I've just re-read much of my last thread, and I have to say, a lot of good advice was given there. I didn't heed it like I should have, I mean there was advice to trade the dailies when starting out for instance, and after coming up short with the shorter timeframes that is now my intention, but I've lost another account getting to this point. One thing I have done is started to learn one system and attempt to master it. It's actually been good having a break from that thread and then going back to it. One person asked what I would do if I blew my account, well the answer is I start over, a little bit wiser, determined not to make the same mistakes this time.
Hi rsd886647, just read both threads all the way through. 10 out of 10 for persistance and effort
. As a newbie myself I'd be interested to know what your top 10 tips would be for new starter while the pain (lol) is still fresh. I don't know if you work or not as you seem to put a trmendous amount of energy and effort into finding your path. would be interested to know how many hours a week you spend on this subject?
. As a newbie myself I'd be interested to know what your top 10 tips would be for new starter while the pain (lol) is still fresh. I don't know if you work or not as you seem to put a trmendous amount of energy and effort into finding your path. would be interested to know how many hours a week you spend on this subject?
samuelhogg
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rsd886647 have you been to http://www.fxstreet.com/ ?
Very good site for learning FX with free and paid live webinars at http://www.fxstreet.com/live/sessions/
Free intraday charts at http://www.fxstreet.com/rates-charts/
Very good site for learning FX with free and paid live webinars at http://www.fxstreet.com/live/sessions/
Free intraday charts at http://www.fxstreet.com/rates-charts/
Manicman,
Well, I am sometimes unable to work for long periods due to illness, so I have to find another source of income to look after my family, hence why I am so committed to learning this stuff. So I have lots of motivation.
Lessons:
1 Don't start out risking large amounts of cash. If you want to use real money, start with pennies rather than pounds. It is amost a certainty that you will lose money whilst learning, so the less you put down, the less you lose. If you put everything you have down, like I did then you have nothing to trade with once you know a thing or two.
2 Don't trade small timeframes, trade the daily timeframe only when starting out.
3 Learn a method, I'm a fan of price action (watch some of oztraders videos on youtube), and make trades based on that method, take time to identify specific signals, don't make trades based on emotion and impetuousness.
4 Learn good money management principles, don't risk more than 2% on any single trade. Don't increase your exposure once you start losing. Expect to lose. Learn about position sizing. Always use a tightish stop, limit your risk, if you don't the market will take it all.
5 Don't open more than 1 trade on the same stock or pair at any one time. Don't double your risk by trading similar pairs in forex at the same time.
6 Move your stop to breakeven once you are in some profit, and take profits once your target has been reached.
7 Don't form a pre-conceived idea on where the market is headed to the point where you fail to react to changes in the market. Trade signals and think short-term gains.
8 Do some self-analysis. Think about what sort of trader you are. Think about your weaknesses and how you can overcome them. Also analyze your trades and identify mistakes and how you can eradicate them next time.
9 DO NOT OVERTRADE
10 DO NOT OVERTRADE
And to completely contradict Point 1
11 Lose an obscene amount of money in your first few months.
(It was a blessing in disguise for me. I hate to lose money. So I will never give up until I make back what I lost. Never giving up is what it is all about.)
Yes, I work. I teach English in Japan. I get some free lessons at school in which I read books on trading and can keep an eye on my trades online. I spend a few hours each evening in front of the computer. I spend a couple of hours at the weekend planning trades in the week ahead, looking for possible opportunities. So I would say I spend about 15 hours a week trading. I also play poker to fund my trading, and do that mainly at the weekends, and in the evenings on quiet trading days, about 15 hours a week. I am only just beginning to build an account.
Well, I am sometimes unable to work for long periods due to illness, so I have to find another source of income to look after my family, hence why I am so committed to learning this stuff. So I have lots of motivation.
Lessons:
1 Don't start out risking large amounts of cash. If you want to use real money, start with pennies rather than pounds. It is amost a certainty that you will lose money whilst learning, so the less you put down, the less you lose. If you put everything you have down, like I did then you have nothing to trade with once you know a thing or two.
2 Don't trade small timeframes, trade the daily timeframe only when starting out.
3 Learn a method, I'm a fan of price action (watch some of oztraders videos on youtube), and make trades based on that method, take time to identify specific signals, don't make trades based on emotion and impetuousness.
4 Learn good money management principles, don't risk more than 2% on any single trade. Don't increase your exposure once you start losing. Expect to lose. Learn about position sizing. Always use a tightish stop, limit your risk, if you don't the market will take it all.
5 Don't open more than 1 trade on the same stock or pair at any one time. Don't double your risk by trading similar pairs in forex at the same time.
