Post here if you don't know where else to post.

[Russ]

Hi there, welcome to the general section of the forum.

If you have a question and don't know where to ask it, you can ask it here.

You can ask anything Forex and we will do our very best to answer your questions.
I record videos on a regular basis, and I will be posting many of them here as well.

Russ

[wolefx]

Veterans in the house, where can I find a tutorial on stop loss placement? Thank you

[Russ]

Hello Wolefx,
I think I can help you with that.
There are variations to every in FX, but when it comes to the standard, safest practice for placing your stop loss, we want to position it below the most recent swing low in a buy trade and above the most recent swing high in a sell trade.

Then the market is trending, it moves in such a way that the highs and lows get progressively lower in a downtrend and progressively higher in an uptrend. This makes the highs and lows ideal places to position a stop loss.

To better demonstrate that concept, I took some time to record a video for you.

https://vimeo.com/840749048/31bba4880d

[wolefx]

Russ, I am most excited to view your video post explaining the topic or response to my question. I would say thank you. Having wanted to get more of your videos, I decided to check YouTube but got some channels claiming your works. Which is your official YouTube Channel to learn more from you. Once again, thank you, Master.

[Russ]

I appreciate that very much!
That's something that I should start, but unfortunately I don't have a YouTube channel. All my time goes into trading and teaching.

[richman]

A video said we should find the best pairs for the time we will trade. I would trade Tuesday through Sunday evenings GMT-5 I think about 6:30 p.m. to about 9:00 p.m., possibly on Mondays, too. I also want to be sure the good exchange would trade on Saturday.

[Russ]

Hi Richman,
There is a market assessment that should be done to help you decide what markets you want to trade.
Once you sit at your charts, you want to go through the currency pairs you would normally trade and decide on what ones look like they are tradable and which ones look like they are too choppy or flat to trade.

also, what timeframe do you prefer to trade?
If you trade something small like the 5 minute, or even the 15 minute, there will be times of day that work better than others.

You mentioned that you have a 2.5 hour window that you like. To get any trades in such a short period of time, the 5 minute would be the best timeframe for you to trade.

In your window from 6:30pm - 9:00pm GMT-5 isn't a good time for trading. You are trading the last half of New York and during this time the market is very slow and sideways. There will be occasional market movement at this time, it's it won't be ideal most of the time.

You might want to consider moving to a better time of day, or trading something like the 1 hour or the 4 hour timeframe so you don't have to be present for more than a few minutes every few hours.

You want a broker that's open on Saturday, that is going to be harder to find. The FX brokers in general are closed over the weekend, but there are a few that are open.

XM
FXTM
Vantage
IC
Pepperstone

Are just a few, but if you want weekend trading, they will usually need an initial deposit of $5,000 or something similar.

[richman]

Can we do the back testing he mentioned in the fast start guide outside of the broker's hours. I would think so.

[Russ]

Absolutely, you can backt4est is as far back and during any time you like. You will find seton of the market that you prefer and those should be the times you focus more on.

[richman]

OK. Thank you. I started a demo account. I found a chart of the times markets are open. I'm starting back testing. I might need to take a little time off work to do actual trading. Someone posted he made $400 on one trade, I think it was with Money Suck which I'm using for now. He didn't say how much he invested/risked, but it's very encouraging. I'll be back with back testing results in a few days.

[Russ]

Hi Richman,
There are several Forex Market Hours websites that will help you see what time it currently is and what session you are in.
One of the nicest ones is on BabyPips here: https://www.babypips.com/tools/forex-market-hours

The London session is the most heavily traded session as the market moves the most in either direction.

The fellow that won $400 on a trade most likely risked about that on his trade.
If he lost the trade, he would have been out $400. That would be considered a one-to-one reward to risk ratio. You can change that though, you can target more then you risk, like 2:1 or even more.

[richman]

I don't see my post, and therefore can't see a response. Can someone send a message? I downloaded the files, extracted, and installed the Money Suck. However, I didn't download the indicators to the same place. I see the indicators .exe file, but don't know if I should copy and paste it into the installed file.

[Russ]

There is a video that explains how to install all those files using the installer file. That is the first section of the video you will see on the post where you downloaded the files.

[richman]

I installed the file, but the indicators didn't go to the right place. I see the .exe file, but don't know how to get it to the right place. Maybe I should download again. I made another post about this, but I can't find it.

[Russ]

You should now have a template installed. Once you apply the template to your chart, you will them have all your indicators in the right place... what system are you trying this for, maybe I can bake a video that will help you if you still have troubles.