Forex Day Trader's Thread

suhaib.. not using a stop loss is always unwise even if you are mothering your trades.. if a news event were to hit the broker would lock you out of entering orders and you would be unable to kill your trade manually.. You could lose thousands of dollars.. Just don't be lazy.. Put in a "just in case" stop loss ..

eeek.. stopped out of EUR/USD at 1.361 ..
 
yes i understand, but as i said im totaly new and havnt learnt much about stop loses, were to place them, trailing etc.
 
I'm finding out that the EUR/USD weakness is due to Euro selling not USD strength..

Euro banks are buying CAD and GBP
 
I don't like trailing stops.. I put my stops behind support and resistance

You need to study about what they are..

You're going to lose your money that you put in that account.. Almost everyone loses their money.. I had to add money 5 times when I started and was starting to feel like a washed up loser..

This is very, very, very difficult .. Even once you learn the fundamentals and getting a trading style going you will find that there are many pitfalls.. You need to be mentally prepared for the reality of trading and learn from your mistakes.. It costs a lot of money to be good at this..

Be cautious but not too cautious .. don't try to scalp.. You basically wandered into a trade that happened to be moving a lot in one direction today.. Basically you got lucky.. Now don't get greedy and try using real money again and you at least learn the fundamentals on how all of this works.
 
suhaib said:
yes i understand, but as i said im totaly new and havnt learnt much about stop loses, were to place them, trailing etc.
Click to expand...

alot to learn my friend, sit back relax read the forum etc and learn from others..and not try to argue about things ;)
 
Pippy5000 said:
suhaib.. not using a stop loss is always unwise even if you are mothering your trades.. if a news event were to hit the broker would lock you out of entering orders and you would be unable to kill your trade manually.. You could lose thousands of dollars.. Just don't be lazy.. Put in a "just in case" stop loss ..

eeek.. stopped out of EUR/USD at 1.361 ..
Click to expand...

would be quite amusing if he did it on fed day without realizing :p:LOL:
 
I'm out of EUR/USD with a hefty profit and will be looking to get back in at 1.353 after a confirmed break of 1.355 with a stop at 1.356 .. target 1.317

Further Euro weakness combined with a surge of USD strength could send this pair south.. what we're seeing today is all Euro weakness.. now I'm hoping for the finishing touches.. Need that $49 oil to come back down..
 
you guys see selling of sterling against dollar overnight and tomorrow. There is a chance the rally could continue, but I dont know if the market has thought too much about the rate decision on thursday.Either that or the market is not expecting the boe to cut rates by 75 or even 50bps.
 
I'll be looking to buy GBP/USD on a break of the upside pivot around 1.4835 .. so I'd get in around1.487 .. stop 1.482 target 1.515 .. otherwise I'd short on a failure at 1.4835 .. I'm not crazy about trading GBP/USD right now..

I am planning on trading GBP/USD with lots of lots when it consolidates into a predictable range prior to the major news.. It should form a very rigid 30 - 40 pip range for at least an hour prior to the announcement.. Trading the range long and short over and over again with a large number of lots can be extremely profitable.. You can keep the actual news results.. I'm interested in the range before the take-off..

Look at the MACD histogram USD/CHF dailies and tell me what you see.. Look at the EMA as well.. Stochastics needs just a little surge to confirm as well.. I'm predicting confirmation by SMI will be achieved on a break of the 1.1135 level.. Pretty sure an uptrend is starting with plenty of room to run.. worth a shot anyway..

I'm buying a confirmed breakout of 1.1135 at 1.116 target 1.18 on USD/CHF ..
 
suhaib said:
well im pretty sure a weak dollar means strong gold and strong dollar means weaker gold, you can see as inflation gets bigger gold gets stronger.


btw. today was the first day i started trading after spending a month on demo, and made £800 so far scalping the eur/usd :clap:
Click to expand...

gold retraced about 50% of its sell off while the eur/usd consolidated at its lows
 
it's in a 1.355 to 1.365 range and needs to breakout of one of those levels to see significant gains or losses.. I personally just shorted again at 1.363 with a tight stop
 
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