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14 Year Old Forex Trader's Lessons

  • #3,901
  • Nov 1, 2011 6:49am Nov 1, 2011 6:49am
Quoting billytt
i just took 8 pips off e/u on a short, i can supply details if you wish lol
Hi Billy,

Reading your posts, I think I trade quite similar to you ie trading the waves from a fairly naked chart with a few emas . And no it's not elliot waves, so no wave counts etc.

Regards
Bak
  • #3,902
  • Nov 1, 2011 6:52am Nov 1, 2011 6:52am
Quoting Bakuli
Hi Billy,

Reading your posts, I think I trade quite similar to you ie trading the waves from a fairly naked chart with a few emas . And no it's not elliot waves, so no wave counts etc.

Regards
Bak
im guessing you guys trade something like momentum, impulse, accumulation?

i do that as a base study.
Have I got something on my face, SOLDIER?
  • #3,903
  • Nov 1, 2011 6:54am Nov 1, 2011 6:54am
2 pips profit currently. goes to 10 Be. goes to 11 ill put +1.
Have I got something on my face, SOLDIER?
  • #3,904
  • Nov 1, 2011 6:59am Nov 1, 2011 6:59am
hits 12 pips i set to +1.
its a free trade, of profit.

i dont care if it moves my direction later, i wont risk when i made profit.


to me its never how much you can win, its how much you can keep your wins

bye guys ill come back in 2:30 hours. by that time one of you has to do a sit rep of what happened kay?
thanx dudes

ADD: stopped out btw we got important news releases so i gotta release it safely. really i would leave a trade on at the ism pmi release when im gone hell no!.

so +$0.20. still long way to go to rebuild equity ever since mistake of the... server update.
i still need $224.57. how to get that? im thinking play easy and comfy 0.01-0.02 MAX. one trade- a day max. target? 50 pips. so on a 0.02 that would mean $10. 20 days of that it should get back to 1000 initial deposit.
Total loss equity down to $750. now its at $775.43.
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Have I got something on my face, SOLDIER?
  • #3,905
  • Nov 1, 2011 7:04am Nov 1, 2011 7:04am
its more like billy elliot lol. i am scalping today because i'm bored and i'm up about 50ish pips with small stakes. your right about it not being elliot wave but there are similarites. i have ways of trading and then find out its already been done and named . i normally trade early hours going off past performances and i weigh up the odds and thats what i live on. i used to trade on spikes but i needed them at least once per day but it doesn't always happen. and one must always remember the market doesnt always go as the charts say lol. and once your broke your broke
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,906
  • Nov 1, 2011 8:00am Nov 1, 2011 8:00am
Quoting bumapatria
so +$0.20. still long way to go to rebuild equity ever since mistake of the... server update.
i still need $224.57. how to get that? im thinking play easy and comfy 0.01-0.02 MAX. one trade- a day max. target? 50 pips. so on a 0.02 that would mean $10. 20 days of that it should get back to 1000 initial deposit.
Total loss equity down to $750. now its at $775.43.
Buma,

Sorry to hear of that costly mistake with the staking...Best to forget about it now (no matter how hard) and just trade your best. The more you think of your loss and try to trade to make it back, the more pressure you put on yourself to perform. Take it easy mate..."sikit sikit, lama jadi bukit".

Regards
Bak
  • #3,907
  • Edited 11:23am Nov 1, 2011 11:12am | Edited 11:23am
thanks bakuli. yes i got over it, but the thing is i gotta repay my dad the old loss plus this ROI. so i gotta get back 1400 total. now i gotta get baack 1600... -.-

however i realize it is a mistake, i can do better.

hmm not much change huh? let me check ism data
Have I got something on my face, SOLDIER?
  • #3,908
  • Nov 1, 2011 11:15am Nov 1, 2011 11:15am
ism negative.
good thing i exited that short when i did.
Have I got something on my face, SOLDIER?
  • #3,909
  • Nov 1, 2011 11:18am Nov 1, 2011 11:18am
point of interest hit.
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  • #3,910
  • Nov 1, 2011 11:26am Nov 1, 2011 11:26am
Quoting bumapatria
thanks bakuli. yes i got over it, but the thing is i gotta repay my dad the old loss plus this ROI. so i gotta get back 1400 total. now i gotta get baack 1600... -.-

however i realize it is a mistake, i can do better.

