On the market

A bit about myself:

I got interested in making money last year. I was actually working for a non profit organization where the executive always seemed to complain about the fact there wasn't enough money. So I started applying for funds but asked for way more than they were used to. And more money came in!

While I was doing that the stock market got my attention, I opened a small account with Questrade and bought BAC which went up in the months after so come Christmas I pocketed a small profit.

I'm still interested in the stock market but my attention shifted to forex more and more. At this point I'm sifting the useful information from the useless (which is sometimes hard, there is so much bs around).

I am trading on an Oanda trading account and last weekend I downloaded MT4 which allows me to do a lot more. At this point my intention is not to focus on the profit (although that is the main target) but rather on the system. I still have a lot to learn but more trades become profitable - my guess is 3 out of 5.

I don't work with the non profit anymore by the way. I got an offer where I could make more money. Not necessarily a nicer job (I hate it from time to time) but when I look at my pay stub I'm good.

Ultimately it is my intention to trade for a living.

All right, let start with the changes I made:
1. I replaced the old computer I was on with a newer (faster) one. I wasn't sure whether this would made any difference.

2. I uploaded two scripts to my MT4 and deleted all the other indicators.

3. I started reading this journal: http://www.forexfactory.com/showthread.php?t=309766
Rocky advises to take a look at Sam Seider's YouTube video's. Although I was impressed by Rocky's accomplishments I wasn't with what Sam Seider explained.
So I went back to my original system.

4. What did I do wrong: my s/l were too tight. I lost 15% of my money to stop losses and when I stopped using s/l the trade went in the wrong direction

5. But I got a technique and last night I regained most of my lost 15% while I was sleeping! I had put in a t/p before I went to bed and it hit just that point when I opened up Oanda. Now I'm wondering if I had been able to take more.

All right, Sunday evening I shorted AUD/NZD and when I woke up Monday morning it made it just through my T/P. The whole trade made up for 15% of the money that I had lost, I was almost at break even again. Unfortunately I lost money after that again.

Most markets were kinda flat after that and I couldn't find a good entry.
This is also result of my shift that starts in the afternoon and goes well into the next morning. I can't trade at work due to safety restriction. So I set T/P and S/L's but the frustrating part of this is that I got stopped out three times loosing money that I wouldn't have lost if I had been able to actively adjust trades.

I'm kind of wondering how you guys do that, combining trading with work, assuming you also cannot carry cellphones or have access to your account.

I'm also curious what you do when you can't find a good entry point because the market just trades flat or if you missed the higher high or lower low, do you jump in anyway (like halfway) or do you just step back and read a book? I did the latter because I feel I spend an enormous time at the computer trying to improve myself.

I was gently looking into opening a live account with Oanda. I'm Canadian and Oanda requires a lot of idiotic rules and regulations for Canadians. I double checked with customer service but unfortunately I got to speak to Oanda's rotten egg in customer service. So, no Oanda for me, which kinda sucks b/c I liked the whole set up a lot.

To Questrade with my request and it was a lot easier through them to open up an account. I have to dig a bit into their platform and hope they would allow me to set up my own MT4.

My last four trades where very good. I average between 100 and 150 pips a day now and feel I want to test the waters of a live account.

Questrade is coming out with their own MT4 in the fall they told me. Until that time I will stay with Oanda's practice account. Guess if you don't want my money I'll take it somewhere else.

Got to talk with a guy who trades the e-mini. He lives close to where I live and we have a regular email contact. He advised me to set up a business plan when it comes to trading. Which is funny, I remember reading on this forum somewhere NOT to set up a trading plan. And I'm not sure whether to do that.

My last few trades where terrible. I ended them all. I stepped into late and lost money on all of them.

I was asked to join a sort of class but am not sure if I want to do that. I might.

The strategy I picked up only seems to work if you get in on time. I started trading with indicators as QQE and the EMA5 which work excellent. But somehow I got in midway and I have to figure out when I would actually enter or just let it go by and choose a different currency.

