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14 Year Old Forex Trader's Lessons

  • #161
  • Sep 16, 2011 1:26pm Sep 16, 2011 1:26pm
Quoting GoldMan.
If i'm bored i make a lot more but you don't really need to trade much, just spot the good oportunity, make big trade with tight stop and you make much more then most in a month ...and sometimes this trade is only 5-15 min long.
yes, judging from this, this method could contribute a lot to swing trading (as you recommended me ), and one more question: for profit targets, is it better to use support and resistance or fibo extensions, because judging from video i watched, i didnt sense any taking profit levels. is it by using past levels? Thats why im watching video again.

Thanks
Have I got something on my face, SOLDIER?
  • #162
  • Sep 16, 2011 1:34pm Sep 16, 2011 1:34pm
Quoting bumapatria
yes, judging from this, this method could contribute a lot to swing trading (as you recommended me ), and one more question: for profit targets, is it better to use support and resistance or fibo extensions, because judging from video i watched, i didnt sense any taking profit levels. is it by using past levels? Thats why im watching video again.

Thanks
I recommended swing trading because it is easier and teaches people that they don't have to be in every trade (like many beginners try to be).
Profit target is a bit tricky, it comes with experience. Somethimes i play with lot size (taking half of posision out etc), watching price action, looking S&D zones.
  • #163
  • Sep 16, 2011 1:41pm Sep 16, 2011 1:41pm
Quoting GoldMan.
I recommended swing trading because it is easier and teaches people that they don't have to be in every trade (like many beginners try to be).
Profit target is a bit tricky, it comes with experience. Somethimes i play with lot size (taking half of posision out etc), watching price action, looking S&D zones.
Goldman by taking out half your position, does that mean having two positions? If not can you explain how to close out half a lot on mt4?
Have I got something on my face, SOLDIER?
  • #164
  • Sep 16, 2011 1:50pm Sep 16, 2011 1:50pm
Im done for the week with trading. Successful results, and looking for more next week. I'm not trying to be a show-off by showing my statement, but i believe everyone in this thread should see my progress, errors, throughout the trades. I will be posting account statements weekly.

Thanks guys for the week, I had ups and downs, but overall, this week was an up for me.

@Goldman,
i am truly thankful for you spending your time in educating the young, especially me, in very important topics that should be known to all traders but arent. I can see that cloggie might have left, or had a fast break from forum, but you stayed and persevered to try and help me out. You dont know how thankful i am. I hope i get to see you in real life. have a real nice chat someday about the good ol' days.



Good luck to all next week, hoping to learn more.
Have I got something on my face, SOLDIER?
  • #165
  • Sep 16, 2011 1:50pm Sep 16, 2011 1:50pm
Quoting bumapatria
Goldman by taking out half your position, does that mean having two positions? If not can you explain how to close out half a lot on mt4?
For example you have 1.0 lot trade, you want take half of it out so you want to take out 0.50 lots and leave 0.50 open. You click on a trade that is open, you see you have 1.0 there but you change that to 0.50 and press close. I hope you understand it in a text.
  • #166
  • Sep 16, 2011 1:53pm Sep 16, 2011 1:53pm
Quoting bumapatria

@Goldman,
i am truly thankful for you spending your time in educating the young, especially me, in very important topics that should be known to all traders but arent. I can see that cloggie might have left, or had a fast break from forum, but you stayed and persevered to try and help me out. You dont know how thankful i am. I hope i get to see you in real life. have a real nice chat someday about the good ol' days.



