ZariaPr3tty

THE MOST INFORMATIVE POST ON FINANCEHEAVEN... AT LAST, SOMEONE WHO KNOWS WHAT HE'S TALKING ABOUT. The problem is that people still don't get it, and I'm sure this thread won't receive many responses. They just don't get it... and go on with their Ma's and pivots and so on. Thank you for a fantastic thread that tells the TRUTH about how the markets and, more importantly, LIFE work.

It might be a good idea to ask both Vantage and MonetaMarkets. ...

It will not work; don't waste your time or life on it; instead, learn to read charts and you will make money.

I believe that the issue is not which indicator works best with which currency. It is the integration of various indicators into your trading system that ensures that it is suitable for the currency pair with which you are trading. After trading a currency pair for an extended period of time, you will develop a general sense of its movement and, with the assistance of some indicators, you will be able to trade profitably with that currency pair.

For every 100 trades where you practice this, there will be one that does not return that you add to that does not return, and you will face ruin. Years ago, when I first started learning, I met someone who amassed over a million dollars in a short period of time trading much the same way, though he martigaled at times as well, usually after the first few trades went against him, so he essentially needed to average down his position. That worked during a strong trend, but once he was caught near the peak, it was pretty much game over; he never realized his losses because his method worked time and time again, and within a few weeks he was margin called. If you're looking at a chart from a distance, you should be able to tell when you're wrong, at which point you take the loss and move on. Every trader will trade their own way, but a stop loss is your safety net. Yes, it hurts, but nothing is more damaging than profiting from mistakes, such as entering short and having it move against you, then entering short again and having it move against you. Just because a position finally shifts in your favor does not make you correct. It might work on a trade that actually works, but that trade will almost certainly be the result of the system of averaging losers. So, my advice is to trade with a stop loss in areas where you know you will be wrong, that your plan has failed on this occasion, and be prepared to cut a loss short if the signs point it out, ie don't take a full bar loss when the signs are obvious. Keep your money safe.