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14 Year Old Forex Trader's Lessons

  • #3,481
  • Oct 24, 2011 8:02pm Oct 24, 2011 8:02pm
Quoting highlander2
Hi buma,

From now on you will have to monitor yourself closely, and have the discipline to take time of when you need it. I guarantee that if you mindset is wrong you will not profit from the markets.

Promise me that you will not be up all night looking at the markets, lack of sleep will not benefit your trading performance, or any other aspect of your life, especially when your young. Your body regenerates itself when you sleep and in your case you will be growing.

It would be a real shame to piss away your youth in front of a monitor. Something...
Yes, i promise that my original everyday life schedule would stay the same way. i usually stay up till 12+ or more per day, and i slept at 11 yesterday. I right now am still in the free-time schedule to do what i want, and in 2 hours i have to do schoolwork (10 am) until 4pm. i check charts on a hourly basis until 7pm. 7pm, i am complete free soul. I do the going out stuff on weekednds i only execute very few trades, and trading-wise i feel safer. i used to do eye-watering trades watching 5m charts. i watch the m15, and the h1 now. i developed my trading style even more in cycles, so i only look at PA around there, so its a lazy man's job.. About the mindset, yes i feel better, and need to stay that way.

About live trading that would be next month, new year is delayed plan. i planned this 2 months ago, but thought that november would be too early, and moved it to december,, then new year. i thought that was no discipline there. so in 5 days or so i will be trading live with $1000 capital trading micro lots of max 0.05. initials must be 0.01-0.02. rescues are at 0.03-0.05. once capital is doubled, i can start going larger bit by bit.
Have I got something on my face, SOLDIER?
  • #3,482
  • Oct 24, 2011 8:41pm Oct 24, 2011 8:41pm
Quoting bumapatria
Yes, i promise that my original everyday life schedule would stay the same way. i usually stay up till 12+ or more per day, and i slept at 11 yesterday. I right now am still in the free-time schedule to do what i want, and in 2 hours i have to do schoolwork (10 am) until 4pm. i check charts on a hourly basis until 7pm. 7pm, i am complete free soul. I do the going out stuff on weekednds i only execute very few trades, and trading-wise i feel safer. i used to do eye-watering trades watching 5m charts. i watch the m15, and the h1 now. i developed...
Indeed a wise decision...

All the best with live trading!!

God bless...
BEING PROFESSIONAL IS ALL ABOUT HOW YOU CONTROL FASTEST THING--UR MIND!
  • #3,483
  • Oct 25, 2011 12:06am Oct 25, 2011 12:06am
Ok, I think this kid need some routine in trading.

Buma do not get involved with it.

To be honest I am I bit disappointed because you meant to be back the 29th. That show to me that you are not ready yet.

Guys I would suggest that:
1. He does not trade more than 4 hours a day that is including posting and anything to do with trading.

2. After 10 pm he need to switch off

3. To trade one one instrument. (eurusd)

4. Open and trade a live account with no more than $25.

5. Only post on is thread.

6. Not to take more than 2 trades per day

7. Only risk 0.5% per trade of his capital

8. In a month time the guide will be revised based on how he behaves unless
he has doubled his capital.

Guys let me know what you think and what else you thing need to be added.

Also I would suggest to him to focus more on learning how to trade instead of showing how much he understand. We not here to show but to be.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #3,484
  • Oct 25, 2011 12:11am Oct 25, 2011 12:11am
Hey Buma,

You are lucky to have friends that care about you enough to tell you what they really think. I am sure you will do what you need to keep them.

Good luck.
Kill the ego, or it will kill the mission.
  • #3,485
  • Oct 25, 2011 12:21am Oct 25, 2011 12:21am
Now Buma

I would like to explain to me in detailed what you know about demand/supply, how do you draw the areas, are they based on a bigger time frame and so on, if you do not mind.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #3,486
  • Oct 25, 2011 12:23am Oct 25, 2011 12:23am
Quoting mla
1. He does not trade more than 4 hours a day that is including posting and anything to do with trading.

2. After 10 pm he need to switch off

3. To trade one one instrument. (eurusd)
4. Open and trade a live account with no more than $25.
1. I'd better say only to trade one session (London session).
2. I would say 11pm, which is a little bit later than the London close, where are good supply/demand opportunities.
3. Completely Agreed, even though I prefer EURJPY, EURUSD is the currency pair with most liquidity...
4. 20 would be OK.

