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Jacko's Forex House of Pleasure and Pain

  • #6,261
  • Feb 22, 2009 8:32am Feb 22, 2009 8:32am
Quoting acetrader
Quest4Pips,



Using a DEMO ACCOUNT is a good way to start. Live trading is never as it is in DEMO. Your emotions take over in the live mode as real money is in play.
_________________________________
I'll tell you what I did as i am pretty gungho kind of guy and hate to miss the action and also want to see real results with forward testing, LIVE. I opened a live account and just traded .01 micro lots. were talking pennies. If you lose a real bad trade you might lose 50 cent or 75 cent. But for me the actual winning and losing kept me excited and "in the game" and eager to learn quickly. Once I started winning I just slowly increase lot size until I am trading mini lots. However for some the temptation of having the live account could be too much, which a demo is the only way to go. I have quite abit of self control and a strict game plan to my trading which will not be broke. But i thought i would throw my experience out there for any that would want to go that route. Keeps it fun.....

BB
Whats happening in EUR/USD should be happening to you!
  • #6,262
  • Feb 22, 2009 8:42am Feb 22, 2009 8:42am
Quoting acetrader
Quest4Pips,

Its all in the first 5-10 pages. Several pages back there is a pdf file someone was kind enough to put together. Read it & reread it & you will have it. Then post questions as you go along.
Here ya go. Enjoy.

Jacko's Trading
Compiled by BarryPips

http://www.forexfactory.com/attachment.php?attachmentid=129867&d=Jul%2013,%202008%208:50am
  • #6,263
  • Feb 22, 2009 9:08am Feb 22, 2009 9:08am
Bull&Bears,

Thats a great idea. Never gave that a thought, but you are correct. For me forward testing is the best way & doing the micro lots makes it better. Thanks.

Forex Genius,

Thats the pdf I was talking about & thanks for reposting it. Its all there for the taking. Thanks.

Nice post fellows. Keep them coming.

________________________
  • #6,264
  • Feb 22, 2009 9:39am Feb 22, 2009 9:39am
Quoting BullsAndBear
I'll tell you what I did as i am pretty gungho kind of guy and hate to miss the action and also want to see real results with forward testing, LIVE. I opened a live account and just traded .01 micro lots. were talking pennies. If you lose a real bad trade you might lose 50 cent or 75 cent. But for me the actual winning and losing kept me excited and "in the game" and eager to learn quickly. Once I started winning I just slowly increase lot size until I am trading mini lots. However for some the temptation of having the live account could...
IMO - this is the absolutely best method and realistic way to trade for learning. You will be emotionally involved if it's real money - no matter the value. You'll also learn proper money management. Focus on the PERCENT gains - not the money value. Example, if you make a profit of 10% for the month, it's easy to scale that to a proper monetary value.

Also if you are trading DEMO, you actually feel relief if you make a mistake by saying: 'whew, glad that was not my real money' - vs. when you trade live and make a mistake, you feel the pain of the trade and do what it takes to figure out how to avoid it in the future.
  • #6,265
  • Feb 22, 2009 12:06pm Feb 22, 2009 12:06pm
for those that dont follow the eur/usd thread. Good fundamental info......


Others are warning once the money printing starts - March 5th - the pound is going to drop like a stone in value. Global investor Jim Rodgers had warned a few weeks ago he has unloaded all his pound sterling and that the currency was finished as a storehouse of wealth.

http://www.nowpublic.com/tech-biz/uk-gets-ready-print-money-inflate-its-way-out-debt

BB

What do you seasoned traders make of this?????

http://www.youtube.com/watch?v=1fslr4ejodw

also compelling to watch.......
http://www.zeitgeistmovie.com/
Whats happening in EUR/USD should be happening to you!
  • #6,266
  • Feb 22, 2009 3:23pm Feb 22, 2009 3:23pm
back to work...everyone have a good weekend?

The first thing on my todo list is to figure out what the h-e-double hockey sticks happened on Friday right before the close of the week.

I have a few ideas, could have just been profit taking from the week - which started out odd anyway or it could have been the rumors floating around about the Euro and USD...

What ever it is, we have the task to determine if it was a fluke price spike or an actual price rejection of the latest low we had. I think it was just a fluke price spike and we will continue on downward until we reach 2300 and then eventually 2150 before we see any strong shift in returning to an uptrend.

