Part Time Trading

Hi all,

EUR/USD
First trade: Short @ 1.4350.
Reason: Has had significant resistance from 1.4380. Start of London session, and with NY closed for a bank holiday; I dont like the odds of breaking 1.4380.
I have a 100pip SL. I do not set a profit taking level but I think 1.4250 would be the extent. We have a 50fib level at 1.4226.
Here is the chart. Lets hope it all goes well .

hi there! i see your account is in aussie $$ .. im 25 from canberra..

one day i too hope to party it up in ibiza

just an observation..

but i see your position is 10000 units.. which is roughly $1.15 per pip

1.15x 100 pip SL is $115 max risk + spread

so you are risking %11.5 of your account in 1 trade

seriously man you should be risking 1-2% per trade. I assume your broker only lets you trade 10000 units as a minimum.. so yeah..

i trade with go markets. you can go as low as 1000 units which is roughly $0.10 per pip.

Thanks for the look in mate, I dont really have an explanation to why I am trading so high. Except that it is my first trade and I wanted to bust in with a bang. I know most traders only go 2% but some place multiple trades, giving an exponentially higher risk. I have planned this trading spurt with about 5-10% risk per trade in mind, so yeah I'll just give it a whack for now. Also if price were to reach 1.4380 I would likely take the loss in fear of a breakout. So I guess thats more of a 30pip SL.

thats cool just making sure you know what your doing

ive never quite made it as far as perth.. look like quite the town

Cheers man, but i got no idea what im doing so all the help is useful.

Perth's alright except the weather's shit atm. Its a bit sleepy round here though. Nothing like Melbourne or Sydney.

Thailand aye, sounds mad. Never made it to the land of legal mushrooms and cheap hoes, but i hear good things haha.

if your broker lets you trade smaller than 0.1 lots i reallt think you should

preserving your capital is THE most important part of trading.
hopefully someone with a few more years experience in the game will back me up..

thailand is awsome, ive been there once before. the "legal " mushrooms arent officially legal, but the authorities turn a blind eye.

you gotta be careful on the shrooms tho.. lots of stories of people losing their minds for good.

Yeah I know I should. Like I said though, we'll just see how things pan out for now. Im not making and alterations to this trade now.
Please dont ask for a more experienced member to back you up its not like these things I dont already know, I am just choosing to ignore them.

Hahah loosing their minds... or open to a new reality?

Stopped at 1.4450.
Well that was a crap first trade, I wish I had risked 2% now. Ohwell GFT wont allow it.
The trade was a very slow starter and the market had moved a slight 30 pips in the first 24hours. This was because of a public holiday in NY. We then saw a huge hike in gold and positive numbers in the german trade balance. I had said to myself to close the trade if it were to reach 1.4380, unfortunatly though I was away from the computer. When the resistance line was broken. That’s it. She flew away from me.
The market has hit a high of 1.4535. I am now looking toward the next trade: I have entered a short from 1.4500 on a demo account, hoping we will see a re-test of the 1.4380 now turned support line. If we hit this area I will be looking to go long back up and with the trend.

ROI @ -11.7%

Keep at it, Do you mind sharing a little bit of what you look for before you enter a trade?

Thanks

Jeremy

Hi Jeremy. I use a simple method, for a simple guy.
When I trade the EUR/USD: First determine the trend with a weekly or daily chart. Higher-highs, lower-lows if unsure then place a few trend lines to get a better idea.
I then move down to the 4hr chart. Place some S&R lines and highlight the round numbers/pivot points (EUR/USD follows pivots to the pip). When price is heading toward an S&R line I buy or sell at the nearest whole number (eg. 1.4300, 1.4350, 1.4400).
To take profit I look for the next pivot point, whole number, fib number or trend line.
I like to keep things simple and easy. As I am studying fulltime I want my analysis to be done very quickly, there is no way I could handle staring at charts all day.

you shouldve set your stop loss to 4380 instead of having a mental sl.

accept the risk man!

ps. my aussie broker does 0.01 lots "nudge nudge".