Starting with $50

each day i look nforward to this thread!!!!!!!

$250 to 6 digits? how much is 6digits? was it live? and how long did it take you?

It was live and it took 2 years. Was not based on trading but based on fundamentals and accumulation. Forex is technical trading so if a person can master any aspect of trading (price action OR an indicator like Stochastics, Bollinger Bands, etc) he can have a very high rate of success without having to be like Buffet and "read financials like an 18 year old reads a Playboy".

The other aspect of Forex is determining the timeframe that profits you the most. A 5 minute chart is sexy and exciting. Watching a 4 hour chart is as exciting as watching the grass grow in your backyard. Both can make you a boatload of money but either one of them can wreck your account...the trader must know the strength and weakness of the timeframe as well as his trading strategy and act according.

That being said, now I'll get into last night's trade and pick on my trading weakness.

Good morning to anyone reading this.

So last night I had the trade to go long despite all Stochastics on both the 4 and 1 hour charts being overbought. Honestly, that never feels right to continue the trading in that specific direction of the over bought/sold direction.

And German Constitutional Court was to rule on whether or not it was constitutional for Germany to support the Euro bailout and to what degree.

If the ruling was positive I would be fine but if the ruling was not to support it then my plan was to exit/cancel my trade and then put in a short position.

Here's what happened:

At 2:05 MST I was listening to the translator with nothing startling said. Then at 2:06 a HUGE candle formed. This was one of those 2008 type candles that screams "TIMBER"! as she falls. Of course my trade going long had already been triggered so I closed the position as fast as I could. It blew past my point of no return so fast it...I must admit, it was so impressive as my emotions went into panic mode. Before it was over in all of 30 seconds I had lost about 51 pips.

My account would've been protected with a margin call had I done nothing, but remember, I had a plan to reverse the trade. Both of my entry points for going short were gone so I had to either jump down to the next level of support or buy on market execution. I'm not a fan of market execution and the next level of support wasn't happening. "Trade denied" or something like that kept coming up...

I stopped and realized this was not the place I was supposed to be in. I was now fighting someone else's fight (more money was about to be lost) so I backed off and calmed down...meanwhile that chick was still translating, yacking on with that irritating monotone voice.

What I did:

Now that I was out of my original trade I told myself what had happened. I had (once again) watched my trade which I am not allowed to do. This MUST be part of my personal trading strategy.

Any who reads that last part will laugh or shake their head but we all have strengths and weaknesses. I am a before and after (the trade) kind of guy. I am not a before, DURING, and after kind of guy. That is my weakness.

So I laughed at what I had done and put in another pending order, my original trade, and went to bed. I woke up and it had done what it was supposed to have done. My original trade may or may not have been stopped out by a margin call. Who knows? It doesn't matter.

Here's the 1 hour charts after the fact. First chart is my worksheet, showing the various resistance levels (multi colored horizontal lines), point of no return if trade went wrong and projected new trade to go short if my trade had reversed. Second chart is clean.

BTW, loss on first trade was (approximately) $13ish and gain on second trade was $9+ for a net loss of $3 something. I haven't looked at the details yet.

keep at it bro!!!!

Tricky one tonight. Could go either way because overall sentiment is bullish (searching for 1.30) but Stochastics are overbought (and due for a small pullback before resuming the 1.30 quest). I'm thinking we get a small pullback so that's what I'm trading.

Tonight I'm kind of bearish!

Pending Stop Sell

Entry = 1.29100...Exit = 1.28850

Now this one could really go either way but I think it's gonna be one of those narrow ranges tonight. The reason I'm bearish though is due to certain trends I've noticed...

On the 4 hour chart it seems that after as nice bullish move the pullback goes to the middle of the last big bullish candle. Not a closed candle but a spike down, the wick. You will see it on the chart.

Now I have to turn off my computer otherwise I'll freak out DURING the trade. So, see you in the morning!

ocd, reps man, you are doing great work, keep going and you will make it

Thank you BBPI


Okay, so what happened last night?

I must admit that I was not confident in the trade. The main reason being is the overall bullish sentiment; the push to get to 1.30000. But everything lined up for my strategy of overbought Stochastics and asking for 20 pips on a pullback was realistic. The US jobs report sealed it.

It's a small gain but the alternative was to go LONG and I didn't think that was gonna happen but it could happen tonight...we'll see.

