I didn't notice the E/G pin bar to go long I guess I am being careless I think I am going to take a few days away from the market because I am making stupid mistakes and not following the rules
I didn't notice the E/G pin bar to go long I guess I am being careless I think I am going to take a few days away from the market because I am making stupid mistakes and not following the rules
hey £80, i'm trading the exact same method you are, on demo for now but opening an IG account soon. What i recommend you do is to make your trendlines from a higher trendline, thus making them much more important. For example trading the daily , zoom back to the weekly, draw TLs and fibos always helps
It has been quite a while since I last placed a trade but I have been keeping an eye on the market.... trying to get some sort of balance. I placed a trade on Alcoa daily TF (US Stock), a pin bar formed at S&R level my entry just above it and my first stop just below it. On the close of the second day I moved my stop to lock in some profit and on the third day I got stopped out.
I think this was a fairly good trade.
I think this was a fairly good trade.
Attachments
good entry, but for me too close to previous pivot resistance to trail a stop on one lot imo. i would want a definate target so would have placed a limit order to exit (profit) at just under the previous resistance high rather than trail it (being so close, i would prefer to move s/l to BE rather than trail). maybe then looked at a breakout play if resistance did not hold. good trade for a 2 lot entry scaled out - lot1 at resistance and lot2 s/l moved to BE then trailed.
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Problem
I have a problem and was wondering if anyone can help.
My problem: I don't have the time to watch the hourly charts anymore, I don't have the funds to trade the daily charts. What I do have is three hours in the morning 07:00-10:00 GMT but I don't know how to trade small time frames. I really don't want to switch from the hourly but it looks like I am gonna have to.
Does anyone have any ideas/advice that can help me with my predicament?
I have a problem and was wondering if anyone can help.
My problem: I don't have the time to watch the hourly charts anymore, I don't have the funds to trade the daily charts. What I do have is three hours in the morning 07:00-10:00 GMT but I don't know how to trade small time frames. I really don't want to switch from the hourly but it looks like I am gonna have to.
Does anyone have any ideas/advice that can help me with my predicament?
you could try gap trading uk stocks (at the open). or if you're feeling really brave the ftse or dax - but the latter may be like facing Mike Tyson in a ring wearing high heels with drawing pins in your gloves i.e. might start pretyy but not going to end pretty. so perhaps the stocks to start...
StockCharts.com - ChartSchool - Gap Trading Strategies
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Mate, You can open your account with Oanda or other similar brokers, they let you take any position size (in units) and trade Daily or higher TF's as you dont have the time to watch the market and a/c size is not a issue. You will learn slowly in this process but will be stress free.
Or you can change your job to some evening jobs(bartending, waitering etc) and you have the whole day to watch the market. Actually I had done something similar and now I have plenty of time in the morning to trade.
I have left my high paying job and now working as a waiter evenings 6:00 pm- 00:00 and whole day weekends.. Its hard but it doesn't sucks, I mean trading is all I want to do and I am aware that to reach a stage where I can make a living out of it requires lot of screen time and attention then why not. I am sure its all worth the efforts.
Have a nice day.
HawkTrader
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His £80 turned into £80,000,000 and now he is living the high life in the Bahamas.
montmorencyt2w
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Hahahahaha, I wish I had ran my account that high and living in the Bahamas but instead the opposite happened
Sorry to hear that, but probably a wise decision. Many of us have been there.
You might want to continue paper trading though, just to keep your hand in.
At the moment I am demo trading which I suppose is a good thing but the bad thing is I dont get that same emotion as appose to live trading so I am just doing it just to keep an eye on the market and not lose momentum.
i was looking at your trades as im opening a SBing account soon to build up funds to go dma with futures...
but anyway the point is all of the trades you took looked very good to me, the only problem was they were on H1 and not dailies- it's not even funny how much more reliable the signals are on the dailies
but anyway the point is all of the trades you took looked very good to me, the only problem was they were on H1 and not dailies- it's not even funny how much more reliable the signals are on the dailies
advfntrader
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you can't trade with small amounts, you are under capitalised. I reckon £10k minimum is needed and thats why I have stopped wastingmoney blowing small accounts.
its a pipe dream to think you can take £100 to £10000 as to do so involves too much risk
its a pipe dream to think you can take £100 to £10000 as to do so involves too much risk
montmorencyt2w
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I respect your opinion. I have read your 10k thread of course.
However, without having read them all and done the stats, from casual reading of T2W, there seem to be as many horror stories of people blowing large accounts as small ones.
I continue to believe that it is possible to trade a small account up into a big one, although I admit that it would be extremely difficult. I am currently trying to do something like this. Not a £100 account, but a lot smaller than a few accounts I have blown in the past. And yes, it is tough going, but then perhaps it ought to be tough.
I wonder who is likely to blow a 10k account first: Someone who slowly worked it up from a few hundred, or someone who started out with 10k from the beginning? I honestly don't know the answer to that question, and of course it must depend on many factors.
What you say about risk is quite correct in once sense, but I wonder if it depends on the person doing it. Provided they go into it fully conscious that they are taking a high risk at first, then maybe it could work. The difficult thing would be for them to realise where and when they need to start reducing the risk.
Oh yes!! but this dream can become realistic in forex if the person is honest and patient enough to take calculated risk rather than blowing the whole a/c in few trades.
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Well your right but I have not got 10k but will be trying with £500, on demo trading at the moment until Oct then live.
Got my Journal running so come stop by I welcome any comments
So I am back
So I am back to give it another go. I have managed to save up some capital (about $600) I think it will be enough. I will be adding to the account when I can.
I don't know if I should continue with this journal or start a new one. What do you guys think?
So I am back to give it another go. I have managed to save up some capital (about $600) I think it will be enough. I will be adding to the account when I can.
I don't know if I should continue with this journal or start a new one. What do you guys think?
What risk is there in £100? :-0
