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  • #72,921
  • Mar 9, 2009 3:36am Mar 9, 2009 3:36am
Quoting everydaypips
Just lost my job and desperately need to find another income. I need to earn USD 200/day for my family daily expenses.
Hi everydaypips

Please, be patient.

I have pretty much blown my first account and lost about $1700 I hate to admit that but i will/have. Anyway the penny has dropped with regard to money management and cutting losses as soon as possible.

I recommend that you demo/simulation trade for at least 2 to 3 months and ensure that you are profitable doing that first.

Then open a small $1000 live account and trade it risking no more than 1-2% per trade and double that account. After you have done all of that THEN trade with bigger amounts.

It's very very hard to trade profitably without having completed the above steps.

I've made my BIG mistakes and lost real money. Now I've gone back to simulation trading and I'm working hard to become profitable in that first and THEN going back to my live account. Please don't make the mistake I did.

As for job--find something stable that is not based around trading and learn by demo trading first.
  • #72,922
  • Mar 9, 2009 3:38am Mar 9, 2009 3:38am
Quoting JPolk2006
Everydaypips How long have you been trading FX?

Just started today and only want to concentrate in EURUSD currency pair. Got only 5k USD capital. Hope I am not too silly. Thanks for the care.
  • #72,923
  • Mar 9, 2009 3:42am Mar 9, 2009 3:42am
Quoting altrader
(...)
I recommend that you demo/simulation trade for at least 2 to 3 months and ensure that you are profitable doing that first.

Then open a small $1000 live account and trade it risking no more than 1-2% per trade and double that account. After you have done all of that THEN trade with bigger amounts.
(...)
I would also recommend to have a demo account running when you trade with real account. If you want to open some trade but find it very risky, you can simply check this idea first with your demo, after some time experience will come and you won`t need demo so often.
  • #72,924
  • Mar 9, 2009 3:43am Mar 9, 2009 3:43am
Quoting everydaypips
Just started today and only want to concentrate in EURUSD currency pair. Got only 5k USD capital. Hope I am not too silly. Thanks for the care.
shoot me a email and I ll help as much as possible coachpolk@[email protected] I dont mind sharing what I do!
  • #72,925
  • Mar 9, 2009 3:43am Mar 9, 2009 3:43am
Quoting everydaypips
Just started today and only want to concentrate in EURUSD currency pair. Got only 5k USD capital. Hope I am not too silly. Thanks for the care.
Have you got a Strategy that you use which you have tried and tested? ( I don't mean backtested) tested in the present.

Good Trading.
Good Trading. (keep it simple).
  • #72,926
  • Mar 9, 2009 3:44am Mar 9, 2009 3:44am
Quoting dotweb.pl
I would also recommend to have a demo account running when you trade with real account. If you want to open some trade but find it very risky, you can simply check this idea first with your demo, after some time experience will come and you won`t need demo so often.
great point. Thats what I was doing when i was trading live as well.
  • #72,927
  • Mar 9, 2009 3:47am Mar 9, 2009 3:47am
Quoting altrader
Hi everydaypips

Please, be patient.

I have pretty much blown my first account and lost about $1700 I hate to admit that but i will/have. Anyway the penny has dropped with regard to money management and cutting losses as soon as possible.

I recommend that you demo/simulation trade for at least 2 to 3 months and ensure that you are profitable doing that first.

Then open a small $1000 live account and trade it risking no more than 1-2% per trade and double that account. After you have done all of that THEN trade with bigger amounts.

It's very...

Hi altrader, really appreciate your kind and detailed explanation and sharing of your trading's experience. I have some simple MM which I control my trade risk at max 5% of my capital. and would control my maximum drawndown to 35 pips. Not fix target on profit as I am base on TA to extablish or ocver my position.

Thanks for sharing. lot of nice guys/ gals here.
  • #72,928
  • Mar 9, 2009 3:49am Mar 9, 2009 3:49am
Quoting everydaypips
Just lost my job and desperately need to find another income. I need to earn USD 200/day for my family daily expenses.
that is a bad idea if you have to depend on the money you make here probably be better to take your money out and spend it on what you need....

should only be using money you can lose here....

having to make money is just going to put extra emotion into your trading..
not a good idea
If you need something important don't hesitate to ask someone else.....
  • #72,929
  • Mar 9, 2009 3:52am Mar 9, 2009 3:52am
Quoting everydaypips
Hi altrader, really appreciate your kind and detailed explanation and sharing of your trading's experience. I have some simple MM which I control my trade risk at max 5% of my capital. and would control my maximum drawndown to 35 pips. Not fix target on profit as I am base on TA to extablish or ocver my position.

