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My trading ordeal
Member Since Nov 13, 2014
1 posts
Dec 12, 2014 at 12:21
Member Since Nov 13, 2014
1 posts
Hello everyone. I've been demo trading forex since August and a couple weeks back I decided to invest 400€ in a micro account. I haven't had much success, and right now I've lost almost 30€. Luckily, thanks to money management I've been able to limit my losts lately. I have been analizing my main problems and:
-I hace no entry strategy to speak of: I mostly trade by guts, and since I can determine when and how is a good opportunity to open a trade, most of my trades are pretty random. I really would like your help in this matter. I'm trying to keep mi indicators to a minimum, but certainly using candlesticks formations alone with my amateur skills is not working for me right now. I'd appreciate if you could recomend an indicator for detecting divergences and strength of the trends. I usually trade in the h1, h4 and d1 charts of EURUSD, using 'round numbers', 'pivot points' and 'center of gravity'. I don't use MACD and such since I wasn't getting any useful information from them (mostly because I couldn't set and read them correctly).
-I have no way of knowing where to put S/L and T/P: I try using resistance and support levels, with round numbers but as today, most of my orders are either closed with S/L or manually closed. Looks like my T/P are unrealistic.
-I don't keep a journal to review my trading strategy: This is a problem I have with mostly everything in life. I, for the sake of me, can't keep a tidy enviroment for work. If you could point me what to reflect and what is the most useful way of doing this with MT4, I'd be very grateful.
-I keep a leverage of 500:1 but using a conservative money management: Although I keep a very high leverage, I only use 1% of my capital (4€ for 0.02 lots) and set my S/L to 2% (risking 8€). Is this sensible?
Im sorry if I ask so much of you, but I've reached a point in my new trading adventure where researching alone without help is getting more and more frustrating. I'm having trouble keeping the rabble of the useful information I find and read, and honestly, I could use the help of more experienced traders right now.
-I hace no entry strategy to speak of: I mostly trade by guts, and since I can determine when and how is a good opportunity to open a trade, most of my trades are pretty random. I really would like your help in this matter. I'm trying to keep mi indicators to a minimum, but certainly using candlesticks formations alone with my amateur skills is not working for me right now. I'd appreciate if you could recomend an indicator for detecting divergences and strength of the trends. I usually trade in the h1, h4 and d1 charts of EURUSD, using 'round numbers', 'pivot points' and 'center of gravity'. I don't use MACD and such since I wasn't getting any useful information from them (mostly because I couldn't set and read them correctly).
-I have no way of knowing where to put S/L and T/P: I try using resistance and support levels, with round numbers but as today, most of my orders are either closed with S/L or manually closed. Looks like my T/P are unrealistic.
-I don't keep a journal to review my trading strategy: This is a problem I have with mostly everything in life. I, for the sake of me, can't keep a tidy enviroment for work. If you could point me what to reflect and what is the most useful way of doing this with MT4, I'd be very grateful.
-I keep a leverage of 500:1 but using a conservative money management: Although I keep a very high leverage, I only use 1% of my capital (4€ for 0.02 lots) and set my S/L to 2% (risking 8€). Is this sensible?
Im sorry if I ask so much of you, but I've reached a point in my new trading adventure where researching alone without help is getting more and more frustrating. I'm having trouble keeping the rabble of the useful information I find and read, and honestly, I could use the help of more experienced traders right now.
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