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Gold Mining - Using Each Trading Day's Trend

  • #501
  • Mar 13, 2020 12:06pm Mar 13, 2020 12:06pm
Bulls and Bears are currently digging it out at the 1525.00 psychological level.
I am now a stubborn Bull...till on Monday.
Learn... Work Hard... Trade Alone
  • #502
  • Mar 13, 2020 12:07pm Mar 13, 2020 12:07pm
Quoting BiteFX
Bulls and Bears are currently digging it out at the 1525.00 psychological level. I am now a stubborn Bull...till on Monday.
Unless my Take Profit is reached today.
Learn... Work Hard... Trade Alone
  • #503
  • Mar 13, 2020 12:08pm Mar 13, 2020 12:08pm
This is Forex, anything is possible!
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  • #504
  • Mar 13, 2020 1:09pm Mar 13, 2020 1:09pm
Stubborn Bulls broke 1525.00 psychological level upwards...We Stay Alive
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  • #505
  • Mar 13, 2020 1:16pm Mar 13, 2020 1:16pm
With our stubbornness... We'll need to close above my support today, and then clear more upper territory.
Learn... Work Hard... Trade Alone
  • #506
  • Mar 13, 2020 3:29pm Mar 13, 2020 3:29pm
Quoting Sluggazn
{quote} Yeah that turned quick, was sure it was heading to you buy. Im gonna watch for a sell signal between 1596 and 1600
I would like to think that I could have made 800 pips today on this trade, but besides cashing out after 150 pips, I didn't expect it to break 1550. Guess I still have a lot of learning ahead of me
  • #507
  • Mar 13, 2020 4:01pm Mar 13, 2020 4:01pm
Quoting Sluggazn
{quote} I would like to think that I could have made 800 pips today on this trade, but besides cashing out after 150 pips, I didn't expect it to break 1550. Guess I still have a lot of learning ahead of me
Men, today is the biggest fall since 2012. 916pips?
You should be happy you took some cash out of the table.
Learn... Work Hard... Trade Alone
  • #508
  • Edited Mar 14, 2020 3:39am Mar 13, 2020 4:06pm | Edited Mar 14, 2020 3:39am
With the Bulls closing above 1525.00 psychological level...We should see some move to the upside from next week.
As a side note, I think the Bulls are now awake.
Learn... Work Hard... Trade Alone
  • #509
  • Mar 14, 2020 3:08am Mar 14, 2020 3:08am
Happy weekend folks...
Study mode activated.
Evaluation of previous week's trades...
Projections for the next trading week.

This is our business fellas.
Learn... Work Hard... Trade Alone
  • #510
  • Mar 14, 2020 3:21am Mar 14, 2020 3:21am
Quoting BiteFX
Happy weekend folks... Study mode activated. Evaluation of previous week's trades... Projections for the next trading week. This is our business fellas.
That's what my Sunday evenings are for
  • #511
  • Mar 14, 2020 3:23am Mar 14, 2020 3:23am
Quoting BiteFX
Happy weekend folks... Study mode activated. Evaluation of previous week's trades... Projections for the next trading week. This is our business fellas.
Talking about this, last week I took 14 trades(I considered over trading) in all...
2 Losses
12 Winings
A. CURIOSITY:-
i. Those two losses were based on my feeling not my trading system.
ii. Those 12 winnings were based on my trading system not my feeling.
B. CONCLUSION:-
i. Cut losses by not trading based on feeling.
ii. Increase winnings by trading totally based on my trading system.
Learn... Work Hard... Trade Alone
  • #512
  • Mar 14, 2020 3:33am Mar 14, 2020 3:33am
As part of what drove my curiosity and observation to finding a trading system that suits my personality, greed level, and aspiration, I came up with a financial goal.
My ultimate risk management file.

*Granted, everyone is different, so is their trading styles and expectation.*

There are people who have been trading for 20-30-40 years with consistent profit (winnings - losses).

I shouldn't be any different.

