Move account to Australia to avoid EU/US regulations?
Look at this example:
You have a 10.000$ account. You went long for 1 lot on EURJPY with your EU broker. This is a big winner, you stay in this trade. 1 lots uses 5000 of your margin, you still have 5000 available. You see a perfect setup on a major, USDCHF, go for 1 lots. That second trade uses 3333 of your available margin, you only have 1666$ left. Oh 6 days later you stop a great trade. You go only half as big and ride your winner.
Trade 4: So, do you close a winner to open a new trade? Or ignore that opportunity? Want to hedge one of your winners? Sorry you can't, for your "protection".
These incredibly smart rules pushed me, since I am an obedient victim doing what I am told, to take garbage trades these past 5 weeks.
I have made no progress.
Their stupid rules force people to overtrade and take plenty of small trades rather than be patient and look for big winners.
Don't do this. If you trade like me on 10 leverage you only risk 2-3% of the money you have with a broker (want more in EU? Deposit more! Much safer than keeping your money in your bank account).
It is also not impossible EU brokers start having troubles, and this is not good for us traders. You want your broker to be in perfect health.
ESMA is not going to say "oh this was our fault let us compensate you for the money you lost when they went bankrupt".
They will let you die and make a new dumber rule.
I heard pepperstone was ECN & they look decent, I probably go there in the next months.
The idiotic regulations only screws small traders starting, and anyone that does not want his WHOLE money to be with a single broker, and rather leave 5% and go 20 leverage which ONLY IS going 1:1...
What is good for us, is that the regulators since they are dumb, are going to take a couple of years to figure our the aussie loophole :D
Trust me: don't overtrade, trade few (everything is relative...) but trade the good ones. Ignore trash setups.
Right now this is my own plan, it is not even complete yet, I will leave it like this and not look for more opportunities, just make every win count:
Majors & gold (probably):
- With trend on pullback big enough defined by my secret formula.
- Convergence (see my secret rules). Don't overcut *****, wait for ***** (-*****) reached if it is after ****.
- RSI divergence otherwise (there is no trend), 3 points on 10 length min (still testing)
* If no trend and no fib, just set no brain magic indicator alert. If there is something I can make an idea. or post idea after I enter the trade.
Minors exotics etc:
- Still testing: No trend I am not sure, experiment with RSI divergence > 4 for now.
- Join trends the regular (use secret formula).
- Against trend if RSI div > 3.
** All the 5 rules that cancel a setup apply (1 example: if MA20 gets tested a second time shortly after).
You have a 10.000$ account. You went long for 1 lot on EURJPY with your EU broker. This is a big winner, you stay in this trade. 1 lots uses 5000 of your margin, you still have 5000 available. You see a perfect setup on a major, USDCHF, go for 1 lots. That second trade uses 3333 of your available margin, you only have 1666$ left. Oh 6 days later you stop a great trade. You go only half as big and ride your winner.
Trade 4: So, do you close a winner to open a new trade? Or ignore that opportunity? Want to hedge one of your winners? Sorry you can't, for your "protection".
These incredibly smart rules pushed me, since I am an obedient victim doing what I am told, to take garbage trades these past 5 weeks.
I have made no progress.
Their stupid rules force people to overtrade and take plenty of small trades rather than be patient and look for big winners.
Don't do this. If you trade like me on 10 leverage you only risk 2-3% of the money you have with a broker (want more in EU? Deposit more! Much safer than keeping your money in your bank account).
It is also not impossible EU brokers start having troubles, and this is not good for us traders. You want your broker to be in perfect health.
ESMA is not going to say "oh this was our fault let us compensate you for the money you lost when they went bankrupt".
They will let you die and make a new dumber rule.
I heard pepperstone was ECN & they look decent, I probably go there in the next months.
The idiotic regulations only screws small traders starting, and anyone that does not want his WHOLE money to be with a single broker, and rather leave 5% and go 20 leverage which ONLY IS going 1:1...
