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Hello FF - advice on trading please !

  • #1
  • First Post: Mar 22, 2010 8:09pm Mar 22, 2010 8:09pm
Hello ppl !

I`ve been watching the news from FF for 3 months now (more or less) but didn`t get into the forums too much until now.

I`ve read today some interesting articles and i`d have some questions.

First, i must say that i`ve taken a training course on (Forex) trading, a month in lenght. In order to get hired i needed to pass a pretty hard (i`d say) test. So i took that test 3 times (yeah i know) but failed (everytime i was near but somehow i had around 3 transactions on minus, big time).

At that point i had 2 options, one it was to get a personal investor (for acc administration) and another it was to open a personal acc. Since i didn`t had 2K $ i`ve decided to open a mini account (250$ + a bonus i have 275$). Now i find it very hard to try to make a transaction because i`m affraid (1) and because i`ve read some things that maked me wonder if i`ll be able to pull this off (for example shifting the S/L for minimizing the losses - not good..).

So i`m asking (for your advice - from experience -) what do you think that is the best thing i could do at this point?

I`m using BB, RSI, Stoch and MACD and testing 2 MA (15 and 21) + PSAR (saw this around here some days ago and it seemed pretty ok).
FA + TA (when are news).
TF - H1

Thank you in advance for your replies !

FxDwarf
  • #2
  • Mar 23, 2010 12:32am Mar 23, 2010 12:32am
Welcome on FF,
I don't think that anybody could answer this for you ,their is many way to make some profit but they don't fit for everybody .
Also i don't think that you should trade live in way your didn't demo trade first .
“Aim for the highest.” Andrew Carnegie
  • #3
  • Mar 23, 2010 2:29am Mar 23, 2010 2:29am
Why did you open a Live Account at this point?
Do you know what you're doing?
  • #4
  • Edited 1:20pm Mar 23, 2010 4:50am | Edited 1:20pm
This is definitely not the answer i expected.

Well i did trade on the demo like around 2 months (3 weeks intensively - 1 test = 1 weeks, i took 3 tests).

On the last test i`ve rised the acc around 5k so from starting with 10k to around 15k.

Thanks for the replies !

FxDwarf
  • #5
  • Edited 9:37am Mar 23, 2010 8:56am | Edited 9:37am
what test?
if you consider this test important - then until u can ace it -- don't trade live - it appears to be affecting your psychology
In trading, there is no bullshit. You either make money or you don't.
  • #6
  • Edited 11:12am Mar 23, 2010 9:33am | Edited 11:12am
I`ll have to quote myself to answer your question:

"First, i must say that i`ve taken a training course on (Forex) trading, a month in lenght. In order to get hired i needed to pass a pretty hard (i`d say) test. So i took that test 3 times (yeah i know) but failed (everytime i was near but somehow i had around 3 transactions on minus, big time)."

I`m allready trading live on a micro-account. If i manage to rise it then i don`t have to do the test anymore.

No it didn`t affected me that much, now i have to concentrate on my micro-acc.
  • #7
  • Mar 23, 2010 11:14am Mar 23, 2010 11:14am
i read the original
probably a language thing - the word hired means (in English anyway) someone is going to give you a job, pay you money, to work for them. your post seems to describe some sort of online game - maybe you get paid in pseudo 'lei' - oh well -good luck to you in your gaming.
In trading, there is no bullshit. You either make money or you don't.
  • #8
  • Mar 23, 2010 12:12pm Mar 23, 2010 12:12pm
Quoting FxDwarf
Hello ppl !

I`ve been watching the news from FF for 3 months now (more or less) but didn`t get into the forums too much until now.

I`ve read today some interesting articles and i`d have some questions.

First, i must say that i`ve taken a training course on (Forex) trading, a month in lenght. In order to get hired i needed to pass a pretty hard (i`d say) test. So i took that test 3 times (yeah i know) but failed (everytime i was near but somehow i had around 3 transactions on minus, big time).

At that point i had 2 options, one it was to get...
first of all you need a solid methood and understanding of psychology and money management.
you need some solid trading rules as well.it will minimise the imotional judgment.

indicators are lagging.they are allways behind the price action.looks like u are using the same type of indicator twice (stocastic,macd)
too many no good.keep them minimum if you use them.
if u use too many it will paralyse u to take any decision.

before doing that learn as much as u can.

few rules from one of my post.u will get the bit of idea what sort of rules u need.u dont have to use them if u dont need.its for u to understand what u basicaly need in trading.
allways try to keep everything simple as much as possible.allways demo first anything then go to live.
rules-1586

all the best
sho
  • #9
  • Mar 23, 2010 1:25pm Mar 23, 2010 1:25pm
mrgreen you seem to be irritated by something. Why do you say that my post "seems to describe some sort of online game"?

trade price, now that`s a constructive reply, thank you !

