A few words of "wisdom" from us ...

Adding to a losing trade is absolutely fine if it is part of your strategy. It may look something like this ...

I like the look of GBPUSD Long at 16000 with a Target of 16500 - Looks like if I see 15800 though technically my trade will be invalidated so that will be where my Stop is. I will risk a maximum £500 on this trade (2% of my bank) and I will open a position at 16000 at £1.25 a point (£250 risk (1% of my bank)). If I hit my Target I will be £625 or just over 2% better off). The reason I risk just 1% initially is because an interest rate decision is due out today so I expect volatility before I hit my target (this may be up or down dependent on the decision). My other 1% therefore will be an order at 15900 for £2.50 a point. So, if I get into this and then hit my Target I will be £2,125 (£625 + £1,500 (£2.50 * 600)) just over 8% better off. A losing trade will obviously result in a £500 (2%) loss.

So, if it's part of your strategy yes, but if it's not we would say - No! - Is our opinion - Hope it helps.

If scaling out is a part of your trading method, then there is no reason why scaling in shouldn't be also.
I agree with the RT, as long as it is part of your strategy and considered before you open the trade, it could be a good idea. If it is an afterthought, it could lead you into bad habits.

Thanks for the replies, very thoughtful and helpful. It makes sense too. I tend to think that if a new entry point appears that you would take if you werent already in a trade then it has to be a good idea to add to a losing position.

My system is coming along nicely though I am finding that I am more consistent on the longer time frames than the lower ones. Thats ok but I have to overcome the irrational need to trade more often than the higher time frames signal.

I have read some great books recently, on the journey to become a competent trader. I loved (in a big way) high probability trading. I learnt more from that book than everything else I have done and read. I also liked trading in the zone, although I think a good chunk of the psycho babble was superfluous and the book could have been a lot shorter. Nevertheless it was very helpful from the point of view of how to view trading.

However, I still feel the need for some training. I've tried to go it alone and paid a fortune to the market for the educational experience. However, if im going to be a consistent successful trader I really need a mentor. I have been looking at Forex121.com and it looks really good. I like the fact that its in the UK and doesnt suffer from over statement. (Brits are much better at under statement and realism :-) - no offence intended. Still exploring this but think I will jump in. The thought of having a professional trader on hand to learn from and ask questions etc seems invaluable.

It would be great to hear about anyones experiences in going from a newbie to being consistent in the markets. Whats your story?

Final thought: Forex seems to be like life. Just when you think you know what your doing you get reminded that you know very little about anything. And sometimes even less than that. I often wish I was a teenager again so that i had all the answers :-)

Very interesting thread! I've been elsewhere attention-wise recently, but I can attest that Henry Liu sells mumbo-jumbo. I was on his 10kto1mm and got royally had-over. CSR didn't appear to be a true bot, just a trade copier probably copying some of his other ham fisted attempts at trading.

Have you looked at the 3 ducks 1-on-1 course? I personally haven't but it's on my list for when I'm next able to focus on trading for a while :-)

Z

Hi everyone, ive been on the trading trail for about 3 years now, a lot of that was around work.

I took it more seriously when I was made redundant and this year I have made a lot of progress this year. I have been trading the M5-M15 typically and really focusing on PA and a lot of observation and my chosen markets. I will admit that my results have been very up and down and have only become consistent in the last few months.

I will also admit that i was a bit of a pip monster meaning that I was looking for 400-600 pips per week and you will prob laugh but i saw that as entirely feasible. I have changed my view on that not because that its not possible but more because it is unecessary. When the markets pernit I am can see around 200 pips per week and with proper MM that is more than enough. As I dont trade fulltime I only take 5/6 trades a week for this.

What I have realised however, is that I do really want to trade M5 for the rest of my life, I want to enjoy trading and dont want to be stuck at my PC all day trading every click looking for the elusive setup.

I have looked at longer t/g trading and struggled to find something that either suited me or that I could place my trust it. I didnt want a system sell I wanted a mentor.

I was lucky to fall upon Forex121.com and joined a few weeks ago. Now I will admit I am not a big fan of indicators, but ther serivice provided is of a very high standard and I am very pleased. This is a very different approach to trading that what i am used to but the emphasis is on education and importantly money management. You dont need to make 1000 pips a week to be succsessful.

If you are looking for a consistent trading approach that with give you a nice steady return, which you can do around work then I would recommend this.

I dont think you will be dissapointed

Regards

ST

Hmm, so we have 2 separate references to Forex121.com here now. I've taken a look at their site which is refreshingly 'bling-free' and looks sufficiently serious, *but* the prices are not cheap and they are also pimping their own trade copier [facepalm]DanDroid[/facepalm] so maybe I'm feeling a bit paranoid today... or maybe I smell a rat. Maybe. Not sure yet.

Reviewteam - is there anything of Forex121 that would be reviewable? It looks like a training package and a trade copier. I haven't checked it too thoroughly though...

Z

We will make contact again this week.

And... you're back in the room!

Any joy with these guys?