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14 Year Old Forex Trader's Lessons

  • #221
  • Sep 19, 2011 3:24am Sep 19, 2011 3:24am
Quoting hakkyungcha
I gave up on indicators, Now i'm exploring math
it seems logical, as indi show thngs after the facts.
True, indicators are lagging. Thanks to all the great mentors on this thread, they convinced me how useless it is to have my chart filled up with so much noise. Market itself is already useful by itself. Now i trade supply and demand, support resistance, TL bounces, fibonacci.

What sort of 'math' are you exploring?
Have I got something on my face, SOLDIER?
  • #222
  • Sep 19, 2011 3:26am Sep 19, 2011 3:26am
Quoting bumapatria
True, indicators are lagging. Thanks to all the great mentors on this thread, they convinced me how useless it is to have my chart filled up with so much noise. Market itself is already useful by itself. Now i trade supply and demand, support resistance, TL bounces, fibonacci.
LOL,, I"m sorry I assumed you a girl.
couragous boy anyways..
Yes stay away from indi's.. not much to go on

Hope your avatar girl comes back to your arms.
very nice...
  • #223
  • Sep 19, 2011 3:38am Sep 19, 2011 3:38am
guys remind me not to short gold again!

Too risky. Commodites are not my comfort zone.

Silver i can do, but i guess istay in the comfort zone of my favorite currency pairs.
Have I got something on my face, SOLDIER?
  • #224
  • Sep 19, 2011 3:53am Sep 19, 2011 3:53am
Quoting bumapatria
guys remind me not to short gold again!

Too risky. Commodites are not my comfort zone.

Silver i can do, but i guess istay in the comfort zone of my favorite currency pairs.
This is why I told you my friend...follow the trend

There are 2 trades: One is trend trade and other is counter-trend trades

If you take counter trend trades then make sure TP and SL are close enough..you may have Risk:Reward of 1:0.5 also

But in trend trades that is not an issue

Good luck with silver
Trends I Love Finding
  • #225
  • Sep 19, 2011 4:09am Sep 19, 2011 4:09am
Quoting Tilf
This is why I told you my friend...follow the trend

There are 2 trades: One is trend trade and other is counter-trend trades

If you take counter trend trades then make sure TP and SL are close enough..you may have Risk:Reward of 1:0.5 also

But in trend trades that is not an issue

Good luck with silver
Yeah, thanks for the tips I only now use gold for price correlation with currency pairs. silver im okay with .

Did you get rich when gold dropped about $15? if you bought there... ahahahaha... you may never have to work again
Have I got something on my face, SOLDIER?
  • #226
  • Sep 19, 2011 4:16am Sep 19, 2011 4:16am
Quoting bumapatria
guys remind me not to short gold again!

Too risky. Commodites are not my comfort zone.

Silver i can do, but i guess istay in the comfort zone of my favorite currency pairs.

Hey Kid

You really are attempting too much too soon ! You heard the phrase "Rome Was Not Built In A Day". You really have to be patient and do the homework. Lots of people will suggest this method...and that method.... No point trying anything until you understand the mechanics. I can see you are eagre to learn but slow down !! Pick one of the major pairs.....yes just one.. then watch it real close for a couple of months at least. You will then start to see a rythym, how it reacts to news or so often how it doesn't react ? Look for recurring patterns maybe how it reacts at various times London Open/Close...New York Open/Close etc etc... I believe you do this you will develope your own system and method of trading which will suit you. Do not make pressure for yourself. You do not have to be in a trade, your life does not depend on it. You will learn a lot more from not trading and keeping your emotions and enthusiasm in check. I am not saying it is not good to read stuff on here but it is very difficult for you to filter out the junk and there is lots of it !! I wish you the best of luck in finding your way, be patient and you will succeed.
Once You See, You Can't Unsee But You Will Get The Odd Poke In The Eye
  • #227
  • Sep 19, 2011 4:22am Sep 19, 2011 4:22am
Quoting Stu Effex
Hey Kid

