infofirst:
Boss endfx...What's your view about trading with robot?

Trading with robot is not entirely a bad idea as long as it trades according to strict entry rules n sound MM.

Also you don't have to start using it with money you can't afford to loose in case of any eventuality.. it requires monitoring from time to time and you must have it at the back of your mind its a robot so anything can happen.

If you can program your method to trade for you as a robot fine.

Just my 1cent

Shevychen2:


The calculation is wrong but the idea is the same.. At 100pips stop loss, using 0.5 means losing $250 instead of $50. Should be 0.05 micro lots.

I don't have any fancy formula to give though and I am not good with maths.. I just ask myself what is 10% of the balance and cut it in two to get the 5% lol. Then use a lot size that matches the number I come up with.

Yep bro it's a 0.5 micro lot...corrected above and thanks for the heads up.. however you can't loose $250 trading 0.5 lot with a 100pips stop loss. its actually 2.5 mini lot that gives you a loss of $250 if it hits a stop loss of 100pips.

Cheers

THE MOST IMPORTANT THING TO CONSIDER FIRST BEFORE TAKING ANY TRADE..


STOP LOSS:......Like it or not the place of stop loss in every trade cannot be overemphasised. It's like going to hunting without a gun,the wild animals will definitely feed on you. As much as many can be successful in the short term trading without stop loss its just a matter of time when the account will come crashing right before their very eyes because at a point emotions will definitely set in.


Thinking of stop loss as the first criteria before hitting the buy or sell button is undoubtedly very professional because it will safe you a lot of emotional stress and unnecessary pressure when trading. In fact, the first principle of trading is Capital Preservation.


Not too long ago we saw the tsunami that took place across the CHF pairs and i wonder how many accounts were blown on that day perhaps due to the absent of Stop Loss. Although, sometimes even with a stop loss in place some fraudulent brokers won't close you out due to unknown reasons. But it does not mean one should not protect his/her account from such unexpected spikes.


BENEFITS OF STOP LOSS..

1. It helps you determine your lot size on every trade. you don't just chose any lot and trade, you take your time to calculate it before you trigger. e.g you have a setup with a 100pips stop loss, to calculate your lot simply divide your risk by your stop loss.

e.g You have $1000 as your balance and you want to risk 5% which is $50 on a trade with a stop loss of 100pips

simply divide 50/100 = 0.5 micro lot as your lot size.

>> 0.5 × 100 = $50 loss


2. Stop loss helps you determine your Risk Reward Ratio (RRR) properly without short changing yourself. Personally, i rarely take a trade with a risk reward of 1:1 because i will find it difficult to breakeven after 3 to 4 loses in a row which is very possible no matter your level of experience. So, for me the higher the RR the easier for me to still be in profit. But there are traders that are still fine with it for obvious reasons best known to them and it also depends on your personality as a trader.


3..Stop Loss is the bedrock of Money Management..Obviously some will talk about Mental Stop Loss without the adequate knowledge of how it should be implemented. Does mental stop loss invariably means one should not place a stop loss on trades? Personally, i think the best way to operate a mental stop loss trade is evident with what one of us is doing here and that is Natruetalk. Even if he's to close his trade with a -20pips loss he will still apply a stop loss of may be 100pips. He has a mental picture or level he will jump out even before the trade gets to his actual 100pips stop loss.


For me all the shouting about MM is just nothing but properly determining what you stand to loose (Stop Loss) before even thinking of profit.


Newbies learn to trade with proper stop loss in place before anything else...Don't follow the experienced traders or you will get your fingers burnt.lolz


I hope this piece will help someone out there to get it right and i may be wrong though so inputs are welcome from the masters in the house since am still a learner.


Happy Easter to you all.

Cul4real:
Am tired ooo. I had blew up my account for the third time. And no where to recover the loss if I quit forex trading, however I am afraid of forex trading now. What a CONFUSION. Pls your advice?

I feel your pains and apprehension....send me a pm let me see how i can help ur trading.

