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  • #27,601
  • Sep 5, 2008 9:53am Sep 5, 2008 9:53am
Quoting SpecialEd
As stated, I am a newbie also, but one of the first lessons I learned was DON'T TRADE THE NEWS. Trading801, I forgot to mention on my previous post, but this business (forex) requires discipline like maybe you've never exercised before. I find it to be a great opportunity. It helps me be more disciplined at everything else I do (I'm a lifelong procrastinator). Failing to learn the lessons taught on here COST MONEY.

At about 12:20gmt today, I got out of a long trade at 1.4257, with +10 pips. I was sorely tempted to trade the news, feeling like I had a good guess at where it would lead. There's you clue - all I had was a "good guess"! Getting out caused me to miss 90 more +pips, but guess what? If that NFP would have gone the other way, I easily could have lost 90.

Gotta learn discipline and live to make another trade. There are a million good trades right around the corner.

Got windy, sorry, but good luck.
SIR YES SIR
  • #27,602
  • Sep 5, 2008 9:56am Sep 5, 2008 9:56am
Quoting SpecialEd
I'm fairly new at this myself, as I've said before. I love it but found early-on that there is a far bigger learning curve than I expected, or was led to believe. I study this stuff every day, just like a regular day job, and I pay close attention to everything I read from the more experienced posters on here.

Decide what your "system" is, test it with demo, backtest it over about a month of data, trade demo some more, trade live with very small funds, and then, if it works, stick to it in live.

Forex can be a gutsticker. It really is good to have someone to share the ride with. If it were not for so many posters generous with their knowledge, I'd be lost - out of money.

Have a daxned good weekend.
1. Learning center : www.babypips.com (VERY GOOD)
2. jacko's style is also good : http://waynejacksonfx.blogspot.com/
3. james16 style : http://www.forexfactory.com/showthread.php?t=2331
4. IMHO most important thing : Money Management
5. ... just relax man ... then you can think and see chart clearly ...

.... just want to help ... i'm still learning until death ....

trade well ....
  • #27,603
  • Sep 5, 2008 9:59am Sep 5, 2008 9:59am
btw..

since i started forex one month ago.. you know what i found the best...

LOL

the friends i made here.. serious hahaahahah
  • #27,604
  • Sep 5, 2008 10:01am Sep 5, 2008 10:01am
Anyone new to trading should never be trading on low time frames. Anything less than H1 is dangerous.

Quoting ballblazer_!
i tried scalping on a 1 minute chart today. i got up about 20 pips then took a huge loss. built it back up to profit area. then got greedy and erased profits. ended the day down and even on account.

this is my first week trading real money and even though i didnt make any money i'm glad i kept (for the most part) discipline.

charts look like theyre going to be flat for the rest of today so i'm going to go to class and just stay even and be glad i didnt lose money.

see you guys next week.
  • #27,605
  • Sep 5, 2008 10:13am Sep 5, 2008 10:13am
Seems we have bounced from fibo level.
Hope it will hit my target before end of NY session
  • #27,606
  • Sep 5, 2008 10:14am Sep 5, 2008 10:14am
Quoting oolides
this is so complex.america has a failing economy probably headed towards recession,yet the dollar is getting stronger.i am quitting for today.everyone made profits,while i lost everything i had accumulatede since yesterday.this market is crappy.
Don’t worry too much, most of the ones that are constantly in this thread are in the same boat, as more one post, as less money he made. Most guys are here because they don’t have a clue what to do. And a very high % is working on demos, you and 801 at least have enough balls to trade live.
In all this thread are actually posting may be 4 or 5 good traders like I notice in their posts, I’m not in that group.

No serious trader is posting, reading and trading at the same time.

I also don’t have any idea where the pair is going to in the next hour but I don’t care ether, my job is riding the waves and scalping them. I draw hundreds of trend lines daily, almost the same number of Fibs, drinking 2 ltr. of coffee, all this is full stress and I don’t know for how long I can do it. If I would use all this force in what I studied and what I did all live long I would make more money out of that time. I don’t know if I will trade for the rest of my live (I’m 50 years old), I just do it because I have the time and I don’t rely on that income.
I don’t know to trade longer term, I don’t have the technical knowledge and fundamentals to do it and I’m not sure if I want to study all that. It will take years. I have a friend that studied 12 years economy and started to trade after paying an additional FX course that cost him 25K without a reasonable result, why I should be able to do it?

So do what you think that is right for your live, and all others, be honest, are you that good on this job as you say? If so, where the h*ll are the 95% that loose?

I think this is the worst season to trade, the pair is moving like a big sick stinking fish, and you don’t know what happens in the next moment.

801, keep posting, you see all that with a good portion of humor, I love your posts.

I don’t want to offend anyone but this is reality.
Good luck to all of you
  • #27,607
  • Sep 5, 2008 10:18am Sep 5, 2008 10:18am
Quoting Polonaise
Seems we have bounced from fibo level.
Hope it will hit my target before end of NY session
what's your targer?
  • #27,608
  • Sep 5, 2008 10:19am Sep 5, 2008 10:19am
cobra,

cheers!
  • #27,609
  • Sep 5, 2008 10:19am Sep 5, 2008 10:19am
Quoting Polonaise
Seems we have bounced from fibo level.
Hope it will hit my target before end of NY session
Your target is....?
  • #27,610
  • Sep 5, 2008 10:20am Sep 5, 2008 10:20am
Quoting PipsMaker
what's your targer?
4350 . But I'll close it before 22GMT anyway
  • #27,611
  • Sep 5, 2008 10:31am Sep 5, 2008 10:31am
Quoting Polonaise
4350 . But I'll close it before 22GMT anyway
Hard to imagine. 14300 seems to have strong resistance.

