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Rookie Starting Up

  • #21
  • Nov 6, 2008 9:11pm Nov 6, 2008 9:11pm
Quoting wannabedavid
I never heard about a strategy like that, sounds interesting. I guess the time you take off you’ll still practice with you demo. Stop practicing is mortal for a trader
yeh yeh time i take off im still practicing and reading etc etc. Theory is if i lose 20% my system, money management isnt right so the other 4000 will soon go with it..
Grabbing the bull by the horns!
  • #22
  • Nov 7, 2008 5:36pm Nov 7, 2008 5:36pm
you know baby... it is definetly a good strategy. even if you hit it, you have guts to stay away for a little while. Anyways, you can use that time to be more confident with your trading method.
  • #23
  • Nov 7, 2008 6:18pm Nov 7, 2008 6:18pm
Quoting whitegoodman
im in the exact same situation, aussie , 20 and at uni.... im reading every book i can get my hand on, not necessarily forex related, forward testing everyday and just saving up some cash.... im gonna start with 5grand and leave 5 grand on the side, but if i drawdown to 4grand on the intial 5 grand im gonna stop for another 3 months.... so everytime i drawdown a grand or (20%) ill take 3 months off to refine
WOW that sounds very strange, I've been on the FX world for a couple of months already and encountered myself with some strategies but yours is totally different. To be completely honest I'm not so sure to completely understand it lol
  • #24
  • Nov 7, 2008 7:07pm Nov 7, 2008 7:07pm
If it works for you it’s ok. You prove it then tell us. But sounds like “I’m definitively gonna lose”
  • #25
  • Nov 9, 2008 3:02am Nov 9, 2008 3:02am
Quoting Johnny Be Go
WOW that sounds very strange, I've been on the FX world for a couple of months already and encountered myself with some strategies but yours is totally different. To be completely honest I'm not so sure to completely understand it lol
its not a strategy, all im saying is if i lose 20% of my account its not worth it to keep trading and lose the rest cos obviously somethings wrong, so its less painful financially to just go back to the drawing board so to speak
Grabbing the bull by the horns!
  • #26
  • Nov 10, 2008 6:39pm Nov 10, 2008 6:39pm
hey hey hey!...i would like to discuss a little bit about the use of time frames.
My strategy so far it's builded up over a 5 min time frame, because, my analysis would tell me that it is easier to understand the market in shorter time frames, but reading a little bit, i found an article written by a ¨so called¨ rookie, saying that short timeframes are more risky than a 4H time frame, due to the possiblity to analize the ¨whole picture¨.
  • #27
  • Nov 10, 2008 9:18pm Nov 10, 2008 9:18pm
Well what whitegoodman mentions is not any strategy as he says. It is to stop for a moment when you are losing certain percentage of your equity to re-define your trading, read more, learn more, see more and then come back fresh. If you let your head heat while trading or learning, you’ll get nowhere far, it is better to stop en reconsider.
  • #28
  • Nov 10, 2008 9:22pm Nov 10, 2008 9:22pm
Quoting kittykat
hey hey hey!...i would like to discuss a little bit about the use of time frames.
My strategy so far it's builded up over a 5 min time frame, because, my analysis would tell me that it is easier to understand the market in shorter time frames, but reading a little bit, i found an article written by a ¨so called¨ rookie, saying that short timeframes are more risky than a 4H time frame, due to the possibility to analyze the ¨whole picture¨.
That might be true sometimes. What I usually do is combine both shorter and longer term time frames. That way as you say you can analyze the whole picture but you also have the chance to see what the pair is doing in shorter terms.
  • #29
  • Nov 10, 2008 9:47pm Nov 10, 2008 9:47pm
i think it's been said before but from my limited experiences so far it feels easy to ride the trend using an hour timeframe. in 5 minutes the market will fluctuate so much it doesn't seem very reliable, within an hour the picture as a whole will be a little more visible. sure you might lose a few pips if the peak was hit earlier but as long as it's a profit right? Ah~ forex you intricate little thing...