You really are attempting too much too soon ! You heard the phrase "Rome Was Not Built In A Day". You really have to be patient and do the homework. Lots of people will suggest this method...and that method.... No point trying anything until you understand the mechanics. I can see you are eagre to learn but slow down !! Pick one of the major pairs.....yes just one.. then watch it real close for a couple of months at least. You will then start to see a rythym, how it reacts to news or so often how it doesn't react ? Look for recurring...
Thank you friend. I focus most of my trading in 3 pairs. the kiwi, the aussie, and the eu. the gold thing was just a trial. I just learnt that commodites are just not for me, and now i really know my comfort zone: currencies. True, i would really like to start to stop using my laptop too much, my eyes hurt. I started to use pending orders on key levels, but still have the need to check upon once in a while. Yeah, im in lot of stress, right now, i just need to chill for a while. Perhaps not trade for a day.

Thanks for the tips friend,

All the best to you too.
Have I got something on my face, SOLDIER?
  • #228
  • Sep 19, 2011 7:54am Sep 19, 2011 7:54am
Quoting bumapatria
Yeah, thanks for the tips I only now use gold for price correlation with currency pairs. silver im okay with .

Did you get rich when gold dropped about $15? if you bought there... ahahahaha... you may never have to work again
Haha no not rich so early. Ive been long from $1808 over the weekend. Looking for test of $1840 critical H4 chart resistance
Trends I Love Finding
  • #229
  • Sep 19, 2011 8:12am Sep 19, 2011 8:12am
Quoting Tilf
Haha no not rich so early. Ive been long from $1808 over the weekend. Looking for test of $1840 critical H4 chart resistance
So your opinion on gold is a strict 'buy on pullback' sort of thing right? What is your view on counter trend trading gold? Which i just found to be stupid even though i got profit.
Have I got something on my face, SOLDIER?
  • #230
  • Sep 19, 2011 8:26am Sep 19, 2011 8:26am
Using fibonacci to test it out. Looks amazing. I will see results at end of week with these two possible profitable trades on the kiwi and eu.
Have I got something on my face, SOLDIER?
  • #231
  • Sep 19, 2011 8:38am Sep 19, 2011 8:38am
I Think my chart got even more beautiful the emptier it goes.. I can actually think without the other mess. No more indis at all right now. Null.
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Have I got something on my face, SOLDIER?
  • #232
  • Edited 10:29am Sep 19, 2011 9:41am | Edited 10:29am
Stops are all caught with 30 pips profit. EU might make temporary support, as with kiwi, and aud.
Does anyone know a good thread here or a webinar about harmonic price patterns? A sam seiden perhaps of harmonic price patterns?

I have heard that these patterns are also self-fulfilling like supply demand, fibo etc. I looked in babypips, fxstreet but most of them i cant grasp that well. Is there a good beginner thread here about the topic?
Have I got something on my face, SOLDIER?
  • #233
  • Sep 19, 2011 12:39pm Sep 19, 2011 12:39pm
Quoting bumapatria
So your opinion on gold is a strict 'buy on pullback' sort of thing right? What is your view on counter trend trading gold? Which i just found to be stupid even though i got profit.
Well, I was flat wrong today on the face , luckily I got my stops in at 1806 on time !! I told you, gold can drop any second of the day!

Counter trend is really very difficult to trade with. Its very easy to make 30 pips here and there but to catch the entire counter trend move is extremely stress full. I have blown 2 accounts shorting Gold . So you can imagine the psychology for me !
Trends I Love Finding
  • #234
  • Sep 19, 2011 2:20pm Sep 19, 2011 2:20pm
Quoting Tilf
Well, I was flat wrong today on the face , luckily I got my stops in at 1806 on time !! I told you, gold can drop any second of the day!

