Forex Day Trader's Thread

Pippy5000 said:
well.. everyone told me the same thing and I still did things my way so I wouldn't blame you if you kept going.. just be prepared emotionally because it's almost impossible that you will find initial success.
Click to expand...

I was there ... :cry:
 
heh.. try quitting your job and having negative income coming in.. plenty of rough nights in there curled up in the fetal position on the verge of tears at 32 years of age..

but you stick with it! believe in yourself! I made $26,000 in March.. best month ever.. So I laugh at that loss of $6,000 .. Cheapest college class I ever took! :)
 
I think UJ is due for a correction, maybe to 95.8 or so. I may be wrong though.
 
Agree. Right now I think it's at or near the bottom of the hourly wave. Another area to watch for is 94.8.
 
by the way .. stops are the way to make big money.. you never want to put big money on a limit order .. bounces and failures are deceiving .. but 60% of breakouts can go and go.. something to keep in mind ;)
 
Hi guys, I just wanted to introduce myself. I've been following this thread for about 2 weeks.

I quit my engineering day job two months ago because I was bored with it and really wanted to get into day trading. I thought I would be trading US Stocks, but after research I've been quite interested in forex. Your posts are helpful and I'm learning a lot.

Keep up the good work and I hope to be able to contribute some meaningful insights soon. Right now I'm on my 3rd forex trade. I sold USD/JPY yesterday at $96.28 and I've now lowered my stop to $95.55.
 
wh92stang said:
Hi guys, I just wanted to introduce myself. I've been following this thread for about 2 weeks.

I quit my engineering day job two months ago because I was bored with it and really wanted to get into day trading. I thought I would be trading US Stocks, but after research I've been quite interested in forex. Your posts are helpful and I'm learning a lot.

Keep up the good work and I hope to be able to contribute some meaningful insights soon. Right now I'm on my 3rd forex trade. I sold USD/JPY yesterday at $96.28 and I've now lowered my stop to $95.55.
Click to expand...

Welcome wh. I skimmed thru your posts and saw you wanted to learn day trading. Position trading is easier than day trading, but if you insist then try on demo account for 6 months at least, as Pips advised sully earlier, don't risk your hard earn money to learn day trade (or any kind of trades you want to learn). Only when you can produce consistent return on the demo accounts then try with real money in micro or mini account first before trading in standard account.

Day trade requires a lot of things other than just technical analysis. You have to learn good & long enough to have an instinct when looking at the chart. You have to act fast when see the right pattern (but fast without good knownledge is suicide). You have to recognize the profit target & stop lost quickly in order to know if it's worth it to take the trade. etc. It may take you anywhere from 6 months to a couple of years to master the day trading things...

Another thing, stick with one market, if you like forex then just practice forex.

But anyway, welcome & good luck.
 
day trading is not a good idea.. position trading i.e. buy and hold is the way for beginners to make money..
 
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