14 Year Old Forex Trader's Lessons

For mla:

supply and demand
is the areas of accumulation in which buyers or sellers drive price heaviliy in their direction after the accumulation process.

here is a kiwi/dollar chart.
you can find them all over the place, some are more respected than the market, some are not as much respected.

you can trade its bounce, or exploit its weakness, by trading the 'busted' levels.

chart 1 is a valid bounce entry, chart 2 is a busted breakout entry

they are found all over the pitch of battlefield, and its your job to figure out which will be most likely respected, which wont be. price action, volume analyiss, can help with that, as with momentum and accumulations, and rejections, and impulse

Hey, no problem guys, a bad day when you don't learn something I always say!

I think that this shows good reason for using a 'practical' size demo account, same as intended real account, because then you are in the routinue for making the correct calculations before going live; I thank Nubcake for his agreement with that.

I cannot speak of my experience with a demo account. I never used one as a beginner. Back then there was no such thing and the minimum deposit to open a Forex account was $100,000.00 which I drew down to almost $36,000 before I learned how to trade profitably. That was 10 years ago.

A nice song for everyone while i am going now to do yet another biology quiz. i wanna kill this subject like i smash the others. i never felt such a challenge in academics before. nice... challenges are meant to be overcomed, so here goes... i will smash u as well biology, i will ace this quiz...

pray for me guys

Pretty choppy market at the moment

ah screw... i got a 86% on this one. its a little mind boggling (probably more than forex) with cellular structure, energy transfer, ATP, hew: its a lot to take in. i rock at literature, and geometry mostly,

and i want to post results so far on gold. doing really well, i think i will take mla's advice on 1 currency pair trade. i will take gold.

is it really that choppy on the euro? gold is gradually moving down slowly..


oh yeah about mla's advice again, i am trading 5 trades max per day, if there even are that many opportunities... i only look aat cycles that happen maybe 1-2 times a day only.. this is 1st trade of day, probably only one.next trade is on 11 pm GMT (next 45 degrees on gold) which is 6 am my time. so i gotta sleep early today maybe like yesterday at 11 or less.

1) Analyze the market. Don’t enter it too fast. This rule is one of the simplest, yet its importance shouldn’t be underestimated. Beginners often have some psychological problems with following this rule, because they are usually afraid of losing the profit. Don’t make such a mistake.
2) Be patient. If you are aiming for the long-term profit, you must have lots of patience, self-discipline and spare time. Be prepared for waiting many hours and even days before you get significant results. If you always remember rule #1, you’ll be able to reach your goals faster, but it’s the matter of inner calmness and strong will. Don’t let despair get over you, no matter what. Negative emotions are you most dangerous enemy.
3) While trading you should always keep in mind plan “B”. So you’ll be able to activate it at the time, when the prices are going against you. In the worst case, you can close the unprofitable deal. Just remember one old truth: “The battle may be lost, but not the war”.
4) Try to minimize probable losses. You should understand, that even constant successful market forecasting may suddenly fail. Set the maximum limit of a loss as 1% of deposit amount. When you are dealing with “intentional affordable drop”, put the “red line” which you won’t cross even in the most promising situations. For example, you can set the limit of 33%. In some cases it can be useful to “hedge” the risky points and then wait for highly probable “ins” and “outs” at those bargains. We recommend you to enter with ratio 1 to 3 and higher (where 1 is the probable loss, and 3 is the expected profit). You can learn more about the best entrance ratio, right “stop-losses” and “take-profits” from the manual of MM (“Money Management”). Later you will choose your own comfortable ratio, but you should always remember about the advice. It’s just the matter of self-control and rational money management, which excludes chaotic decisions and unnecessary risks. That’s the key for stable income.
5) Don’t overestimate macroeconomic data. It’s obviously useful to know the world political and economical situation, but we live in such era, when even everything including information is used as means for gaining advantage. Most news and reports are announced for purpose to support some rumors and result in false trading moves. Global news is the instrument for winning over business rivals at the market. You should pay attention for such important signs as appearances of important people, political information, situation at the stock-market, mass sale/purchase of bonds, promissory notes and other securities. It’s quite difficult to interpret fundamental information properly, so we recommend to pay main attention for “technical analysis”. This method is based on making decisions from particular numbers, timing and amounts of trading operations.
6) Pay proper time for trading operations. Market can devour you if you’re staying there for too long. Try to spend at the market 2 hours a day maximum. Be careful and highly concentrated. That’s the way of saving energy for upcoming hard situations and solving problems which need your full involvement.
7) Remember that every “ascending” or “descending” movement for long period of time (for example, several months) could be reversed in one day or even quicker. So you must use “stops” and/or “hedges”.
8) Greed is the direct way to poverty. Even if the entrance to market is very good, act strictly according to the rules. If you’re going to test your opportunities - use separate risky or demonstration accounts for that purpose.
9) Don’t enter the market if you have any doubts. You should use only situations, when there are no any doubts.
10) Don’t let your emotions control you and affect your decisions. Every trader can experience strong stress one day. Such emotions and feelings as disturbance, frustration, depression, despair are interfering with trading. They can even result in “tilt” - series of unreasonable decisions and actions. That’s why it’s highly important not to forget the rules. They can help you to save your emotional stability, psychological stamina and prevent unnecessary risks. Even the best traders from time to time have to make unprofitable deals. That’s the part of trading process. The main goal is to keep profit higher than losses.
11) Try to finish all your deals before market is closed for weekends or international holidays, so you won’t sustain “gap”.
Obey the rules, and you’ll be effective. We wish you good luck.
We will be adding new information to this section in future.
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By my friend Vladimir, from levelup5.com

