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  • #29,381
  • Sep 11, 2008 9:33am Sep 11, 2008 9:33am
Quoting sdapastor
what is MM abbreviation for if I may ask?

Thanks,
M
2) Money Management This one is simple. Trading more then 2-5% of your account on any one trade is account suicide. Let's assume you start out trading a $1000.00 mini-account. Your system has a 30 pip stop loss. The maximum you should risk on any one trade is a dollar per pip. The market will forgive a lot of things - bad trades, bad days even bad weeks but without the capital to withstand the drawdown your trading career with be short lived.
  • #29,382
  • Sep 11, 2008 9:33am Sep 11, 2008 9:33am
Hi guys: I am new to FOREX. I am trading live account past 4 days, made $100-$170 each day (after commission). The issue is I am paying huge amount as commission with MB trading. Today my commission is $208. Is this normal? (Trades today=174, Lots today= 4,800,00). Do you guys recommend non commission platforms?I opened the account with MBT since they have direct access trades and heard fast fills.
Thanks in advance for the help
Nick
  • #29,383
  • Sep 11, 2008 9:34am Sep 11, 2008 9:34am
Quoting psiholog
wow dude your not too bad ...not the noobie you make yourself out to be....heres how i see things..in continuation to what you said...it broke up....for this to become an uptrend two things must happen
1)first break 61%(1.3938)fib retracement from high to low...high being 1.3976 and low being 1.3882
2)a break of strong resistance 1.3975

you should expect a retest of the downtrend upper wall to see whether this break was true or not...you got that man?
Look at your previous post.
Up or down, gimme a ticket
  • #29,384
  • Sep 11, 2008 9:35am Sep 11, 2008 9:35am
thanks to those who answered my question as to what MM (Money Management) stood for.


Sincerely,
M
  • #29,385
  • Sep 11, 2008 9:35am Sep 11, 2008 9:35am
Quoting trading801
SpecialEd ... yeah was really learning.. thought i couldn't agree that i was whining.. to me, you bros are like my FX family.. so i was as per what family does, confiding ..

anyway my best learn from here is MM... used to enter perhaps 10-20 trades a day @ high values.. now i enter 1-3 trades a day @ manageable values and for a longer period.. my oldest position is since early tuesday! shorted at 1.4184 ya! glad i found here

TO ALL NEW FOLKS, pls pls pls learn about MM.. don't suffer like i did... it was painful

p/s thanks acumen.. i learned from u too.. thanks
It's the single most important facet to trading any market.

  • #29,386
  • Sep 11, 2008 9:36am Sep 11, 2008 9:36am
Quoting piptechnician
On your chart draw a line from the weekly open to the price right now.

I think you will eventually catch that ride up, eventually it will happen, next hour, next week, next year, who knows, but I think it will happen. Timing and confirmation are interesting questions.

How far you plan on riding this one up?
I AM JUST GOING IN AND OUT SHARPLY.TAKING 8-10PIPS AT A TIME.I KNOW THE LONG TERM TREND IS DOWN,,,,,,,,,,,,,,,,,,,,,,,,,,
  • #29,387
  • Sep 11, 2008 9:37am Sep 11, 2008 9:37am
Quoting oolides
ARE YOU LONGS OR SHORTS.I AM TRYING TO RIDE THIS ONE LONGS

Bro, we are on different boats.. nowadays, i patiently wait out or ride out ALL the longs... my positions are all short based... one of the lesson i learned is NEVER trade against the MAIN trend..

remember my 4 x Margin Calls weeks back? "the MONSTER KILLLLLL aka DOTA "... that was so painful that MM and Never trade against the trend got burned into my piping fingers.
  • #29,388
  • Sep 11, 2008 9:37am Sep 11, 2008 9:37am
Quoting SpecialEd
Look at your previous post.
lol ive been up all night had 2 cops of cofee, plenty of sugar and no cigs since last night, im hyper/tired/going through nicotine withdrawal. talking to myself to remind myself how far to ride this long up.
other than that im perfectly fine
Different opinions highly valued, ignorant to slander.
  • #29,389
  • Sep 11, 2008 9:38am Sep 11, 2008 9:38am
Now is a good time to be flat.