hmm not much change huh? let me check ism data
Don't focus on the balance or the potential money per trade because then you're trading scared money. Scared of losing more and scared of losing accumulated profits. Just focus on the trade at hand and the chart. After a while, the money will take care of itself.
  • #3,911
  • Nov 1, 2011 11:31am Nov 1, 2011 11:31am
possible retrace to previous support for eurusd and eurgbp. i am long demand hit promising.

good 50% retracement and good hit on circular trendline. going to enter cycle soon, so perhaps this is a good buy i hope.
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  • #3,912
  • Nov 1, 2011 11:32am Nov 1, 2011 11:32am
Quoting JR97
Don't focus on the balance or the potential money per trade because then you're trading scared money. Scared of losing more and scared of losing accumulated profits. Just focus on the trade at hand and the chart. After a while, the money will take care of itself.
Wisely said. I will do so. THanks Jr.
Have I got something on my face, SOLDIER?
  • #3,913
  • Nov 1, 2011 11:52am Nov 1, 2011 11:52am
Quoting JR97
Don't focus on the balance or the potential money per trade because then you're trading scared money. Scared of losing more and scared of losing accumulated profits. Just focus on the trade at hand and the chart. After a while, the money will take care of itself.
sound advice
  • #3,914
  • Nov 1, 2011 12:06pm Nov 1, 2011 12:06pm
new mentor already

great cycle trader, and already giving great advice.
thank you.
Have I got something on my face, SOLDIER?
  • #3,915
  • Nov 1, 2011 12:37pm Nov 1, 2011 12:37pm
Stop loss to +1.

i can go do something else now.
Have I got something on my face, SOLDIER?
  • #3,916
  • Nov 1, 2011 12:37pm Nov 1, 2011 12:37pm
hi everyone, Buma some of us have been telling you for ages about trading real money, believe me its frightening. i trade best when i set up the trade then walk away from it. Scalping like i did today is different infact its a necessatity. Lots of people make mistakes infact i did about 5 or 6 weeks ago i lost £3000 yes three thousand english pounds with the smallest of errors with luck it could of gone my way and i would've shouted about it every where lol.If you got your system sorted and stick with it and obviously money management you'll survive and yes you'll probably make mistakes again . My next trades i'll be doing most probably will be e/j g/j and maybe u/c but not for many hours (about midnight in uk), take care buddy
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,917
  • Nov 1, 2011 12:39pm Nov 1, 2011 12:39pm
the trades i just mentioned will all be short
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,918
  • Nov 1, 2011 12:39pm Nov 1, 2011 12:39pm
Chart
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Have I got something on my face, SOLDIER?
  • #3,919
  • Edited 12:52pm Nov 1, 2011 12:42pm | Edited 12:52pm
Quoting billytt
hi everyone, Buma some of us have been telling you for ages about trading real money, believe me its frightening. i trade best when i set up the trade then walk away from it. Scalping like i did today is different infact its a necessatity. Lots of people make mistakes infact i did about 5 or 6 weeks ago i lost £3000 yes three thousand english pounds with the smallest of errors with luck it could of gone my way and i would've shouted about it every where lol.If you got your system sorted and stick with it and obviously money management you'll survive...
well now we can see that u got a weak mindset fear is manmade billy. We make fear, and its natural. to face fear we must NOT banish it like most people say. instead dance with iit, dance with ur demons, and let fear be a guide. You need to guide it for you to succeed in to stepping into uncertainty. for sure, we fear something when we step out of the box. When all that we know is not known, and we 'fear' what could happen. EKKK wrong!! We are tested everyday with fear, whether its to do a simple action or ride a roller-coaster, our life brings us to that edge. IM not saying be fearless and do stupid things lol ahaha, but some fears are there to be your guide to know what to dance with and go through with it. Most fears when danced with properly, u will find that there is no edge. it was never a cliff. it was just a pathway.



and btw success aint a straight line this is success
|
|
|
V

at times we get a reversal or a retrace to 61.8 and then again and again, its how it works.
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  • #3,920
  • Nov 1, 2011 12:47pm Nov 1, 2011 12:47pm
i am not sure what your last remark meant buma but i seem to of got a wink lol
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
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