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EURUSD

  • #150,361
  • Oct 8, 2009 7:30am Oct 8, 2009 7:30am
EUR's looking Pretty!
In Charts We Trust!
  • #150,362
  • Oct 8, 2009 7:32am Oct 8, 2009 7:32am
Quoting Pips4Us?
Just wanted to say hello to everyone. I've been following this thread for a while and decided to post as i need some advice . Well i started live trading about 2 months ago. I started from a $200 mini account, and in 1 month made about $900. So im guessing i was Extremely lucky, and then the Euro decided to head north and me being the genius that i am, didn't use any stops and ended up blowing the account with in a week. (Was hoping it would come down). So now im on my 2nd account, this time with a measly $300. I've been studying day and...

yes.

hope this help

http://www.thegeekknows.com/2009/07/...grail-for.html
  • #150,363
  • Oct 8, 2009 7:33am Oct 8, 2009 7:33am
Woohoo! Positive News For US UNemployment! heheh here we go!
In Charts We Trust!
  • #150,364
  • Oct 8, 2009 7:33am Oct 8, 2009 7:33am
Quoting Fng
Yeah i am in the process of learning too. Still do a lot of mistakes of "jumping too early"
or the worst part is
"feeling of being left out by the train, suddenly emotionally force my self to jump in the train midway, just to find out that i fail the jump and the train crashes me". LOL

This GU and EU are not moving. I might close my trade at BE.
I was sleeping, but as I told you GU went up, I hope you didn't loss a great amount of money, by the other hand, my recommendation for you is that as you are new as I am, try to stay away from GU, concentrade on this pair first. If you need further information try this post I open when I began here, this will take you to great threads of people who post here and other great traders. Hope it help you. http://www.forexfactory.com/showpost...7&postcount=18

Regards,

Edgar
  • #150,365
  • Oct 8, 2009 7:35am Oct 8, 2009 7:35am
Quoting X.Oden
Woohoo! Positive News For US UNemployment! heheh here we go!
here we go where?
Pation is the Holy Grail
  • #150,366
  • Oct 8, 2009 7:35am Oct 8, 2009 7:35am
Quoting Pips4Us?
Was hoping it would come down...I keep making some pips, then losing them all back. I know im supposed to use a 2% rule, with stops but i kinda keep breaking it....
There are you major problems, right there. There's a natural tendency to watch a trade go against you, and then sit there telling yourself "it can't possibly keep going in that direction, it has to come back to my position"...when you catch yourself thinking that, you're screwed. Here's what you need to do:

1) STOP TRADING LIVE
2) Devise a trading methodology that tells you when to get into a trade, where to place stops, when to take profit. To make your life easier, when you look at the historical performance of your approach, you want it to be successful at least 65% of the time
3) Study money management - in order to last in this business, you have to have discipline enough to manage your risk - if not, you're toast. Starting out, more than 1% is too much for a noob...in my opinion, starting out you want to use the smallest available lotsize until you master your approach
4) Work on your psychology - trade from a place of fear, and you will miss out on many profitable trades. Trade from a place of elation, and you will begin breaking your rules and violating your money management. Psychology is perhaps the greatest hurdle you will need to overcome
5) Once you've done the above, you need to paper trade for at least three weeks. If you've managed to profit without violating your rules at the end of three weeks, then you can consider live trading with the smallest lotsize available. Once you begin trading live, if after three weeks in profit, you can consider increasing your risk to a reasonable amount.

You've fallen into the common trap that 95% of retail traders fall prey to - you have assumed that you can just "jump in" and be successful. Do yourself a favor, step back and learn what you need to learn, and then trade - you'll save yourself several more blown accounts.
  • #150,367
  • Oct 8, 2009 7:35am Oct 8, 2009 7:35am
Quoting Pips4Us?
I started from a $200 mini account, and in 1 month made about $900. So im guessing i was Extremely lucky, and then the Euro decided to head north and me being the genius that i am, didn't use any stops and ended up blowing the account with in a week. (Was hoping it would come down). So now im on my 2nd account, this time with a measly $300. I've been studying day and night for a while now, and for some reason just cant get a grasp of it. I keep making some pips, then losing them all back. I know im supposed to use a 2% rule, with stops but i kinda...
Just wanted to say I'm in the same boat as you. I went live a couple of months ago and started with a EUR150 account. Managed to grow it to ~EUR750 in 3 weeks time but since I didn't use any stops, when EURUSD went up, my account blew up in flames in three days or so. Tried a second time with a different broker and again I blew the account only this time within a week ($250 loss.)

All I want to say is don't feel bad about it. Look at it as a learning experience and be glad you didn't lose tens of thousands. It's back to a demo account for me.
  • #150,368
  • Oct 8, 2009 7:36am Oct 8, 2009 7:36am
Trade what you see and not what you hear and trade no smaller than the 1 hour time frame..using SMALL LOTS! Learn to use Fibonacci and Learn to read candlesticks.

