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Starting with $50

  • #1
  • First Post: Edited Aug 17, 2012 2:31am Aug 16, 2012 2:02am | Edited Aug 17, 2012 2:31am
Most people I know don't have $50,000 to play with in the FOREX market. Where I live most people don't have ANY extra money to invest with. Based on that single problem I will try to show how anyone can work at Burger King and (after saving $50) invest in the markets. You should always open a DEMO account first and get familiar with this or any other technique for at least 50 trades imo before going into LIVE trading.

This will be a long term journal but should appreciate quite rapidly after it gains momentum. Most people will scoff at such a small initial deposit and tell you that it will never amount to anything...don't listen to them and remember the little engine that could..."I think I can, I think I can..."

I will use a demo account I opened last week sometime and show screen shots. BTW, I opened it up with the $50 and have turned that into $70.84...account opened Aug 6th

Next post will show indicators and time frames used.
Attached File(s)
File Type: mq4 FiboPiv_v2 (2).mq4   5 KB | 788 downloads | Uploaded Aug 17, 2012 2:31am
Everything easy was hard at first
  • #2
  • Edited 2:36am Aug 16, 2012 2:12am | Edited 2:36am
50:1 leverage used

Primary currency is EURUSD (but makes no difference just my preference)

I prefer the London Exchange open because of the consistency.

Now here are the chart setups

1. 4 hour time frame shows trend direction determined by 3 indicators:

a...60 SMA
b...Stochastics set at 5,3,3
c...Stochastics set at 21,5,5


2. 1 hour time frame determines entry/exit points using 4 indicators

a...Stochastics set at 5,3,3
b...Stochastics set at 21,5,5
c...Fibonacci retracements
d...FiboPiv_v2 (which is a blend of Fibonacci's and pivot point)


How I use all this will be in the next post.
Everything easy was hard at first
  • #3
  • Aug 16, 2012 2:32am Aug 16, 2012 2:32am
If I did this right we should be looking at my 4 hour chart I use to determine overall trend/direction.

Vertical blue lines are where I placed a pending order. Now if you look at tonight's Stochastics, both are oversold. Should have a reversal and an attempt to reach the 60 SMA is how I read it. I'm going long for a bullish trade.......this could be a wrong call based on tomorrows data.

You'll notice the bottom Stochastics is pretty smooth in determining over bought/sold conditions...set it at 21,5,5
Attached Image (click to enlarge)
Click to Enlarge Name: 4 hour.gif Size: 34 KB
Everything easy was hard at first
  • #4
  • Aug 16, 2012 2:57am Aug 16, 2012 2:57am
Here's where you determine your entry/exits.

What you will be looking at are the two different Stochastics, the Fibonacci retracements and the FivoPiv_v2. Set the Fibonacci's using 10 days worth of data going from either high to low or low to high, depending on what took place.

Vertical blue lines are when I placed the order. Horizontal blue lines are my entry and horizontal red lines are my exit...all pending orders. I do this because the market will either come to me or it won't.

My entry will be just above the Pivot line, exactly at the 31% retracement line. Most people would tell you to enter at the 23.6% retracement line but my experience has been that it is a strong resistance level. If it hits 31% then it will hit 38.2 which means a big reverse is taking place due to positive news.

I'm thinking that the currency is gonna reverse from its bearish outlook and climb all the way to the 50% retracement line but I will be conservative and exit at the Resistance 1 (R1) level.

BTW, this order was for .02 lots (at 1.23035 and exit at 1.23282). That's what I can afford so that's the size I buy.

Reason this trade works? Data is positive. Reason this trade fails? Data not quite so good, possibly even negative.

Now we will wait an see - take ego and flush it down the toilet...welcome to FOREX baby!
Attached Image (click to enlarge)
Click to Enlarge Name: 1 hour.gif Size: 35 KB
Everything easy was hard at first
  • #5
  • Aug 16, 2012 3:01am Aug 16, 2012 3:01am
Starting with 50 might be possible for experienced trader but for someone who is not profitable or just starting- that 50 might be better in cent acc = 5000 cents. It would give much more room for mistakes.

Still - nice and interesting thread, IŽll keep my eye on.

Good luck, mate!
F_ck your analysis, I know exactly where the market will go. To the right.
  • #6
  • Aug 16, 2012 3:10am Aug 16, 2012 3:10am
Good luck ocd
Trade what you see, not what you think.
  • #7
  • Aug 16, 2012 3:40am Aug 16, 2012 3:40am
Very interesting. Could you please attach a trade explorer to this thread if it is possible?
  • #8
  • Aug 16, 2012 10:22am Aug 16, 2012 10:22am
Good morning to anyone reading this. One thing I forgot to mention is that I usually put in my order after looking it over 100 times and then go to bed.

BTW, I placed the order around 12:30 am (MST) with a pending order. In this case I used a Buy Stop with the entry at 1.23035 and the exit at 1.23282.

If steroids help bodybuilders get bigger after all of their hard work then lot size is what helps our accounts grow. Since my account is so small my max size was .02 lot size.

This trade made 247 pipettes (or 24.7 pips) which isn't bad but that lot size of .02 caused us to double that amount to 494 pipettes (or 49.4 pips)...this is how our trade will grow....and now I have enough to buy .03 lot size which I will do tonight.

So, I just woke up and here's what the chart looks like.
Attached Image (click to enlarge)
Click to Enlarge Name: 1 hour, the exit.gif Size: 39 KB
Everything easy was hard at first
  • #9
  • Aug 16, 2012 11:21am Aug 16, 2012 11:21am
Welcome ocd. I'm more or less in the same position as you. $50. However, my broker sucks and I'm looking for another one. What's yours?

