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How far will I go with 11 trades, each 30 AUD?

  • #81
  • Aug 13, 2013 5:15pm Aug 13, 2013 5:15pm
Quoting Starry
{quote} my target is 1.3550 . yup! i hope it flies way way up
oh, i forgot to mention that this is just a dream and i will take profit at 1.3347 - 1.3351, according to my one hour technical timeframe analysis which i just did (cause i think it may muck around a bit before going up and i want to trade all the nice swings so i maximize my profits )

edit: maybe 1.3342 . hmph
  • #82
  • Aug 14, 2013 4:51am Aug 14, 2013 4:51am
Quoting goldcrash
{quote} ok im shorting again. short at 1,3246 stop loss at 1,3271 take profit at 1,3212..lets see

I have been triggered again....
  • #83
  • Aug 14, 2013 5:57am Aug 14, 2013 5:57am
Quoting goldcrash
{quote} I have been triggered again....

im thinking its bullish now .... this is a retest of the low ?
  • #84
  • Aug 14, 2013 6:11am Aug 14, 2013 6:11am
Quoting Starry
{quote} im thinking its bullish now .... this is a retest of the low ?
so where is ur stop?under the pin?
  • #85
  • Aug 14, 2013 6:57am Aug 14, 2013 6:57am
Quoting goldcrash
{quote} so where is ur stop?under the pin?
no, its 70% of my option value. i dont know where that is. but if i were trading forex, i would put it 10 pips under the low of the pin.
  • #86
  • Aug 15, 2013 4:27am Aug 15, 2013 4:27am
Alright guys...my trading challenge is starting now. My real live account is funded with 340 AUD.

Like I said at the beginning of this thread Im risking only 11 trades.......

Do I blow my account or can I double or even triple my account?Lets see the outcome by not using any money management rules at all!


You can track my performance at http://www.myfxbook.com/members/Poke...ldcrash/664527
  • #87
  • Aug 15, 2013 5:01am Aug 15, 2013 5:01am
Quoting goldcrash
Do I blow my account or can I double or even triple my account?Lets see the outcome by not using any money management rules at all!
no M M kills

GREED kills

marry your trade kills

n no plan kills

if u want threeforty to survive,.,,.,
  • #88
  • Aug 15, 2013 6:26am Aug 15, 2013 6:26am
Quoting goldcrash
Alright guys...my trading challenge is starting now. My real live account is funded with 340 AUD. Like I said at the beginning of this thread Im risking only 11 trades....... Do I blow my account or can I double or even triple my account?Lets see the outcome by not using any money management rules at all!
I wish you luck (and you will need it, as your trading "strategy" hinges more on luck than anything else).

Learning forex is a journey. I've jotted down a few lessons I've learned during my own growth in forex over the past 6 years:

1. If it's so easy to make money from forex, why isn't everyone successful? You simply can't get away from the fact that the vast majority of people fail;
2. What you're thinking is a great new idea has already been tried thousands (or more) times;
3. Ultimately, that new indicator you're hanging your hopes for the future is simply another way to look at the market - no indicator is going to make the market change direction;
4. We retail customers cannot change the market. The best we can do is hang on to the coat tails of the institutional traders;
5. No over-hyped $69 system/EA will bring the untold wealth it promises, except perhaps for the person who is selling it;
6. The best way to accelerate your learning is to get yourself a successful mentor;
7. No 2 traders will produce the same results. This was demonstrated by the Turtles, who were trained in a phenomenally successful trading method (as part of a controlled experiment), but who from the morning of day 1 all had vastly different results;
8. Demo accounts do not prepare you for the onslaught of emotions you will experience once your own real money is being risked;

Personally, my trading was transformed when I realised a few things:
1. The vast majority of indicators are lagging indicators. And lagging indicators only tell you what has already happened - not what is going to happen;
2. Support & Resistance (pivot points), divergence and basic candlestick patterns are effective leading indicators, and give me strong clues on future market direction;
3. Greed (lack of money management) will kill your account in no time;
4. Doing nothing, not being in a trade, is a legitimate, positive action. Patience will be rewarded.

That is why I trade price action. It's a continual learning process, not something you buy off the shelf. I know I will never be perfect, and the market will always bring surprises.

I wish you the best in your own learning journey. But this "experiment" is only the very start for you.
  • #89
  • Aug 15, 2013 6:50am Aug 15, 2013 6:50am
Quoting goldcrash
Alright guys...my trading challenge is starting now. My real live account is funded with 340 AUD. Like I said at the beginning of this thread Im risking only 11 trades....... Do I blow my account or can I double or even triple my account?Lets see the outcome by not using any money management rules at all! You can track my performance at http://www.myfxbook.com/members/Poke...ldcrash/664527

good luck
  • #90
  • Aug 15, 2013 6:57am Aug 15, 2013 6:57am
Quoting primestop
{quote} I wish you luck (and you will need it, as your trading "strategy" hinges more on luck than anything else). Learning forex is a journey. I've jotted down a few lessons I've learned during my own growth in forex over the past 6 years: 1. If it's so easy to make money from forex, why isn't everyone successful? You simply can't get away from the fact that the vast majority of people fail; 2. What you're thinking is a great new idea has already been tried thousands (or more) times; 3. Ultimately, that new indicator you're hanging your hopes...

