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AUD/USD

  • #10,081
  • Nov 27, 2009 8:52pm Nov 27, 2009 8:52pm
Quoting Patience
Well that all depends on your personal comfort level. If I was trading $10 per pip, I'd prefer to have at least $50,000 in my account but that's just me. I trade low leverage.

You should always put in a disaster stop loss if you are highly leveraged. What if a black swan event happened? Do you know what leverage you are using?
What do you mean by that ? and also if $10 is too much what would be an ideal amount per pip ? and by the way, thanks for helping me out here!
  • #10,082
  • Nov 27, 2009 8:56pm Nov 27, 2009 8:56pm
Quoting djmvc
Depends on what you're willing to lose.
With high risk, you have the potential to make big gains or big losses.
I've played with $40 a pip previously and its a dangerous game.
I'm new to forex also and i now play $10 a pip.
You obviously need some equity behind you if you're playing with higher $ per pip, importance is setting a SL when you trade, I've learnt the hard way and took some ridiculous advise from a broker who cost me plenty.
I've never been able to get back into it, as I keep losing more.
Be careful when you're new to the...
wow $40 a pip !! I have made some good gains over the last couple of weeks but the last 2 days too most of my profits back!maybe the market wanted to teach me a lesson !
  • #10,083
  • Nov 27, 2009 9:00pm Nov 27, 2009 9:00pm
Quoting Daytrader74
What do you mean by that ? and also if $10 is too much what would be an ideal amount per pip ? and by the way, thanks for helping me out here!
Have a squiz at this post. It explains everything. I'm off to bed now - got to get that beauty sleep

http://www.forexfactory.com/showpost...85&postcount=8
Nothing worth having is easy.
  • #10,084
  • Nov 27, 2009 9:05pm Nov 27, 2009 9:05pm
Quoting Patience
Have a squiz at this post. It explains everything. I'm off to bed now - got to get that beauty sleep

http://www.forexfactory.com/showpost...85&postcount=8
A good post. The link is a good summary
  • #10,085
  • Nov 27, 2009 9:14pm Nov 27, 2009 9:14pm
Hi all, how did you go for the week?

Hope you all used good MM, followed your plan and made some green pips.

What a way to end the week huh?

Anyone think a little manipulation was in play? He He.

Thin liquidity, a US holiday and some bad news always = excitement!


A51
  • #10,086
  • Nov 27, 2009 9:18pm Nov 27, 2009 9:18pm
Quoting Area51
Hi all, how did you go for the week?

Hope you all used good MM, followed your plan and made some green pips.

What a way to end the week huh?

Anyone think a little manipulation was in play? He He.

[color=black][font=Verdana]Thin...
Well I managed to still keep my shirt, in the red but not as bad as I was before...lets see what Monday brings...
  • #10,087
  • Nov 27, 2009 9:31pm Nov 27, 2009 9:31pm
Quoting Daytrader74
Well I managed to still keep my shirt, in the red but not as bad as I was before...lets see what Monday brings...

Hey Daytradeer74

Glad you still have that shirt.

Do you use a small percentage of your account or are you more discretional?

Did you follow your plan? Only enter on your signals etc?

It’s a tough business but success can be achieved with patience and discipline.

A51
  • #10,088
  • Nov 27, 2009 9:36pm Nov 27, 2009 9:36pm
Quoting Area51
Hey Daytradeer74

Glad you still have that shirt.

Do you use a small percentage of your account or are you more discretional?

Did you follow your plan? Only enter on your signals etc?

[color=black][font=Verdana]It’s...
I was trading $10 a pip long on the AUD when it went free falling and I was in for a wild ride !!
  • #10,089
  • Edited 9:50pm Nov 27, 2009 9:43pm | Edited 9:50pm
Quoting Daytrader74
I was trading $10 a pip long on the AUD when it went free falling and I was in for a wild ride !!
Daytrader74

Wild ride I'll bet.

Must have almost given you a heart attack.

Can I ask where you enterd and why. I was looking at a setup to go short but didn't take it because I don't like to trade on Fridays and I prefer to trade with trend. This can of course result in some fantastic lost opportunities but I believe that slow and steady will win this race.

A51
  • #10,090
  • Nov 27, 2009 9:49pm Nov 27, 2009 9:49pm
Quoting Area51
Daytrader74

Wild ride I'll bet.

Must have almost given you a heart attack.

Can I ask where you enterd and why. I was looking at a setup to go short but didn't take it because I don't like to trade on Fridays and I prefer to trade with trend. This can of course result in some fantastic opportunities but I believe that slow and steady will win this race.