Anyway, here's the charts after the fact so I can look at them later...

Today was a big day for the EURUSD. Bernanke killed the dollar and enriched the Euro. My mindset usually says it's time for a pullback after a day like today. The market will say just the opposite imo. To say the market is bullish is quite the understatement.

Therefore, tonight I am bullish!

Pending Buy Stop

Entry = 1.30490...Exit = 1.30790

I don't think the news for tomorrow morning is gonna be all that great coming out of the US. That will only cause the Euro to go higher. My targets are not that high, just a small trade. The big move came earlier today.

What scares me is that my strategy is based off of Stochastics and all are overbought on both the 4 and 1 hour charts. Again, the market sentiment is extremely bullish so why fight it?

The entry and exit were based on previous support/resistance levels just above or below my Fibs or Fibpiv lines as the charts below will show.

Good morning to all.

It looks like the price skyrocketed past my expectations. The resistance levels that I thought would be troublesome are now support levels and that is a very, very good thing for trading future pullbacks.

So, last night's trade was successful. Funny thing though, I woke up thinking a pullback may have occurred instead of hitting my exit point. I kept telling myself as the computer was booting, "just stay calm - you can manually exit if you were wrong or a margin call has already happened". Then I went into the whole "tell me again why you went long and not short" routine and calmed down. My computer boots up in about 30 seconds so I had to do the reassurance game pretty quick...

Now that things are moving along I will increase my lot size from .02 to .03 once the account gets to $150, hopefully next week.

Here's the charts from this morning to review what happened. Price blew past Resistance 3 this morning.

BTW, the Fibonacci retracement points were from last weeks low to yesterdays' high which is pretty important because the price was trading just below 13% Fib level and is now above the 23.6% Fib level. This is important because my reasoning is if it hits 13 then it will usually go to 23.6, I just wasn't confident enough...and maybe that's my next weakness to work on...trusting in horizontal lines.

great bro! well im not trading today, i already reached my weekly target, and usualy friday is not the best for trading, great trades bro, keep it up, learn to controll emotions and you will be fine!!!

Tonight's trade is very important for one particular reason which I'll get into in a second.

I expect the EURUSD to do a pullback because it had such a strong bull run last week. But because the bulls are so strong right now, and the US dollar is now growing weaker by each new dollar that is printed, I anticipate a rather weak pullback...and I could be wrong but it shouldn't be too impressive from an entry point to the low point.

What I expect to happen is for the currency pair to reverse and go north tonight. "How much?" is the question that is rattling in my head. My weakness is in not trusting the Fibonacci levels completely, not trusting the FiboPiv levels completely and also support/resistance lines. Price seems to go to all 3 but none dominate.

For example, as I type this, the candle is driving past the 13% Fib level and then should go to the 23.6% Fib level. However, before it gets there it must pass thru the Pivot line and a previous support level. This is what gets many confused including myself. It will stop at one of those points.

So what's my point and where am I going with this? I'm getting rid of something this week...either the FiboPiv or the Fibonacci but one of them is gonna be my new tool of choice for the sake of consistency.

Pending Buy Stop

Lot size = .02

Entry = 1.31403...Exit = 1.31670

Now we all get to laugh if either a major pull back occurs and the pair tank to the 61.8% Fib level.

it sounds like a good trade bro! personaly i dont trade this pair so i cant comment much regarding it, but lets wait and see, goodluck bro.. when are you planning to add other pairs?

A few things about last night's trade...

First off a little funny in a dream I had in my 5 hours of sleep. I was dreaming that the pair was tanking in last nights trade and it just kept tanking. I then knew how to find the key to the direction of all future trades; it came in the three S's...Soros says to look at the Serial numbers on the pegs used on telephone poles that come from Siberia.

Anyway, back to reality.

My trade did as I expected it to, breaking out of it's trading range from the days high (near the opening of the trading day) to Friday's high...not much of a move but it sure does add up when you have multiple lots.

About last night's concern

Like every other trader in the world, sometimes I feel like nothing works and sometimes anything works. So I want/need clarification on my favorite indicators which are: Fibonacci retracement levels, FiboPiv and previous Support/Resistance lines.

I wanted clarification on which one doesn't work so I can discard it and clean up my charts. Let's evaluate what happened...

