i have recently lost $1000 on NADEX (that i really didnt have to lose) but i know i have the potential im just obviously doing something wrong…i mean…my luck cant be that bad right?! What are some simple fool-proof trading strategies that i can apply to the FX world. I am going to do what you suggested last night about the 1 yr of historical economic reports and how the currency pairs moved, but am i missing something on the technical side of things? is there something else i can do to better my chances? explain again how you pick the best strike and WHEN you pick that strike? another problem i seem to have is…when things start to move against me im quick to pull trigger on exiting the position…i know ive lost money that way because more often than not it reverses and moves back in my original direction i needed it to. But i dont like taking big losses so i get out when i shouldnt. For instance, ive tried trading the e mini dow the past few business days…it looked like it broke through resistance of 13435 that i posted back in mid october and hadnt seemed to cross…but it still didnt move much after it broke like i thought it would based on what usually happens in high base/ascending triangle break outs?? anyways, didnt mean to babble too much but would love your thoughts on what i just said.
But in the meantime i have tried to take some of the technical analysis techniques ive learned and trade binaries on the NADEX.
When trying – try with demo not live Do with live – try with demo (yoda)
I also have a limited amount of money because i left my full time job at the end of november and am waiting to see how i do with trading before i start looking for another full time job.
Trading is the ultimate job….once you get it going hard to imagine anything else
Trading and making money based on performance is how ive always wanted my pay structure to be like, albeit nerve racking.
[b]You ideally want at least 6 months of income in savings…also you should be able to lose 3 days in a row and easily trade on the fourth day – if not your are risking to much…
You can’t trade to make money – you can trade to trade well – and if you trade well money comes – if you trade to make money you will lose as you will not make decision based on charts you will make them based on money – and your risk has nothing to do with where the markets will go next
I.e. no one has ever won a superbowl by trying to win a superbowl – they won it by focusing on getting first downs over and over again and by keeping other teams from getting them[/b]
But i have lost $1000 on NADEX (that i really didnt have to lose) but i know i have the potential im just obviously doing something wrong…i mean…my luck cant be that bad right?!
Luck = Laboring Under Correct Knowledge Trading is not “lucky” it is on purpose otherwise it is gambling Most traders who Nadex binaries till expiration causing them to lose (might as well be gambling) They also base trades on risk (again your risk has nothing to do with where the market is going) What are some simple fool-proof trading strategies that i can apply to the FX world.
Follow the p3 signals – they are simple Beyond that trading takes analysis This is where the apex pattern, volatile trend line, etc… come into play the apex strategy that I teach is solid and simple.
I am going to do what you suggested last night about the 1 yr of historical economic reports and how the currency pairs moved, but am i missing something on the technical side of things?
[b]Yes you can tie in the apex strategy with it…but this is more of a simple fundamental way to trade that I was showing last night to open up peoples minds to how they could trade forex in the evenings without diving into techincals…
is there something else i can do to better my chances?
Apex Strategy – wait till after report – trade in its direction
Do your homework and know over the past year how has the pair reacted to that report
Good report, bad report, mixed reports, compare to previous release, compared to previous year, fast up, fast down, neutral, pop then comes back etc… - get all the variables together – this will give you confidence you will see the pattern emerge as you gather the data – it is work but it is worth it… [/b]
explain again how you pick the best strike and WHEN you pick that strike?
I base it on 3 things 1 Deviation levels 2 risk/reward – I want a 1:1 or better (assuming exiting a buy/sell at around 50) 3 historical movement based on the combination of events – good report on both number has traditionally moved x pips from where the price was right before news annoucement
another problem i seem to have is…when things start to move against me im quick to pull trigger on exiting the position…
sheep problem – cutting profits short – common issue
i know ive lost money that way because more often than not it reverses and moves back in my original direction i needed it to.
yup But i dont like taking big losses so i get out when i shouldnt.
[b]Yup – so stop risking so much – Nadex caps your risk so you should never be taking big losses
For instance, ive tried trading the e mini dow the past few business days…it looked like it broke through resistance of 13435 that i posted back in mid october and hadnt seemed to cross…but it still didnt move much after it broke like i thought it would based on what usually happens in high base/ascending triangle break outs??
Use Nadex spreads when trading the dow – much better – our spread scanner and spread videos show you how to do this
Use apex pattern to tighten stops on apex powerlines
Issue in tightening is you have no way of thinking how far the market will go that is objective – that is the point of the deviations
Use deviation levels to set targets and tighten stops when it breaks through them or gets close to them – they are black and white and help keep you in check
I don’t use triangles, pennants, head and shoulders and all that “stuff”… - I use one pattern - it works I use it (APEX pattern)– and by the way the one pattern is in all those complicated patterns that you have to turn your head sidewards to see[/b]
Great questions - keep em coming