Thanks for sharing. lot of nice guys/ gals here.
5% capital per trade is kinda high for being a new trader 20 bad trades and your done @_@ most start with 2% max.
  • #72,930
  • Mar 9, 2009 3:56am Mar 9, 2009 3:56am
Quoting JPolk2006
shoot me a email and I ll help as much as possible coachpolk@[email protected] I dont mind sharing what I do!

Hi JPolk2006. thank you for the kindness. OK I will be sending you a email soon. Thanks all the nice guys here. you guys are welcome to drop me an email here. [email protected] thank you
  • #72,931
  • Mar 9, 2009 3:58am Mar 9, 2009 3:58am
I think we might have seen the bottom of today's range.

I'm still staying out of it though.
  • #72,932
  • Mar 9, 2009 3:59am Mar 9, 2009 3:59am
Quoting everydaypips
Hi altrader, really appreciate your kind and detailed explanation and sharing of your trading's experience. I have some simple MM which I control my trade risk at max 5% of my capital. and would control my maximum drawndown to 35 pips. Not fix target on profit as I am base on TA to extablish or ocver my position.

Thanks for sharing. lot of nice guys/ gals here.
Also read though this link if you haven't already done so--it is critical information.

http://www.babypips.com/school/
  • #72,933
  • Mar 9, 2009 3:59am Mar 9, 2009 3:59am
Quoting everydaypips
Hi JPolk2006. thank you for the kindness. OK I will be sending you a email soon. Thanks all the nice guys here. you guys are welcome to drop me an email here. [email protected] thank you
You have about a 1% chance to make money right away. I would put away your money, and try to learn as fast as possible. You'd be surprised how hard it is to make money doing this, although it appears not so bad. Once you get some discipline, maybe you can make some money. I just hate to see you lose most of your money, especially since you need it.
  • #72,934
  • Mar 9, 2009 4:01am Mar 9, 2009 4:01am
Quoting Driver55
For who are scalping....
take 2636 as reference for the next 15 min bar...
below short.... above long

EDIT : All referred on the BID Side
I think the close of that last 15min bar at 09:00 GMT is confirmation of further downward move.

Good Trading.
Good Trading. (keep it simple).
  • #72,935
  • Mar 9, 2009 4:07am Mar 9, 2009 4:07am
I think substantial downward move can only be confirmed once price breaks clean of weekly pivot.

Right now, it keeps bouncing off it every time it touches or comes close.



Quoting Jasper
I think the close of that last 15min bar at 09:00 GMT is confirmation of further downward move.

Good Trading.
  • #72,936
  • Mar 9, 2009 4:09am Mar 9, 2009 4:09am
Hi all

1.2620 is a strong resistance point at the moment. Price needs to close below this before a short bias is confirmed.

I am also short EUR/CHF at 1.4668.
  • #72,937
  • Mar 9, 2009 4:14am Mar 9, 2009 4:14am
Quoting Katalyst
I think substantial downward move can only be confirmed once price breaks clean of weekly pivot.

Right now, it keeps bouncing off it every time it touches or comes close.
What is the value of the weekly pivot?
  • #72,938
  • Mar 9, 2009 4:15am Mar 9, 2009 4:15am
gbpusd ha reached his target... (1,3956)

be careful with eurusd.. for now

The best thing that can happen to you is to find out where you're wrong.
  • #72,939
  • Mar 9, 2009 4:15am Mar 9, 2009 4:15am
Quoting ChaosPipper
What is the value of the weekly pivot?
Weekly PP is 1.2619. So it's bouncing up and down in lately minutes.
  • #72,940
  • Mar 9, 2009 4:18am Mar 9, 2009 4:18am
Quoting altrader
Also read though this link if you haven't already done so--it is critical information.

http://www.babypips.com/school/

Hi altrader, Thank you. I had browsed this site and indeed its has been very helpful for newbie like me.
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