Fx Profit Wave

[Emilia Jonas]

Hi, Adrian. I still wasn't able to recover from my $830 win in just 1 trade haha. Today, I traded 3 times. 1 loss and 2 wins. Good enough for me. These are all buy trades by the way. I noticed in most currencies that the trends are going up so I took the chance. I was kinda scared because my first trade was a loss, luckily I got 2 wins afterwards. So far, FX profit wave is really good for me. As a beginner without so much knowledge about Forex, I was able to cope up. Thanks to your guidance also, Adrian. 😊

[Russ]

You're up a trade, that's perfect. If you keep this up, your account will only grow! Keep up the good work!!

[Adrian]

Well done Emilia! Do keep us updated on your progress

[Emilia Jonas]

Hi! Another update: Traded twice yesterday, just short trades... I got 2 wins! I'm getting the hang of this. I want to try and enter a long trade, but I have to make sure I'll be monitoring the trade because I am so scared of losing... Experienced some losses in the past, and it's really riding with my emotions. Anyway, these are just small wins, but a win is a win right?

[Russ]

That is wonderful! I am so happy about your wins.
There are some traders that have a bias about long or short trades. The market can move equally well in either direction, so if you get a signal to go the other way, it can indeed work out ok. Don't push it though, if you are really hesitant about taking a long trade, don't force it, or you can trade it on a demo account until you are comfortable with it.

Congratulations on your wins!

[Emilia Jonas]

You're right. Hesitating would mean I'm not ready to take a long trade yet. Thanks, Russ. I have another trade running currently. I will surely update you with the results and if anything comes, I'll ask you right away.

[leila]

Hey Adrian,

I have a question that's been on my mind lately.

I've been experimenting with a trading strategy on small time frames where I set a small target and have a specific risk limit in place.

I'm wondering if it's advisable not to use any stop loss or take profit levels in this scenario.

The idea is to closely monitor the trade and manually exit once the target is reached or if the risk limit is exceeded.

I've seen some traders discuss this approach, but I'm curious to hear your thoughts and experiences.

Is it a viable strategy in the long run, or am I taking on unnecessary risk?

I appreciate any insights or advice you can share.

Thanks!

-
Leila

[Russ]

HI Leila, I know you asked Adrian this question, but I will offer my unsolicited advice as well

My question to you is do you have a reason for not wanting to place a physical stop loss?
There have been times when I have not used an actual stop and instead relied on a "mental stop" only to get out of a bad trade way too late. This means I lost double what I was planning on risking and that ultimately messes up the growth of my account.

The stop loss can be one of the most powerful tools we have when it comes to money management, and not using it can occasionally lead to disaster, especially if you have a risk amount in mind.

The smaller the timeframe, the faster the trade can go bad. For example, if you are risking 10 pips on a trade on a 5 minute timeframe, you can easily lose 20 pips on a fast moving market, or on a market that you have been pulled away from.

Traders that use a mental stop loss are usually traders that think their broker has it out for them, and if you think that of your broker, you should probably switch brokers to one you better trust.

My advice is to always use a stop loss. I have been trading for over 20 years and I have never seen a good outcome of using a mental stop.
Of course, the way you trade is up to you, but I have been burned enough times that I will always place a stop loss on each of my trades.

Russ

[Adrian]

Hii Leila
I agree with Russ comments as a beginner you always want to protect your account and a stop loss mitigates against unexpected and large losses- trailing stops are also advised depending on the system rules....as this is not strictly related to the topic of Power pro per say we will also move this to a general discussion in the forum

[betchbashem]

HI

Did anyone trade this chart?

I saw it way too late i wish there was a trade assistant to alert me when i am not sitting at my desk.

Do traders just watch the screen all day long and look for a trade?

[Russ]

Traders typically have "trading windows".
Established traders have a timeframe they like to trade, and if it's the 5 minute, for example, they will make a couple hours available where they will monitor the charts and look for some good trading opportunities.

Trading really is a job, regardless of if you place a trade or not. Every dollar made is a dollar that is earned.
A lot of systems do have TAs, but those are generally advanced options that aren't made available for free systems.
And even so, a TA will alert you to a potential trade, you as a trader will still have to make the decision to take the trade.,

[betchbashem]

Thanks, Russ

I was thinking to trade the H1 timeframe, then all i need to do is check the chart once every hour.

