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AUD/USD

  • #10,101
  • Nov 28, 2009 8:56am Nov 28, 2009 8:56am
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!
Hi Daytrader,

From my own experience, I was at times trading $10-15 per pip on A$5,000 account. Needless to say I lost all of them in a matter of 3 months. Prior to that I was up by about 1,000 but poor money management cost me dearly.

I learnt my lessons hard way and now I trade only 10 cent a pip to maximum $1.5 a pip. IMHO, Forex market is the survival of the fittest (the person who has a right MM in place).

Also, this market will continue to amaze you even when you are 2-3 years old in this market place. For me, personally, I have set myself a goal to get breakeven in 1 year. Yes, the money wont return back as quickly as it went but if I can stay breakeven after my first year in forex trading,I'd consider myself lucky to have learnt so much about this market at free of cost.

The bottom line is, IMHO, the longer you survive in this market, the higher your chances are of making profit.

as for trading lot, some seniors here in FF have advised not to use more than 3% of your equity in any single trade.

Cheers
  • #10,102
  • Nov 28, 2009 3:35pm Nov 28, 2009 3:35pm
Quoting Area51
Hi Patience

Totally agree. Then again, why don’t you start a thread. I’m sure it would grow. What was that movie? If you build it, they will come.

PS. I think your ID (Patience) sums up a major component of successful trading.

A51
Hi A51 - missed this post the first time around. There used to be such a thread where we used to talk about anything related to the market (any currencies, stocks, oil, gold, fundamentals, technicals, few jokes and YouTube videos thrown in here and there with a happy bunch of posters) but there was a little upset with admin and the thread starter, Jade Gate, needed a break from FF so unfortunately, the thread died a sad death.

Patience is truly a major component of trading. I can say, hand on my heart, that it saved me. I was surprised, and pleased, when I joined FF in 2006 that the username hadn't been taken.

Good trades to you
Nothing worth having is easy.
  • #10,103
  • Nov 28, 2009 3:38pm Nov 28, 2009 3:38pm
if AUSSIE can't stay above 0.9000, it will see 0.8700.
Long at 9250 if it touches.
  • #10,104
  • Nov 28, 2009 3:50pm Nov 28, 2009 3:50pm
Quoting Daytrader74
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 ?
Oh, I didn't know that you could do that with a trading platform - LOL. You learn something every day in this business.

Just reiterating what Puks said, rule of thumb is usually 1-2% risk per trade so if you have 10 losses in a row @ 2% risk, you've only lost 20% of your account and you are still in the game rather than blowing your account.

I didn't really know about (or understand) leverage, risk, margin etc when I first started trading and I'm not sure if I would have taken much notice of it even if it had been handed to me on a platter. The market had to teach me a few lessons first and then I discovered FF, lowered my position sizes/leverage and my account, heart and psychological frame of mind thanked me for it
Nothing worth having is easy.
  • #10,105
  • Nov 28, 2009 4:05pm Nov 28, 2009 4:05pm
Quoting Daytrader74
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 ?

You should reduce your position size until you are honestly bored with the trade.

I'm telling you: You will be amazed at what you can learn when you are not always on the edge of your seat.
"Timing Is Everything. Really I Swear It Is"
  • #10,106
  • Nov 28, 2009 5:24pm Nov 28, 2009 5:24pm
Quoting puks
Hi Daytrader,

From my own experience, I was at times trading $10-15 per pip on A$5,000 account....
Hey puks, 10c per pip ???? that means it would take 100 pips to make you $10!!! that would be soooo slow and painful its such a small risk and a big TF to make any decent money ?!?
  • #10,107
  • Nov 28, 2009 5:25pm Nov 28, 2009 5:25pm
Quoting Patience
Oh, I didn't know that you could do that with a trading platform - LOL....
Yeah I agree...but I think I would be willing to say risk 2% per trade than go for really small amount per pip as in 10c or so it wouldn't be worth it !
  • #10,108
  • Nov 28, 2009 5:27pm Nov 28, 2009 5:27pm
Quoting TexasforEX
You should reduce your position size until you are honestly bored with the trade.