Quoting Pips4Us?
Just wanted to say hello to everyone. I've been following this thread for a while and decided to post as i need some advice . Well i started live trading about 2 months ago. I started from a $200 mini account, and in 1 month made about $900. So im guessing i was Extremely lucky, and then the Euro decided to head north and me being the genius that i am, didn't use any stops and ended up blowing the account with in a week. (Was hoping it would come down). So now im on my 2nd account, this time with a measly $300. I've been studying day and...
In Charts We Trust!
  • #150,369
  • Oct 8, 2009 7:36am Oct 8, 2009 7:36am
where this EUR goes
  • #150,370
  • Oct 8, 2009 7:37am Oct 8, 2009 7:37am
I just learned that one of the regulars on this forum has personally contacted X.Oden and suggested he was some kind of signal service in disguise (or working for one) trying to round up people for a paying service. Upon learning this, my first reaction was to come out in X.Oden's defence since I think that is utter bullshit.

I have been following this thread for quite some time now, rarely posting anything since I'm just a trader-wannabe, but mostly reading what the 'veterans' (read: members with 10+ vouches) have to say about market sentiment, price action, likely outcomes from expected news events, trading in general, etc, and hopefully learn from them.

I have found from earlier on X.Oden's posts to be some of the most valuable and rich in content and insight, especially the way he went on about price action -- to me one of the most crucial aspects about trading successfully with which I was having difficulty -- and so a few days ago I decided to contact him asking if he could simply point me to some books he'd found useful so I could learn from them and hopefully get an insight into his trading style.

Since that first PM, X.Oden has actually taught me a few of his trading techniques that have opened a whole new world to me. Thanks to him I can now better understand price action, which for instance has enabled me to minimize questionable entries and improve exits. But I still have a very long way to go.

Now, I may not know X.Oden personally but I can definitely say that he has never, ever, promoted or even mentioned paying services, free or paid for trading signals, or anything involving dishing out money in any of the numerous PMs we have exchanged so far. Those PMs were mostly all about answering my rookie questions, purely out of kindness, no money involved.

The same feeling that told me to contact X.Oden back when most of the 'veterans' here were being total jerks to him, tells me now that this suggestion that he's a signal service or whatever is just unfounded and untrue.

I didn't follow the trend then and I'm glad I did so.
  • #150,371
  • Oct 8, 2009 7:38am Oct 8, 2009 7:38am
Quoting Pips4Us?
Just wanted to say hello to everyone. I've been following this thread for a while and decided to post as i need some advice . Well i started live trading about 2 months ago. I started from a $200 mini account, and in 1 month made about $900. So im guessing i was Extremely lucky, and then the Euro decided to head north and me being the genius that i am, didn't use any stops and ended up blowing the account with in a week. (Was hoping it would come down). So now im on my 2nd account, this time with a measly $300. I've been studying day and...
Your story is just like mine. I lost 2k$ then I started to trade on micro account with 500$. Now I'm making app. 20% monthly.
Don't trade on mini account with such a small balance, use micro account!
  • #150,372
  • Oct 8, 2009 7:42am Oct 8, 2009 7:42am
Thanks for all the responses. Will take everything into consideration. Im probably going to go back to demo for now as suggested.
  • #150,373
  • Oct 8, 2009 7:45am Oct 8, 2009 7:45am
any idea where this beast is heading by the news it should go south but .. not as much as i hoped maybe need to wait US session.
  • #150,374
  • Oct 8, 2009 7:47am Oct 8, 2009 7:47am
President Trichet kick off the [ECB PRESS CONFERENCE] by saying that rates remain appropriate. Turning to inflation, the President does not deviate from the Sep statement that prices are expected to remain moderately positive over the medium term. He adds that inflation is likely to turn positive in coming months, again nothing new there since base effects alone should push up CPI back above zero. As in previous statements and recent comments by other governing council members, Trichet adds that inflation is likely to remain subdued given a weak economic recovery and large spare capacity. Additionally, he says that expectations about future inflation remain anchored at present.
those who can, do. those who cant, talk about those who can
  • #150,375
  • Oct 8, 2009 7:49am Oct 8, 2009 7:49am
Quoting M1g
I just learned that one of the regulars on this forum has personally contacted X.Oden and suggested he was some kind of signal service in disguise (or working for one) trying to round up people for a paying service. Upon learning this, my first reaction was to come out in X.Oden's defence since I think that is utter bullshit.

I have been following this thread for quite some time now, rarely posting anything since I'm just a trader-wannabe, but mostly reading what the 'veterans' (read: members with 10+ vouches) have to say about market sentiment,...

Are you serious? Someone actually thinks that he's a schill for a signal service? Contrary to belief, X. Oden is just trying to be helpful.
  • #150,376
  • Oct 8, 2009 7:51am Oct 8, 2009 7:51am
trichset says at news conference europe out of economic freefall..
  • #150,377
  • Oct 8, 2009 7:55am Oct 8, 2009 7:55am
i wonder will he start his i love us dollar
  • #150,378
  • Oct 8, 2009 7:55am Oct 8, 2009 7:55am
who cares what trichet says. all eyes on US open and buying supports IF YOU ARE LUCKY. It is going to be a big UP day all around people. don't be SHORT!
----- Dragonfly out in the sun you know what I mean, don't you know
  • #150,379
  • Oct 8, 2009 7:56am Oct 8, 2009 7:56am
wtf ??
  • #150,380
  • Oct 8, 2009 7:58am Oct 8, 2009 7:58am
Are you thionk it goes more up ???
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