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; oh ya i wanted to say that you could study the 4 hour and 1 hour charts first, then drill ...

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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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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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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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