A51
Yeah it was a near heart attack.....
I went long at 0.9139 based on my analysis of the charts...but had no idea the Dubai news was just around the corner....and watched it free fall all the way down to 0.8948 my stop loss was only 8 more pips away!! it never hit my stop loss and then started going back up however I'm still in the red by about another 65pips
  • #10,091
  • Nov 27, 2009 9:53pm Nov 27, 2009 9:53pm
Quoting Daytrader74
Yeah it was a near heart attack.....
I went long at 0.9139 based on my analysis of the charts...but had no idea the Dubai news was just around the corner....and watched it free fall all the way down to 0.8948 my stop loss was only 8 more pips away!! it never hit my stop loss and then started going back up however I'm still in the red by about another 65pips
Let me guess.

The pin bar on the 4 hour was your entry signal?

A51
  • #10,092
  • Nov 27, 2009 10:04pm Nov 27, 2009 10:04pm
Quoting Area51
Let me guess.

The pin bar on the 4 hour was your entry signal?

A51
Yeah..close to that
  • #10,093
  • Nov 27, 2009 10:06pm Nov 27, 2009 10:06pm
Will be more Dubai alike ....new oportunities for trading...
The Market pays you to be disciplined
  • #10,094
  • Nov 27, 2009 10:12pm Nov 27, 2009 10:12pm
Quoting Daytrader74
Yeah..close to that
Hey Daytrader74

I'm confident you may be back in the green next week. But then I dont know anything. I'll keep my fingers crossed for you.
Either way you had a plan and your stop is in place.

Stay safe, lets see what next week brings.

A51

Time to get away from the one eyed monster, hug the kids and get outside. After all it is Saturday.
  • #10,095
  • Nov 28, 2009 2:22am Nov 28, 2009 2:22am
Quoting Area51
Hey Daytrader74

I'm confident you may be back in the green next week. But then I dont know anything. I'll keep my fingers crossed for you.
Either way you had a plan and your stop is in place.

Stay safe, lets see what next week brings.

A51
[color=black][font=Verdana]...
Thanks mate but I took out a short as well so now I'm 40% short 60% long waiting to see what Monday will bring!
  • #10,096
  • Nov 28, 2009 2:27am Nov 28, 2009 2:27am
Does anyone know of a good Forex simulation software?
  • #10,097
  • Nov 28, 2009 7:21am Nov 28, 2009 7:21am
Quoting Daytrader74
Does anyone know of a good Forex simulation software?
No, sorry, I have never done this but I hope you looked at your money management and did you read that post and did it make sense?

I see that you did have a stop loss so you had calculated your risk. If you have calculated your risk then how leveraged you are doesn't matter. To work out true leverage though you can divide the position size by your available account equity e.g. $10.00 a pip = 100,000 divided by, let's just say your account equity is $10,000. 100,000 / 10,000 = 10:1.

Lehman Brothers were leveraged around the 35% percent level (I've read various estimates in the 30% range) and look what happened to them.
Nothing worth having is easy.
  • #10,098
  • Nov 28, 2009 7:35am Nov 28, 2009 7:35am
Quoting Daytrader74
Does anyone know of a good Forex simulation software?
Hi Daytrader74.

I have used a forex testing software called forextester on a trial basis.

It is free to download and trial. I have not purchased it as yet but Im thinking about it. I do like it but am too stingy to shell out the cash. He He.

Some of the seniors in FF have mentioned it and seem to like it.

Who knows until you try.

Google it. It is easy to find.

A51
  • #10,099
  • Nov 28, 2009 7:58am Nov 28, 2009 7:58am
Quoting Patience
No, sorry, I have never done this but I hope you looked at your money management and did you read that post and did it make sense?

I see that you did have a stop loss so you had calculated your risk....
Yes I had a look at the post and found it to be very informative, thankyou!
I didnt actually set the stop loss I just set the amount of money for margin and it automatically set my stop loss for me...dose that make sense ?
  • #10,100
  • Nov 28, 2009 8:00am Nov 28, 2009 8:00am
Quoting Area51
Hi Daytrader74.

I have used a forex testing software called forextester on a trial basis.

It is free to download and trial. I have not purchased it as yet but Im thinking about it. I do like it but am too stingy to shell out the cash. He He.

[color=black][font=Verdana]Some of the seniors...
Thanks, I'll be googling it shortly and have a look at it, hope it will do what I'm after and will be easy to use.
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