hi to everyone, hopefully you can see what i traded this morning i took about 30 pips on e/u but did it 2 times, take care all

nice job billy, i found myself losing my love for eu, and moved on to gold.

i got stopped out on BE previous trade, i reset the cycles, and ive got nice trade going right now. initial at 0.03, closed 2/3. now i have 0.01 running left.

i named my system: Psychosniper.

i am looking to take profit at previous resistance, probably safest future support profit taking level.

im going to get prepared for jiujitsu, im done for the day, i did well on my bio exam just 2 essay questions left, and see you guys at 12 AM GMT.


my broker is so messed up. i updated their server because they had this notice if it wasnt updated it would have been outdated and not be able to be used.... now my account history is deleted, and the deposit goes to the balance and becomes some lame bug....

ADD: TP hit +340.

# trades today 3.
#1 trade stopped out at BE
#2 trade rescue trade successful.
#3 the one i got +340

wow.. back from training, probably the most intense... tough sparring today, was sparring with a pro mma fighter... good experience. caught him in a triangle choke, yet he has the balls to escape...

gonna sleep and rest now, gold jumped like 2000+ points up... hehe busted supply of course.

hows euro?

gonna check in morning guys/

good night for me,

good morning america

Good night

Good morning happy campers!

whats all the argument about? come on, cant we get along for once?

i missed a buy on gold on the cycle, i woke up too late.. hehe

that yellow rectangle is where the cycle buy i missed coz i was too tired from jiujitsu yesterday...

and that massive jump from the bad data of the US consumer confidence. missed that too... but had great spar yesterday

red line is supply from wayy back lets see how this goes.

Trade #1

rising wedge on gold. possible good for daily target of 500 points, im targeting 1000 for this one.

still only trade for the day.
its better selling a high than buying one.

Volume says that this is the probable end of the uptrend.
same high lower close, bearish winning the battle for now.

few more hours, price needs to close bullish on cycle for it to take possible effect.

at heart i am a contrarian, you wont see me going with trend most of the time

selling euro. swing trade #2.

h4 cycle coming into play.

minor previous resistance becomes some weak support. we are at the previous bull-spike supply, and im looking to drive this short down to 3700.

6 pips into it. good snipe so far. i would like to see PA crack the shifted MA here.

i dont trade m5 cycles but i miss sniping.. those were my good days...

initial lot is 0.03 i will probs close 1/3 or 2/3 at previous resistance. its a rising wedge too whatdya know..

12 into this, jsut a little more momentum to kick the panic sell reall soon.

SL to +1.

Hi friends here are my analysis



aligater

Dumbos: "WHAT THE #$#@$# IS THAT?!

Smart people: would you care to explain your analysis?


welcome aligater,
whats it about or based on?

im lost, and i love being lost, it makes me think. i neveer seen something quite like it. interesting, u caught my mind now. u cant escape this hthread, before explaining what that beautys about

god it takes so long and so much patience and sitting on hands for this gold sell....

now in good profit. sellers jumped in.

good good.