Small status update: losing money on every trade became a bit frustrating and I started looking for a good mentor.
In the mean time I have studied a document by Melvin Pasternak , called 21 Candlesticks every trader should know. I made notes from his booklet and it has served me well, today I put in a pending order based on my new knowledge et voila I also made a (small) profit! Having faith.

Came across a good trading technique and I'm going to try it out today. Will post results in 24 hours (and feeling excited... yeah I know I shouldn't feel any emotions, I got that message)

On my way!!

I tried this technique for a while and was mediocre successful. But it made me realize that I better focus on smaller profits if the market tends to range and put in several positions in on a daily basis rather than a few with SL. So I would make a judgement about each position every so many hours. This is not convenient when you work so I trade when I'm at home and than make sure everything is done when I go to work in the afternoon.
Also, big trades can go over a few days, so it just depends on the sort of position what you need to do and how confident you are that it is going in your direction. Patience is often required, learned that from Mr. Chia.

For the last three days I have made profits, small ones because I put in small lots but that doesn't matter now. I wanted to make sure I understand the technique first before I would go live.

I also met a guy from Indonesia, Abdul Hakim and he posts his balances on Fb all the time. I copied the balances and studied them and I learned a lot from that as well. I think I am making my first profitable steps in the forex market and that is what I wanted. I don't expect profit all the time but so far so good. Thanks to the helpful people on this forum, which were only a few.

http://i47.tinypic.com/k9c6lg.jpg

I also applied with a financial company close to where I live and used my forex and stock trading experience in the letter. You never know!!

Stay tuned

When I started trading stocks in 2011 someone told me I was gambling instead of trading and he said I wasn't a trader because I traded banks, Citibank and Bank of America. This made me even more determent to prove this person wrong and I showed him the profit I had made.

The same happened with forex. It was supposed to be just a try, a lot of people warned me about the volatility and even more people yelled and screamed I was a gambler and even recently someone sent me a private mail telling me I was young and naive. Always nice how people judge other.
I have been making profit constantly in the last couple of days. I just started but I got the hang of it.

I started working on tinkering with EA's. I like the concept and I'm sure I can master using and modifying EA's as well.
When I look back at the past four months I should have had more confidence that I could do it on my own. I approached a lot of people and asked them to be my mentor. Only one person was a mentor for me, although he focused to much on one pair. I now focus on four pairs and choose which one is going to make me money depending on H4, H1 and M15.

I wouldn't mind a mentor, even now. As long as it's not a condescending person that needs to keep reminding me that I'm a rookie

I have decided to switch accounts from Oanda to FXCM after my third conversation with an Oanda rep who considered me a total nut.

Profits have been steady, I am not complaining. I have actually started to look for a different job, one that allows me to spent more time on the forex market.

I spoke to a Questrade rep, got all excited and briefly decided to NOT go to FXCM but to Questrade. Tried to sign up with Questrade, didn't go through, tried again, didn't go through again.
Of course not.
Feel like an idiot now, after all the shyte I've been through with them in the past.
Signed up with FXCM, good, mature company, but will need to set up my MT4 and do transfers.

Life is good.
Baking cake.

1. I loved my FXCM platform. Until I found this morning that two orders just disappeared. I had the same thing with Oanda so I guess I'm the one triggering this. I don't remember stopping any open positions. Have to look into that.

2. Seven people have asked me to trade for them. This morning came another request. I guess I'm doing okay and I'm glad that people have faith in me. Although I'm only a rookie...

from an email:

Hi Pipsel,

I'd be happy to look into what happened with those orders on the FXCM platform. Without knowing more details, my first guess would be that it's possible that at the time the orders executed, you might not have had enough usable margin available to open the trades. But I can find out for certain by having our techs check the transaction logs. If you would like me to investigate for you, please email me your live account details including a description of the two orders in question at [email protected]

Jason

I found them, it was my mistake. I kinda guessed this b/c it had happened on an Oanda mt4 as well...

Now honestly I haven't done much trading, and even the trading that I did wasn't very profitable either. I'm still not complaining.

