Trading for a living. Are we forex-ready?

Our trade will hardly get to TP as it made 1hr pin pointing up,
but we have finally locked 14 pips worth $ 138,91 or 0,66R
and that will be a good result, so we watch patiently,

Peter

aud/usd sell finally got closed leaving us with locked 14 pips worth $ 138,91 or 0,66R
So, our acc. balance is $ 10557,87

Peter

Hi Jey,
now I would like to discuss why we entered such a "sofisticated" way, not simply out of pin on h4.
Entering out of the pin we would have to take 60 pips risk and our expected reward (the distance to the previous high) would be about 50 pips so below one.

Even if we get that, our pip value for such a trade would be $ 3,48 so we would earn on that $ 174,16 - but it was not an obvious (easy) trade we expected some problems on the way (minor supports) (and they occured to be there) and of course we were trading against the main trend.

That is why we decided to go shorter distance. We entered nearly on the touch - the price went only a few pips against us, and than we have finished before the news (with use of trailing 38 stop) which saved a lot of stress gaining quite nice $ 138,91 0,66 R

But I admit, You were right that we could enter out of the pin it would also be a winning trade (with the SL 10 pips above the pin)

Thank You again, for visiting us,
Peter

An interesting moment on usd/cad chart daily
touching 1,0000


Peter

What a massive divergence and a nice pin ,


Peter

And went down as expested


Peter

EUR/USD buy stop 1.4138 SL 1.4098 TP 1.4218

2% as usually,

Peter

I add the chart, and the info that the order will be cancelled at the end of the day or if the price falls below 1.4023,

Peter

The trade has been canceled, because of end of trading week.


Peter

Hello everyone, I have mini account with 406 $, can I success with this account specially because :
1-The market now volatile and I cant guess the trend down or up side
2-My balance not strong as I can sleep overnight
3-I’m worried about my account . when I start lose I close the order after while it become positive . so I feel regret why I didn’t wait .
4-I don’t know which currency to trade or suitable to my account .
5-I don’t to know too much strategies and techniques to use it .

Can Anyone give advice or teach me cause I lose more than 2000 $ this year . deposit and lose . like this
Thank you all .

G day Majdalawia84,
Forex trading is a long journey not some thing you learn over night! But if you go to babypips.com and look under there school area they have a heap of great info for free that will teach you so much about about the markets and how to trade, so until you do that stop trading. Oh remeber also all you need to make is 20 pips a day on average day in day and you will become very weathly.

Wish you all the best.

King Pippin

Good morning ...
i did big mistake , so what to do now ???

Hello Majdalawi,

Thank You for viviting our journal !

I have just got up, my brain does not work right so early on monday morning
so please give me 30 min so that I will take a bath and a cofee, and I will be ready to analize Your questions,


Have a great trading week everyone!
Peter

Hi again,

Mini account - according to me - is not the right solution. You should have opened a mikro account so that You would be able to trade accordingly to money management (MM) rules. Trading on mikro account would allow You to survive even if the market goes against You, which happens very often


Until You do not have a vision of the market (trend, and where according to You it might go) simple do not enter any trade, nobody does !
Stop, think, try to see the way and plan a trade - where to enter - where to put stop loss (SL) and where to take profit (TP) - You can train it for free on a demo account between the real trades. The most experinced traders say that before being profitable on demo for three months in a row You should not trade real, but of course it is Your choice.

I am sorry my english language is not very good and I do not understand what do You mean here If You would like to say that You trade a small balance to feel better that is ok, but to feel comfortably enough You also need a proper (mikro) account where one pip will be of $0,1 value not $1,0 on eur/usd trade for instance.[/quote]

This is quite normal, because You did not plan Your trade and have no vision of where the maket can go. Do not ever copy any trades of others traders also before You do not understand them. Try to study, it takes sometime but it brigs profits in confodence. When You find a method of trading and get confidence to it through studying, planing, demoing, back testing, the market will pay You for that effort.


Try to think it over, try to analize any pair and when You feel You can understand the moves stay with it, I would personally suggest eur/usd, gbp/usd for the begining

Forex needs time, it is a great business and it may bring profits, but it needs time and practice, but to practice You have to preserve Your account which should be Your first goal.
To preserve it simply do not trade when You see You loose the trades one by one. Simply stop, open demo and try on demo studying in the meantime.

I have joined the James 16 group and I have learned there how to be profitable and I am proud of it. I wish You the same.

Peter

PS
always post here asking any kind of a simplest or difficult question !

can you give me your email ... I need that please ...

Welcome any time I have sent You a PM

Peter

We are watching aud/usd for a long...

Peter

We are also watching er/usd for a long trade

Peter

still watching sitting on my hands...
but it looks so ... and tempts me so much - this inverted pin 15 pips sl
but disciplne !


Peter

aud/usd
buy limit 1.0107 SL 1.0086 TP1.0160 1% risk
buy limit 1.0107 SL 1.0086 Tp2 1.0239 1% risk

Peter