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    Thread: union12's trading journal

    1. #581
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      Quote Originally Posted by GhostMode View Post
      No matter the strategy or skill or Indicator expertise that a Forex exchange trader might possess, It is very obvious that they should make sure that they set a stop loss. Even with a so called very small lot size like 0.30 can cause huge losses. Lets say a trader opened buy order on pair GBP/NZD, Imagine a high Volatility that drives this pair in sell direction for 300 Pips, That is a 90 Dollars loss. Nothing is certain in Forex so stop loss must be used for a trader to gain long term success.
      Oh brother! The first account I opened, I traded 0.01 lot. I opened a trade on a cross pair that went against me. I didn't use stop loss and before I knew it, it had gone $53 against me and I didn't know what to do, whether to close it or leave it to hit support and reverse.

      It was not funny, and it has taught me a lesson on using a stop loss.
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    2. The following 3 users say Thank You to Mez Da Whiz for this useful post.

      union12 (05-14-2018), Unregistered (2)

    3. #582
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      Quote Originally Posted by GhostMode View Post
      No matter the strategy or skill or Indicator expertise that a Forex exchange trader might possess, It is very obvious that they should make sure that they set a stop loss. Even with a so called very small lot size like 0.30 can cause huge losses. Lets say a trader opened buy order on pair GBP/NZD, Imagine a high Volatility that drives this pair in sell direction for 300 Pips, That is a 90 Dollars loss. Nothing is certain in Forex so stop loss must be used for a trader to gain long term success.
      yes its very good to set a stop loss brother, but do you know there is different from setting a stop loss and sticking to our stop loss, some trader may set a stop loss at a more appropriate price where it wont hurt them a lot, but as the trade go against them they will keep adjusting the stop loss hoping the trend will go back in their favor and until things will get out of hands, so even if we set a good stop loss, we should cultivate the habit of readjusting our stop loss most especially when our trade is in a negative situation


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    5. #583
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      GU mostly trends or we can say its on trend for long term, if counter trend is practised on it then it needs many lots to show positive result or maybe it would took a year if you stuck between trends, so it is better not to use counter trend strategies on GBPUSD pair.

      Name:  Capture.PNG
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      i have tested counter trend on GU and anyone can, so test your strategy first on GU because if price move in one direction and you lose for eg: 6000 pips then you would need a lot of time and accuracy to cover that loss.

      i'm still waiting for bonus: and love mt5


    6. The following 5 users say Thank You to union12 for this useful post.

      dedy hari kurniawan (05-15-2018), FxBD (06-23-2018), kammraz (05-15-2018), Unregistered (2)

    7. #584
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      Quote Originally Posted by union12 View Post

      i have tested counter trend on GU and anyone can, so test your strategy first on GU because if price move in one direction and you lose for eg: 6000 pips then you would need a lot of time and accuracy to cover that loss.

      i'm still waiting for bonus: and love mt5
      I think it's more like, we may keep our losing trade if it just -50 or even -100 but I don't think anyone will want to hold on to losing trade when it hit -200 pips. Well, I've seen someone do this before whereby he's a manager running a copytrade and claim to has above 90% winning rate (statistic does show that). After following the copytrade for few months, found out his strategy is to hold on to losing trade (there was one time -350 pips) but he will close them once it is +50 or even +30. He does grow his and his follower account and everyone has their own way of trading but I can't help feeling that he someone cheat on the statistic or the statistic does not show the whole story - drawdown will only show peak/trough of account balance and not equity.

      Putting my rant above, I am currently holding a buy position in GBPUSD and targeting upper bollinger band on H4 around 1.3600. As you can see, it is counter trend but I'm only targeting retracement. I believe it has more bearish power but it has to go up to catch a breath first.


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    9. #585
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      @kammraz: holding your buy position on gbpusm is a good decision. though the pair dropped after the usd news but it is back above 1.3500. the cci of the 1 hour timeframe already made an indication for the up move. let's see how that plays out tomorrow.


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    11. #586
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      Quote Originally Posted by remmy View Post
      @kammraz: holding your buy position on gbpusm is a good decision
      Spoiler Spoiler:
      .
      I'm not sure it's a good idea to hold on to the GU buy based on price action on 1 hour time frame. Here's the reason:



      That's a daily chart of GU. We see a long term bearish run with hardly and bullish candles, suggestive of a highly imbalanced impulsive trend, followed by some consolidation for the past few days. There's a higher probability of the trend continuing, though the consolidation may last more than just a few days. That black line is the 20 EMA. Once it catches up with the consolidating candies, they'll touch it and bounce off violently in another bear run.

      I might be wrong, buy that's what the chart or saying to me.
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    13. #587
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      Putting my rant above, I am currently holding a buy position in GBPUSD and targeting upper bollinger band on H4 around 1.3600. As you can see, it is counter trend but I'm only targeting retracement. I believe it has more bearish power but it has to go up to catch a breath first.
      it could be a stage of your strategy but according to me there are some levels where price goes very less, the less probability the less accuracy and the more time needed to come in profit, but depends on strategy. lets see how market reacts in coming weeks.

      I'm not sure it's a good idea to hold on to the GU buy based on price action on 1 hour time frame. Here's the reason:
      GU usually takes time to reverse as it trends mostly.


    14. #588
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      i'm still waiting for bonus: and love mt5
      ok.. so a little bonus that i got here but i'm still happy with it. i thought that if right is not right and wrong is right then the total wrong is what needed. a new lot opened here, NZDUSD is my target and tp/sl depends on many things. closing position on reversal is good but it could be locked or even i can close on candle closing below ichimoku, but for long term thats not enough so this is just test again, but i think the probability of winning this trade is high. lets see...

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    16. #589
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      Quote Originally Posted by union12 View Post
      ok.. so a little bonus that i got here but i'm still happy with it. i thought that if right is not right and wrong is right then the total wrong is what needed. a new lot opened here, NZDUSD is my target and tp/sl depends on many things. closing position on reversal is good but it could be locked or even i can close on candle closing below ichimoku, but for long term thats not enough so this is just test again, but i think the probability of winning this trade is high. lets see...

      Attachment 77673

      That's a great amount of bonus, I only get 0.33 lol.

      By the way, I am selling NZDUSD as well. I'm holding until 0.6850 which is the previous low for this pair. Curious to know where would you TP this pair as for reference to my trade.

      Name:  NZDUSD 20180521.PNG
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      union12 (05-22-2018)

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    19. #590
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      Quote Originally Posted by union12 View Post
      ok.. so a little bonus that i got here but i'm still happy with it. i thought that if right is not right and wrong is right then the total wrong is what needed. a new lot opened here, NZDUSD is my target and tp/sl depends on many things. closing position on reversal is good but it could be locked or even i can close on candle closing below ichimoku, but for long term thats not enough so this is just test again, but i think the probability of winning this trade is high. lets see...

      Attachment 77673

      Little is still better than nothing, and i am sure that what will help traders is not only about the size of the money they are trading with, but the size of the mind and expertise to trade it in addition. Forex trading is all about your handling, that is why i like to handle the market better and make money, rather than complaining about the money size that i have. I am sure that if you could trade well and you are not greedy with the way you will use that bonus, you will certainly make more money through it.


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