1337br wrote: Wed Mar 08, 2023 2:01 am
Guys, I'm having great difficulties operating in m5, I've tested several versions but I'm still not winning and losing....
I would like to know for those who already have experience with this system, if the m15, m30 or h1 works better?
Hello,
Well you are not alone to struggle with the right timeframe setup. I started on M5 a few month ago, keeping a eye on the M30 to get the daily overall picture (on the same screen on my desktop 30' screen, on a a different tab on my Surface 8 tablet when I'm on the go), but I decided to switch to M15/H1, and things got better for me. M15 is still fast but less stressful, you have the time to think twice before entering a trade (on top of Xard's I double-check with a multi-timeframe ichimoku system on Tradingview, which is also easier and better than MT4 for drawing trendlines), and you will still get the big price moves of the day ; On M15 you also have less false signals (you avoid a lot of false breakouts if you wait for candle close, but not all of them of course). So I would advise to try it and decide if it suits your style...
Also a few more pieces of advice :
- Don't give up
- Try demo account first to make a few big mistakes, but not too long
- Switch to real money account with 200$
- It's better to focus only on one asset, with very few trades during the day (for me it's US30). Maybe later you'll check multiple assets when you get more experience.
- Set a mental stop for each trade, that you trigger on candle CLOSE
- At first avoid US market open, and big U.S dollar news, there is going to be chaos ! Maybe later you'll use them, scalping to get easy pips
- For position size you can calculate a precise risk per trade (depending on stop pips number,...) , but I now prefer to have always the same size every trade (at the end of the day it will be roughly the same, with less headaches)
- For US30, start small with 0,02 lots per 200$ per trade (-> aim for 2% gain per day, which is enough to make you a millionaire within 2 years), then work your way up to 0,1 per 200$ aiming for 10% gain per day (in a recent post Xard said to START SMALL WITH 0,1 lot per 200$ (!!!), but this man is... different). Of course you can work you way up only if you start to get consistent gains, otherwise you're just going to increase your losses. And even then you have to remain comfortable with the drawdowns, this is of most importance !
- When you double your account to 400$, then add 400$ and now you're trading with 800$. At 1600$ you repeat, etc... That way you take the time to build your confidence, without waiting years before earning big money...
- Remember Xard's system is a trend following system, don't try to catch tops or bottoms. This was a huge thing for me, that I got rid of a few weeks ago. I couldn't help it, and I was a looser because of that. Most people underestimate how far a trend is going to go, don't try to outsmart the market, just follow the trend. Just pick up a Xard version that you like (for me it's v39 last update), follow the signals, try to avoid false breakouts, and you'll be profitable.
(Humble advice from a beginner... I started forex one year ago, on demo account until last november, then I was fluctuating between 180$ and 210$ until january, now my account is approaching 300$, and I'm trying 0,06 lots per 200$ position size, working my way up and taking my time, forex is not a sprint).
Best regards
PS : This is my first post on Forex-Station, so of course : thank you Xard, Kwak, Four-XXX, and everyone else...