TA Forex Trading

Out of my EG long on the spike. EA looks like it might turn around early. Added an EA long at 1.3768, TP on this one set for 1.3850. Still holding the long term one for more topside later.

Hi quant. You should trade the style you're comfortable with. 1% a week is nothing to sneeze at. Depending on your age, a decade is just fine for setting up a nice retirement account (I'm at the age where I think about such things).

I'm comfortable with a lot of risk and I've blown up a few accounts. It's my hope that learning how to exit properly will protect me, but when (if) I get to that point down the road where my account contains significant money, I may start taking smaller positions.


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Hey Kermit....sorry to hear that you've blown your account in the past.   I came so close to blowing my account once and was totally surprised by it when it happened, and that's when I took pennies 2% risk advice and have stuck with it until now.   I still don't want big risk but I need to increase it enough to make that 3% average weekly gains.   I'm running out of time to trade off the 1% risk style because I'm approaching retirement age, but 3% weekly gains would put me where I want to be at retirement age if I can get to the point of making that consistent 3% per week.     If you've been making 5% weeks on end now, then you are doing extremely well as long as you always have a stop set.     If you can say that in another year or two then I see no point in changing your risk amount.    Unless it rattles you to see all those dollar values change so dramatically, and then I can imagine that you'd be wise to protect your assets.     I've seen those 1500 pip days happen in pairs like Eur/Nzd on august 24, 2015 where if you were wrong side of the trade and had no stop in place then you could blow your account, so I still don't want that kind of risk, plus I don't have enough ideal initial entries to justify the risk.    Sometimes the price can run both directions a huge number of pips in one day too so I do set stops and TP marks from my entry to accommodate the swings.   Fingers crossed the TP gets hit first.    You are doing something very right with those 5% consistent gains and I hope to say the same about myself by next year or at least the 3% gains I am shooting for at a minimum.    I appreciate all your input on the board btw.         

Pennies i believe AUD/CAD is following your projection-you've got me looking at the Weekly chart too and cussing myself for where i entered two stupid trades--Thanks for the "eye opener' even tho i'm stuck right now still think i'll be ok

Raising my TP on my EA long to 1.3875 instead of 1.3850.

AU is going to be heading south for a pretty good clip over the next week or two.

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Kermit......thats a stomach turning trade you've shared.     May it be your last one like it.     I've taken a position after a long move thinking it was the end a number of times and watched the trade immediately turn the opposing direction putting me in the red as soon as I entered.    Since going to the 2% risk trades I've just held them and waited them out and that's a big part of why my gains have only been 1% a week and that's why I'm rethinking my strategy.     And changing my strategy with increased risk is why I'm of the conviction that stop losses must be placed as soon as the trade entry is placed when trading large risk positions no matter what stage of a wave we think the pair is in on a 4 hour or greater chart.   

Yep I'm long Eur/Nzd with a TP at 1.76...almost 3000 pips up from here.

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There is no shorter term TP for me. That one is strictly a weekly chart play. Buy and hold and take a vacation while it does its thing...lol!

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