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Help for Newbies (Discussion Thread)

  • #561
  • Oct 28, 2011 2:54am Oct 28, 2011 2:54am
Quoting ness558
Hi everybody,

As a newbie to this forum, I spent more time reading and learning than trying to join in the postings. However, I do have this very "newbie" question to ask:

- Can I read this forum posts using tapatalk plugin on BlackBerry?

The reason is that I travel a lot in my current job, so the idea of accessing the forum every time I need with a laptop is what I am not so fond of. I learn that the forum administrators need to install the plugin before we can actually use it.

Thanks very much for reading.

Regards,
ness558
Yes, you can!
  • #562
  • Oct 28, 2011 4:07am Oct 28, 2011 4:07am
Quoting josef
Yes, you can!
Wow! That's so great. But what is the name of our forum on tapatalk? Anyone has used tapatalk with forexfactory, pls advise.

I have searched on tapatalk but did not find the name "forexfactory" in it.
  • #563
  • Oct 31, 2011 2:02am Oct 31, 2011 2:02am


I thought I was doing the right thing: USD/JPY.

It appeared to be in a steady downtrend, and I took a (thankfully small) short position.

It was bobbing quite nicely tending to give me a profit till 01:25 GMT when it shot up. There was significant action for about an hour till it tricked sideways.

Can anyone give me an idea of the cause, and how I might have anticipated?

Regards

Tony.
  • #564
  • Nov 3, 2011 9:01pm Nov 3, 2011 9:01pm
Hello.

I'm a newbie with a doubt. I made some money in the USD/JPY due to the intervention because I had two opened positions.

But let's say the USD/JPY is going to move around 78-78.5 without any intervention. Can I put a Pending Order like a Buy Stop at 79 for example with a Take Profit at 82 and gain money if Japan does it again?

I mean, the changes during an intervention are very fast, and I don't know if my brokers software (I'm in HotForex with MT4) is fast enough.

Is it possible? Will the system allow me to buy exactly at 79 and sell exactly at 82 despite the quick of the moves with a pending order?

Thank you.
  • #565
  • Nov 4, 2011 5:18am Nov 4, 2011 5:18am
Quoting DodieMix
Hello.

I'm a newbie with a doubt. I made some money in the USD/JPY due to the intervention because I had two opened positions.

But let's say the USD/JPY is going to move around 78-78.5 without any intervention. Can I put a Pending Order like a Buy Stop at 79 for example with a Take Profit at 82 and gain money if Japan does it again?

I mean, the changes during an intervention are very fast, and I don't know if my brokers software (I'm in HotForex with MT4) is fast enough.

Is it possible? Will the system allow me to buy exactly at 79...
What happens if it goes to 80, fills your order and immediately drops to 70? What is your plan then?
  • #566
  • Nov 4, 2011 8:49am Nov 4, 2011 8:49am
If your spread is around 1.5 - 2.0 pips is it worth all the effort for a 1pip profit?

What time-frames are you on? 1min - 5min?
  • #567
  • Nov 4, 2011 12:36pm Nov 4, 2011 12:36pm
Quoting PIN Trader
What happens if it goes to 80, fills your order and immediately drops to 70? What is your plan then?
That's not my question, but to avoid that I could put the stop loss at 78.5 in my pending order.

My doubt is that if the system is fast enough to do what I want, or maybe because of the quick changes. my broker doesn't open and close my pending order properly.

Anybody knows if the pending orders work always properly during huge swings in the market?
  • #568
  • Nov 4, 2011 12:46pm Nov 4, 2011 12:46pm
Quoting PeterFM
If your spread is around 1.5 - 2.0 pips is it worth all the effort for a 1pip profit?

What time-frames are you on? 1min - 5min?
I don't know if this reply is for me. In that case, I was talking about USD/JPY. If I buy at 79.00 and sell at 82.00 thats 300 pips. That's a lot of profit.
I'm also using 1:500 leverage. I watch all time frames, but I usually do intraday trading.
  • #569
  • Nov 4, 2011 6:07pm Nov 4, 2011 6:07pm
Quoting DodieMix
I don't know if this reply is for me. In that case, I was talking about USD/JPY. If I buy at 79.00 and sell at 82.00 thats 300 pips. That's a lot of profit.
I'm also using 1:500 leverage. I watch all time frames, but I usually do intraday trading.
It's so long since I looked at this pair I'd forgotten that fact.