[superjosh]

lately I have been busy with work. usually i watch my trade all the time. but since i barely have time to trade lately, i only made few trades. lately I am having a hard time reading the market. I usually trade in NY session. I have recently lost 2 trades but was able to recover with one big win. I had one trade that went on for like two days. the market went sideways, I was able to setup my SL and TP but the trades never reached either. I lost this trade, it ended when I was asleep. question: what do you usually do when this scenario comes up? do you close it prematurely or let it run the way i did it?

[Russ]

I will be willing to bet you placed your trade in the New York session after the London session closed. The second half of the NY session if very slow and sideways. Once the London session is closed, I will not place any additional trades, even though there are still a few hours of NY left.

If I am in a trade that is going sideways, if I am up a few pips, I will close the trade and be done with it. If I am at a loss, I will do additional market analysis on the higher timeframes to determine if the market will go in the direction I want it to. If it won't I will most likely take a small loss on the trade.

Remember, every big loss starts as a small loss, and we don't want to let the bog loss happen.

[betchbashem]

Hi Russ,


So when Established traders have "trading windows" will they close out the trade when done or if is still within the system rules will let run overnight?

And the question as we learn to trade is it safe to let them run to hit the TP/SL or too many things (news) can happen overnight?

[Russ]

That's a good question.
A trading window is established when trading a smaller timeframe like the 5 minute, and for me, my window is about 4 hours long.
If I take a trade and it ends up going sideways and doesn't close at the end of the window, I will generally try to tough it out and stay present during the trade as it moves outside of my window. If this isn't possible, I will set a trailing stop loss and if I have to leave, I will leave while the trade plays out.

Ideally your trades happen sooner rather than later on your allotted time slot, and if there is no trade early on and there is only 15 minutes of my window left, I won't be placing a trade if a signal were to happen.

[Emilia Jonas]

Hi Adrian, just an update. I hade 1 trade yesterday and it was loss. Now, I think I'm getting more conscious entering a trade. Today, I entered this buy trade and I noticed it's going down. I will monitor this trade because it might turn out a loss. Will update you with the results...

[betchbashem]

From what I see in your chart is that you bought it at a resistance level and it is pulling away now for the 2nd time, and it is also a support level prior, so at thy buy zone if you follow the line you will see a support and resistance area.

So I assume it is not the best area to buy at.

[snipess]

i have almost all the System but this is very unique

[Adrian]

Hi thank you please let us know how you do with it

[Emilia Jonas]

Hi guys, just an update. I was busy with work and had little time to trade. I just traded on my free time. But yeah I placed 4 trades, 3 wins 1 loss! I'm happy with the outcome. By the way, the last trade chart I posted was actually a loss. Thanks betchbashem, I think you're right.

[Adrian]

Well done Emilia 75% win rate and you made some money!

[Russ]

This looks beautiful!!

[superjosh]

Hey! So I have been trading a lot lately and thanks Russ for that tip! You're totoally right, I completely disregarded the London session and trade at the other half of the NY session because that's usually my free time. I have been getting many small wins which when you add up could reach up to $500-$700 per day and I only trade for an hour or less. This system makes it easy. What I do is, i only place trades on candles that are about to open. that way I will have a better chance of knowing if i should buy or sell. here's a screenshot of my wins. Note that this are just SOME of them because as ive said, I trade a lot and I win 8 out of 10 trades (safe to say).

[Adrian]

Great going well done and thanks for sharing!

[Russ]

That adds up fast!

[Emilia Jonas]

Sup guys! Just a short update today. I only entered a single trade today due to time constraints. I actually closed this trade before it even reached the TP because I noticed it started going down... I was right tho. After I closed this trade, it actually went down. Good thing, I closed it early. By the way, did this trade for just about 15 minutes.. Good enough for me.

[Russ]

The small wins add up, nothing wrong with that!

[Adrian]

We want to make money so if you made it on the trade all good!

[kizzy fx]

How do you know the direction of the chart??

[Adrian]

Hi Kizzy
The direction is usually indicated by the price moving either up or down and based on the candlestick charts' overall trend you will notice it tends to go either up sideways or down after a series of candles... the indicators will alert you to when a potential trade set up will occur to buy (up) or sell (down) ... its something we will cover also separately in the beginners section in a future post

[chand malik]

How play this

[Russ]

The first comment in this thread has the link to the manual. You can download and read through the very short PDF to learn how this works. You will find the first post here: https://www.surefiretrading.com/foru...it-wave#post48

[pierre]

Best indicator

[Russ]

Thank you Pierre, I am very happy you like it and that it's helping!