Forex Trading Questions(Advanced Strategies,etc)

[Fx-Tiger]

Hello,
My name is Tavnaz and i am new to trading forex.
And before proceeding i would like to thank Fxtiger ji for starting a thread on forex questions and answers.:thumb:
Now to the point.
I am having trouble regarding my trading strategy which is price action based.
Actually what is happening is my account is in stagnent mode.
I traded 10 days ago and went up 200 $ and i am down 190 $ now with just 10 $ net profit.
My problem is my stop losses are getting hit too often every time i get profit other losses get the better of it.
So my question is what is the best take profit and stop loss for any currency pair in order to prevent wiggle movement hitting my stop loss.
So that my take profit hit more often then stop loss.
currently i take 1.2:1 Reward/Risk ratio.
Like 24 pips take profit and 20 pips stop loss and something like that.
I am very much confused.
Kindly help me.
Thanks in Advance.
Tavnaz

Hello Tanvaz,

Thanks for the Questions and Nice to know you getting profit overall which Everyone/many finding themselves hard at first.... :clapping:

Regarding Stop-Loss,

Its really Based on Style and Method of your Strategy and Trading. Aggressive or Conserative Style?

I normally use 50 pips SL for 30,50 and 100 as TP Levels. Because My Strategy is more like an pullback method which usually i set my trade before an entry reached there.

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Lets Come to your Work..

Say and I will say my view on SL Setting, Try how much average pips you drawdwn or make opposite move....Find it for last 50 trades...then we can get an Idea for SL and TP.

I prefer big sl and tp if you are system have low drawdown.

 

[Fx-Tiger]

yes fx tiger looking farword from your advanced strategy hope to see it from you soon, thanks in advance.

Hello Sumit,

This Topic I started for Discussing abut Advanced Strategy Questions and for Traders who are already in Forex having questions...

So Not posting about Advanced Strategy...Many call me as Advanced by no reason..Now i know...

Really i want Simple question in one topic and some forex trading related in advanced..thats all..

This not means i m not Advanced Trader

 

[sumitdasjoshi]

sorry i read it wrong i think its advanced statgy well keep thegood work going.

 

[prudent investor]

Well Yasir I am not yet, but I would be surprised if it doesn't have any! We can find out by calling or better still visiting their office as it claims to be in Girgaum Chowpatty! What say?

 

[preetksgill]

FxOpen was started by Igor along with Alexander , both russians.

They were employees of liteforex.org and were thrown out from there.

They opened a while label joint and named it fxegypt, Igor renamed himself as Denis

They are registered as a trading company on an African island Seychells which in turn means ..... oh well

Bank wire is to a Czech bank, not to a bank in Seychelles, beats me, if they are registered and regulated in Seychelles then why Czech or a russian bank

Client support is 100% though yahoo, msn, irc chat , phone numbers are VOIP numbers, there is no postal street address

ECN/STP is handled as a bridge with Dukascopy, so essentially they do not have any direct network

everything is web based

the story is endless ............


A good reliable broker like INTERBANKFX has a registered, regulated company with a strong day staff which handles all day to day business

they have a HUGE office complex, with dedicated staff and proper landlines

They have a cluster of servers for load balancing in different zones on the planet, hence their trade execution is the best in the industry

They are NFA, CFTC regulated and have direct bank feeds from multiple central banks in different countries

A ROCK SOLID infrastructure


AND

IBFX does allow micro accounts for 1 cent a pip


why should anyone go to a broker with doubtfu; credentials when there are direct bank feed brokers around

BY THE WAY

If you need to setup your own fx broker company on the lines of FXOPEN I can guide you how to do it for less than $5000 total cost. [everything pirated] ........ LOL

The $5000 cost is for opening WHITE LABEL with parent broker

 

[Fx-Tiger]

sorry i read it wrong i think its advanced statgy well keep thegood work going.

Thank You,

I follow THV System a Lot for my confirmation of my strategy, So take a look into it..

If you want to know about it...Tell me i can make it a discussion. I Think for me, Its accurate and have winning trades largely and have % of over 80 :thumb:

 

[Fx-Tiger]

Well Yasir I am not yet, but I would be surprised if it doesn't have any! We can find out by calling or better still visiting their office as it claims to be in Girgaum Chowpatty! What say?

Yes Someone Near the Place give a Visit to Them....I think They are not fully indian based brokers or Have Accounts in Indian Banks for Transcatins..becuz still in Indial they have many pairs to make it legalize to trade...Now legalized pairs are not suitable for Technical Analysis

 

[prudent investor]

Your preference seems to be prudent as most of these forex firms have their origins in Russia/former communist countries and cannot be counted to be scrupulous when there is sizeable fund involved, even if they are governed by FSA or FTA etc. especially if you happen to make a good fortune! Remember, they lose (mostly) when you win and so never appreciated.

 

[Fx-Tiger]

Your preference seems to be prudent as most of these forex firms have their origins in Russia/former communist countries and cannot be counted to be scrupulous when there is sizeable fund involved, even if they are governed by FSA or FTA etc. especially if you happen to make a good fortune! Remember, they lose (mostly) when you win and so never appreciated.

Alpari is also from Russia and Its Country of Origin,

So I really dont think it does nothing with Scamming, Remember Scammers Scam.

In Forex One Lose and One Win,Brokers Win when we lose and Brokers also lose when we win a lot(excluding Spreads or Commisions).....

Forex , 95% of them Lose in Forex. Thats the Figure of Traders Lose.

Only 7% of Traders in Forex are Online Traders who Trade from Online Brokers.

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My preference comes from my own trading experience with them. Nothing more than that.

 

[prudent investor]

This what I know for sure -RBI does not permit Forex brokerage House in India for obvious reason of forexchange being involved. And an Indian resident is allowed upto $200K of forex remittance for Investment purpose only. He has to declare the same while remitting funds to an international A/c of the Broker. A Rep. told me that you even declare the Trading A/c No also when remitting funds. Effectively, you are leaving a paper trail, should RBI/Authorities come knocking ur door for wasting forex resources for speculative gain. However, i think rules would be relaxed going ahead even if we do not see Fully Convertible rupee!

Coming back to your leaning towards a Forex Brokerage firm with Indian origin, I think www.wsd-nz.com is primarily managed by PIO/NRI and governed by N. Zealand Regulatory Authority.
And the funds to be remitted to Kiwibank Ltd or CitiGroup Sydney for different currency deposit. Seems Ok to me. Well, if we couuld have someone pay a visit to the branch and vouch for their operation. Anyone?