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Trading Forex

BackInTheGame78

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Does anyone trade forex here at all?

Just started with a small account, and by far this seems like the easiest market to trade on. Seems far less volatile and more "setup friendly". Also less noise involved...BTC price movement can't tank your setup like it can in crypto.

Currently on 27 straight profitable trades and counting using low lot sizes. Making between .50 and 3.00 a trade and plan on growing this by $100 before I start allocating more funds to this, to ensure I am not just on a lucky streak. On pace to grow this account around 30% this month if I can continue, more if I start improving.

I'm not going to say I am exceptional at TA and understanding movement patterns but I am pretty good at it. Definitely room for improvement tho, as always. I need to do better at defining setups and being more patient.

Biggest issue I have is exiting profitable trades too early. Could have likely doubled or tripled what I have made so far if I just trusted what I saw. I haven't done an analysis yet but by quick look, half my trades would could have at least returned 2x what I ended up at and a few would have 5-6x'd.

Planning to keep a spreadsheet that details all of this for future reference and so I can keep improving. If you don't know details, it is hard to improve at them.
 
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BackInTheGame78

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Just did a breakdown of all my trades and I have a lot of room for optimization.

Profit so far is $16.66, but I broke down max profit within the next 4 hour period and then max profit within the next 8 hour period if I sold at the optimal time. I know this will never happen every single time, but I could definitely improve greatly in this area.

So my 4H max profit would have been $51.85 and my 8H max profit would have been $74.10.

Effectively I am between 22-32% of max profits on short term holds and this doesn't even take into account holding it for a day or day and a half on some of these bigger moves.

So this tells me a few things...my ability to spot profitable trades is pretty good. However, I exit trades too early most times and don't let the major moves happen...

Short term goal will be to boost myself to 50% of max profit over the 8H window.

All in all, I would much rather have issues maximizing profits than opening bad trades. I already have the much harder skill, now I just have to work on my trading mindset.
 
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Divorced w 3

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Forex is all good and fun until a tanker with a Ukrainian captain takes out a bridge in Maryland, durable goods orders come in hot the other day and counteract the Fed chairman who spoke days prior, Biden opens his mouth for any reason, etc.

Don’t have positions on going into economic news if you can’t take a multiple sigma loss. You’ll have a stop loss but when liquidity is low you can easily gap right through it.
 

BackInTheGame78

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Forex is all good and fun until a tanker with a Ukrainian captain takes out a bridge in Maryland, durable goods orders come in hot the other day and counteract the Fed chairman who spoke days prior, Biden opens his mouth for any reason, etc.

Don’t have positions on going into economic news if you can’t take a multiple sigma loss. You’ll have a stop loss but when liquidity is low you can easily gap right through it.
I tend to avoid taking positions before news events and then look for trends after/possible reversals.

Caught a nice long on AUDUSD this morning and short USDCHF.

Essentially, I don't look for home runs, I look for layups and free throws and keep hitting them over and over again.
 

Divorced w 3

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I tend to avoid taking positions before news events and then look for trends after/possible reversals.

Caught a nice long on AUDUSD this morning and short USDCHF.

Essentially, I don't look for home runs, I look for layups and free throws and keep hitting them over and over again.
All I have right now remotely comparable is the June 21 TLT 25 delta calls on. I prefer swing trading, just works better for me.
 

BackInTheGame78

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All I have right now remotely comparable is the June 21 TLT 25 delta calls on. I prefer swing trading, just works better for me.
I'd love to be able to eventually get into that mode, but I typically trade the 1H charts and look for trends on higher time-frames and check the lower time-frames for strong momentum that likely will translate over.

Need to work on my patience and understand that a 1H chart needs a good 4-6 hours at least to play out properly.

Nowhere near as good as I will be as I continue doing this day after day but I have a pretty solid baseline.
 

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I'd love to be able to eventually get into that mode, but I typically trade the 1H charts and look for trends on higher time-frames and check the lower time-frames for strong momentum that likely will translate over.

Need to work on my patience and understand that a 1H chart needs a good 4-6 hours at least to play out properly.

Nowhere near as good as I will be as I continue doing this day after day but I have a pretty solid baseline.
it sounds like you have the right idea. I just prefer swing because it allows me to filter out shorter term noise to some degree. It’s unlikely I’ll hold this position anywhere near June it’s just the structure
 

BackInTheGame78

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it sounds like you have the right idea. I just prefer swing because it allows me to filter out shorter term noise to some degree. It’s unlikely I’ll hold this position anywhere near June it’s just the structure
Planning to prepare for a few months then work on getting funded by a prop firm.
 

FlirtLife

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I tend to avoid taking positions before news events and then look for trends after/possible reversals.

Caught a nice long on AUDUSD this morning and short USDCHF.

Essentially, I don't look for home runs, I look for layups and free throws and keep hitting them over and over again.
Are you trading in the futures market? There you can double small amounts because of the high leverage, but one event can wipe you out. You plan to spot the expected ("before news events"), which leaves out the risk coming from surprises.

I've avoided futures markets owing to the high leverage. In the past I preferred buying options, which limits the risk to the money you paid for the contracts.
 

BackInTheGame78

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Are you trading in the futures market? There you can double small amounts because of the high leverage, but one event can wipe you out. You plan to spot the expected ("before news events"), which leaves out the risk coming from surprises.

I've avoided futures markets owing to the high leverage. In the past I preferred buying options, which limits the risk to the money you paid for the contracts.
Nope, just trading straight Forex in small lots currently. Up about 15% so far in 10-11 days of trading. Not much in real money, only about $25 but this is me making myself earn the ability to use more money by ensuring I make good trading decisions.

I am not putting anymore money into this until I get this up $100. Forcing myself to be consistently profitable and learn from my mistakes with small amounts rather than large amounts.
 
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BackInTheGame78

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The thing I really like about Forex is most of these pairs have well established monthly trading channels/ranges that have been respected for many years...sometimes 5 years or in a few cases, 10 years or more.

Trading near the top or bottom of the channels are almost always easy wins and potential big gains if you are willing to hold long enough.

I prefer the H1 charts as they offer a balance between faster price action but within those respected ranges, and as long as you are properly looking at the higher time-frames while opening the trades, you are usually going to be pretty safe.

However, also have some positions near the tops and bottoms of the monthly ranges on some pairs so I can catch those moves when they hit also...those can take a year or more to get back between them so it doesn't happen that often.
 
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