FxDwarf
  • #10
  • Mar 23, 2010 1:50pm Mar 23, 2010 1:50pm
Yep, you're definitely using way too many indicators. Don't forget the acronym KISS, Keep It Simple Stupid. In my opinion (of course this is only my opinion and you shouldn't take my advice if you don't feel comfortable with it) you only need two indicators. Two moving average lines, one slow and one fast to indicate trend changes and the volume indicator to recognize patterns of interest.

Good luck.

Also, don't trade a lot, trade smart. Choose your trades wisely and carefully and in the long run your profits will far exceed your losses. Become familiar with the currency pairs or commodities that you're trading and understand all of the patterns of movement they adhere to.
  • #11
  • Mar 23, 2010 1:56pm Mar 23, 2010 1:56pm
My advice is to stick with blacksmithing. Dwarves are really good blacksmiths. Usually have bonuses for mining as well...


















But honestly you will only get canned answers and generic advice that is already scattered all over the forum.
  • #12
  • Mar 24, 2010 4:23am Mar 24, 2010 4:23am
speedster239, thanks i`ll look into it !


Deusomega, already tried that but the mines were closed.

Just wanted to hear what you ppl think and to make a first post too

Thanks !
  • #13
  • Mar 24, 2010 4:19pm Mar 24, 2010 4:19pm
You dont need indicators, that's a fact.


Best of luck to you.
  • #14
  • Mar 24, 2010 6:27pm Mar 24, 2010 6:27pm
I just need to develop my own strategy. (lost 33 - 0.1 lot on USD/JPY)

Now i`m a full member, nice!
  • #15
  • Mar 24, 2010 6:39pm Mar 24, 2010 6:39pm
Quoting FxDwarf
I just need to develop my own strategy. (lost 33 - 0.1 lot on USD/JPY)

Now i`m a full member, nice!

You should try sitting back for a while and just watching, you'll get a feel for support and resistance, how it's formed and how price reacts to it. you may also want to focus on one pair for a while, in my opinion its better to be able to read one pair like a road map than be hit and miss on multiple pairs
  • #16
  • Mar 24, 2010 8:58pm Mar 24, 2010 8:58pm
Quoting T Bryant
You should try sitting back for a while and just watching, you'll get a feel for support and resistance, how it's formed and how price reacts to it. you may also want to focus on one pair for a while, in my opinion its better to be able to read one pair like a road map than be hit and miss on multiple pairs
I`ll try to understand as much as i can the sup/res.

Yeah it`s good to focus on a single pair (for the beginners at least) just need to figure out which one

Thanks.
  • #17
  • Mar 24, 2010 10:34pm Mar 24, 2010 10:34pm
Quoting FxDwarf
I`ll try to understand as much as i can the sup/res.

Yeah it`s good to focus on a single pair (for the beginners at least) just need to figure out which one

Thanks.

I understand where you are coming from, but 2/ 3 months trading on demo accts is not enough. You need to give yourself @least a year,/ so on demo accts before you trade w/ real $$. Otherwise, you are simply giving your $$ away. In my opinion, EURJPY is a good pair to follow. Normally the spread is 4, of course it depends on who your broker is. It is not as volatile as GBPJPY, nor slow pace as EURGBP.

T
  • #18
  • Last Post: Mar 26, 2010 1:45pm Mar 26, 2010 1:45pm
Quoting IIEnigma
I understand where you are coming from, but 2/ 3 months trading on demo accts is not enough. You need to give yourself @least a year,/ so on demo accts before you trade w/ real $$. Otherwise, you are simply giving your $$ away. In my opinion, EURJPY is a good pair to follow. Normally the spread is 4, of course it depends on who your broker is. It is not as volatile as GBPJPY, nor slow pace as EURGBP.

T
Yeah but now i have it open (the micro-acc) and i`ve managed to take 36$. It`s slow but better than losing the money.

Yeah EUR/JPY it`s good (spread 4). I`ve traded on USD/JPY these days.

Thanks for the reply !

FxDwarf
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