What is good for us, is that the regulators since they are dumb, are going to take a couple of years to figure our the aussie loophole :D
Trust me: don't overtrade, trade few (everything is relative...) but trade the good ones. Ignore trash setups.
Right now this is my own plan, it is not even complete yet, I will leave it like this and not look for more opportunities, just make every win count:
Majors & gold (probably):
- With trend on pullback big enough defined by my secret formula.
- Convergence (see my secret rules). Don't overcut *****, wait for ***** (-*****) reached if it is after ****.
- RSI divergence otherwise (there is no trend), 3 points on 10 length min (still testing)
* If no trend and no fib, just set no brain magic indicator alert. If there is something I can make an idea. or post idea after I enter the trade.
Minors exotics etc:
- Still testing: No trend I am not sure, experiment with RSI divergence > 4 for now.
- Join trends the regular (use secret formula).
- Against trend if RSI div > 3.
** All the 5 rules that cancel a setup apply (1 example: if MA20 gets tested a second time shortly after).
Comment:
Maybe EU brokers won't go bankrupt.
www.financemagnates....shape-industry-know/
If a broker goes bankrupt & people, that had to deposit more, lose all their money, and go ask the regulators for compensation - only fair, if they want to interfere with absoluty everything then they have to take responsability - at gunpoint, and it ends in blood I will laugh at their face :D
www.financemagnates....shape-industry-know/
If a broker goes bankrupt & people, that had to deposit more, lose all their money, and go ask the regulators for compensation - only fair, if they want to interfere with absoluty everything then they have to take responsability - at gunpoint, and it ends in blood I will laugh at their face :D
Comment:
If I want to be active take many trades FX stocks metals etc, I will have to put almost all my money with brokers to use all the equity at my disposal...
Well I should not be too paranoid, if it is spread with several brokers I have very little odds of something bad happening.
At some point I can also trade via a bank, risk is zero there.
Well I should not be too paranoid, if it is spread with several brokers I have very little odds of something bad happening.
At some point I can also trade via a bank, risk is zero there.
Comment:
Super simple system to experiment for the next weeks:
FX Metals Soybeans:
* Go with trend on retrace to swing high/low (this will always work & 100% winrate)
* Go against trend/or nontrend if RSI divergence > 4-5 @ rsi xtrm level
* MAYBE, FOR MAJORS, go on convergence with fibo. To study.
Stocks:
* Go with trend early on (1rst) retrace to MA20/MA's & maybe converging with swing low too.
* Go against the trend on RSI divergence > 5
Bitcoin:
* Always short the ponzi.
* Probably same as FX I guess.
All 5 rules I have that cancel a setup apply to all I guess (don't go short against big bull breaks etc)
All of these setups are looking at daily chart. Not going to bother anything else for now.
If my system fails for whatever reason I can always focus on the 1 setup that gives me 100% winrate since I am never wrong :D
FX Metals Soybeans:
* Go with trend on retrace to swing high/low (this will always work & 100% winrate)
* Go against trend/or nontrend if RSI divergence > 4-5 @ rsi xtrm level
* MAYBE, FOR MAJORS, go on convergence with fibo. To study.
Stocks:
* Go with trend early on (1rst) retrace to MA20/MA's & maybe converging with swing low too.
* Go against the trend on RSI divergence > 5
Bitcoin:
* Always short the ponzi.
* Probably same as FX I guess.
All 5 rules I have that cancel a setup apply to all I guess (don't go short against big bull breaks etc)
All of these setups are looking at daily chart. Not going to bother anything else for now.
If my system fails for whatever reason I can always focus on the 1 setup that gives me 100% winrate since I am never wrong :D
gbpusd difference was 6,3
I think looking for a diff of 4 at least is good. Going to to this.
EURUSD diff was 15, 8.5, etc.
AUDUSD > 4
Ok I guess look for rsi div at least of 4 @ pointy level, if I set it away like 0.1% before so I have time to react, look for 5 =/= rsi.
IMPORTANT: Alert = overcut level & lf RSI(10) div of 5.