Journey Of An 18 Year Old FX Trader | Forex Factory

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Journey Of An 18 Year Old FX Trader

  • #1
  • First Post: Feb 13, 2014 3:59pm Feb 13, 2014 3:59pm
This journal will be updated with my live trades as I take them for my own personal reference to be able to look back upon someday once I've made my millions
I've recently just turned 18 and have now been able to make a live FX account. I don't have much money to start with since I'm a student and that's the life.
I trade using price, volume, support & resistance as well as fundamentals.
  • #2
  • Feb 13, 2014 4:00pm Feb 13, 2014 4:00pm
U/Chf Added 4 Long Positions:
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  • #3
  • Feb 13, 2014 4:04pm Feb 13, 2014 4:04pm
EU added the equivalent of 2 short positions:
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  • #4
  • Feb 13, 2014 4:08pm Feb 13, 2014 4:08pm
GJ added 1 short position:
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  • #5
  • Edited 6:14pm Feb 13, 2014 5:09pm | Edited 6:14pm
Quoting SaiLyfee
GJ added 1 short position: {image}
Rethought this one after looking over the H4 more in depth. Closed the trade for a really, really small profit and am now watching and waiting for price to test the marked yellow area.
Feb 18th/19 looks like it may be a nice time to pull the cloth from under the table..
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  • #6
  • Feb 13, 2014 5:28pm Feb 13, 2014 5:28pm
Quoting SaiLyfee
This journal will be updated with my live trades as I take them for my own personal reference to be able to look back upon someday once I've made my millions I've recently just turned 18 and have now been able to make a live FX account. I don't have much money to start with since I'm a student and that's the life. I trade using price, volume, support & resistance as well as fundamentals.
The great thing about starting this early and will give you a big edge down the road is you can afford to make mistakes. More so then all these old timers retired who have nothing or the pressure of a wife and kids and daily job grind. You have time on your side! PS happy 18th, cheers.
Ryan
All posts are my personal opinion
  • #7
  • Feb 13, 2014 5:35pm Feb 13, 2014 5:35pm
Quoting Rtm
{quote} The great thing about starting this early and will give you a big edge down the road is you can afford to make mistakes. More so then all these old timers retired who have nothing or the pressure of a wife and kids and daily job grind. You have time on your side! PS happy 18th, cheers. Ryan
Hahaha, yes that's so true. Time is definitely on my side for now. And again I'm glad I'm only starting out small really, its worth taking the time with these things. Thanks a lot, all the best to you and your trades.
- Sai
  • #8
  • Edited Feb 14, 2014 12:22am Feb 13, 2014 11:38pm | Edited Feb 14, 2014 12:22am
Took a long scalp of sorts on UJ:
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I remain bullish on this pair, for now with nice supporting volume at the lows.
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  • #9
  • Feb 14, 2014 4:19pm Feb 14, 2014 4:19pm
Quoting SaiLyfee
Took a long scalp of sorts on UJ: {image} I remain bullish on this pair, for now with nice supporting volume at the lows. {image}
Trade closed at BE due to adjusted SL being hit.
Overall I'm bearish on the YEN pairs and any move up for now is only a retrace move before a heavier amount of short accumulation by the MMs.
That said I'm gonna wait till next week to see what it brings.
  • #10
  • Feb 14, 2014 4:20pm Feb 14, 2014 4:20pm
Added another position to EU as it made its way above the 1.37xx whole number:
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  • #11
  • Feb 14, 2014 4:23pm Feb 14, 2014 4:23pm
Added #5 position to U/Chf:
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Not much has changed since I added #4 but I see this is pair under heavy accumulation of long orders right now and saw it as an opportunity.
  • #12
  • Feb 14, 2014 4:30pm Feb 14, 2014 4:30pm
Week #1:
Comments for the week:
I'd say it's been a pretty opportunistic first week of live trading, namely with the EU and UChf. I may have jumped the gun on my first 2 U/Chf positions although I am happy letting both of these trades run for as long as they need to for a decent return given the heavy impression I have on both of these pairs. Looking ahead to next week I am watching the high impact news for GU and JPY to see what is brought about as a result. I'm intending to watch Monday very closely to see if there is any preparation activity happening the day before things unfolding.
