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14 Year Old Forex Trader's Lessons

  • #201
  • Sep 18, 2011 3:15pm Sep 18, 2011 3:15pm
Chart
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Have I got something on my face, SOLDIER?
  • #202
  • Sep 18, 2011 3:18pm Sep 18, 2011 3:18pm
Quoting artov
Great to hear you got in this business so young with the right resources. I wish when I was of your age there was a forexfactory and brokers offering demo accounts.

I developed an interest for the markets at a young age, at age 16 I opened an account to trade index options. The 250 € my dad sponsored disappeared pretty quickly. But I didn't give up, which means I'm back in the business. You seem to have the same attitude

I would say keep it simple and study price action. No indicators needed for that, trust me, it will save you from a lot of...
Thank you so much artov! same deal with me... dad sponsors $400... disappeared in a month. I am looking into price action, downloading almost every pdf i can find about it, watching sam seiden's webinars, and i really want to try it out in couple of hours.

Thanks man, i wish you all the best in trading
Have I got something on my face, SOLDIER?
  • #203
  • Sep 18, 2011 3:33pm Sep 18, 2011 3:33pm
Lovely.. keep up the good work
I want my daughter to trade..
  • #204
  • Sep 18, 2011 3:48pm Sep 18, 2011 3:48pm
Sighs... i remember the day i was posting in EUR/USD and looking at people's post and seeing 'pa'. What on earth was that i thought? Passenger announcement? Price annoucnement?

hhahhahahaha

Now i know its price action.
Have I got something on my face, SOLDIER?
  • #205
  • Sep 18, 2011 4:38pm Sep 18, 2011 4:38pm
Quoting bumapatria
Hey man thanks for the tips but could you look at this chart and once market open i see few hours price action and im looking to take a short at supply level. If you can see the supply and demand, thats where i will plan to open trade and close on demand. WHat do you think?
Hey again. I used to trade based on demand and supply alone long ago. Through my daily experiences I came to know that it is not enough. So I though of a few things by breaking each element down.

What do I want to know?

Entry, Stop and Take profit.

I started researching about the entries. I started understanding that if I follow the trend then most of the bad trades are refined and the low profit trades are also refined out. Much like removing the noise from the market

So what do I need for a good entry? A system that is trend following. That is the finger number one to me. Once you know that the market is trending up/ down or is going to be sideways you can figure out your entries with supply/demand.

The next thing to crack was the stop loss..should it be close? or should it be far? or is it too far or is it too close?

Sometimes you just have to keep a stop loss far away because of the wild swings. So what do i do? Leave the trade? no ways. I reduce my lot size so I am not bothered by the large stop loss.

The next thing to crack was the take profit. This was the hardest part. Exit too close? or further away? Does this trend have legs to go further? Or is my exit to far away? All these questions were considered and I found that using an indicator which tells me the STRENGTH in the trend, would clear out the fog. If the strength shown is weak then my TP is 30 pips. If the strength reading is average then 50 pips and if it is strong then I leave it open until my trail stops are hit or until I can't sleep lol.

So I guess you can TRY to refine your systems to a trend based system along with a strength indicator.

But if your systems work then please ignore the entire post lol. There is nothing better than a system working!
Trends I Love Finding
  • #206
  • Sep 18, 2011 4:42pm Sep 18, 2011 4:42pm
Wanted to add that EURUSD has opened very low now. This should be Gold bearish as the dollar is stronger. It depends really though. EURUSD is down because the markets are nervous about Greece. So anything can give away now...
Trends I Love Finding
  • #207
  • Sep 18, 2011 6:28pm Sep 18, 2011 6:28pm
Quoting Tilf
Wanted to add that EURUSD has opened very low now. This should be Gold bearish as the dollar is stronger. It depends really though. EURUSD is down because the markets are nervous about Greece. So anything can give away now...
Im trying out a short couple of moments ago. Watched bloomberg, analysts say that investors not looking for gold investment, so should see some ranging aka small drop for now. all pa lines up. everything lines up for me today in life, im so happy.

Have I got something on my face, SOLDIER?
  • #208
  • Sep 18, 2011 6:58pm Sep 18, 2011 6:58pm
have you had any knowledge on weekend gap filling?
  • #209
  • Sep 18, 2011 7:03pm Sep 18, 2011 7:03pm
Quoting deankenny21
have you had any knowledge on weekend gap filling?
No.. can you shed some light on the topic?
Have I got something on my face, SOLDIER?
  • #210
  • Sep 18, 2011 7:08pm Sep 18, 2011 7:08pm
Quoting bumapatria
No.. can you shed some light on the topic?
this market open has some gaps on all pairs, most the time the gaps get filled before travelling back in the direction they were heading friday end.

