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  • #598,001
  • Feb 21, 2012 10:14pm Feb 21, 2012 10:14pm
Quoting ForUs
Well I guess I'm not that new I know all the basics have had a demo account and been "live" about a month ago.This sideways consolidation is killing me and i seem to enter the markets at the worng times on all my trades, was pretty confident before last month..lol Ups and downs I guess we'll see how this goes!
the key to range trading is to trade at the edges of the range...of course its easier said than done....most people cant wait for price to reach the edges and simply have to trigger the trade somewhere within the range and they get killed...key is waiting and discipline...for eg...i just waited waited and wait for when audusd reached the bottom of its 20 day range today ( a few hrs back) at 1.0630, went long and am about 40 pips up...exited half and moved SL to BE for other half and will let it run if and till it gets to 0770, close to top of range...patience and discipline...
  • #598,002
  • Feb 21, 2012 10:16pm Feb 21, 2012 10:16pm
This is a tricky market . You have to be patient and pick your trades wisely.

Anyone have any thoughts.

I put my projections on the chart of possible trades I am willing to take as soon as price action confirms.

No clear directional BIAS currently. Looking at the daily chart price seems to be well capped at the 100SMA.

The scales will be tipped come London Open regardless.

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"More important than the quest for certainty is the quest for clarity"
  • #598,003
  • Feb 21, 2012 10:16pm Feb 21, 2012 10:16pm
Quoting KiwiTrada
haha I used to agree this, but I have changed thinking, after visit "babypips" and 1000,s of chart hrs, open micro account and trade mini lots,
demo is bad phycology, true control of emotions, patience, discipline, mm will only grow when real money is traded, demo actually teach how to lose money,

But I also welcome to thread, forex is not get rich quick scheme, requires all above, and much much research, trade safe
yep . trader have to feel the pain & pressure , demo good for strategy & EA test, now days lot of brokers offering leaner account (nano lot), most of the excellent DEMO traders fail on live trading due to pain & pressure


edit : we are back in 32 (:
Mohan
  • #598,004
  • Feb 21, 2012 10:25pm Feb 21, 2012 10:25pm
You still have a long way to go but just keep at it. It's a journey not a race.

Cheers

Quoting ForUs
Well I guess I'm not that new I know all the basics have had a demo account and been "live" about a month ago.This sideways consolidation is killing me and i seem to enter the markets at the worng times on all my trades, was pretty confident before last month..lol Ups and downs I guess we'll see how this goes!
  • #598,005
  • Feb 21, 2012 10:32pm Feb 21, 2012 10:32pm
Quoting mohan76
yep . trader have to feel the pain & pressure , demo good for strategy & EA test, now days lot of brokers offering leaner account (nano lot), most of the excellent DEMO traders fail on live trading due to pain & pressure


edit : we are back in 32 (:
I started with $300 Oanda account trading $0.03 to $0.05 per pip, that worked.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #598,006
  • Feb 21, 2012 10:32pm Feb 21, 2012 10:32pm
Nice chart and color scheme...

Possible trend change in progress... Maybe worth waiting a bit for the news releases...


Quoting JeremyMoore
This is a tricky market . You have to be patient and pick your trades wisely.

Anyone have any thoughts.

I put my projections on the chart of possible trades I am willing to take as soon as price action confirms.

No clear directional BIAS currently. Looking at the daily chart price seems to be well capped at the 100SMA.

The scales will be tipped come London Open regardless.

Attachment
  • #598,007
  • Feb 21, 2012 10:34pm Feb 21, 2012 10:34pm
Quoting ns_karthik
well, nothing in the world is 'one size fits all'....if it didnt work for you, maybe it would work for someone else...u never know...there are lot of people who start a real account without knowing what leverage and lot size is and take trades without knowing what 1 pip would mean on their account (it could be anything between $10 to $0.01)....so for them, and for people to understand the risks and returns of forex, demo trading is important...
Yes I agree, I traded demo for 3 years as part of group, refine refine refine trade plans, was doing ok, went live, crap first account wiped in no time, bad entries, impatience, blah blah, back to demo refined blah blah, 2nd live account, went ok for awhile, lost chunk of account, by now was bordering on nervous wreck, felt the world, brokers, banks even the neighbours wife and dog was after my money, arrrgh so went right back to beginning, dumped most indicators, pretty much everything I thought I had learnt, and started again, micro account, mini lots, and truly defined mm and rr, S&R tl's and ma 200 & 50 nothing else, was very hard work, many sleepless nights, but have slowly built my trading plan, 3 live accounts, and went full time 4 years ago, do I think it was worth it yes, would I do it if I know what I know now no,

PA especially eu, is a load of crap now, 5 years ago this pa would have slaughtered me, today I see it for what it is, and generally just wait, connsidering I only sell her, can be long waits while bull is rampant, I now scalping waiting my bloody "bears" wake up, and falling knives this turd
If you are new to Forex? Say Goodbye to your account!!
  • #598,008
  • Feb 21, 2012 10:36pm Feb 21, 2012 10:36pm
As per my rule, buy order only today. Buy stop has been triggered.
  • #598,009
  • Feb 21, 2012 10:40pm Feb 21, 2012 10:40pm
Here's my trade. Have been waiting forever. Just place BE+1.