Hence, my Risk File projected for two(2) years ...
Attached Image (click to enlarge)
Click to Enlarge Name: Risk Management.jpg Size: 171 KB
Learn... Work Hard... Trade Alone
  • #513
  • Mar 14, 2020 3:36am Mar 14, 2020 3:36am
Quoting BiteFX
As part of what drove my curiosity and observation to finding a trading system that suits my personality, greed level, and aspiration, I came up with a financial goal. My ultimate risk management file. *Granted, everyone is different, so is their trading styles and expectation.* There are people who have been trading for 20-30-40 years with consistent profit (winnings - losses). I shouldn't be any different. Hence, my Risk File projected for two(2) years... {image}
Feel free to peruse and appraise it... As it will be valuable in our trading journey.
*Questions are welcomed.*
Learn... Work Hard... Trade Alone
  • #514
  • Mar 14, 2020 5:40am Mar 14, 2020 5:40am
Quoting BiteFX
As part of what drove my curiosity and observation to finding a trading system that suits my personality, greed level, and aspiration, I came up with a financial goal. My ultimate risk management file. *Granted, everyone is different, so is their trading styles and expectation.* There are people who have been trading for 20-30-40 years with consistent profit (winnings - losses). I shouldn't be any different. Hence, my Risk File projected for two(2) years ... {image}
I see you are only working on 10 trades a month, that leaves roughly 12 days of orders not being filled, which is fine, but your chart doesn't seem to allow for losses. I think for this to work properly you need to work on a realistic w/l ratio, and a set risk to reward strategy. Just my 2 cents
  • #515
  • Mar 14, 2020 7:58am Mar 14, 2020 7:58am
Quoting Sluggazn
{quote} I see you are only working on 10 trades a month, that leaves roughly 12 days of orders not being filled, which is fine, but your chart doesn't seem to allow for losses. I think for this to work properly you need to work on a realistic w/l ratio, and a set risk to reward strategy. Just my 2 cents
Yes, the idea is to stay with my trading system for the 20 trading days a month following the signals it gives me.
The goal is actually to double my trading account balance every month. Of course one wouldn't know which trade will be a winner or a loser, so I project based on my expectations which is on the average.

But, the real risk management there is to divide my trading account balance every month by 20,000 and use the figure as my lot size through out that month.

My trading system will determine for each trade which will be 1R=1R, or 1R=2R, or 1R=3R as you know it involves sometimes wide pips... And on some days small.
Learn... Work Hard... Trade Alone
  • #516
  • Mar 14, 2020 8:02am Mar 14, 2020 8:02am
Quoting BiteFX
{quote} Yes, the idea is to stay with my trading system for the 20 trading days a month following the signals it gives me. The goal is actually to double my trading account balance every month. Of course one wouldn't know which trade will be a winner or a loser, so I project based on my expectations which is on the average. But, the real risk management there is to divide my trading account balance every month and use the figure as my lot size through out that month. My trading system will determine for each trade which will be 1R=1R, or 1R=2R,...
I am fan of Leonardo Biggolo Pissano a.k.a Fibonacci.
I coined this out of his famous Rabbit Problem.

Quoting BiteFX
{quote} I am fan of Leonardo Biggolo Pissano a.k.a Fibonacci. I coined this out of his famous Rabbit Problem.
In that problem there is an assumption that the rabbits won't die... But in reality, some must die.
But, you will still end up having lots of rabbits in your farm.

Do you get the idea?
Learn... Work Hard... Trade Alone
  • #517
  • Mar 14, 2020 8:07am Mar 14, 2020 8:07am
Quoting BiteFX
{quote} Yes, the idea is to stay with my trading system for the 20 trading days a month following the signals it gives me. The goal is actually to double my trading account balance every month. Of course one wouldn't know which trade will be a winner or a loser, so I project based on my expectations which is on the average. But, the real risk management there is to divide my trading account balance every month by 20,000 and use the figure as my lot size through out that month. My trading system will determine for each trade which will be 1R=1R,...
Makes sense. Imagine trading 83000 lots! Wow
  • #518
  • Mar 14, 2020 8:11am Mar 14, 2020 8:11am
Quoting Sluggazn
{quote} Makes sense. Imagine trading 83000 lots! Wow
You are already a hedge fund manager.
Learn... Work Hard... Trade Alone
  • #519
  • Mar 14, 2020 1:10pm Mar 14, 2020 1:10pm
Quoting BiteFX
{quote} You are already a hedge fund manager.
hard to believe with my .01 lots
  • #520
  • Mar 14, 2020 4:08pm Mar 14, 2020 4:08pm
Quoting Sluggazn
{quote} hard to believe with my .01 lots
You will see the magic if we stay put.
0.01 is the start point of greatness in trading .
Learn... Work Hard... Trade Alone
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