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  • #81
  • Apr 30, 2007 12:26pm Apr 30, 2007 12:26pm
You also have to keep in mind, when dealing with money management, the size of your account and how it affects what you do. Those trading with a $1M+ dollar account may only be looking to snag 10 pips a day, which would equal around $5,000 a day.

I'm assuming that you're using a small account and thus are trying to hit a Home Run every time up to bat. The reason is that getting 10 pips a day to you is insignificant, money wise, so you're willing to "risk" more often and thus you "lose" more often.

Instead of quitting after four years, go back and do many of the things that these people are telling you. Concentrate on getting the 10 pips a day and worry about "account %" and not the amount of money you're trying to make...otherwise known as "money management".

If after a year or so you're continuing to get that 10 pips a day (1/2 % a day), by the end of the year your account should have grown about 150%. If you can show a documented growth rate of 150% in a year, then you'll have no trouble finding family and friends willing to invest in your own hedgefund.
  • #82
  • Apr 30, 2007 1:23pm Apr 30, 2007 1:23pm
First you need to decide how much of your account you can risk on any one trade. This depends on the success rate of your system, but a good rule of thumb is 2 - 5%.

So you see a trade setup.

Determine where you would set a logical stop on that trade, depending on your system, the charts, or whatever you use. How many pips is this?

Then the formula is:

Position size (in home currency) = (10000*account size * % risk) / (pips stop)

so if you had a $1000 account, willing to risk 5% on any one trade, and a 40 pip stoploss looked right to you, then position size P

P = 10,000 * 1000 * 5% / 40
P = 12,500

so you could trade 1.25 mini lots on this trade.

This calculation assumes a pair where a pip is some even multiple of 10. It needs a fudge factor thrown in for other pairs.

Or, calculate what the 40 pips represents in dollars (or home currency) per lot.

If you're trading 1 mini lot ($10,000) on the USD/JPY, 40 pips is $33.60, that's your dollars risked per lot traded. Your account is $500 and you're willing to risk 3%, or $15. So you get the ratios

10,000 / trade size = $33.60 / $15

cross multiply then divide to get

10,000 * 15 / 33.60 = $4464

You can trade 0.446 mini lots, or $4460 dollars.
  • #83
  • May 3, 2007 2:28am May 3, 2007 2:28am
Two ways to learn
1) Hard way - Continue to lose money but on the way learn to lose it small and eventually turning it into profits.
NOTE: You have use this for the past 4 years and apparently you learn nothing like me(Ok I try hard for 1 year and my account was half because of six losing trades in a row) which means option 2.
2) Pay to learn - Since you have the guts to lose money, throwing in hundreds or even thousand bucks to get a mentor or a book shelf of forex related books to enlighten yourself. This is a very lazy way where by you are practically being spoon feed. I use the second way since I am stupid, i use money to buy five forex books to make myself look a little bit more clever and it is working.

But using option 2 doesn't means you will be rich, it only means you now have the basics of learn how to make small bucks or worse cum worse learn to lose small NOT big. From there try to find your system that works for you. In this world there is not such things as free lunch, you will not get salary unless you work OR your government supports you.
  • #84
  • May 3, 2007 2:47am May 3, 2007 2:47am
I think paying to learn is a smart thing to do, not lazy. A trader has to get training, however....

Forex is a popular thing these days. A lot of people are attracted to this market, and therefore, so are a lot of ripoffs.

Before you pay big bucks for a course, ask around. That's what FF and other sites are for, you have friends here. We've been through it, or are still going through it.

Too many times a course is not really a course, it's mostly an advertisement for their advanced course and custom indicators which they'll charge a monthly fee for.

I don't know if this will be allowed, it might be breaking the rules, BUT, how about starting a thread asking "what are the good courses/mentors?" It gives those who have been ripped off a place to vent, and might save you some money and time.

Also try forexbastards.com and see what people have said about courses there. It's the only review site I know of.

And, of course, you can get a lot of training by reading FF. Start with Jacko's thread, he's a monster trader. You not only get good trading education, but you pick up the mindset along the way also.
  • #85
  • May 3, 2007 6:41am May 3, 2007 6:41am
This is one of the most valuable threads so far.
Surprisingly almost everybody is crowded at "my trading system....", "this strategy works", "300 pips a week" blah blah.... threads
Real information is normally found in stuff that u dont want to read
I would put a value of $500 to this thread.
Money: Bad Master, Best Slave
  • #86
  • May 3, 2007 8:00am May 3, 2007 8:00am
Dan, why don't you use Catfx50? This method is usually working, you can get 50-100 pips a day, if you are trade everyday from morning to night. Just you need to understand this method. Take care.
  • #87
  • May 3, 2007 8:18am May 3, 2007 8:18am
All you need is to learn satisfy! I wake up everyday 8.00 am and sleepin 1.00 pm. I can catch from these hours 50-100 pips a day. And we have 2 days holiday in a week.
What you need?
Take profit at least 15-30 pips every trade. I'm trading with catfx EUR/USD GBP/USD GBP/JPY EUR/CHF EUR/GBP


Why?? You may say... Listen up..

EUR/USD and GBP/USD usually acting same way. Because you cannot trade different times.
But.
GBP/JPY and EUR/CHF are acting usually different way. You can trade different times.

So what? You'll trade 4-5 times in different times. You get pips, you sleep good, life is beautiful.

That's why You'll wake up early every day, just you will sleep good in weekends!

