My $25 dollar FXCM Forex Account

This is a discussion on My $25 dollar FXCM Forex Account within the Trading Journals forums, part of the Reception category; Originally Posted by ramrob A little embarrassed to post this but i got stopped out pretty quick. And i shorted ...

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Old Feb 6, 2009, 6:25pm   #16
 
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Good Stuff

Quote:
Originally Posted by ramrob View Post
A little embarrassed to post this but i got stopped out pretty quick. And i shorted it again at around 15 min 200ma. Not sure if this was a smart idea or not but it has swung in my favor. still looking to hit the same target. I should have been more patient and waited for another test of the MA to enter originally.

It seems to me my analysis of s/r is mostly accurate, i just underestimate the violence with which the levels will be tested. Thats how im justifying getting back ino this trade to myself. It may be flawed logic, but i dont know any better.
The trailing stop function is a point spread between the price movement and the increments that you wish it to move in your direction - for example if you enter a sell on EUR/USD and you want to use a stop you set the stop for say 10 pips above it, then the price moves below your entry and your in the money, lets say it moves 50 pips below your entry and you want to lock in 10 pips and trail it by 30 pips you would enter a 30 in the trailing number, when the price moves 30 pips in your direction the trailing stop will then move down 10 pips if price moves 60 pips in your direction the trailing stop will move down another 10 locking in 20 and keeping you in the trade.

That's the just of it and it works well for keeping your losses limited when you spot good high probability trades. I dont' use the trail function much as I find it take you out of an otherwise very good trade. Sometime you just spot a good one and the set up is perfect but the volatility will almost alway swing up and take the stop out knocking you out. several hours of a day later you wake up and find that the pair is way lower than your entry but your trade has been closed for a measly 50 pips or something like that.

Don't chase trades

Keep trying you'll spot them!

Cheers
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Old Feb 6, 2009, 6:32pm   #17
 
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Study 1 & 4 hour charts 1st

oh ya i wanted to say that you could study the 4 hour and 1 hour charts first, then drill down to the 15 and 5 for a timing purpose to get the better top of bottom. 15's and 5 min charts can whip you in and out hitting stops like crazy - pull back a wider view ad plan an entry based on your studies

just a thought
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Old Feb 6, 2009, 7:41pm   #18
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ramrob started this thread
Quote:
Originally Posted by c_c405 View Post
oh ya i wanted to say that you could study the 4 hour and 1 hour charts first, then drill down to the 15 and 5 for a timing purpose to get the better top of bottom. 15's and 5 min charts can whip you in and out hitting stops like crazy - pull back a wider view ad plan an entry based on your studies

just a thought


Thanks for your advice C. I think I hit every pitfall I've been preparing to avoid for the last year in the last 5 hours. Specifically, I was over trading and under prepared. I wonder how I can limit those impulses.

After I dust myself off I am wondering, what does anyone think a proper amount of money would be to trade with considering I would trade ONLY on the longer timeframes and I would only trade microlots.

thanks
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Old Feb 11, 2009, 9:58pm   #19
 
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Forget the scalping -

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Originally Posted by ramrob View Post
Thanks for your advice C. I think I hit every pitfall I've been preparing to avoid for the last year in the last 5 hours. Specifically, I was over trading and under prepared. I wonder how I can limit those impulses.

After I dust myself off I am wondering, what does anyone think a proper amount of money would be to trade with considering I would trade ONLY on the longer timeframes and I would only trade microlots.

thanks
if you are starting with micro lots you could start with at least 300 $ - it will give you some room to breath and allocate stops properly

personally I would not trade anything smaller than mini lots but that just my preference

another tip for ya would be to look at 1000 candles or more whn analysing a pair this will give you a better clue of the range and where a pair may be within it's range.

Buy low Sell High

Here is a chart of a trade I still have open it's currently up 300 pips and was up a lot more previously - If I had used a trailing stop this trade might have been knocked out

See how I line out the range and trade the extremes of that range - I will do this until price breaks below the range or above it - if/when it does I will then trade the new range if i'm not already in the trade.
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