That's my opinion

Pbh
  • #3,487
  • Oct 25, 2011 1:31am Oct 25, 2011 1:31am
i just finished my biology exam, waiting for results... i got a reading to catch up with i see
Have I got something on my face, SOLDIER?
  • #3,488
  • Oct 25, 2011 1:36am Oct 25, 2011 1:36am
not offending you, i am ready mla. its a feeling one can feel inside after one makes a mistake, and ready to get back up. if i wasnt ready, i wouldve been back 1 day or less after the incident. i honestly appreciate and respect your help, but trust me, schedule and routine i have that on my hands, i know how thats dealt with on my own hands. i feel that im being treated like a baby now, which i am absolutely not

i will take your words as advice mla, because they sounded more like orders and commands, more than advice. but i know those come in good intentions, good care of me

posting frenzy? i got that taken care of. check. trading frenzy? gone. check. time management with life? check.

i got it all taken care of. i just need some trust please.

right now i gotta go back and do a quiz on literature..
Have I got something on my face, SOLDIER?
  • #3,489
  • Oct 25, 2011 2:00am Oct 25, 2011 2:00am
Quoting mla
Guys I would suggest that:

4. Open and trade a live account with no more than $25

7. Only risk 0.5% per trade of his capital

Also I would suggest to him to focus more on learning how to trade instead of showing how much he understand. We not here to show but to be.

mla
mla, Math whiz here, first of all, #4 - a $25 account is undercapitalized, it would be very, very difficult to trade, if not impossible. Perhaps you could trade a demo account of this size to show the way?

#7 - I think you mean 0.05% as in one half of 1 percent? 0.5% as you have written means 50% or $12.50

Also, this shows how difficult it will be to trade this size, 10% of $25.00 is $2.50, 1% is 0.25 cents, 1/2 of that is 0.125 cents - that is the RISK on the trade, not price per point, - do they even have accounts that small?

Even at 1 cent / pip your stop would be 12.5 pips and your stop loss hit?

Not practical in my opinion.

It is great that everyone is supporting BUMA, and I'm sure he is taking it all in, he has great atitude for all this information, but really, have to keep the math at a practical level (and he has great score on math exam, sure he understands my point)
OPPORTUNITY IS NOWHERE
  • #3,490
  • Oct 25, 2011 2:12am Oct 25, 2011 2:12am
Quoting Callisto
#7 - I think you mean 0.05% as in one half of 1 percent? 0.5% as you have written means 50% or $12.50
how did you get that 0.5% = 50%?


Quote
do they even have accounts that small?
i'm sure i've heard once or twice somewhere on here that OandA let you trade just about any amount risking any amount of this. as in, you could make $0.00001 profit or loss on a $1 account. very much sounds like a game platform, really, but what's new right?
Congratulations ScalaFX for coming out of the closet!
  • #3,491
  • Edited 3:36pm Oct 25, 2011 2:14am | Edited 3:36pm
Quoting bumapatria
not offending you, i am ready mla. its a feeling one can feel inside after one makes a mistake, and ready to get back up. if i wasnt ready, i wouldve been back 1 day or less after the incident. i honestly appreciate and respect your help, but trust me, schedule and routine i have that on my hands, i know how thats dealt with on my own hands. i feel that im being treated like a baby now, which i am absolutely not

i will take your words as advice mla, because they sounded more like orders and commands, more than advice. but i know those come...
Buma

Lack of gratitude once more.

I wish you all the Best

mla
"The Heart is the hub of all dances; go there and chill out"
  • #3,492
  • Oct 25, 2011 2:24am Oct 25, 2011 2:24am
Quoting mla
Buma

Luck of gratitude once more.

I wish you all the Best

mla
I see and feel the care you have for me, but sometimes the mother bird has to let its fledgling fly on its own. i cant be treated the same way i was, you need to accept the fact that i as a whole matured from that incident. I still dont feel the trust in which i need from my mentors. forget last time, i need you good people to look at now. can you trust me to do what i am doing?

i hope so
what do you mean by luck of gratitude?

to you too mla, all the best
Have I got something on my face, SOLDIER?
  • #3,493
  • Oct 25, 2011 2:38am Oct 25, 2011 2:38am
Good euro morning all.

