Comrades, ur comment so meaningful, I’ve learn here a lot . still noob, having words around the world with own style…really love it. Now ..I start playing a big jigsaw puzzle. My act lock by hedging.
- #80,744
- Mar 27, 2009 10:57am Mar 27, 2009 10:57am
- Joined Jan 2006 | Status: Monarch o' the Glen | 5,561 Posts
- #80,746
- Mar 27, 2009 11:08am Mar 27, 2009 11:08am
- Joined Apr 2007 | Status: RCMM (Risk Analysis Money Manager) | 2,556 Posts
I was trading with three pairs (EURUSD, GBPUSD and EURGBP), but after a few months and losing some money I realized that it was ridiculous for a new trader like myself to be following three pairs and master none, it was just a desire of having more trade opportunities.
Luckly I think I have learnt my lesson on time and I now I am not going to add any more pairs until (if) I can be consistantly profitable in this one.
On a different note, do you guys think it's a good idea to use the fibonacci retracements from the 1.3730 highs to today's lows...
think of it: EUR / USD = EUR/GBP * GPB/USDother thing is if you trade EUR/USD and AUD/NZD and mmmm GBP/JPY for example.
yes.. it could be a good idea to use that fibs.
by the way... don't worry to lose money when you start trading. But only lose money that you can lose.
- #80,757
- Mar 27, 2009 11:46am Mar 27, 2009 11:46am
As a newbie, you should focus on one pair until you can recognize all the formations, and understand why markets move the way they do.
Then you can move up to 2 or 3 currencies, because after that point you want as many options as possible, and then trade on the easiest ones to guess. By that time, you know what formations you're waiting for, so why wait around for one currency. This game is all about waiting and letting to market come to you, so while one currency looks confusing, the another currency will look very easy, and you're...
Doh! I didn't mean to do that. 
- #80,759
- Mar 27, 2009 12:11pm Mar 27, 2009 12:11pm
My shorts were well rewarded.
Im now looking to buy yen,
risk aversion will continue into next week(G-20) and that should lead to yen strength against usd and commodity currencies.. :nerd:
Some drink at the fountain of knowledge. Others just gargle !
- #80,760
- Mar 27, 2009 12:12pm Mar 27, 2009 12:12pm
I guess it's like decoding "The Matrix".... Hopefully soon all I will see are blondes and brunettes instead of bloody candles!
1. Only make a trade you're absolutely sure you will win.
2. Win means 1 pip positive. Don't think you have to make 50 pips a day to "win".
3. You decide how much 1 pip is worth. 10 cents, or 10 dollars.
When I was a newbie I fell into the trap of believing I needed to make a certain amount of pips. This is untrue. Some of the biggest investors pay people to sit around all day and make 5 pips a day on one trade. Why? The higher the leverage, the less pips matter. They sit around all day waiting for the most obvious move, then they get in and out in less than 10 seconds.
Just food for thought. Some things are not as they seem.