I have spent a lot of time studying this book. I'm wondering if I can modify or even write scripts myself, I imagine it can be done.

I'm back with Oanda. Which is a shame but I had to many coincident errors with the FXCM platform. Yeah I know it was just a practice account but still.

I think I have someone interested in doing this forex together with me, I'm hoping he can figure out MQL4 so we can set up EA's together.

Trading has been good in the last few weeks, I am hitting between 9 -12% on weekly basis which is awesome!

I did spent a lot of time setting up an account with Questrade only to learn that I shouldn't have. I was so fed up with FXCM not taking my trades (kept saying 'off quotes' while the candles went up and up...)
So I'll contact FXCM and see where the problem is, I'm still with Oanda so far although I transfered most of my funds out of that account.

Hi Pipsel,

I responded to your email

Jason

Yes you did merci !!


In the meantime; I have been studying this thread very closely. The result was that I had to stop regular trading (put in orders on daily basis) but I did it! After 5 attempts I have 1 millipede that is now growing and growing! I really like the idea of having multiple millepede's working for me, so I continued creating more. At the same time I'm wondering what I would consider the end of a millipede, so that is something I have to look into.

I'm back with Oanda. I kinda miss the fact that there is someone out there like Jason who I can reach for questions but hey, I'm not complaining (and I have come to known FXCM a bit now, should business go South with Oanda I know where to go).

I have traded for four people since August, including my own money. I didn't like the idea in the beginning but when I was sure enough they realized they could potentially loose their money I felt more comfortable. I consider it my own money now and that trades a lot easier.

Four weeks ago a fifth partnership was added and that brought the total trading amount a tiny over the 50k. I have been doing pretty good with my trades, no money has been taken out so far. The downside is that word has spread around and more people want in. And I wasn't sure about that. The pool would get bigger but the five people I partner with are close friends and I feel they know what they are into.

I got some help now as well. Someone I know well has been looking over my shoulder and she is going to trade during the hours that I'm working my regular job. She would cover most of the Japanese day time trading, which has been pretty good to us lately. I like how this is turning into a small corporation of people and I hope we can sustain it. On some days I make more money than my actual job and I'm wondering how we can make this corporation more solid and perhaps more legal. I wouldn't mind getting my license in order to get that done. On the other side I'm wondering if getting licensed and turning this to a legit business would take out the fun of it. But I've plenty of time...

There is no legislation when it comes to switching from a small town broker to a professional one. I offer only one product and I do need a license if I want to continue. Most likely I need to switch to a different account with FXCM or Oanda but that is about it. So I'm looking into getting licensed.

In the meantime my trading has been going very steady. I have summarized everything I do and how I do it and let all of my 'associates' sign an agreement that they agree with what I'm doing and by concluding that I felt a bit more secure.

I refused to trade money for one person, he wanted in with a big amount of money. I showed him what I was doing and how I thought I would make money and made sure he understood there was still a risk involved. But he wasn't really paying attention and I didn't like his attitude. Basically nothing happened (he never transferred any money) so I called him up after 5 days and stated that 'I had lost all of his money, the full million dollars'. We never talked about a million dollars, as a matter fact the actual amount was a lot smaller but he freaked out over the telephone that he was going to sue me and what have you. Than I told him it was a joke to test whether he really was paying attention. And it's a good thing I did this. He didn't feel good from the beginning.

Update: I'm getting licensed. The CRA has approved what I was doing but they want me licensed 'in short term' and I need to 'approach them with open books' haha that is literally what it said in the letter. There is no legislation in NB Canada when it comes to this. My trading has been very good although I have still been holding off to trade for more than 7 people. I have increased my commission to 40% and they all agreed.

I am setting up my own business for legal purposes only, also request of the CRA, although that wouldn't change the actual activity. Looking into switching to FXCM still but am also contemplating going back to Questrade for the ease of money transfers. Downside with Q: no hedging. I don't always use it, I just want to be able to do it when I need to. I like FXCM but my bank is a pain when it comes to money transfers.