Good luck to all next week, hoping to learn more.
You are open to new information so it is easy to teach you. You want to learn and that is most important.
  • #167
  • Sep 16, 2011 1:54pm Sep 16, 2011 1:54pm
account statement. Sorry i cant post real thing coz of the file format.
Gross Profit: 14.15 Gross Loss: 2.60 Total Net Profit: 11.55 Profit Factor: 5.44 Expected Payoff: 1.16 Absolute Drawdown: 0.00 Maximal Drawdown: 2.60 (0.84%) Relative Drawdown: 0.84% (2.60) Total Trades: 10 Short Positions (won %): 5 (80.00%) Long Positions (won %): 5 (100.00%) Profit Trades (% of total): 9 (90.00%) Loss trades (% of total): 1 (10.00%) Largest profit trade: 3.80 loss trade: -2.60 Average profit trade: 1.57 loss trade: -2.60 Maximum consecutive wins ($): 6 (5.85) consecutive losses ($): 1 (-2.60) Maximal consecutive profit (count): 8.30 (3) consecutive loss (count): -2.60 (1) Average consecutive wins: 5 consecutive losses: 1
Attached Image (click to enlarge)
Click to Enlarge Name: Week1.gif Size: 5 KB
Have I got something on my face, SOLDIER?
  • #168
  • Sep 16, 2011 1:56pm Sep 16, 2011 1:56pm
Quoting GoldMan.
For example you have 1.0 lot trade, you want take half of it out so you want to take out 0.50 lots and leave 0.50 open. You click on a trade that is open, you see you have 1.0 there but you change that to 0.50 and press close. I hope you understand it in a text.
Oh... Thanks mate, im sure this well help me out in terms of mm, and maximizing profits.
Have I got something on my face, SOLDIER?
  • #169
  • Sep 16, 2011 2:21pm Sep 16, 2011 2:21pm
giansar, gspe, if you would like to post please do. Everyone is welcome
Have I got something on my face, SOLDIER?
  • #170
  • Sep 16, 2011 2:24pm Sep 16, 2011 2:24pm
Quoting bumapatria
Sorry if im annoying you guys, but i need practice, and evaluation from you guys about this.

I set a demand level in daily.

Is this righht?

Goldman, i saw your post, will check it out
thats an ok zone and well spotted but you got it the wrong way round, the bottom of the zone should be the bottom wicks the top of the zone should be the top of the last red candles body

vice versa for supply
  • #171
  • Sep 16, 2011 2:42pm Sep 16, 2011 2:42pm
Quoting deankenny21
thats an ok zone and well spotted but you got it the wrong way round, the bottom of the zone should be the bottom wicks the top of the zone should be the top of the last red candles body

vice versa for supply
Thanks Mr. Ken.

I'll make sure i remember this when every time i put a supply/demand level.
Have I got something on my face, SOLDIER?
  • #172
  • Sep 16, 2011 2:54pm Sep 16, 2011 2:54pm
That would probably mean that you have a micro account where you are able to trade $1000 lots. When I started out I was trading a mini account and I didn't know it then but I risked too much by not being able to break down a $10,000 unit, or a mini lot. I'd rather have the option to open a trade for 1 contract then take off .5 at some point or as soon as my SL value is covered and then its a free trade and I can let the other half run.


Quoting GoldMan.
For example you have 1.0 lot trade, you want take half of it out so you want to take out 0.50 lots and leave 0.50 open. You click on a trade that is open, you see you have 1.0 there but you change that to 0.50 and press close. I hope you understand it in a text.
  • #173
  • Sep 16, 2011 3:05pm Sep 16, 2011 3:05pm
Quoting dbeach777
That would probably mean that you have a micro account where you are able to trade $1000 lots. When I started out I was trading a mini account and I didn't know it then but I risked too much by not being able to break down a $10,000 unit, or a mini lot. I'd rather have the option to open a trade for 1 contract then take off .5 at some point or as soon as my SL value is covered and then its a free trade and I can let the other half run.
I still feel comfortable trading 0.01 lots. I wait until my balance increase 30% then i trade 0.02, with good splits.

Have I got something on my face, SOLDIER?
  • #174
  • Sep 16, 2011 4:19pm Sep 16, 2011 4:19pm
Feels good to see so much young potential out here in Forex. As many here say, donīt give up.. Financial freedom is a beautiful thing to have. To be independent and really live your life to the fullest. Don't be a slave to the system, let the system work for you instead. What I meant by that is to actually strive, work/learn with all your effort, and finally achieve your goals in the end. Your whole life will benefit from that one decision to keep on going.