Oil and gold where growing (And contributed to the attempt on the resistance) but fall now again.

But who knows, some big players might close the shorts before EOD
  • #27,612
  • Sep 5, 2008 10:34am Sep 5, 2008 10:34am
Quoting don.key
Hard to imagine. 14300 seems to have strong resistance.

Oil and gold where growing (And contributed to the attempt on the resistance) but fall now again.

But who knows, some big players might close the shorts before EOD

btw when you close shorts.. you are dumping buying euro righT? so EURO goes up

just trying to understand more
  • #27,613
  • Sep 5, 2008 10:36am Sep 5, 2008 10:36am
Quoting trading801
btw when you close shorts.. you are dumping buying euro righT? so EURO goes up

just trying to understand more
Yes. When you close your short positions you BUY euro and if you are big, you will effectively bring the pair up.

By the way, I read that Russia dumped over 5 billions of USD on the market yesterday. Was not really feelable in that EUR avalanche, lol
  • #27,614
  • Sep 5, 2008 10:40am Sep 5, 2008 10:40am
AHHHHH
Once again I win on the worst trading day of the month>>>>!!!!!!

Foolproof system for nfp!!!!!!!

I don't trade I watch the market, and read the forum for my entertainment.

Learned awhile back to not trade and only watch this day, and have always ended up with a positive acct at days end.

Good luck to all the gamblers..
Troy...
  • #27,615
  • Sep 5, 2008 10:44am Sep 5, 2008 10:44am
Quoting trading801
btw..

since i started forex one month ago.. you know what i found the best...

LOL

the friends i made here.. serious hahaahahah
Just a comment, please don't take it the wrong way.

You post more than twenty times per day. You ask for advice and guidance from the members of this form. This tells me that you must frequently refresh your browser to see if any new post have been made. Think about the time that you spend reading and posting in comparison to the time you spend educating yourself.

Read the forms and find all the different trading style available. Then take some time to educate yourself on programming EA to run what if scenarios of the different trading styles.

Personally I have written more than 150 EA's and only use three to help me with setups.

I only trade part time. My EA's make money in the long run. This is a market with ups and downs. The key is to be patient. If you have two consecutive losses then it's time to take a one hour brake and re-evaluate.

As for MM everyone has thei own style. My style is certainly not conventional and not for everyone. I start each month with 10K of real money in my account and take aggressive trades.

Some months I Blow-up the account in a week. Other months I take out 100K+ in profits. But my capital is always risk capital.

When I started trading I lost 20K in the first three months. Not bad setups but bad emotional management. FEAR OF LOOSING. Closing winners and letting the loosers run in hope of a turn around. This ends with marging calls everytime.

I got into EA's to remove the emotional factor from my trades. I had a little success but realized that if I used my capital as risk capital each month some months I would make a little, some months I would loose my starting capital but 3 or 4 months I would hit the ball out of the park.

ALL TO SAY READ, EDUCATE, BACK-TEST, FORWARD TEST AND THEN TRADE AND ADJUST MONTHLY TO MARKET CONDITIONS.
  • #27,616
  • Sep 5, 2008 10:45am Sep 5, 2008 10:45am
Quoting trading801
btw..

since i started forex one month ago.. you know what i found the best...

LOL

the friends i made here.. serious hahaahahah
You take it well, T801 - but you're too far away to visit!
Up or down, gimme a ticket
  • #27,617
  • Sep 5, 2008 10:46am Sep 5, 2008 10:46am
Ive short EURUSD @ 1.4247, stoploss @ 1.4275 and no targets.. i think it can go down today below 1.41xx ... hope so
  • #27,618
  • Sep 5, 2008 10:46am Sep 5, 2008 10:46am
Hi 801,

I am too trading for 6 months so far lost abt almost 4k.... margin call many times....

Learned lesson thru hard way.... What alot of people here mention about MM is true... but only if u have dicipline........

I had meet up with my friends about the game plan tht we shld engage.
Like no profit target trailing stop loss at 10 pips. Due to my platform they do not have trailing stop thus either use key in stop loss or manual stop and me mostly use manual.

Thus at the end SL 10 become 20-25 pips

Today immediately after news I make 20 pips get out then go in.
Long at 1.4328 so my SL shld be 18 turn out?? 03

Short at 1.4285 SL 95 turn out 310.....

So discipline is important I keep reminding myself so far from loss of 80 pip now left 35pips.

Just relax and see where goes wrong... from there we will grow

Still I hope I can learn more from here

Always Learning

Cheers
  • #27,619
  • Sep 5, 2008 10:48am Sep 5, 2008 10:48am
I look at oil and gold to EURUSD relation since yesterday.

Interesting, here is today:
Attached Image (click to enlarge)
Click to Enlarge Name: oil_gold_eurusd_5_9_2008.png Size: 114 KB
  • #27,620
  • Sep 5, 2008 10:50am Sep 5, 2008 10:50am
Quoting dznmrd
Ive short EURUSD @ 1.4247, stoploss @ 1.4275 and no targets.. i think it can go down today below 1.41xx ... hope so
not so sure about that one. but I'm a noob. so what do I know.
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