Price seems to be respecting the two ascending trend line base on H1 chart that's why I place my trade with tight SL.
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  • #598,010
  • Feb 21, 2012 10:44pm Feb 21, 2012 10:44pm
down or up first

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  • #598,011
  • Feb 21, 2012 10:49pm Feb 21, 2012 10:49pm
Quoting KiwiTrada
I adding scalp eu sell 3238 sl 3248 tp heaps retest of equi lat triangle
still happy with pa, if mini stop hunt, if stopped we reload if gets below 3238 if not stopped will add below also
If you are new to Forex? Say Goodbye to your account!!
  • #598,012
  • Feb 21, 2012 10:50pm Feb 21, 2012 10:50pm
Quoting JeremyMoore
This is a tricky market . You have to be patient and pick your trades wisely.

Anyone have any thoughts.

I put my projections on the chart of possible trades I am willing to take as soon as price action confirms.

No clear directional BIAS currently. Looking at the daily chart price seems to be well capped at the 100SMA.

The scales will be tipped come London Open regardless.

Attachment
good luck your trading ...
  • #598,013
  • Feb 21, 2012 10:52pm Feb 21, 2012 10:52pm
Quoting ForUs
Any advice for a newcomer...just trying to find my way into consistent profits hoever small!
If you are newbie, try to stay disciplined with whatever plan you have. Money management with discipline is a key to success. Trade positions according to your money management which includes Entry, position size according to how far is your stop loss. This is a must if you want to be among the 5%.

Learn how to draw chart lines. Start from bigger time frame weekly to hourly. See the big picture with weekly and daily time frame. Trend lines, we use them as diagonal support and resistance and also pay attention to support and resistance horizontal lines which are key to breakout. Learn about fake breakouts. Use one of the indicators for overbought and oversold like Stockhistic, but don't rely on it 100% when there is a strong trend. Finally few thousand of hours watching the screen charts.

consistency is the key to success. be disciplined and respect your plan at all times.

Edit: I forgot. Learn how to read the chart. There are lots of ebooks that teach you how read candles. Learn about reversal candles etc...
I hope this helps.
  • #598,014
  • Feb 21, 2012 10:58pm Feb 21, 2012 10:58pm
I've got Swissy looking for 0.9175, which mean Euro has to come down. There is the important Interest rate announcement on GBP later this morning, so I expect every hour will be opposite to the previous hour once next 4hr candle starts in 2 min.
If I have the 8am bear, stopping just before the daily open, I'll sell the 9am to break daily open downward. Today's pivot is same as yesterdays at 3175, so a break downward of 3232 will give a 50 pip move.

Alternatively, if the next hour, 8am, break and closes below daily open 3132, then I'll look for market to move back up to yesterdays high at 3283, again a 50 pip move.

I'll be keeping an eye on Swissy, for 8am candle to touch 9118 then pause just below 9125, a hammer will do. Then I'll buy at break off 9125 target 9175, also 50 pips.
  • #598,015
  • Feb 21, 2012 11:08pm Feb 21, 2012 11:08pm
Quoting spiritbreezer
I've got Swissy looking for 0.9175, which mean Euro has to come down. There is the important Interest rate announcement on GBP later this morning, so I expect every hour will be opposite to the previous hour once next 4hr candle starts in 2 min.
If I have the 8am bear, stopping just before the daily open, I'll sell the 9am to break daily open downward. Today's pivot is same as yesterdays at 3175, so a break downward of 3232 will give a 50 pip move.

Alternatively, if the next hour, 8am, break and closes below daily open 3132, then I'll look for...
nice trade plan
swissy 9134 will be tough, now I said it, hah it probably blow thru but need 9116 to hold first, agree she contra ladies, nice trigger to keep eye on, I might close 3828 and wait brit open, hate frankie is a bitch sometimes
If you are new to Forex? Say Goodbye to your account!!
  • #598,016
  • Feb 21, 2012 11:11pm Feb 21, 2012 11:11pm
My live account has definitely tested my patience and discipline a lot more than my demo account did. On the other hand, I learned a lot of the basics on my demo account and I didn't mind that I screwed up a lot in the beginning. EURUSD is the first trade I've done since I started live a week ago. There have been a lot of trades since then that haven't gone as well as this one is going, but I'm learning very quick. I just wanted to say that this is a great community and thank you for posting all this wonderful information.
  • #598,017
  • Feb 21, 2012 11:15pm Feb 21, 2012 11:15pm
Quoting KiwiTrada
Yes I agree, I traded demo for 3 years as part of group, refine refine refine trade plans, was doing ok, went live, crap first account wiped in no time, bad entries, impatience, blah blah, back to demo refined blah blah, 2nd live account, went ok for awhile, lost chunk of account, by now was bordering on nervous wreck, felt the world, brokers, banks even the neighbours wife and dog was after my money, arrrgh so went right back to beginning, dumped most indicators, pretty much everything I thought I had learnt, and started again, micro account,...
Why do you only sell the EU?
New voice message: Why are you calling me? If I need you, I'll call you!
  • #598,018
  • Feb 21, 2012 11:17pm Feb 21, 2012 11:17pm
Hi guyz.......
What are we cooking today lol
MMMYYYKKK
  • #598,019
  • Feb 21, 2012 11:27pm Feb 21, 2012 11:27pm
Quoting ForexForLife
My live account has definitely tested my patience and discipline a lot more than my demo account did. On the other hand, I learned a lot of the basics on my demo account and I didn't mind that I screwed up a lot in the beginning. EURUSD is the first trade I've done since I started live a week ago. There have been a lot of trades since then that haven't gone as well as this one is going, but I'm learning very quick. I just wanted to say that this is a great community and thank you for posting all this wonderful information.
begining is the hardest part .come on
  • #598,020
  • Feb 21, 2012 11:27pm Feb 21, 2012 11:27pm
Anyone considering a long here ?
MMMYYYKKK
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