I tend to get weary on market open, as people look to try and fill the gaps. Sometimes they dont get filled till later in the week.
  • #211
  • Sep 18, 2011 7:11pm Sep 18, 2011 7:11pm
Quoting deankenny21
this market open has some gaps on all pairs, most the time the gaps get filled before travelling back in the direction they were heading friday end.

I tend to get weary on market open, as people look to try and fill the gaps. Sometimes they dont get filled till later in the week.
Yeah, true. one should always see how price acts in week starts usually. I just want to see how silver and gold works. Caught my interest.
Have I got something on my face, SOLDIER?
  • #212
  • Sep 18, 2011 7:13pm Sep 18, 2011 7:13pm
Quoting bumapatria
Yeah, true. one should always see how price acts in week starts usually. I just want to see how silver and gold works. Caught my interest.
Yes definately, this weeks going to be a big learning week, as you put all together everything the guys here have brought to you, and adapt it to the live markets rather than hindsight, i will be one of the first to check to see how you got on with it
  • #213
  • Sep 18, 2011 7:18pm Sep 18, 2011 7:18pm
Quoting deankenny21
Yes definately, this weeks going to be a big learning week, as you put all together everything the guys here have brought to you, and adapt it to the live markets rather than hindsight, i will be one of the first to check to see how you got on with it
Thank you so much! I will of course update all my trades, profit or loss, here for all of you to see my flaws, and correct them
Have I got something on my face, SOLDIER?
  • #214
  • Sep 18, 2011 7:27pm Sep 18, 2011 7:27pm
Bumapatria,
Great to see you getting' your learn on so early in life!! Keep studying and learning from guys like Rocky and Deankenny, and you will be on the road to success - and stay away from all those worthless systems and indicators. Man, I wish I knew that lesson 3 years ago when I began!! Oh well! Anyways, best of luck this week trading. I will stop by from time to time to say hello.
Mike
  • #215
  • Sep 18, 2011 7:59pm Sep 18, 2011 7:59pm
Quoting mikepip
Bumapatria,
Great to see you getting' your learn on so early in life!! Keep studying and learning from guys like Rocky and Deankenny, and you will be on the road to success - and stay away from all those worthless systems and indicators. Man, I wish I knew that lesson 3 years ago when I began!! Oh well! Anyways, best of luck this week trading. I will stop by from time to time to say hello.
Mike
Thanks mike, you're always welcome here!



Best of luck to you too this week. Do you have any threads by you?
Have I got something on my face, SOLDIER?
  • #216
  • Sep 18, 2011 9:40pm Sep 18, 2011 9:40pm
hey kid keep it up

this is a great thread http://www.forexfactory.com/showthread.php?t=57639
AVT INVENIAM VIAM AVT FACIAM
  • #217
  • Sep 19, 2011 2:10am Sep 19, 2011 2:10am
I"m a girl trader Bumapatria from asia
I really want to offer my support and any help you need

Trading can be confusing sometimes.. but follow the math.. Numbers its truthful

take care and I adore your courage
  • #218
  • Edited 3:16am Sep 19, 2011 2:22am | Edited 3:16am
Quoting the redlion
hey kid keep it up

this is a great thread http://www.forexfactory.com/showthread.php?t=57639
Hi redlion, i also read your thread, and truly its all good firm truths in a list which if applied is extrememly useful. what we humans have as a problem, is application. We can know something, but can we apply it? Thats the issue with everything in life.

Thanks red,

Buma
Have I got something on my face, SOLDIER?
  • #219
  • Sep 19, 2011 3:10am Sep 19, 2011 3:10am
I gave up on indicators, Now i'm exploring math
it seems logical, as indi show thngs after the facts.
  • #220
  • Sep 19, 2011 3:18am Sep 19, 2011 3:18am
Quoting hakkyungcha
I"m a girl trader Bumapatria from asia
I really want to offer my support and any help you need

Trading can be confusing sometimes.. but follow the math.. Numbers its truthful

take care and I adore your courage
Hi hakkyungcha,

Its nice to see a female trader! Rare to find in these forums!
You're now the third person who thinks i am a girl
Im a guy. The girl as my avatar is an amazing person that i love. We recently bumped into hard times, but i believe with the will to go on, and perseverance, i can solve things with her.

Have I got something on my face, SOLDIER?
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