Starting to Trade

After testing platform, learning to trade and going to a trading course (OTA in London) the last 4 months it's time to take the step and start to trade for the real $$$. I set up the account here so I can learn even more and share my steps, thoughts and trades. I hope to learn even more and to check what I did right or wrong.

What I've learned so far is to pick a good pair and learn everything about it. Make this your main pair to trade. I will trade mainly EURUSD. In my trading plan I set the following rules to trade a 30 pip profit by entering at the right time (looking at support, resistance, pair history, pivot...) and never risk more then the 1/3 risk reward ratio. After 4 minutes I need to be in profit, otherwise it was a bad trade and I'll be out even before the 10 pips risk is filled.

This will not be the only method I use, but at the time the main one. When the support and resistance is clear enough and the indications for the trade are looking good I might take a longer trade and trail it.

I will also look at the EURGBP. I will use this pair if I can't see a good entry for the EURUSD on the day I am trading.

I will try to trade on Technicals. Will look at the fundamentals but when mayor news comes out will not be trading to avoid a big move and loss in case the news would trigger a big move (in the other direction)

I am going to trade using the SAXO bank trading platform.

Thank you for looking here at my first post. Looking forwards hearing from all of you on the board.

good luck and good trading mate.

Good luck and I look forward to following your journal. Make sure you keep it up.

Jeremy

Well, Saxo Bank didn't work out. Looking at another platform at the moment. Hope this one works out. Hence I didn't add anything in this journal yet!

Hi 999ghosts,
happy new year and good luck!

Looks like it's not easy to go live. Wanted to go to Dukascopy (I like the platform a lot) but need $50.000 to start with (corparate account). No green light for that and no reply from Dukscopy on a smaller account... Need to start from scratch... Any good platforms I should look at. The need to have A+ charts, multi screens and fast execution. Looked at Meta4, Tradestation, Saxo, Dukascopy and many others already...

Frustration as I hoped I would be trading by now

Hi there,

You said above that it didn't work out for you with Saxo Bank. May I ask why?

I have recently started trading with Saxo Bank. They are not the best out there but they are good enough for me for the time being. I'm 10% in profit since I open the account with Saxo Bank.

I have been looking into Ducascopy as well, I like the fact that if you have above $100k you can trade via a letter of credit. Also they have very narrow spreads. My long term aim is to move my trading with Ducascopy.

Also note that a few weeks ago they started offering retail a/c with minimum deposit of $5.000.

I hope this helps.

Regards
Nectarios

All the paperwork was ready when Saxo asked for a second signature. This because we are a company. While we tried to explain that the company is owned by one person and this person has the only legal right to sign for anything they didn't want to accept this.

I would love to use Ducascopy, but as a company you'll need $50.000 to start with. Not something we want to do at the beginning of this adventure.

I already looked at a lot of platforms and tested them too. Ducascopy being my favortie so far (besides Tradestation). I hope to find a new platform soon.

Don't like Meta4 at all. I've seen good reviews, but for some reason I can't seem to get a good grip on their charts. Looked at a whole lot of others, but again, no good charts compared to Ducascopy and Tradestation.

It has been a while but my account has been set up. I'll be trading with FXCM on their Meta4 platform. Should be ready to go as of next week...

Test trade EUR/USD

First trade was more of a test trade on the platform. While I did check and try to get the correct info before the trade I did get in on the wrong time and it went up a bit to much for my liking. Although I should be out on a protection I didn't place one as I was (and am) convinced the EUR/USD will go down even more. (I see a nice 1,25 to play to at this time) I know some people (most people, including me) would say that placing a trade without protection is wrong.

As this was a test (and I got in a little to late during the day) I set it to 1,31317 with a 0,5 lot coming from 1,31464. I was going to enter at 1.31600 but as it was the first time on the live platform somehow missed it and took it to late. Should have waited until it got back to it, but thought it wouldn't turn again.

Profit on this is $73,50 for just under 15 pips (at 0,5 lots)
If I would have placed the trade on 1.31600 it would have been just under 30 pips profit.

I am still trying to figure out on the MT4 platform how to get my trade visible after the done. Now they are gone once I am out of the trade. I need to do this so I can learn and keep track of my trades. Help is welcome

I need to force myself to do some more careful trades with 0,10 lots before taking full lots.

Below is the 5 minute chart to show entry and exit. I looked at the 1 hour for entry (I missed) and exit I set. Looked for Support and resistance there and some of the history. I also have the 30m and the daily set up. I didn't have a 1m open when I set the trade.
Got myself the Moving Average set up on the 1 hour (200, 50, 25 and 10)


http://i602.photobucket.com/albums/t...1/1sttrade.jpg

Another trade today:

Enter at 1.29660 out at 1.29366 for 29 pips. 0,50 contract for $147

Just as info. No picture for this one.