Wow..very nice points u have in your summary. Thank u very much..I do appreciate it!
By making this experiment with a relative small amount of money Im trying to get to know these emotional roller coaster swings. I want to see if I can stick to my plans and have patience only taking good setups. Now Im curious what I will learn from my "challenge"...
  • #91
  • Aug 15, 2013 6:58am Aug 15, 2013 6:58am
Quoting Starry
{quote} good luck
Thank u Starry. Hope u are doing good!
  • #92
  • Aug 15, 2013 7:09am Aug 15, 2013 7:09am
If I follow you correctly. You are stopped out on one EURUSD trade and one is still open and in profit.

Make open trades list public. It would be more interesting to follow rather than reviewing closed trades.
  • #93
  • Aug 15, 2013 7:13am Aug 15, 2013 7:13am
Quoting grin
If I follow you correctly. You are stopped out on one EURUSD trade and one is still open and in profit. Make open trades list public. It would be more interesting to follow rather than reviewing closed trades.
These trades were just imaginary trades....
Since today u can follow my real money trades here: http://www.myfxbook.com/members/Poke...ldcrash/664527
Besides that im trying to post my trades here.....
thank u
  • #94
  • Aug 16, 2013 3:42am Aug 16, 2013 3:42am
Here is my trade number 1 and number 2:

1. Sell AUD/JPY (already triggered)

2. Sell stop GBP/CHF @ 1.4451
  • #95
  • Aug 17, 2013 5:30am Aug 17, 2013 5:30am
Quoting goldcrash
Here is my trade number 1 and number 2: 1. Sell AUD/JPY (already triggered) 2. Sell stop GBP/CHF @ 1.4451

Gosh...just realizes that I sold AUD/JPY into weekly resistance. This is defin. no A + trade!Looks like Im gonna get stopped out

GBP/CHF is also not a A + trade.

First lesson learned....patience, patience, parience...wait for the right time and then shoot your bullets!!

Dont know if I should get out of my trades or if I should leave them....
  • #96
  • Aug 17, 2013 9:22am Aug 17, 2013 9:22am
Its a good idea to plan your trades out completely before you put them on and to use pending orders so you dont stress while you are in them like you are now. Sounds like you are still learning a lot.
All posts are my personal opinion
  • #97
  • Aug 17, 2013 1:06pm Aug 17, 2013 1:06pm
Quoting goldcrash
{quote} Gosh...just realizes that I sold AUD/JPY into weekly resistance. This is defin. no A + trade!Looks like Im gonna get stopped out GBP/CHF is also not a A + trade. First lesson learned....patience, patience, parience...wait for the right time and then shoot your bullets!! Dont know if I should get out of my trades or if I should leave them....
be careful not to make excuses for trades not working out!

Actually its ok, you just dont want to use random trade wisdom as an excuse not to be consistent or not to improve your trading plan. So dont trade into resistance again (if you feel that that is the reaason anyways).

I actually do the same thing sometimes I am learning just like you

A consistent formula gives you consistent results
  • #98
  • Aug 17, 2013 4:39pm Aug 17, 2013 4:39pm
Quoting goldcrash
{quote} Gosh...just realizes that I sold AUD/JPY into weekly resistance. This is defin. no A + trade!Looks like Im gocan bet a milnna get stopped out GBP/CHF is also not a A + trade. First lesson learned....patience, patience, parience...wait for the right time and then shoot your bullets!! Dont know if I should get out of my trades or if I should leave them....
per SL, you can calculate the posit

Goldcrash
11 trades is too little of a sample to learn anything usefull....money will go...you can bet a Million on it....
Broker Boy will love you.
Humble sugestion:
open an account with OANDA (they are not my friends).
Risk a Dollar per trade , OANDA letīs you do that...exactly... I mean 1 US Dollar...no more.
After "11 trades", if you made some Money, increase your stop loss risk, maybe to 2 Dollars.
You will be surprised how hard it is to take that one Dollar out of the market.
Market is the biggest Casino on earth, it will fight for every single Dollar in your account, relentlessly, with the best Software, Speed, Tools, engineeres, capital power and high Speed robots....all against you...
This is no kindergarten, place you bet and Mr. Market will go for it...
Ever wondered why 95% of the best , intelligent, with know how...loose, consistently...Imagine a poker Championship...would you go in and Play after you learned the poker rules in a week...and bet 300 bucks...???????
  • #99
  • Aug 18, 2013 4:21pm Aug 18, 2013 4:21pm
Guys...

I have just closed my two positions manually cause Im not feeling good with them. Ive made them in a rush ......didnt make a decent analysis!
Also, I do stop my trading challenge here due to the pressure that I do have to succeed!This is eating me up mentally!
Sorry for all the confusion. I wish u all the best and good trades.
  • #100
  • Aug 18, 2013 6:27pm Aug 18, 2013 6:27pm
show us some charts? let see how u analyze, try help u


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