Do not open 'til Christmas 2012.

Greetings, All.

I'm a new trader.

Economies fascinate me, and trying to understand them is what has drawn me to currencies.

I trade live, but see it as tuition. I fully expect to lose more than I gain for some time (thus the thread title), and my goal is simply to learn. I tend to learn things the hard way, so it might get a little ugly... we'll see.

I don't really have a trading style, and I don't really even know who I am tradewise, but so far, indicators aren't for me. My limited success has been inversely proportionate to two things... the amount of indicators on my chart, and the frequency of trades made.

While I currently trade with Oanda, I'm about to switch to MB trading with Ninjatrader as a platform.

I'll be posting my live trades here, and thinking out loud. I welcome/appreciate comments and criticism. Fortunately, my skin is thick. Unfortunately, my skull is comparable.

Thanks Kindly

I have every expectation that I will (over a period of years) become a solid, consistent trader. Since, my expectation for this thread is that it may someday be a resource that a new trader could benefit from, I'm going to include what I'm learning along the way.

Babypips - useful for someone like me, who is very new to trading.

Jimmy Young - He's posted a few articles here... good stuff.

Darkstar - Pound for pound... word for word, one of the most informative posts I've ever read... http://www.forexfactory.com/showthread.php?t=7484

I'm currently reading a book by Kathy Lien called Daytrading the Currency Market It gives a concise history of the market, what moves the market, fundamentals, trading ideas, etc... It gives a broad view of the market, and its influences.

Candlesticks - http://www.candlesticker.com/Default.asp

My very favorite thread - http://www.forexfactory.com/showthre...=158005&page=2 I search the user names here, applying a little common sense and discernment, I'm able to draw off of experience, and that is valuable.

good luck dude.

we are in the same boat. ive just started a journal also with the hope that it'll keep me honest and out of bad trades.

have a good one!

Thanks for stopping by, I'll have to stop by your journal and check it out.

http://i618.photobucket.com/albums/t...ot/gjtrade.jpg

I was looking for a break of the trend line on the 3hr chart. I waited for a new candle to open below the trend line on the M30 to enter. As soon as I entered the trade started going against me.

I tend to be sorry when I alter trades after I initial make them. It's a case of whether to cut my loss quickly, or to give the trade a chance to win. I'm going to give it a chance. Maybe London will throw me a bone.

I have a little buyer's remorse... or should I say seller's remorse. It wasn't exactly a trade that I feel I'd be stupid not to take, and those are the trades I want to be in. Now to find a way to punish myself... I KNOW... I'll sentence myself to half an hour of CNBC talking about the evil fund managers who want to collect the money Chrysler owes them and their clients.

-120 pips

I was playing around with a system, and realized the reason the trades worked were not the reason the author of the system thought they worked. This lead from one idea to another, and... well, I'm going to be doing more backtesting, than trading for a while.

Funny that you quote Jefferson since I just watched this video that said he's the only president to have ever payed off the national debt among other things.

http://video.google.com/videoplay?do...18677860424204

babatot

it seems like you have an open mind really when it comes to trading. generally like in all markets as well as in the fx there are fundamental movers that power the fluctuations in the market.. fx has a good example of this. One thing that I have personally identified as being leading indicator is the interest rate differential.. the result from it is referred to as the internation fisher effect. Generally in trading its best to carry a long term outlook on the markets and increase exposure though trading to boost long term results...

when counter long term outlook trades arise its simply easier to reduce your trading risk at those points and continue with your longer term strategy than it is to create a position and ride every fluctuation .. a reason a large number or traders fail is lack of patience to wait for a setup that provides excellent entrance based off their long term outlook.

anyways thought that may help you.