Having looked at a USDJPY chart again only reminded me why I kicked that pair into the long grass.
  • #570
  • Nov 6, 2011 1:25pm Nov 6, 2011 1:25pm
Hello all!

I am sorry to jack this thread, unfortunately I don't have the amount of posts to start a new thread. I'd like to ask pretty basic and stupid question about money management. For example, if I have an account of 1000 USD and my risk would be 2% per trade with pip value of 1 USD / pip, would I enter the trade using X% of the equity of my account and set the stop loss 20 pips (so that would make 20 USD (2% of my equity) lost if the trade goes against me)?

Or would I enter the trade using only 2% of my equity?

So far, I think the first option is correct.
Again, I am very sorry to bug you with this stupid question, I just want to make sure I am right.

Thanks in advance for responses.
Rookie
  • #571
  • Nov 7, 2011 3:00am Nov 7, 2011 3:00am
Quoting Rookie193
Hello all!

I am sorry to jack this thread, unfortunately I don't have the amount of posts to start a new thread. I'd like to ask pretty basic and stupid question about money management. For example, if I have an account of 1000 USD and my risk would be 2% per trade with pip value of 1 USD / pip, would I enter the trade using X% of the equity of my account and set the stop loss 20 pips (so that would make 20 USD (2% of my equity) lost if the trade goes against me)?

Or would I enter the trade using only 2% of my equity?

So far, I think the...
Yes the first one, the maximum you should lose would be $20 so you'd set the stop accordingly.
  • #572
  • Edited 10:07am Nov 7, 2011 10:00am | Edited 10:07am
I have been trading for a while, then I got out of it for a few years while my life was in a great emotional storm.

Well the storm has passed and has been gone a while. As a result I am getting back into 4X.

I am making some great moves - 100 Pips on Thursday and 100 Pips on Friday.

Unfortunately then I make the mistake of trying to squeeze a few more pips out of the day and I end up losing what I had gained and then some.

I realize that it is a process inside me that I do, and it's up to me to change it. That is the Holy Grail in my opinion, not a sure fire trading system.

So the question that I pose to you is this: For those of you that were over trading, what was your thought process, and what did you change in it to make keep you from over trading. I'm am looking to change the script that I tell my self and I am trying to find what has been effective for others.

Thanks!
  • #573
  • Nov 7, 2011 10:29am Nov 7, 2011 10:29am
Quoting zoul
I have been trading for a while, then I got out of it for a few years while my life was in a great emotional storm.

Well the storm has passed and has been gone a while. As a result I am getting back into 4X.

I am making some great moves - 100 Pips on Thursday and 100 Pips on Friday.

Unfortunately then I make the mistake of trying to squeeze a few more pips out of the day and I end up losing what I had gained and then some.

I realize that it is a process inside me that I do, and it's up to me to change it. That is the Holy Grail...
Sooner or later the pain from overtrading and losing will overtake the desire to always be in a trade. I dont know if there is a quick way to get to that point, when youve lost money often enough it will eventually force you to rethink how you do things.
  • #574
  • Nov 7, 2011 11:59am Nov 7, 2011 11:59am
Quoting PIN Trader
Sooner or later the pain from overtrading and losing will overtake the desire to always be in a trade. I dont know if there is a quick way to get to that point, when youve lost money often enough it will eventually force you to rethink how you do things.
It's a stage that most go through and (a bit like smoking) it doesn't matter how often you're told to stop you just keep pulling the trigger.

At least you realise you have a problem, so that's the first step taken.
  • #575
  • Nov 7, 2011 12:18pm Nov 7, 2011 12:18pm
Quoting PeterFM
It's a stage that most go through and (a bit like smoking) it doesn't matter how often you're told to stop you just keep pulling the trigger.

At least you realise you have a problem, so that's the first step taken.
Thanks for getting back on this Peter.

This is true. Telling me that that I'll stop when I feel enough pain is reactive, rather than proactive. Proactive is where I am at right now - realizing that there is an issue that needs to be addressed or it will get painful.

