Just wondering if anyone played the gap? No specific PA just a fill with the trend with some resistance and the 150ma.
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- #15,644
- Edited 8:25pm Nov 23, 2008 7:43pm | Edited 8:25pm
- | Joined Mar 2007 | Status: Trader | 27 Posts
Thanks Jarroo and James...
But I must speak. I had to learn to the hard way.
I started to trade with a lot of indicators and I've lost some money. I don't broke my account, but l learned what happens when we want to do the things in the wrong way.
So after read the whole thread, I did a demo trade and only after being profitable after 3 months I go to live account.
One of the best advice that most people of the thread and especially James say is: demo trade, at least 3 months before go live.
Doing that and do successfully it's one of the keys of make money in Forex.
Thanks again to open my eyes
But I must speak. I had to learn to the hard way.
I started to trade with a lot of indicators and I've lost some money. I don't broke my account, but l learned what happens when we want to do the things in the wrong way.
So after read the whole thread, I did a demo trade and only after being profitable after 3 months I go to live account.
One of the best advice that most people of the thread and especially James say is: demo trade, at least 3 months before go live.
Doing that and do successfully it's one of the keys of make money in Forex.
Thanks again to open my eyes
very nice.
i especially like the 3 months of demo.
get involved because the new people need to know that demo and chart time are crucial before going live.
jim
- #15,653
- Nov 24, 2008 7:59am Nov 24, 2008 7:59am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hello everyone! Im new to forex, about 3 months ago i heard about the possibilities of currency trading and i was immediately interested.
A month ago I found this stunning thread of Jim's. It's best that has happened to my trading. SO MANY THANKS TO JIM and many others!!
The strategies I have explored have all been complicated and hard to make success with. Not this one though, method as you say. It's really easy to recognize the high probablity spots, especially on the higher time frames.
I have been trading on daily bars and I really like...
Hey JR,
Man I wish I found this stuff so early on in my forex career
I commend you on sticking to the larger timeframes, and taking Jims advice.Is it possible to make 10% a month trading daily timeframe on 20 pairs. Sure I guess, why not. But don't be so focused on that right now. Stay focused on being consistent. What you can do instead of being focused on just those 20 pairs. Get a broker that offers more then 20 pairs, trade commodities, futures, equities. Now you will have the ability to watch many more securities.
As for risk per trade. My advice is to not feel the need to bump your risk up that high. The drawdown that you will experience if you make a few bad trades is really not worth it. 5% risk is very very high. Stick to the 1-2% range and then after you have enough experience under your belt if you decide you want to take on larger risk (thus larger drawdowns), that will be something that is up to you. I see no need for anyone too personally. Everyone gets very focused on upping there risk to up their ROI, and never looks at the other side of the coin(drawdown).
Of course these are just my personal views after trading for awhile.
Best of luck
Mike
- #15,655
- Nov 24, 2008 8:39am Nov 24, 2008 8:39am
Hey JR,
Man I wish I found this stuff so early on in my forex career
Is it possible to make 10% a month trading daily timeframe on 20 pairs. Sure I guess, why not. But don't be so focused on that right now. Stay focused on being consistent. What you can do instead of being focused on just those 20 pairs. Get a broker that offers more then 20 pairs, trade commodities, futures, equities. Now you will have the ability to watch many more securities.
As for risk per...
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- #15,656
- Nov 24, 2008 9:07am Nov 24, 2008 9:07am
- | Commercial User | Joined Oct 2005 | 2,899 Posts
trade.a conservative 1 shouldnt take it due to the tp/sl ratio.with small shots its ok in my book...
- #15,657
- Nov 24, 2008 9:15am Nov 24, 2008 9:15am
- | Commercial User | Joined Oct 2005 | 2,899 Posts
if equities and crude oil will 'cooperate', we could perhaps hit our next TPs
For g/j, I see it around 145.80 and for loonie around 1.2530. E/J has just been hit.
It seems, I'm flooding our thread again, time to take a break....
Trade wisely.
.
For g/j, I see it around 145.80 and for loonie around 1.2530. E/J has just been hit.
It seems, I'm flooding our thread again, time to take a break....
Trade wisely.
.
- #15,658
- Nov 24, 2008 9:25am Nov 24, 2008 9:25am
if equities and crude oil will 'cooperate', we could perhaps hit our next TPs
For g/j, I see it around 145.80 and for loonie around 1.2530. E/J has just been hit.
It seems, I'm flooding our thread again, time to take a break....
Trade wisely.
.
ALM
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
- #15,659
- Nov 24, 2008 9:32am Nov 24, 2008 9:32am
- | Commercial User | Joined Oct 2005 | 2,899 Posts
Hey Raczek, What makes your short entry on the USD/CAD Daily? Is there any PA or other confluence except for that previous resistant swing high. Thanks
ALM
p.s. just closed that trade @ 1,2390 (almost 450ps). I know it's not a 5min trade and it took whole 2 trading days to unfold....
, but hey, I like to have a life.