Hope I get enought sellers to keep on pushing down....
look at the wicks at the top and look at the resistance to the left...
look at the wicks at the top and look at the resistance to the left...
james16 Chart Thread
- #20,143
- Feb 2, 2009 3:41am Feb 2, 2009 3:41am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
Once price hits my lower support I will take partial profits and move rest to break even lets see how we play out...
- #20,144
- Feb 2, 2009 3:42am Feb 2, 2009 3:42am
Hmm I feel almost embarrassed to post my chart, it was really pretty simple and basic... that being said I guess I should definitely work harder on my next tradeI signed up and got 50 bucks from FXCM micro, figured I'd try to parlay it into something decent. Would basically be similar to paper trading, except I would potentially make "something"
Have a little over 200 now, and probably need to find better setups so I don't have to add more to it.
Underestimated how much I had put down on trade, and made a little more quicker then I had...
Be careful here buddy. $50 to $200, that's a 400% increase! Tell me that's over 2 years and I'll be patting you on the back for a job well done. Somehow though I have a feeling that you may have acheived this a little more quickly...
If you're starting out trading, the best advice I can give is to use proper money management tools from day 1. Work out the proper risk allocation for each trade you place and follow your rules to the letter. Ok, so you may not become a millionaire in your first year, but this is all about building a long term business that will end up giving you financial freedom for the rest of your life. If you can get the foundations of your trading right, then everything else will follow accordingly. Whilst you're increasing your albeit small, but most importantly, profitable account, save up any money you can from your salary and top up your account as and when feasable. This way you will see your account growing well over time. If you overexpose yourself on any one position, it could wipe out your account within a couple of trades. Then you'll be left thinking all sorts of things, but probably most poiniently: 'How did I let this happen when everyone was giving me advice to the contrary'. Trust me, a lot of people have been down this road, which is why we're all trying to stop others from going there.
Lastly, never be embarassed to post chart here, either on trades you've taken, or setups you're contemplating. We're all in this together and only too happy to help. I know I speak for the majority when I say this.
Best,
Chris
Hmm I feel almost embarrassed to post my chart, it was really pretty simple and basic... that being said I guess I should definitely work harder on my next trade
Hello Jlr, listen buddy, if Jim sees this you could probably be expelled from forexfactory
- #20,148
- Feb 2, 2009 3:55am Feb 2, 2009 3:55am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
- #20,149
- Feb 2, 2009 3:55am Feb 2, 2009 3:55am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Be careful here buddy. $50 to $200, that's a 400% increase! Tell me that's over 2 years and I'll be patting you on the back for a job well done. Somehow though I have a feeling that you may have acheived this a little more quickly...
If you're starting out trading, the best advice I can give is to use proper money management tools from day 1. Work out the proper risk allocation for each trade you place and follow your rules to the letter. Ok, so you may not become a millionaire in your first year, but this is all about building a long term business...
Where's Pie Trader gone Chris??
I believe . . .
You're right, I didn't really do the best of job sticking to my plans, nor proper money allocation. Was actually a mistake though on the $ allocation part. Meant to leave myself about 100 pips in the other direction, before I went bust. I found out halfway through my trade from reading up online, that I would be stopped out after I had lost half of my account value...
I actually don't have a job right now, I had been playing poker for the last 3 years, but have completely lost interest over the last few months. I am trying to make the transition a lot faster then I probably should be. You're right I should probably just slow down, and work on the fundamentals first, before getting ahead of myself. Was basically just treating this money as something to gamble with, to get to an account value that is worthwhile trading... but this probably won't get me anywhere if I am completely lost while trying to get there.
Thanks again for your help, I appreciate it
I actually don't have a job right now, I had been playing poker for the last 3 years, but have completely lost interest over the last few months. I am trying to make the transition a lot faster then I probably should be. You're right I should probably just slow down, and work on the fundamentals first, before getting ahead of myself. Was basically just treating this money as something to gamble with, to get to an account value that is worthwhile trading... but this probably won't get me anywhere if I am completely lost while trying to get there.
Thanks again for your help, I appreciate it
Hmm I feel almost embarrassed to post my chart, it was really pretty simple and basic... that being said I guess I should definitely work harder on my next trade
So you got lucky...with $200 you could manage it quite properly now
CMIIW
The smallest amount of position size is 1k right?
That's approx. $0.1 per pip..depends on the currency pairs..
With 40 stop loss and 1k size your true leverage would be 5:1...
Ya you are correct. I traded 3 lots total, and was almost stopped out pretty fast . Even if I had traded 1 lot total I still would not really have much room for error, nor could I have only used 1 percent of my account value. Was basically just going for a parlay, and now that I have 200, I will see if I can do this properly, though I am still unsure if that is enough. I really hope so because it is nice not to have to deposit.
sertio is that a joke? I can't really tell
I used FXCM, and wow, I thought this was micro I agree with you, I may give it a try if I encounter problems with this account. I'd rather be trading with very small amounts, then nothing at all. OF course those small amounts can surely add up, but I will be aware if it becomes a problem I do agree, it does help at least somewhat stay disciplined, because when I was trading with paper money, my trades were even LESS thought out believe it or not
. Even if I had traded 1 lot total I still would not really have much room for error, nor could I have only used 1 percent of my account value. Was basically just going for a parlay, and now that I have 200, I will see if I can do this properly, though I am still unsure if that is enough. I really hope so because it is nice not to have to deposit.sertio is that a joke? I can't really tell
I used FXCM, and wow, I thought this was micro
I agree with you, I may give it a try if I encounter problems with this account. I'd rather be trading with very small amounts, then nothing at all. OF course those small amounts can surely add up, but I will be aware if it becomes a problem I do agree, it does help at least somewhat stay disciplined, because when I was trading with paper money, my trades were even LESS thought out believe it or not - #20,155
- Feb 2, 2009 4:52am Feb 2, 2009 4:52am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Just wanted to change my name on here so it matched the one in the PF. I lost my post count but not my experience
I believe . . .
- #20,156
- Feb 2, 2009 4:55am Feb 2, 2009 4:55am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Well with the FXCM micro $50 bonus you could not manage your money management properly...hence the free bonus
So you got lucky...with $200 you could manage it quite properly now
CMIIW
The smallest amount of position size is 1k right?
That's approx. $0.1 per pip..depends on the currency pairs..
With 40 stop loss and 1k size your true leverage would be 5:1...
how did I manage my 14 bucks?? I believe . . .
- #20,158
- Feb 2, 2009 5:11am Feb 2, 2009 5:11am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #20,159
- Feb 2, 2009 5:18am Feb 2, 2009 5:18am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
2nd Half stopped out.
I believe . . .
- #20,160
- Feb 2, 2009 5:21am Feb 2, 2009 5:21am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Nice trade nevertheless Mate
Now watch it go to the moon. lol
Indicators show the past. Price Action "Indicates" the future.