They ain't just beautiful words, it's actually possible with forex once you have complete confidence in yourself and in your system. I know a few people myself that are able to tell forex success stories.

I'll follow this topic some, wish you the best of luck!
Myself I'm 24 btw, working also with a system based on pure price action happening around pivots aiming on breakouts taking volume into account as well. In case you would like to exchange some forex/system information feel free to pm me and I can add you on MSN/Facebook if you like.
  • #175
  • Sep 16, 2011 5:05pm Sep 16, 2011 5:05pm
Quoting Robertk
Feels good to see so much young potential out here in Forex. As many here say, donīt give up.. Financial freedom is a beautiful thing to have. To be independent and really live your life to the fullest. Don't be a slave to the system, let the system work for you instead. What I meant by that is to actually strive, work/learn with all your effort, and finally achieve your goals in the end. Your whole life will benefit from that one decision to keep on going.

They ain't just beautiful words, it's actually possible with forex once you have complete...
Im free to post my account here: Buena Patria Facebook.

Yup. Confidence. I need to build that on demo, as much as i can, until it becomes second nature when live (cloggie's tip). And i need to know whats confidence, and whats foolishness. And most of all i need to avoid greediness and fear.
Have I got something on my face, SOLDIER?
  • #176
  • Sep 16, 2011 5:32pm Sep 16, 2011 5:32pm
Quoting bumapatria
Hey man, thanks for the story. EA's are definitely for the dumb. If i was that dumb, i wouldn't care to learn FX, ill just go and buy megadroid or fap turbo for heaven's sake. How can people learn by doing this? Haha, green buy, red sell? I don't do that. Those indies determine possible support and resistance levels. But judging by the facts shown, i deleted most of them, and see my progress through.
that's panda-ish.

Quoting bumapatria
thanks motion. I deleted my post. It should've been one to one.
You're the bestest!
Don't just beat the markets, leave bruises.
  • #177
  • Sep 16, 2011 6:27pm Sep 16, 2011 6:27pm
Quoting Motion
that's panda-ish.



You're the bestest!
Panda!!panda, panda... LOL he even wanted to be vouched by cloggie, for his 'not-smartness'. I will avoid profanity in this thread, and everyone else should
Have I got something on my face, SOLDIER?
  • #178
  • Sep 17, 2011 3:45am Sep 17, 2011 3:45am
Quoting bumapatria
giansar, gspe, if you would like to post please do. Everyone is welcome
Here you have a link to my myfxbook demo.
http://www.myfxbook.com/members/Ripper/ripper/102390
Please do not suggest yourself with anything I am doing there. It is one huge educational experiment.
I think I didn't block any access there so you can view all the retarded stuff I've done to this poor account.
  • #179
  • Sep 17, 2011 3:50am Sep 17, 2011 3:50am
Quoting Giansar
Here you have a link to my myfxbook demo.
http://www.myfxbook.com/members/Ripper/ripper/102390
Please do not suggest yourself with anything I am doing there. It is one huge educational experiment.
I think I didn't block any access there so you can view all the retarded stuff I've done to this poor account.
In the end, you are in a gaining position right?
For me my target is not a big spike up on my line chart of my balance. I try to like make it a gradual line going upwards. Like an uptrend
Have I got something on my face, SOLDIER?
  • #180
  • Sep 17, 2011 5:34am Sep 17, 2011 5:34am
Quoting deankenny21
I can feel his eyes opening more and more as this thread goes on
I would be nowhere as far if there arent great people trying to help on this thread.

I've always helped my friends gave them advice, about what to do in hard situations, why to do them, how they should do it. And its similar here . Except that when it comes to myself, i usually tend to forget to 'help myself'.
Have I got something on my face, SOLDIER?
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