Hmm, that's about it really May next week bring some much anticipated pips!
  • #13
  • Feb 14, 2014 4:36pm Feb 14, 2014 4:36pm
I started looking into this not much older than you. Props for getting in early - now you just need to stick with it. I would suggest taking out the real money and spending it on some fun; you're going to lose it anyway. Demo really gets a bad wrap but it would have saved me some dough had I listened to others and just demoed before I realized where the real turning points are. Support and resistance are what all of retail watches. Best of luck.
  • #14
  • Feb 14, 2014 4:51pm Feb 14, 2014 4:51pm
Quoting Kanzler
I started looking into this not much older than you. Props for getting in early - now you just need to stick with it. I would suggest taking out the real money and spending it on some fun; you're going to lose it anyway. Demo really gets a bad wrap but it would have saved me some dough had I listened to others and just demoed before I realized where the real turning points are. Support and resistance are what all of retail watches. Best of luck.
Thanks Kanzler, consider it challenge accepted
I would have to say, I've been demoing for over a year now and that has gotten pretty boring since any efforts go to waste.
In regards to determining 'real' turning points, I would say there's no such thing, because at the end of the day we're all just guessing and have no say where price really goes. Really, price goes whereever the MM's damn well want it to go, being where they see the most money to be made/*stolen*. That's why I see trading light and not setting any hard SL's a better alternative. Rather I would set a maximum DD % per each trade I take.
In my opinion, it is possible by using volume, alongside S+R, that we can gather what the MM's are planning ahead for and use it to our advantage.
Anyway, time will tell if this thread can last or not
Your comments are really appreciated.
Regards
- Sai
  • #15
  • Feb 14, 2014 6:45pm Feb 14, 2014 6:45pm
Quoting SaiLyfee
{quote} Thanks Kanzler, consider it challenge accepted I would have to say, I've been demoing for over a year now and that has gotten pretty boring since any efforts go to waste. In regards to determining 'real' turning points, I would say there's no such thing, because at the end of the day we're all just guessing and have no say where price really goes. Really, price goes whereever the MM's damn well want it to go, being where they see the most money to be made/*stolen*. That's why I see trading light and not setting any hard SL's a...
Saying it is a guess is only true to a limited degree. While most people will say their way of doing it is right and everybody else is wrong (I am largely guilty here), the common theme is that we at least believe we are using evidence to support our trade ideas. My "real" turning points are very bounded regions at which I expect price to turn, and I believe they work because of explanations that seem rational in the context of supply and demand mechanics. I do not accept drawdown and take losses immediately. If my original trade idea has been invalidated, why stay in a losing trade and leave my account open to further risk?

Accepting drawdown is simply a way for people to hope and pray that their money comes back from a losing trade. Sometimes it works. Sometimes it doesn't, and when it doesn't is when you really feel like you've taken a hit to the jaw. They are the events where all of your small gains were wiped out and you start to see the strategy for what it is; a delay of the inevitable.

So what you really need to think about is whether or not you have a good reason for why your strategy should work. You may have your own twist to a popular idea but what makes your analysis valid in terms of down to earth trading mechanics? Just something to chew on.
  • #16
  • Feb 14, 2014 7:38pm Feb 14, 2014 7:38pm
Nicely said, I actually agree to a large extent with you and really can't thank you enough for your insights. This definitly is some food for thought. Best to you
  • #17
  • Last Post: Feb 25, 2014 5:48pm Feb 25, 2014 5:48pm
Still holding Eu shorts and Uchf longs after nearly two weeks now.

Opened a fresh trade, long on Cad/Chf.
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