Cheers

endfx1:
GJ

Sell stop @ 117.16

SL @ 117.64

TP @ 175.40

Apply due diligence

SL hit....

GJ

Sell stop @ 117.16

SL @ 117.64

TP @ 175.40

Apply due diligence

GA,NU closed @ +200pips

Gcad

Buy @ 1.8840

SL @ 1.8750

TP @ 1.9088

Apply due diligence

UJ

Buy stop @ 120.22

SL @ 119.89

TP @ 121.50

Apply due diligence

endfx1:
NU

Sell @ 0.7539

SL @ 0.7639

TP @ 0.7250

Apply due diligence

+100pips on 2lots

endfx1:
GA

Buy stop @ 1.9271

TP @ 1.9171

TP @ 1.9475

Apply due diligence

+120pips

naijababe:


Possibly the simplest instrument to trade. I trade it on the 1H, plot my S/R on the 4H and use a 20SMA as a filter, chikena. Oh, also make sure your candle stick knowledge is up to date

Lolz.....+1000

Candlesticks knowledge is the deal...no matter ur method

GA +70pips

EA +50pips

endfx1:
GA

Buy stop @ 1.9271

TP @ 1.9171

TP @ 1.9475

Apply due diligence

+20pips.....

endfx1:
EA

Buy @ 1.4091

SL @ 1.4018

TP @ 1.4300

Apply discretion

+30pips....moved to BE. Monday tinz

fxbomovi:
Good morning Bro, I may be wrong But I think au is going down

Think so too..

adeniyia33:
@ Endfx1,
The market finally brother the Support though with a tight dive yet I missed the ride, slept off the coast, woke up only to see the sharks cant even swim along.. No p...

Yea a problem with 0.7522 once that level gives in then we go down...for now i'm watching that level closely.

GA

Buy stop @ 1.9271

TP @ 1.9171

TP @ 1.9475

Apply due diligence

EA

Buy @ 1.4091

SL @ 1.4018

TP @ 1.4300

Apply discretion

chequemate:
Been learning the sticks around trading inspired by Endfx1, I just have to give him credit...do have a wonderful weekend guys.

Glory goes to God my brother and happy to know you are doing good. We pray for more grace

Tanks

NU

Sell @ 0.7539

SL @ 0.7639

TP @ 0.7250

Apply due diligence

infofirst:

Closed d gu @-52pips n eu at +178
Eu pending sell limit still at 1.1100

Nice one boss. still in profit

closed GU -50pips

Closed Gn,Gcad earlier +300pips

NU currently +30pips.....no time to post alert bought at the close of last 4hr pin bouncing off a dynamic MA

En still dancing....

@ thread i like the way we are openly declaring profit n loss. though we ain't obligated to do so but this encourages someone out there and paints the right picture that its not all profit profit profit!!

I salute the courage of most of us here. let's keep d spirit

GU proving stubborn....let's see.Currently -20pips

EN -40pips

We see the end

Experience matters in this biz oooo....to think that i can't remember the last time i run analysis or take a trade via laptop i can't help but smile.its been over 5 months now.

Just touch my lappy once in a blue moon.everything done on mobile..lolz i know so many will be surprised to hear this..

My eyes becoming my best indicator.slowly but surely i'm getting there..

GN,GCAD. +300pips

endfx1:
NU

Buy @ 0.7680

SL @ 0.7620

TP @ 0.7900

Apply due diligence

SL hit

GU

Sell stop @ 1.4850

SL @ 1.4900

TP @ 1.4650

Apply due diligence

EN

Sell @ 1.4276

SL@ 1.4376

TP @ 1.3965

Apply discretion

raycolz84:
Endfx done vex this period ooo, na to dey follow you bumber to bumper from tomorrow ooo, I no fit shout

Hahahaha....abeg ooo

endfx1:
Gcad

Sell @ 1.8688

SL @ 1.8739

TP @ 1.8368

Apply due diligence

+80pips just added another lot @ 1.8586

endfx1:
Ucad

Sell stop @ 1.2490

SL @ 1.2548

TP @ 1.2358

Apply discretion

+40pips and @ BE