If you want any questions feel free to ask!
  • #88
  • May 3, 2007 8:41am May 3, 2007 8:41am
CatFx sounds good. Where does one find it?
  • #89
  • May 3, 2007 12:11pm May 3, 2007 12:11pm
Here it is...
Just load the template to your chart and read the rules.
Attached File(s)
File Type: zip CatFX50 Indicators.zip   20 KB | 577 downloads
File Type: doc CatFX50 rules.doc   83 KB | 1,401 downloads
File Type: zip Template.zip   2 KB | 553 downloads
  • #90
  • May 3, 2007 1:26pm May 3, 2007 1:26pm
Asliok, in what timeframe you trade catfx50? Do you take every signal? Or do you filter with any other indicators?
  • #91
  • Apr 25, 2011 5:50am Apr 25, 2011 5:50am
Nice thread with some nice info

i don't understand why mods are not allowing my replies in EURUSD topic. According me i did not break any forum rules, so this is becoming real embarrassing now.
Hope
  • #92
  • May 10, 2011 1:28am May 10, 2011 1:28am
Quoting dof
I think demo is a waste of time from one point. Demo is good to learn the basics and that's it.
...
Demo do not give you a feel of having losses and how you take it. I think it is a waste of time. Trade micro account.
  • #93
  • May 17, 2011 8:03am May 17, 2011 8:03am
Quoting jerryyap
Demo do not give you a feel of having losses and how you take it. I think it is a waste of time. Trade micro account.
i disagree. u shouldnt be trading based on your feelings anyway, with demo u can feel free to test/try out new systems and strategies. when u use real money you will never feel the freedom to do so.
  • #94
  • May 17, 2011 8:29am May 17, 2011 8:29am
maybe some seniors can recommend some descent document/web site/method in trading fx. prefer daily candle formation for beginners.
  • #95
  • May 19, 2011 6:43am May 19, 2011 6:43am
Quoting ishii1
i disagree. u shouldnt be trading based on your feelings anyway, with demo u can feel free to test/try out new systems and strategies. when u use real money you will never feel the freedom to do so.
In real trading, there is always emotion since our own money is at stake. No matter how we trained using Demo account, we will never mature without the feeling the pain. What we learned in demo that works will not works in real trading due to this psychological factor (not because the techniques don't work). And that is the reason why many still prefer doing day trading instead of swing or position trading because of the idea "there is nothing at stake once you exit all positions and can sleep better."

(See my thread on day trading myth on small time frame:
http://www.forexfactory.com/showthre...56#post4629656 )

Even a pro trader can still be subjected to emotion draw-down when the market turns on you and hit the exit button a loss from time to time.

I believe trading is 90% psychological and 10% techniques.
  • #96
  • Edited 3:11pm May 19, 2011 3:01pm | Edited 3:11pm
I very good thread for a method is: http://www.forexfactory.com/showthread.php?t=291622

I'm just starting out in forex and i've been using this system / method for 72 hours and i've had 100% succes rate using it.

I made one loss but this was due to me not setting up a limit stop so my fault!

of course you're going to get losses however you need good risk management and money management, and be able to sit on your hands
  • #97
  • May 20, 2011 2:21am May 20, 2011 2:21am
Quoting jerryyap
In real trading, there is always emotion since our own money is at stake. No matter how we trained using Demo account, we will never mature without the feeling the pain. What we learned in demo that works will not works in real trading due to this psychological factor (not because the techniques don't work). And that is the reason why many still prefer doing day trading instead of swing or position trading because of the idea "there is nothing at stake once you exit all positions and can sleep better."

(See my thread on day trading myth on...
my point wasnt that you shouldnt start small. my point is that because you are always going to be subject to emotional draw-downs you will never feel the freedom to try out new things.

one step at a time
  • #98
  • May 20, 2011 3:12am May 20, 2011 3:12am
Learn to look for important areas od support ans resistance...

Dane
  • #99
  • May 20, 2011 4:11am May 20, 2011 4:11am
Dan,

Four yrs is a long time my friend & by now most would have thrown in the towel & given up, but its not too late for you. The Douglas book one trader recommended is a good start & there are some threads on this forum that focus on price action around Support & Resistance level, find those threads & dig in.

After four yrs I hope you have discovered that most of the bright flashing indicators will not serve to help you become better, but will leave you lagging behind. The ones that might help you have not been coded as of yet. Turn your attention away from the indicators & focus your time & energy on learning price action.

Don't be depressed & discouraged, but keeping trying. When you locate a method, system give it a go on a demo first, but don't get to comfortable with a demo as it will be different when your are live & $'s are on the line.

You should take some time away from trading & clear your mind of the negatives you have encountered so far in the trading world.

When you do (and you will) find the elusive method that works for you, stick to it & learn to refine it as you go.

Now hold your head up & get started to profitable trading.
_________________________
  • #100
  • May 21, 2011 7:27am May 21, 2011 7:27am
Hi acetrader,

Thanks for the advices.

Quote
....focus on price action around Support & Resistance level, find those threads & dig in.

I have loss substantial few thousands dollars within 6 months because simply jumped in and jumped out following a bunch of indicators and the real culprit is over bet lot size to make it back.

Most of the time if I had not get out too fast, it will respect the support and resistance on hourly time scale instead of relying on indicators.

Quote
After four yrs I hope you have discovered that most of the bright flashing indicators will not serve to help you become better, but will leave you lagging behind. The ones that might help you have not been coded as of yet. Turn your attention away from the indicators & focus your time & energy on learning price action.

Yes, but can you point out any good sources to learn how to determine supply and demand or study price action? And when you said price action are you referring to candle sticks patterns?

Sam Seiden from Online Trading Academy teaches a lot on this but his course is very expensive. And most of the time, it is very subjective rather than objective way to determine these levels. Eg do you cross reference different time scale to determine these levels before you enter or exit a position?

Quote
You should take some time away from trading & clear your mind of the negatives you have encountered so far in the trading world.

I agree. Playing on small time scale is almost like gambling. I have to take time away. Not worth it to gamble away our hard earned money. So this so called "Ideal Business" is not easy.
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