also DevanKoshal, thanks for the link, that you blog? seems well organized.
  • #30
  • Nov 11, 2008 5:40pm Nov 11, 2008 5:40pm
Quoting Search1ng
i think it's been said before but from my limited experiences so far it feels easy to ride the trend using an hour timeframe. in 5 minutes the market will fluctuate so much it doesn't seem very reliable, within an hour the picture as a whole will be a little more visible. sure you might lose a few pips if the peak was hit earlier but as long as it's a profit right? Ah~ forex you intricate little thing...

also DevanKoshal, thanks for the link, that you blog? seems well organized.
Mr! Mr! jackpot! your conclusion is certain! After reading the whole thread, it came to my mind that maybe the 4H frame should be too static, for people that preffers and intraday trading method. the M5 frame could be much more volatile. Lets start using the 1H frame. Thanx for your good post!

Kittykat
  • #31
  • Nov 11, 2008 6:40pm Nov 11, 2008 6:40pm
Hi there, I've been trying to figure out which is a better time frame to place orders. Now, I've been using the 15 min frame and it has worked for so far, not saying that I always get profitable results but 70% of my moves based on that frame have worked. Now what you said its true, using the 4H frame gives you a clearer panorama about the behavior of the market so far, hence your orders would have a chance to be more profitable. Thanks for the advice.
  • #32
  • Nov 13, 2008 6:25pm Nov 13, 2008 6:25pm
I think you could use both. You could use the 15M frame to do some scalping, make yourself some good pips, and the 4H frame to make up a good trading plan, watch the market's movement, as you stated before. Also don't forget to combine that with technical and fundamental analysis, pretty important jejeje.
  • #33
  • Nov 13, 2008 8:55pm Nov 13, 2008 8:55pm
Better timeframes to work with... as you said 4H chart can give you understanding in how big trend is and the little ones to scalping, maybe. I work almost always with 30 minutes chart and it gives me 60% of profitable trades. I don’t like too much 15 minutes charts because they are more volatile but with a good knowledge in candle pattern recognition they can be even more profitable.
  • #34
  • Nov 13, 2008 9:38pm Nov 13, 2008 9:38pm
For me 30M chart. Not too short not too long and high equity
  • #35
  • Nov 14, 2008 6:30pm Nov 14, 2008 6:30pm
I'm very interested to start using that frame, however I very concerned about what indicators might be the appropriate one to use with, do you have any idea by any chance?
  • #36
  • Nov 14, 2008 9:41pm Nov 14, 2008 9:41pm
I’m interest in that also. William percent range has given to me good pips when you recognized strong signs with overbought and oversold conditions, but besides that I don’t know. Maybe MACD could help but I’m just trying to figure it out.
  • #37
  • Nov 24, 2008 10:22am Nov 24, 2008 10:22am
Demo, demo, demo until you show profit for a few weeks. Until then hang on tight to your $1000. That is the only way to protect your money. Only then think of the profits you can make.

I wish you all the best.
  • #38
  • Nov 24, 2008 7:15pm Nov 24, 2008 7:15pm
That’s true man! After going for 30M chart now I like demo-ing with 5M or even 1M. There are some standards in Japanese candles I’m proving in MT4. It’s amazing because I just opened a new account with 1000 and I place mini or micro orders to give me the chance to start with little money so when I have more be able to handle it.
  • #39
  • Nov 24, 2008 7:20pm Nov 24, 2008 7:20pm
Trader7...i'm really glad because of your 2 cents on this conversation. In some other thread few days ago, i have read this posts from a so called pro trader saying that demoing was a waste of time, cause otherwise you would not get any skills...because demo is not as rough as live trading. But i strongly dissagree with him...i will continue practicing anyways! thanx for your support for the begginers!
  • #40
  • Nov 24, 2008 7:58pm Nov 24, 2008 7:58pm
Hey Kitty I would like to know exactly where did you read that, I think that it is quite stupid to start right away with a live account, I mean as soon as you start on the Forex world, is that guy insane or what?! It's like wasting money just because. I think that one of the best things that brokers can offer, especially on these days, is the possibility to open a demo account.
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