forex day trader - page 2
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Hello, ..... what did you decide to do? I would guess you have more questions ....
Hello, ..... what did you decide to do? I would guess you have more questions ....
not really,i have started trading,i guess I was missing one of the major pillars of trading in my style,i.e risk mnagment.
I have adopted risk management,started controlling my emotions,getting disciplined day by day,currently working on demo account as u guided.
and,i think I am on right path,as I could make 460 pips in last 9 days,by looking into different stratigies.
I had picked up my best strategy 5 days back,and had 8 out of 10 positive trades.
I want to be a day trader,bit confused as how many pips should I target as day trader.
how many trades should are sufficient in a day.
how many pips should I target in a trade.
can anybody help me with these questions.
what my idea is :(I pick up every trade where I see an opportunity,someehere around 10-15 trades a day,and in each trade I m targeting 150 pips,watching out 32 different pairs
am I putting too much pressure on my trades,or asking too much out of my trades as a day trader).
its not important how much u want to take profit but how many u can take the loss its more important and valueable , after that u can enjoy play this game
many indicator to help u to take decision to take how many profit u should take, but I will suggest just 2 and more important u must put ur stop loss first before u pput ur take profit position :
1 Fibonacci retracement ( I lways take profit in level 38,2% -not to greedy not to chicken in my assumption)
2 adx(14) lvel 40 ( in advance suggeston to can take adx when the adx line cross below level 40 it indicate momentum trend is lower that the momen u close the trade)
I attach the explanation in timeframe H4
hope this explanation will help u to tke decision make profit
its not important how much u want to take profit but how many u can take the loss its more important and valueable , after that u can enjoy play this game
many indicator to help u to take decision to take how many profit u should take, but I will suggest just 2 and more important u must put ur stop loss first before u pput ur take profit position :
1 Fibonacci retracement ( I lways take profit in level 38,2% -not to greedy not to chicken in my assumption)
2 adx(14) lvel 40 ( in advance suggeston to can take adx when the adx line cross below level 40 it indicate momentum trend is lower that the momen u close the trade)
I attach the explanation in timeframe H4
hope this explanation will help u to tke decision make profit
thanx amir for your strategy,but I use my own
I had added your theory for walofax from other forum,i may have not pronounced it same sorry for that.
I had taken your thoughts from that one and mould it with mine,to filter my trades.
I don't use Fibonacci retracements,i used it in a bit different manner,now I am using fibs,ADX,and OsMA.
I want to be a day trader,bit confused as how many pips should I target as day trader.
how many trades should are sufficient in a day.
how many pips should I target in a trade.
can anybody help me with these questions.
what my idea is :(I pick up every trade where I see an opportunity,someehere around 10-15 trades a day,and in each trade I m targeting 150 pips,watching out 32 different pairs
am I putting too much pressure on my trades,or asking too much out of my trades as a day trader).
10-15 trades is a little over traded. Try to find high probability setups then you are better with just 3 or 5.
I prefere trading currency strength it give you better odds.
I think it is the losing money that is the most stressful. Try looking for a simple system that does not give vague and confusing signals and simply and use few or zero indicators. Check out my SPX500 Renko system that uses no indicators and only the Renko chart and D1 chart. You can trade 1 lot of SPX500 for about $13 margin depending on the broker and it goes through daily ranges over and over for some relatively "low stress" trading. Your stress will drop a lot when you have a system that (1) fits your trading personality and (2) makes money.
I am not selling anything and suggest you buy nothing and just try systems that are simple, you understand, and give high changes of profitability. Good luck. https://www.mql5.com/en/charts/5913955/spx500-m3-forex-capital-markets-one-day-of-renko-bars-showing Check the two attached charts. There is also running trade commentary on my profile page that discusses trades as they develop during the day.
You should feel comfortable with it, a balance of your skills and the possible ouput which the market can offer every day.
Your targets could change with your experience.
Kindest regards
Christian
I want to be a day trader,bit confused as how many pips should I target as day trader.
how many trades should are sufficient in a day.
how many pips should I target in a trade.
can anybody help me with these questions.
what my idea is :(I pick up every trade where I see an opportunity,someehere around 10-15 trades a day,and in each trade I m targeting 150 pips,watching out 32 different pairs
am I putting too much pressure on my trades,or asking too much out of my trades as a day trader).