6 Move your stop to breakeven once you are in some profit, and take profits once your target has been reached.
7 Don't form a pre-conceived idea on where the market is headed to the point where you fail to react to changes in the market. Trade signals and think short-term gains.
8 Do some self-analysis. Think about what sort of trader you are. Think about your weaknesses and how you can overcome them. Also analyze your trades and identify mistakes and how you can eradicate them next time.
9 DO NOT OVERTRADE
10 DO NOT OVERTRADE
And to completely contradict Point 1
11 Lose an obscene amount of money in your first few months.
(It was a blessing in disguise for me. I hate to lose money. So I will never give up until I make back what I lost. Never giving up is what it is all about.)
Yes, I work. I teach English in Japan. I get some free lessons at school in which I read books on trading and can keep an eye on my trades online. I spend a few hours each evening in front of the computer. I spend a couple of hours at the weekend planning trades in the week ahead, looking for possible opportunities. So I would say I spend about 15 hours a week trading. I also play poker to fund my trading, and do that mainly at the weekends, and in the evenings on quiet trading days, about 15 hours a week. I am only just beginning to build an account.
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Hi rsd886647. cheers for that, like all on this site I've been through point 11 (lost more than I've seen anybody admit to on this site) but with so called "Pro advice" or what i now refer to them as money grabbing chancers. But that was investing rather than trading. I find I have the patients and time for 3-10 days per a trade as the sea of red of the investment side over the long waiting periods pains me. Day tading I don't think suites as work away from home during the week. anyway its your thread, i follow with interest
I've got myself an account size now where I can practice good money management principles, i.e. only risk 2% per trade etc. I will identify set-ups, work out how I'm going to trade them by setting stops and limits, exercise good risk reward, and then see them through without getting caught up in the emotional rollercoaster of market swings. That is the plan. Once again, despite the failures, I feel confident I can do it. I am trading pin bars, inside bars and fakeouts. I will keep records of my progress and post details as and when. My starting capital is 100000 Yen (I'm trading in Yen and it also sounds more substantial than 600 quid). To this point, I've invested something to the tune of 11000 pounds in trading, so my performance has to be somewhat above average.
How are you going with this trade? Where is your stop? I don't often trade Forex but I think that I would have used the same tactic that I use for Footsie.
IMO your assessment of the daily direction was OK. It just depends on the risk that you are prepared to take. I trade intraday and got a contrary signal to you. It all depends on getting the direction right but, of course, direction is often different in different TFs.
Regards Split
IMO your assessment of the daily direction was OK. It just depends on the risk that you are prepared to take. I trade intraday and got a contrary signal to you. It all depends on getting the direction right but, of course, direction is often different in different TFs.
Regards Split
I got stopped out for a 40 pip loss. My stop was above the pin. The daily was a nice set-up with the trend, but not to be. I am sticking with daily signals, but use 4 hourly signals to enter where appropriate, although with this trade I entered at about the 75% retracement area, on a lower timeframe signal, where I thought market had turned.
Prawnsandwich
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Hello RSD just scanned through your other journal, very interesting.. looks like you went through in a few months what many take years to go through in terms of starting off knowing nothing and losing money to gradually working through various methods , and losing less money, getting bogged down in indicators then on to price action etc....
Fair play to you for reading so much material ....
Thought I'd post a link which you may find useful, although it mightnt fit with your current approach....it set me on the way to profitability after getting bogged down in too much complexity...
http://www.maoxian.com/archivecat.html
Fair play to you for reading so much material ....
Thought I'd post a link which you may find useful, although it mightnt fit with your current approach....it set me on the way to profitability after getting bogged down in too much complexity...
http://www.maoxian.com/archivecat.html
I'm sorry. This still looks to be in a downtrend on the daily, but the daily is so difficult for me to time a good entry into, which is why I trade intraday.
Good trading,
Split
You are trading against your trend, right? If it is a pullback on a new downtrend, which you are expecting if you have a target of 1.4800, would it not be better risk/reward to enter higher?
Right, I've only just seen your change of mind.
Split
Right, I've only just seen your change of mind.
Split
The end result: a 200 pip gain, a 1:3 risk reward with a very generous protective stop.
well done
Yep, they sure are. Thanks to Nial's Price Action methods, I feel like I'm really starting to get the hang of it. I've just got to sort out my discipline and patience and then I should be making some bucks.
In regards to tomorrow, I have my eye on a trade, should the GBPJPY reverse as I think it will after its gains over the last few sessions. If so, I am selling the pin bar below, targeting about 150 pips profit.
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