Counter trend is really very difficult to trade with. Its very easy to make 30 pips here and there but to catch the entire counter trend move is extremely stress full. I have blown 2 accounts shorting Gold . So you can imagine the psychology for me !
Yeah, it is hard.. although i 'tested the waters' and gold and silver shorts went out well. Gold is too volatile and too valuable that the decimal value is so large even on small lots. Well, USD was strong today, and nows the euro gaining a little ground, so i guessed hey gold, silver, must drop a little.
Have I got something on my face, SOLDIER?
  • #235
  • Sep 19, 2011 2:29pm Sep 19, 2011 2:29pm
Quoting bumapatria
Thanks mike, you're always welcome here!



Best of luck to you too this week. Do you have any threads by you?
I do not...but will let you know if that changes.
  • #236
  • Sep 19, 2011 5:58pm Sep 19, 2011 5:58pm
DJI short doing extremely well. Fundamental trade for first time, combined with PA = amazing. will show results soon
Have I got something on my face, SOLDIER?
  • #237
  • Sep 19, 2011 6:04pm Sep 19, 2011 6:04pm
Just ran accross this thread by chance and found it interesting. I myself am 18 and got in to forex about 9 months ago after messing with stocks a little bit. My original interest was with stocks in about 8th grade cause I would see the Dow, S&p, etc. and always wondered what it was. I started a demo account and would play it everynow and then. Not much later my dad got into trading stocks here and there and eventually was trading for a living which got me even more interested in it. Forex was something my dad had mentioned to me later so I started trading demo, then a small live account, and here I am now. Forex is definitely a challenge but it keeps me entertained because of the challenge. I'm slowly learning but definitely making a lot of mistakes along the way.
  • #238
  • Sep 19, 2011 6:08pm Sep 19, 2011 6:08pm
Quoting GumballCGT
Just ran accross this thread by chance and found it interesting. I myself am 18 and got in to forex about 9 months ago after messing with stocks a little bit. My original interest was with stocks in about 8th grade cause I would see the Dow, S&p, etc. and always wondered what it was. I started a demo account and would play it everynow and then. Not much later my dad got into trading stocks here and there and eventually was trading for a living which got me even more interested in it. Forex was something my dad had mentioned to me later so I started...
Thats the way of learning friend. You should be able to learn the most once you start losing and making mistakes. I got interested in basically in stocks and forex as well. futures is a big ? for me, and commodites as well. I try my best to study price action, and i hope that works well in most equity markets.

Good luck to your trading, and subscribe if youd like, you're welcome here
Have I got something on my face, SOLDIER?
  • #239
  • Sep 20, 2011 2:28am Sep 20, 2011 2:28am
Quoting bumapatria
DJI short doing extremely well. Fundamental trade for first time, combined with PA = amazing. will show results soon
I'm concerned that your spreadig yourself too thin.

My advise fwiw is to focus on just one pair - learn how it moves, watch what happens at certain times of day, learn it inside out until you can almost predict where its going to go.

I know a chart is a chart but all markets have their own characteristics.

I trade only EUR/USD, and let me tell you, since I avoided others, especially the tempting XAU my account hasn't looked so good.
  • #240
  • Sep 20, 2011 4:03am Sep 20, 2011 4:03am
Quoting andys0506
I'm concerned that your spreadig yourself too thin.

My advise fwiw is to focus on just one pair - learn how it moves, watch what happens at certain times of day, learn it inside out until you can almost predict where its going to go.

I know a chart is a chart but all markets have their own characteristics.

I trade only EUR/USD, and let me tell you, since I avoided others, especially the tempting XAU my account hasn't looked so good.

Okay mate, I agree with you too. Today was testing the waters day, and i need to remember that. XAU, XAG, DJI were the examples of that. Do you believe that I'll be more proficient trading one pair instead for example three? I personally like to trade the EUR/USD, USD/CAD, NZD/USD. With more than one pair, i see more opportunities to trade. And correlation has been pretty tight recently. I do realize the fact of i don't need to be in every trade, but i am currently a day trader, and i need to look at the best opportunites present and go with them.

Going back to my question, please answer that for me.



Thanks.
Have I got something on my face, SOLDIER?
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