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Myfxbook Of Account Following Trade Ideas From Trading Room

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  • Myfxbook Of Account Following Trade Ideas From Trading Room

    My colleague, Ace, has been running an experiment these past 2 months that I thought you guys might find interesting.

    He's trading an account using a mixture of the member trading ideas from our 24hr trading room.

    There is some discretion involved, not every trader gets copied, but the majority do, particularly during the Asian session.

    I think this is a really good endorsement of what we can achieve if we put our heads together and work as a team

    Keep up the good work people!!!

    I'll let Ace fill you in on the details of how he discriminates between ideas.

    Click here to check out the most popular forex channel on YouTube

  • #2
    Where is Ace?


    • #3
      to be clear, its not me


      • #4
        Originally posted by ace View Post
        to be clear, its not me
        lol... there are many aces amongst us...


        • #5
          Hi Everyone,

          Sorry for the delayed response. Before I begin, I would like to emphasize that due diligence check (DDC) is highly crucial and must be performed before executing a trade idea.

          I considered a trade idea an additional tool to identify more opportunities within a lesser time period.

          Here are some tips that I relied on:

          1: Practice patience while waiting for the price to fall in place. Firstly, do not execute an order immediately, but instead place a pending order. However, if you missed some potential trade opportunities during the observatory stage, do not get discouraged as you may enter at an unfavourable price thus it may affect your R&R.

          2: Never over-trade! There will be times where there are multiple correlated pairs of trade ideas which are similar being posted. It is not recommended to follow all of them as the market may turn against you so do your own risk management and do not over expose yourself.

          3: What to do when trade ideas are against each other? It is perfectly fine to hedge them if you are well-aware of your actions. However, I highly advised performing the required DDC and only execute in one direction.

          4: Analyse the trade ideas with your own findings and see if they sync along with the other traders. By doing so, it provides you with more assurance as the other traders, who are using different trading tools, has similar views too.

          5: Request for an SL/TP if the trade ideas do not provide them, you may do so by posting a comment on their page. Alternatively, you may wish to set your own SL/TP. Consider these trade ideas as a bonus, not an entitlement. Remember you always have full control over the trades.

          6: Always have SL in place if you are absolutely clueless or have little knowledge on what you are trading.

          Here is a list of people I have been monitoring of late:

          Jay (analyst) - You have to watch his live stream for trade ideas
          Trendline Trader

          Please feel free to share more potential traders whom you've been following.

          I hope this trading room will serve as a useful platform to identify and discuss potential opportunities together.



          • #6
            Hey guys,

            If you missed Jay Live stream yesterday about AUDUSD SHORT - Entry Price: 0.74954, SL: 0.75335

            And also a few trades that I took which are in DD (you can enter now at better price level):

            TravisN: XAGUSD LONG - Entry Price: 19.251, SL: 18.640. TP: 20.140
            Klass: EURGBP LONG - Entry Price: 0.85057, SL: 0.84273. TP: 0.85826

            All the best


            • #7
              Hey Guys

              A good sell setup by klass:



              Entry 1.32490 | SL 1.33480 | TP 1.31510

              Possible retrace from there, probably will get it during news.

              *Trade cancelled, did not hit Sell Limit before it went TP


              • #8
                A nice pending order by Dacorum.



                Entry 114.38800 | SL 113.64700 | TP 116.08900

                A good risk reward , 1:2 , a pair which isn't correlated to my existing positions.


                • #9
                  Closed Klass - EURGBP (+73 pips) , Billman (+246 pips) - GBPAUD , instead of bringing over the weekend as both trades are close to TP.

                  Looking forward to next week!


                  • #10
                    Entered a few tight S/L position for EurJpy, EurChf and AudCad.

                    No clear direction yet or any pending setup. Be wary of BoJ press conference.

                    Stay safe!


                    • #11
                      2 awesome trade ideas to look out from klass~ (I've personally entered both trades)

                      Entry 1.30781 | SL 1.30200 | TP 1.31310

                      Entry 1333.00000 | SL 1319.00000 | TP 1346.00000


                      • #12
                        Another potential trade risk:reward 1:1.8

                        By: Jsjusa

                        Entry 0.95790 | SL 0.96850 | TP 0.94000

                        It fit into my current portfolio after closing USDCAD Long (strong downtrend, doesn't seem right to me).


                        • #13
                          It's Friday, but I do see a good R:R posted by vinhlq

                          Entry 1.30600 | SL 1.31050 | TP 1.28400

                          Do your math and you know it is worth it.


                          • #14
                            No idea what to trade on Monday Blue?

                            Follow Jay our Analyst who stream daily at 12:00 SGT!

                            Entry 1336.80000 | SL 1341.00000 | TP 0.00000

                            My recommended TP: 1332 or 1327 depending on your risk appetite.


                            • #15
                              Yesterday Tony (Analyst) was shorting USDMXN during the stream, although I missed the good entry, I executed it immediately during the dive.

                              Open Price | Closed Price | Pips
                              19.65280 19.52040 1324.0
                              Still, manage to grab a decent profit within 50 minutes.