Good to see you back Buma

Keep up the great work mla my mate

Here's a link to my morning Fundi and techi update
http://www.forexfactory.com/showthre...51#post5068751

Cheers
PT
Those who say it cannot be done should not interrupt those who are doing it
  • #3,494
  • Oct 25, 2011 2:55am Oct 25, 2011 2:55am
Quoting nubcake
how did you get that 0.5% = 50%?


i'm sure i've heard once or twice somewhere on here that OandA let you trade just about any amount risking any amount of this. as in, you could make $0.00001 profit or loss on a $1 account. very much sounds like a game platform, really, but what's new right?
Well, probably talking semantics here, whether or not the "%" is included in the quote, but generally speaking, using any calculator, 0.5 will give your 50% of the total

And if Onanda is available to him, great, but really for me, why not use a DEMO account of the same size that you intend to trade REAL in the future. That way, you will be familiar with the math, %, etc., and know how your system / method will perform, as in, how the account numbers actually look. Here is an online Position Size calculator, use it for demo, then you will be familiar with it when you go live.

http://www.earnforex.com/position-size-calculator

Does that meet with your approval?
Attached Image (click to enlarge)
Click to Enlarge Name: 50%.png Size: 73 KB
OPPORTUNITY IS NOWHERE
  • #3,495
  • Oct 25, 2011 3:04am Oct 25, 2011 3:04am
Quoting Callisto
Well, probably talking semantics here, whether or not the "%" is included in the quote, but generally speaking, using any calculator, 0.5 will give your 50% of the total

And if Onanda is available to him, great, but really for me, why not use a DEMO account of the same size that you intend to trade REAL in the future. That way, you will be familiar with the math, %, etc., and know how your system / method will perform, as in, how the account numbers actually look. Here is an online Position Size calculator, use it...
i still don't get it. mla's own post said 0.5%, not 0.5... the % was right there. i don't know if you misread it, or i am misreading all of it, or if it was edited after the fact. anyways...

agreed about the seeing real numbers etc on a properly sized account. the option is there however for those who want to toy around with spare change in real time and are still learning.
Congratulations ScalaFX for coming out of the closet!
  • #3,496
  • Oct 25, 2011 3:05am Oct 25, 2011 3:05am
Quoting Callisto
Well, probably talking semantics here, whether or not the "%" is included in the quote, but generally speaking, using any calculator, 0.5 will give your 50% of the total
100 * (0.5%) = 0.5

Try that on any calculator that has a % button and you will clearly see that mla was correct.

ADD: Math lesson... any number% = any number divided by 100
example 100% = 100/100 = 1
Therefore 100 * 100% = 100 * 1 = 100
Therefore 0.5% = 0.5/100 = 0.005
Therefore 100 * 0.5% = 100 * 0.005 = 0.5
Those who say it cannot be done should not interrupt those who are doing it
  • #3,497
  • Oct 25, 2011 3:07am Oct 25, 2011 3:07am
first trade of the day:
Gold short

Why: a rejection of resistance or supply. i have set a stop loss, in case the rejection was a fake one.im better off selling highs than selling lows, or buying that high.

i dont look at the semafor indicator as a sort of signal on its own, i look at PA first, then indicators second.

i think its best this way my chart.
volume shows peak possibly end of the uptrend of the m15 chart.
Attached Image (click to enlarge)
Click to Enlarge Name: 1st trade of the day.gif Size: 34 KB
Have I got something on my face, SOLDIER?
  • #3,498
  • Oct 25, 2011 3:12am Oct 25, 2011 3:12am
Quoting PipTrapper
ADD: Math lesson... any number% = any numnber divided by 100
lol... that's what "per cent" MEANS. "per 100". your point is self-referencing
Congratulations ScalaFX for coming out of the closet!
  • #3,499
  • Oct 25, 2011 3:21am Oct 25, 2011 3:21am
Quoting nubcake
lol... that's what "per cent" MEANS. "per 100". your point is self-referencing
That was a math lesson for Callisto as it appeared to me that he did not know that % meant "divided by 100" or as accurately expressed by you "per 100"
Those who say it cannot be done should not interrupt those who are doing it
  • #3,500
  • Oct 25, 2011 3:23am Oct 25, 2011 3:23am
Quoting PipTrapper
That was a math lesson for Callisto as it appeared to me that he did not know that % meant "divided by 100" or as accurately expressed by you "per 100"
i know. i just appreciate irony.
Congratulations ScalaFX for coming out of the closet!
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