Mike
  • #29,390
  • Sep 11, 2008 9:42am Sep 11, 2008 9:42am
Quoting acumen
2) Money Management This one is simple. Trading more then 2-5% of your account on any one trade is account suicide. Let's assume you start out trading a $1000.00 mini-account. Your system has a 30 pip stop loss. The maximum you should risk on any one trade is a dollar per pip. The market will forgive a lot of things - bad trades, bad days even bad weeks but without the capital to withstand the drawdown your trading career with be short lived.
totally agree, I lost almost $7500 doing $5 and $10 per pip. Had the account up to almost 15K doing good. Left three buys is at 8pm on 8/8/8 with a tp of about 10 pips. Woke up the next morning broke. Almost committed suicide over that one but hey, back in with only $2K but I am back in doing .50 and $1 pips. Slower, but safer. Still learning. Take care all, happy pip hunting. And also, some of you guys (Acumen, psiholog and a few others I can't seem to remember) I respect your opinions and advice given. You steered me right on a couple of things and helped me make some money. Sincere thanks to you.


Blessings,
M
  • #29,391
  • Sep 11, 2008 9:42am Sep 11, 2008 9:42am
Quoting anwarsadique
Hi guys: I am new to FOREX. I am trading live account past 4 days, made $100-$170 each day (after commission). The issue is I am paying huge amount as commission with MB trading. Today my commission is $208. Is this normal? (Trades today=174, Lots today= 4,800,00). Do you guys recommend non commission platforms?I opened the account with MBT since they have direct access trades and heard fast fills.
Thanks in advance for the help
Nick
Oanda fills are relatively fast and it's less than a pip/trade.

Mike
  • #29,392
  • Sep 11, 2008 9:43am Sep 11, 2008 9:43am
Quoting GreenPipz
hi..
could anyone teach me how to make bollinger band in PDA??
or just absolutely we can't make bolinger band in PDA??
thanks
huhuuhu.. no one answering my question...
  • #29,393
  • Sep 11, 2008 9:44am Sep 11, 2008 9:44am
I will wait and sell the rally
  • #29,394
  • Sep 11, 2008 9:44am Sep 11, 2008 9:44am
Quoting sdapastor
totally agree, I lost almost $7500 doing $5 and $10 per pip. Had the account up to almost 15K doing good. Left three buys is at 8pm on 8/8/8 with a tp of about 10 pips. Woke up the next morning broke. Almost committed suicide over that one but hey, back in with only $2K but I am back in doing .50 and $1 pips. Slower, but safer. Still learning. Take care all, happy pip hunting. And also, some of you guys (Acumen, psiholog and a few others I can't seem to remember) I respect your opinions and advice given. You steered me right on a couple of things and helped me make some money. Sincere thanks to you.


Blessings,
M
I won't trade unless I'm in front of a chart. (Lost too much coin)

If I'm away from my screens - even to sh#t - I'm in cash.

Mike
  • #29,395
  • Sep 11, 2008 9:46am Sep 11, 2008 9:46am
Quoting acumen
I won't trade unless I'm in front of a chart. (Lost too much coin)

If I'm away from my screens - even to sh#t - I'm in cash.

Mike
I use a lap top and take it with me!
  • #29,396
  • Sep 11, 2008 9:48am Sep 11, 2008 9:48am
Quoting sdapastor
I use a lap top and take it with me!
  • #29,397
  • Sep 11, 2008 9:50am Sep 11, 2008 9:50am
Quoting psiholog
1)first break 61%(1.3938)fib retracement from high to low...high being 1.3976 and low being 1.3882
2)a break of strong resistance 1.3975

you should expect a retest of the downtrend upper wall to see whether this break was true or not...you got that man?
well the retest confirmed this wasnt a falsie there buddy....now for step one in your plan...can it break 1.3938
Different opinions highly valued, ignorant to slander.
  • #29,398
  • Sep 11, 2008 9:51am Sep 11, 2008 9:51am
I am out. Got about 10 pips which is alright for now. Am I the only one who does not use charts btw?
  • #29,399
  • Sep 11, 2008 9:52am Sep 11, 2008 9:52am
Quoting oolides
I AM JUST GOING IN AND OUT SHARPLY.TAKING 8-10PIPS AT A TIME.I KNOW THE LONG TERM TREND IS DOWN,,,,,,,,,,,,,,,,,,,,,,,,,,

Ouch, I didn't think anyone would shout at me today. LOL

That is good, it is all good, just checking. I know you had the traumatic blow to your account and was thinking you had posted that you had made most of it back but you were running into some trouble again. Your biggest blows were long trades?

Your comments about forex being "rigged" and the dollar on a "rampage" suggested you might be a little emotional.

We are in this together, I just hope you are enjoying the adventure. If it ain't fun don't do it.
Redefining Reality
  • #29,400
  • Sep 11, 2008 9:54am Sep 11, 2008 9:54am
Quoting Emerica
I am out. Got about 10 pips which is alright for now. Am I the only one who does not use charts btw?
You don't use charts?

Are you trading from a command prompt?

m
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