I am an NLP Practitioner and I have had great results in changing the way that I think and and the results that I get. Simply put I find someone that is doing what I want to be doing, or acting the way that I want to be acting and I a.) ask them about their thinking process and b.) model the process in my own mind to get the desired result.

It has worked for me in the past with incredible results. The biggest issue that I am having is finding someone that is a trader to talk to about this.

I realize that over trading is caused by a trigger in me. Since I have had the trigger for most of my life (I assume), it is difficult to identify what event in me hits the trigger.

That is why I am asking about the though process and what was triggering it and what thinking changed it. If someone has battled this and won, then that is much more effective than saying that "I will eventually loose enough money to force me to rethink things."

I know that I am not the first one to deal with this, nor will I be the last. If we can open up what successful traders did to change this than it can help out many folks here.
  • #576
  • Nov 7, 2011 12:55pm Nov 7, 2011 12:55pm
Hi, i have this problem with Taking Profit.
It's not even a pip and my broker or my platform doesn't take my TP.
I realized this on 1m, 5m, 1H, 4H, everything, and shows me that is 0 (pips).
It's not the first time.

http://imageshack.us/photo/my-images/856/ujhk.jpg/

What is wrong with this or what can i do ?
  • #577
  • Nov 7, 2011 3:18pm Nov 7, 2011 3:18pm
Quoting zoul
Thanks for getting back on this Peter.

This is true. Telling me that that I'll stop when I feel enough pain is reactive, rather than proactive. Proactive is where I am at right now - realizing that there is an issue that needs to be addressed or it will get painful.

I am an NLP Practitioner and I have had great results in changing the way that I think and and the results that I get. Simply put I find someone that is doing what I want to be doing, or acting the way that I want to be acting and I a.) ask them about their thinking process...

In light of the above, I agree with Peter, most people don't come to the point you describe until it starts to "hurt". For some this hurt involves the angst at losing money or the frustration at trading but over time only ever breaking even. My own personal experience led me to stop, regroup, go back to basics and read some books on trader psychology. Two come to mind, "Trading in the zone" and "The disciplined trader" both written by Mark Douglas. Another title I read was also called "Trading in the zone" and is written by Ari Kiev. Ari focuses predominantly on share trading, I did however find the information contained within helpful. All these titles helped me recognise and reduce the level of emotion I was investing in my trades and also reinforced the need for discipline. Good luck. Lulubelle
  • #578
  • Nov 11, 2011 3:24am Nov 11, 2011 3:24am
This may be a late reply, but one way to understand MM is to use a calculator.

http:// www.goforex.net/money-management-calculator.htm

Run through different configurations of risk based on your principle/leverage/stoploss factoring the outside chance of a string of bad trades and you can gauge your survival ratio.

Don't be optimistic when you do this exercise. Think of a worst case scenario. (Like 10 losses in a row)

If your account can handle the draw down, then your MM is probably in the right zone.

Quoting Rookie193
Hello all!

I am sorry to jack this thread, unfortunately I don't have the amount of posts to start a new thread. I'd like to ask pretty basic and stupid question about money management. For example, if I have an account of 1000 USD and my risk would be 2% per trade with pip value of 1 USD / pip, would I enter the trade using X% of the equity of my account and set the stop loss 20 pips (so that would make 20 USD (2% of my equity) lost if the trade goes against me)?

Or would I enter the trade using only 2% of my equity?

So far, I think the...
  • #579
  • Nov 24, 2011 12:32pm Nov 24, 2011 12:32pm
Hopefully Peter doesn't mind me adding to this thread but as many before me, I have just stumbled across his advice for newbies post and wanted to add my sincere thanks. As somebody who is starting out, the info is most welcome.

Best,
Toby.
  • #580
  • Nov 24, 2011 4:28pm Nov 24, 2011 4:28pm
Quoting TobyR
Hopefully Peter doesn't mind me adding to this thread but as many before me, I have just stumbled across his advice for newbies post and wanted to add my sincere thanks. As somebody who is starting out, the info is most welcome.

Best,
Toby.
Heaping praise on me, of course but for guys like you to ask any questions away from the main threads. They can be a bit intimidating for newbies, as I well remember.

Thanks for the kind comments.
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