Noobs on a mission. My journey back to a thousand.

Well today was a good day on Forex Street.

Just an update. My account grew 600 pips richer today thanks to the Us Dropping interest rates to an all time low. I'm grinding my way back to a thousand. My account hit $160 today If I was still trading minis it would be a lot more :/

Just as a side note... its not that I'm a genius. I've been trading considerably aggressively lately, but its worked out in my favor so far. At some point I'l really need to take it a little slower. See ya soon.

How many micro lots do you use per trade?

Im thinking about "going live" next year with a micro account, so I'm interested in seeing how your micro account trading goes.

hey Rapid, thanks for share it. How much of Mark Fisher it has? I tried to use it but could not "predict" when is breakout or pullback. Wich is exactly what you try to do.

i understand that price need to open above previous close. The previous high there is a big importance here too?

and when the close for you is based in GMT time or session time (so different time in GMT when have DST)?


best regards.

I have never heard of Mark Fisher, and I doubt that it has anything to do with these techniques. Don't expect to get it all at once, go thru the entire MP handbook. It's well worth it, and the best stuff is saved for last. It's not so much about the indicator as it is the concepts of imbalance and time frame.

Absolutely.


Use the average biggest period of volatility for the pairs you're looking at. The EURUSD will be a lot more direct as it's a pair of reserves, but if you compensate you can adjust for other pairs too. Let the market tell you when it's ending and starting.

Hey Tactaob. Well I'm not exactly conservative in my approach.... so I wouldnt recommend anything. Remember I'm a noob.

To answer your question. I start with 1 or 2 depending on how much room I believe there is until the next level of heavy resistance. Then I 1 microlot to my position every 100 pips succesfully gained. Theres a chance of getting burned when doing this, but so far its worked out ok.

I always use stops /trailing stops when trading. This is something I've recently incorporated into my trading. Being a rookie and all, I hated when my stop was hit and then bounced right back to continue the original trend. Though its annoying, its something I've learned to live with though as its significantly limited my losses. I try and let my profits ride until I'm stopped out because, theres no reason the prematurely close out a position if the trades still gaining profit. (Today I manually closed out a position prematurely only to have it gain another 200 PIPS!) I would have made 600 though because I was long 3 lots... err oh well I still made money)

In closeing ... microlots SUCK! ... to be honest. But its the only way I can stay disciplined enough to not risk too much. Even trading small lots I'm not exactly following the protocol as far as how much you should risk per trade. If this was a mini account I would be..... should I say ....... BAALLLLINN!!

FYI.... I Found JACKO, and James16 threads to be incredibly useful in my trading approach though. I would reccommend reading them.

I gotta go for now .... I'll be posting later. I was able to find a template setup that I'm very happy with so far. I will post it later.

thanks for the answers above Rabid.