I'm telling you: You will be amazed at what you can learn when you are not always on the edge of your seat.
So true!
  • #10,109
  • Nov 28, 2009 6:32pm Nov 28, 2009 6:32pm
Hey guys,
Any suggestions on what I should do come Monday....my current position is as follow -

Short AUD 40,000 @ 0.9020

Long AUD 60,000 @ 0.9139
  • #10,110
  • Edited 10:27pm Nov 28, 2009 8:43pm | Edited 10:27pm
Quoting Daytrader74
Yeah I agree...but I think I would be willing to say risk 2% per trade than go for really small amount per pip as in 10c or so it wouldn't be worth it !
What's your account size in USD? then I'll tell you what position size you need with that balance, and remember if you just started trading forex, your account balance should be max 20%-25% of your cash in your bank account ,that's how you need to play it
  • #10,111
  • Nov 29, 2009 2:30am Nov 29, 2009 2:30am
Quoting shahab8b
What's your account size in USD? then I'll tell you what position size you need with that balance, and remember if you just started trading forex, your account balance should be max 20%-25% of your cash in your bank account ,that's how you need to play it
How you mean? my total balance in my trading account or as in how much I'm risking in my 2 open positions ?
  • #10,112
  • Nov 29, 2009 6:53am Nov 29, 2009 6:53am
Quoting Daytrader74
Hey puks, 10c per pip ???? that means it would take 100 pips to make you $10!!! that would be soooo slow and painful its such a small risk and a big TF to make any decent money ?!?
Yes 10 cents a pip and $10 for 100 pips. IMHO, if you want to survive in this market in medium/long term, you need to look at the PIPS you're making and NOT the actual $$$.

Once you're confident in your PIP MAKING ABILITY, the $$$ will follow....

I hope you can read between the lines here.

Good luck.
  • #10,113
  • Nov 29, 2009 8:28am Nov 29, 2009 8:28am
for next week

buy zone 0,8945 - 0,8990 (stop and reverse to short below 0.8935)

sell zone 0.9270 - 0.9321 (stop above 0,9330)
  • #10,114
  • Nov 29, 2009 9:36am Nov 29, 2009 9:36am
R at .9100 seems strong so far,
here are my trading suggestion for Mon

1-Sell rallies agianst .9321 (preferably around .9175-.92) with SL above (.9321) or appropraite hedging method if price breaks above that
2-Sell on the break of .8900 (Break Out Strategy)
Attached Image (click to enlarge)
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  • #10,115
  • Nov 29, 2009 1:36pm Nov 29, 2009 1:36pm
Well the market is a jumping on Oanda. Currently A/U is 0.9140, A/J 0.7959, N/U 0.7144, U/J 87.08 and E/U 1.5000.

Looks like risk is back on.
Nothing worth having is easy.
  • #10,116
  • Nov 29, 2009 1:53pm Nov 29, 2009 1:53pm
Quoting Patience
Well the market is a jumping on Oanda. Currently A/U is 0.9140, A/J 0.7959, N/U 0.7144, U/J 87.08 and E/U 1.5000.

Looks like risk is back on.
Yeah thinking of going long......anyone else ?
  • #10,117
  • Nov 29, 2009 2:06pm Nov 29, 2009 2:06pm
Quoting Daytrader74
Hey guys,
Any suggestions on what I should do come Monday....my current position is as follow -

Short AUD 40,000 @ 0.9020

Long AUD 60,000 @ 0.9139


Tough to be in this horrible hedge with RBA decision on Monday. Charts show a reversal, fundamentals still say long.

Good luck!
"Timing Is Everything. Really I Swear It Is"
  • #10,118
  • Nov 29, 2009 2:12pm Nov 29, 2009 2:12pm
Quoting TexasforEX
Tough to be in this horrible hedge with RBA decision on Monday. Charts show a reversal, fundamentals still say long.

Good luck!
Therefore I think I should be adding some more long...
  • #10,119
  • Nov 29, 2009 2:18pm Nov 29, 2009 2:18pm
Quoting Daytrader74
Therefore I think I should be adding some more long...

Check your private messages, you have mail.
"Timing Is Everything. Really I Swear It Is"
  • #10,120
  • Nov 29, 2009 2:53pm Nov 29, 2009 2:53pm
AUD is jumping up even before market has opened. I have my shorts that I left on from just before the last close already lost about 90 pips and cant get out of them as CMC doesnt let me do anything!....... any suggestions?
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