Your thread is very interesting. I will follow your lead. Hope to be able to bug you with some questions.

Take care and good luck!
  • #10
  • Aug 16, 2012 11:29am Aug 16, 2012 11:29am
Quoting KMidas
Very interesting. Could you please attach a trade explorer to this thread if it is possible?
Good morning KMidas

Trade explorer is now set up
Everything easy was hard at first
  • #11
  • Aug 16, 2012 12:13pm Aug 16, 2012 12:13pm
Trade explorer is showing the account with a 51.6% profit in 10 days...cool. But anyone can be good for 10 days.
Everything easy was hard at first
  • #12
  • Aug 16, 2012 12:20pm Aug 16, 2012 12:20pm
Quoting tsipouro
Welcome ocd. I'm more or less in the same position as you. $50. However, my broker sucks and I'm looking for another one. What's yours?

Your thread is very interesting. I will follow your lead. Hope to be able to bug you with some questions.

Take care and good luck!

Welcome tsipouro

Ask away. Hopefully, I know the answer. BTW, my broker is IBFX
Everything easy was hard at first
  • #13
  • Edited 1:04pm Aug 16, 2012 12:42pm | Edited 1:04pm
Quoting ocd
Welcome tsipouro

Ask away. Hopefully, I know the answer. BTW, my broker is IBFX
Is it possible to send you my questions via email? I just want to know if my indicators' setup according to your instructions is correct. I want to send you a couple of screen shots.

Thank you in advance
  • #14
  • Edited 1:55pm Aug 16, 2012 1:18pm | Edited 1:55pm
Interesting. When I saw MST, it made me think of the company I drove for based in MT.

I'll set up a couple charts as per your directions. This should be fun.

BTW, I see your buddy list. Good buddy. Might you have been a regular on his thread? Just curious.

Edit: Just two questions.

1) FiboPiv_v2 (which is a blend of Fibonacci's and pivot point)?? Something you made or an available indicator?
2) From where to where did you draw your fibs?

Thanks
Ghost Rider - WWTBMD?
  • #15
  • Aug 17, 2012 1:55am Aug 17, 2012 1:55am
Hello everyone. The days activities are done and now its FOREX time.

Let's start with the 4 hour chart for our direction.

The 60 SMA is bullish but both Stochastics are screaming overbought. The 21,5,5 is not quite there yet but it will be in just a little while.
Attached Image (click to enlarge)
Click to Enlarge Name: 4 hour, 8-16.gif Size: 37 KB
Everything easy was hard at first
  • #16
  • Aug 17, 2012 2:03am Aug 17, 2012 2:03am
You will notice the 5,3,3 Stochastics still has some room to climb before it's overbought but the 21,5,5 is already there, just waiting to tank.

I put the pending Sell Stop in at 12:30am MST with entry price of 1.23350 and an exit of 1.22877. Entry point (blue horizontal line) is below 50% Fib line and above Pivot point. Exit (red horizontal line) is at 23.6% Fib line just above the S1.
Attached Image (click to enlarge)
Click to Enlarge Name: 1 hour, 8-16.gif Size: 38 KB
Everything easy was hard at first
  • #17
  • Aug 17, 2012 2:06am Aug 17, 2012 2:06am
Quoting tsipouro
Is it possible to send you my questions via email? I just want to know if my indicators' setup according to your instructions is correct. I want to send you a couple of screen shots.

Thank you in advance

Sorry to get back with you so late but only check in at night after everyone goes to bed.

Ask anything you need. There's so many things to understand in this game, if I can be just one person that helps you get one step further then right on.
Everything easy was hard at first
  • #18
  • Aug 17, 2012 2:12am Aug 17, 2012 2:12am
Quoting albchr

1) FiboPiv_v2 (which is a blend of Fibonacci's and pivot point)?? Something you made or an available indicator?
2) From where to where did you draw your fibs?

Thanks

Montana is beautiful. And no, but I did do a lot of reading on that thread.

About the FiboPiv_v2...it's an EA readily available. I need to add that to my first post so anyone who wants it can have it.

I draw my Fib lines usually never more than 10 days back. In this case, the high of Aug 5th and the low of Aug 10th.
Everything easy was hard at first
  • #19
  • Edited 2:35am Aug 17, 2012 2:19am | Edited 2:35am
Quoting ocd
Sorry to get back with you so late but only check in at night after everyone goes to bed.

Ask anything you need. There's so many things to understand in this game, if I can be just one person that helps you get one step further then right on.
There is nothing to worry about. People need to rest also.

 

  1. You're setting the Fibonacci retracements according to the swing lows and highs of the past 10 days. Right? In the Fibo properties, are you tweaking the Fibo levels or you just leave them as they are? In the parameters, are you ticking the Ray?
  2. I'm attaching a .zip file with my indicators setup.


Please, let me know if everything's alright.

Thank you and sorry for my noob questions.

Attached File(s)
File Type: zip mt4-ocdsetup.zip   387 KB | 390 downloads
  • #20
  • Aug 17, 2012 2:21am Aug 17, 2012 2:21am
Quoting ocd
Montana is beautiful. And no, but I did do a lot of reading on that thread.

About the FiboPiv_v2...it's an EA readily available. I need to add that to my first post so anyone who wants it can have it.

I draw my Fib lines usually never more than 10 days back. In this case, the high of Aug 5th and the low of Aug 10th.
Yes it is, I love that state. I studied with the gang there for a while. Great folks.

Thanks for the info.
Ghost Rider - WWTBMD?
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