Spend only what you are willing to lose in Forex (4)
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  • #1 Collapse

    Spend only what you are willing to lose in Forex (4)
    Originally posted by seadoffx View Post
    Until we take loss as part of trading just the same way we take profit but just laying more emphasy on profit we will still fall victim of more lost from trying to revenge on market
    This is the reason you need to be disciplined in your trades. The choice of TP and SL is very important as setting double TP than SL will bring you profits when you lost one trade and won one trade.
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  • #2 Collapse

    Now i will to set my stop loss around 100 pips. I will do calculation to determine how much money i will loss if i open trade on that day. Maybe, i will set 3% from my capital.
     

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    • #3 Collapse

      Originally posted by silenteyes View Post
      This is the reason you need to be disciplined in your trades. The choice of TP and SL is very important as setting double TP than SL will bring you profits when you lost one trade and won one trade.
      I am not dare to set take profit double to stop loss. but i concious about the market and i come out after some profit
       

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      • #4 Collapse

        Originally posted by standgunz View Post
        Now i will to set my stop loss around 100 pips. I will do calculation to determine how much money i will loss if i open trade on that day. Maybe, i will set 3% from my capital.
        It is good if you set 3% from your capital as a risk trade.
        At least you have more chance to survive.
        Beside it is need 33 consecutive loss trade to get MC.
        33 consecutive loss it is almost impossible.
         
        PAMM - AIR


        http://www.myfxbook.com/members/damianus

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        • #5 Collapse

          Originally posted by standgunz View Post
          Now i will to set my stop loss around 100 pips. I will do calculation to determine how much money i will loss if i open trade on that day. Maybe, i will set 3% from my capital.
          it is unbelievably good friends
          I think using 3% is an excellent choice
          and can withstand a loss for 33 times
          and it can be used in case we experience loss
          and I think if you are disciplined, will be far from the MC
           

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          • #6 Collapse

            Originally posted by swift2000 View Post
            I am not dare to set take profit double to stop loss. but i concious about the market and i come out after some profit
            I always have trades in the past that I am waiting for more profits only to hate myself afterwards when the market don't turn back and ended myself losing. Just advice my friends...take whatever the market can give you. Don't opportunities fades away.
             
            Am still hibernating, will wake up one day, all depends on fate. Hope to see you all-soon! Miss you all friends!

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            • #7 Collapse

              Originally posted by standgunz View Post
              Now i will to set my stop loss around 100 pips. I will do calculation to determine how much money i will loss if i open trade on that day. Maybe, i will set 3% from my capital.
              Professional trader trade with 3 or 5 % from their balance only and i think you doing great but i am doing with 10% of my balance. if we trading with less then 10% of our balance then i think we doing good money management.
               
              As you sow, so shall you reap.

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              • #8 Collapse

                Originally posted by NikitaBelle View Post
                I always have trades in the past that I am waiting for more profits only to hate myself afterwards when the market don't turn back and ended myself losing. Just advice my friends...take whatever the market can give you. Don't opportunities fades away.
                so it really take this friend what have we got instead taking what we expect because often times our expectations are not in accordance with the facts
                 

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                • #9 Collapse

                  Originally posted by ganeshjain View Post
                  Professional trader trade with 3 or 5 % from their balance only and i think you doing great but i am doing with 10% of my balance. if we trading with less then 10% of our balance then i think we doing good money management.
                  10% is little big with small amount with small amount i think but with good amount its ok . and below 10% is really good and i always take such like 5 or 6%. yes i also agree below 10% is good moneymanagement no doubt.
                   

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                  • #10 Collapse

                    Originally posted by NikitaBelle View Post
                    A close friend of mind whom I respected a lot and a successful trader on his own right, which is already banned from here, because of his own doing...lol. ( what a long introduction...sorry...hehe) Told me over and over again that "Spend only what you are willing to lose in Forex trading." Because Forex is a very risky market and very addicting, when you lose you want to get revenge right away. He is absolutely right by all means...up to now I have not invested big amounts yet. I have to thank him for always reminding me about it.

                    How about you? Yes you my friend...the one reading this thread. Do you think Forex is worth spending thousand of hard earned money or even your savings because you feel you will succeed with it in the long run? Or you already lose big amounts and you feel the market owes you something and you tend to get it back no matter what? Or are you one of those trader who only spend a little what they are willing or capable to lose? Tell me...
                    Yes, the idea is right, as you say, trading forex is very risky. However, when we have a too small account, we always feel hurried to get big profit. And the more we hurry the more we make mistake. 5% profit a month from a $50 balance is nothing you know, when we may be sastified with 5% profit of a $100.000 account! How can we say about this?
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                    Last edited by ; 15-07-2011, 10:11 AM. Reason: make mistake

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                    • #11 Collapse

                      Originally posted by kimphuong View Post
                      Yes, the idea is right, as you say, trading forex is very risky. However, when we have a too small account, we always feel hurried to get big profit. And the more we hurry the more we make mistake. 5% profit a month from a $50 balance is nothing you know, when we may be sastified with 5% profit of a $100.000 account! How can we say about this?
                      i am agree with this. some people can't see the long term potential oh slowly but sure. we can't be patience of waiting our balance grow.
                       

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                      • #12 Collapse

                        Originally posted by swift2000 View Post
                        I am not dare to set take profit double to stop loss. but i concious about the market and i come out after some profit
                        indeed it is very dangerous, but if calculated properly, it is still possible to change the position of loss into a profit.
                         

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                        • #13 Collapse

                          Originally posted by moleh999 View Post
                          indeed it is very dangerous, but if calculated properly, it is still possible to change the position of loss into a profit.
                          but it takes experience to do this ..
                          if we change the position with a little equity, .. then the next would be harmful to our account ..
                           

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                          • #14 Collapse

                            Originally posted by moleh999 View Post
                            indeed it is very dangerous, but if calculated properly, it is still possible to change the position of loss into a profit.
                            well if you make a loss, it will take upto 2 winning trades to break even.
                             

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                            • #15 Collapse

                              In forex trading I lose my heart fear which is always in front of me but I think Fear is batter for forex trading because it helps to stop and finish the greed.
                               

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