When I went to bed the candles were hanging just above the Pivot line. I thought that was as far as they would go and then rise. They did rise to a very recent S/R line and then descended back past the Pivot line to an old Support line from May 4th just before it gapped down.

Fibonacci's: It did NOT go down to the 23.6% Fib level even though it had blown past the 13% line...so that thinking is not reliable at all. When it did go up to my exit point, it hit my 0% Fib line (+ a little more) but that line wasn't from some magic formuler...it was a previous Resistance line from May 2nd and May 3rd.

The entry was based on the 6.5% Fib line but, checking it out, that was a Support line from Friday's action that carried over to the 3rd candle (on the 1 hour chart).

Uh oh, this is like drinking a beer and thinking it's pretty good. By the third one you realize it's skunk beer and you can do better.

FibPiv lines: when it almost touched the Pivot line it was actually touching a Support line from Friday. The price never touched specific lines but went thru them...specifically, the Pivot line and the Resistance 1 line.

Ever date a girl, and after some time goes by, you realize she's not as pretty as you first thought?

Tonight I will be adding a third chart to visually evaluate Support and Resistance lines by themselves (with Stochastics of course).

Here's the charts from last night:

Soros,

I actually had that dream mentioned in my other post. You had given me the "secret" or the Holy Grail in a one line message. Stinkin dreams are crazy...next thing you know, you are Jimmy Bond saving the world from agent Chaos!

The subject of other pairs. In live accounts, other pairs are wide open to me. In this specific DEMO account I'm sticking with just the EURUSD for the purpose of simplicity. A new person with very little money has too many things to learn, to deal with, to experience.

The complexities of the EURO and the US dollar in relation to Bernanke releasing QE3 and then Greece saying an agreement has been reached while doing something else is plenty for the new person to deal with. They don't need to deal with the Yen with Japan anticipating a potential invasion by the Chinese.

For me though, multiple lots and multiple pairs equal an account on steroids...blows it thru the roof!

OCD for president!!!!!!!!!!!!!!!!!!!! im right behind you bro! KEEP UP THE GOOD WORK, IM THE BIGGEST FAN, REGARDING THE DREAM

Morning OCD

Thanks for your education. I like it and you are doing brilliant.
Do you analyse the EURUSD every day at the same time for your trading decision?
Thanks again!

Yeah kofix, it seems I hit the computer at about 11:00pm MST after the fam hits the hay. It gets quiet which enables me to think. More importantly, the market is gearing up to do its thing.

Every night is different. Some nights it takes me 15 min to evaluate the situation. Last night took me at least 2 hours before I felt comfortable with my decision.

Thanks again for checking the thread out.

Okay, a big move is coming tonight. Why?

The market is in a bullish trend in a big way. On a 4 hour chart you can draw a diagonal trendline and easily see that the price has pulled back close to it which means it's gonna bounce off of it and take off. Next, the 5,33 Stochastics on the 4 hour chart is near the oversold level and ready to reverse and go up...meaning price is gonna go up about 100 pips. On the same 4 hour chart, the 21,5,5 Stochastics is in the overbought level so it is in continuation mode.

The 1 hour chart 21,5,5 Stochastics is the one we want to concentrate on and it is in the oversold condition and ready to rise. Remember, it is the slower one on the 1 hour chart...once it gets moving it goes for a while like an iceberg moving.

I am very bullish tonight!

Pending Buy Stop

Lot size = .02

Entry = 1.31164...Exit = 1.31825

Why did I pick those specific entry/exit points?

I primarily used previous horizontal trendlines to determine my entry/exits.

For my entry: since the trading day began today, a very tight range has taken place on the 1 hour chart. So if I think price is gonna go up I want to wait for it to be above that trading range...ideally it would triggered at an old trendline. Well, one happened to be just above today's high (and near today's Pivot point on the FiboPiv)...that gave me confidence and conviction.

For my exit: the 4 hour chart shows a pattern of rising about 100 pips when the 5,3,3 Stochastics is oversold and reverses. So I went to the low of today (at the time before I made the trade) and added 100 pips which came to 1.31915. Now we go to the 1 hour chart and look for a trendline near that number. I tried to be conservative and exit under that number of 31915, and lo and behold , a trendline was at 1.31827. A person could debate that trendline but it has been hit several times (and near it) so we will see what happens.

This trade could take a while to unfold so patience may be required...oh wait, I'm going to bed.

Here's the charts...