killing traders is unrealistic expectations...

Some guys want to make 10% weekly...

I laugh in Volatility....

Even the biggest Investment banks in NY dont make that...

So how can you...

The best traders make about 120% in 1 year...

Anyway peace out

I do hope you are still around. I will post my history soon. At least that will show my withdrawals. I don't build account. I trade to withdraw and reinvest. Those big guys trade in Millions,i do a few thousands or hundreds, so we are different.

For those sending me emails, at least two guys, please I do not do training or offer any services here. Don't bother sending me emails o. My hands are full enough and I hate most people's manners of approach here. I don't do business with online people especially nairaland no more. Oga current price and Redsox is in better position to attend to you.

chloride6:



You are chasing the market..

You need to read about Nick Lesson..

When you hit better volatilty you will see this thing is really bad.

bro trust me, thatz not what i do. i just feel like reading more of what redsox11 post about trade averaging.

i copy the post from forexfactory

Week end

Fresh

Ooba:
Week end

It doesn't seem this babe/man get more juice to give

maryjames9:
For those folks making consistent money in forex, the best way to spend it is not to blow it like wizkid or Davido. Invest the money in what can earn you offline income or buy stuffs that ride in value. I Used to spend forex profits on my siblings, family, clothes, children's school fees, because it was easy money. Now, seeing forex as a business, I have decided to acquire cheap landed properties everytime I withdraw my profits from reliable estate companies and I do not tell my wife that I have made withdrawal. I always boast to her everytime I made profits with a big smile but not anymore. She only know I make profits when I acquire 150k or 200k land in a remote part of town in my state or buy blocks to fence off the land for security reasons.

For those newbies, take time to find a good combination of strategies that is profitable IN THE LONG RUN. Preferable use DAILY TIMEFRAMES because most indicators out there are very suitable for Daily TF. At least that work for me more. Trade your plan and plan your Trade.

Please I'm really crying and dieing to know forex, I want to know how to trade it and come out of poverty, I also have great love for it

Mbitiouz69:



Please I'm really crying and dieing to know forex, I want to know how to trade it and come out of poverty, I also have great love for it

To trade and come out of poverty

Pls should I tel him??

Donvic4u:

To trade and come out of poverty
Pls should I tel him??

please Do

Mbitiouz69:



Please I'm really crying and dieing to know forex, I want to know how to trade it and come out of poverty, I also have great love for it

Bro, drop ur details I can assist you with the materials and videos. Also you get to ask me questions etc. I’m not charging I’ll just help, you put in the work.

I love the reason WHY you want to learn and people like you tend to survive during the hard times of forex.

close my oil Trade at 300pips each

shop close

Donvic4u:


To trade and come out of poverty

Pls should I tel him??

We dont trade for the money, we trade for the financial freedom it gives.

The guy has very genuine reason to trade forex, thats passion even tho we all know its hard and we lose money during the process.

Somebody's got the holy grail.

currentprice:
close my oil Trade at 300pips each

shop close