Forex Monthly Trading Thread and setup ideas, page-2707

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The_Crack

27 Posts.

21/11/17

12:17

Post #: 28981256
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Originally posted by RickM ↑

Hi Crack
Yes you can't remove all risk or we would all be rich.

Here my first trade would be small and only a tester to gain say 20-40 pips in the green. There is risk with only this first trade but I am happy to have many loosing test trades while I attempt to time the move correctly. This risk would be about 0.5 ADR(100) of a pair which is around 40 pips for EURUSD. Once I'm in the green for around 30 pips I would start grid trading with break even as a stop loss.
So my grid method can only end at break even or big profit, as will the first trade.

I do lose with this money management system but only on a few test trades. The rewards are huge if you nail a big move. You would only need half a dozen of these a year to be a highly successful trader.

LETS GET REAL -

I WOULD ONLY USE THIS METHOD - if I am confident a big move is about to occur because in normal ranging markets, I would break even more than not.
For example there were a few recent moves this year I would choose like -
AUDUSD / USDCAD / AUDJPY / EURJPY / CADJPY / EURAUD / EURNZD ( my favourite )
EURGBP ( wow )

So maybe only once or twice a month would the risk be worth attempt trading with a big grid trading system.

My normal smart money management does use multiple trades but the risks are far better controlled, I have only a few trades per basket and I am happy to take smaller regular profits.
Forex trading is not the way to get rich, most traders just have to settle for a monthly wage and just be happy.

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Thanks alot, i appreciate the response!

how do you usually make the assumption that a big move is coming? Largely based on political enviornment of country/policies?
Do you jump onto it once the move has begun or do you try and time it prior?
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