Any which way, this will be an interesting and exciting week. I think I'll be on the sidelines for a few ticks, but I'll jump in short when I see what I am looking for...
  • #6,267
  • Feb 22, 2009 3:36pm Feb 22, 2009 3:36pm
Quoting bgin2end

or it could have been the rumors floating around about the Euro and USD...
I stay extremely busy and cant stay up on all the news. What rumors were there about eur,usd?

It seems to me we could be looking at a nice pullback that would end up in a resumption of the trend without strong evidence to suggest otherwise.....

Had a good weekend with the boys. Couldnt wait for the trading to open tho.

BB
Whats happening in EUR/USD should be happening to you!
  • #6,268
  • Feb 22, 2009 4:25pm Feb 22, 2009 4:25pm
The sunday candle is pretty weak so far...... very tight price action. no real clues.
Same Whore .... Different Dress
  • #6,269
  • Feb 22, 2009 5:44pm Feb 22, 2009 5:44pm
John Doe,

If you add CONGRESS in with him, now thats an idea.
  • #6,270
  • Feb 22, 2009 5:51pm Feb 22, 2009 5:51pm
I'll add the whole damn corrupt bunch of them ....................
Same Whore .... Different Dress
  • #6,271
  • Feb 22, 2009 6:39pm Feb 22, 2009 6:39pm
Bias is back down, but how far is what i am curious to see, before it may try to rally back up and finish its pullback......

BB
Whats happening in EUR/USD should be happening to you!
  • #6,272
  • Feb 23, 2009 4:19am Feb 23, 2009 4:19am
John Doe,

Now your talking & that is what is needed. They are taking the U.S. down a road of no return. Thanks my friend.
  • #6,273
  • Feb 23, 2009 6:45am Feb 23, 2009 6:45am
Quoting McQueen68
trend is still down...

short 2845
stop 2945

ready to ah if stopped out...
got stopped out at 2945

ah then kicked in...

short 2945 w/ 100 tsl

g/l and g/t to all
  • #6,274
  • Feb 23, 2009 7:01am Feb 23, 2009 7:01am
Trend is your friend. My AH was hit at 4 am @ 2863...into the money by 70 pips, 100 pip TS.
  • #6,275
  • Feb 23, 2009 8:19am Feb 23, 2009 8:19am
I actually bought eur/usd this morning for some day trading. Did pretty good. I want to see stronger signs of the pullback completion and i am def a seller.

BB
Whats happening in EUR/USD should be happening to you!
  • #6,276
  • Feb 23, 2009 9:54am Feb 23, 2009 9:54am
Quoting bgin2end
Trend is your friend. My AH was hit at 4 am @ 2863...into the money by 70 pips, 100 pip TS.
Currently @ 2745 - if we reach 2700 I am tightening my TS to 50 pips and hope we see 2600 by mid week.
  • #6,277
  • Feb 23, 2009 9:58am Feb 23, 2009 9:58am
Quoting bgin2end
Currently @ 2745 - if we reach 2700 I am tightening my TS to 50 pips and hope we see 2600 by mid week.
Good deal - maybe you'll getting those lost pips back from the other 2-3 that got their SL hit on Friday.
  • #6,278
  • Feb 23, 2009 10:00am Feb 23, 2009 10:00am
Quoting bgin2end
Currently @ 2745 - if we reach 2700 I am tightening my TS to 50 pips and hope we see 2600 by mid week.
I've been short from 2878 with a 100 pip TSL. Well in the green now but been wondering all along whether 100 is too much. May well follow suit and bring it down to 50 too.

Tim
  • #6,279
  • Feb 23, 2009 10:04am Feb 23, 2009 10:04am
Quoting dwildes
Good deal - maybe you'll getting those lost pips back from the other 2-3 that got their SL hit on Friday.

yes sir...already at b/e...waiting for some movement down to lock it in.
  • #6,280
  • Feb 23, 2009 10:09am Feb 23, 2009 10:09am
Quoting bgin2end
yes sir...already at b/e...waiting for some movement down to lock it in.
Excellent! Was worried about you Friday with those shorts - but without pain/losses, there is no learning. So you got all your money back and a lesson - double plus.
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