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  • #903,401
  • Jun 8, 2014 4:14pm Jun 8, 2014 4:14pm
Quoting OnlineAddict
{quote} I have the same view...even a drop below 1.3620 possible...either in Asian or EU session...maybe just a few pips...and that might be the bottom for the week.
Maybe at start od london it could drop to 1.3600 and then up...but some holidays in Europe, so we will see
  • #903,402
  • Jun 8, 2014 4:16pm Jun 8, 2014 4:16pm
I lived off trading for a year but eventually stopped because i got greedy and overtraded. My wife and i at the time used to trade from sunday to wednesday and make 3-4k trading 1-2 lots in our standard accs but instead of stopping i always went back in to try and make it a 10k week etc and blew everything. This was about 4-5 yrs ago. Been back in it but now im taking baby steps. 10-20% increase a month for me is good now till i get where i want to be to do it full time again
  • #903,403
  • Jun 8, 2014 4:28pm Jun 8, 2014 4:28pm
Quoting Donyouth4eva
I lived off trading for a year but eventually stopped because i got greedy and overtraded. My wife and i at the time used to trade from sunday to wednesday and make 3-4k trading 1-2 lots in our standard accs but instead of stopping i always went back in to try and make it a 10k week etc and blew everything. This was about 4-5 yrs ago. Been back in it but now im taking baby steps. 10-20% increase a month for me is good now till i get where i want to be to do it full time again
What kind of capital do you have before To make that kind of $ monthly?

Most people here don't realize that when you trade with big $ is very different from small $
and it's totally different from demo account.
  • #903,404
  • Jun 8, 2014 4:42pm Jun 8, 2014 4:42pm
Quoting aarontdang
{quote} Janpec1000, That's why everyone dream in forex to make Million from $500 capital. But they don't realize that trading from $500 is different from $5000 account. How big account are you talking about? Most people here trading with less than $5K capital!!!! Remember, people only show you when they make $. If they can make consistent $, why not allow other to follow and make more. It's like helping more people. If you have small capital is very very very hard to make a living out of it. Small capital you have to use high leverage to make $$$....

Aarondog.... it takes time between 3 - 5 years to make consistant gains like 100 - 150 pips per day but of forex for those reasons stated, even if you can predict the spots you will need time to develop a winning attitude, even if you are 150% confident of the move you will need time to develop discipline, most lose their accounts and never get time as trying to make it rich quickly.

Once you got it... you know you got it, you know that you aint going to lose anymore, what I mean is you mastered the trader psychology then you can relax as you understand how quickly your account can grow.

Myself my problem was different, I had an it recruitment firm and made footballers money per day, had the same mentality that wanted to make that money per day, couldn't de leveraged, learnt the hard way but in th end just became better and better but it takes time I wont deny that.. but once you got the trader psychology.. can sit all day and not touch the buttons even though you may be at your pc.. your on your way to becoming a full time trader

But I totally understand your statement in more ways than one... for instance... I made a logical decision this week not to short cable although I have cable being shorted, and euro gbp longed, would prefer to put cables short money on eur usd long as its easier money.. I see 500 pips this week on eur usd..... now I will only take 5 trades to make that 500 pips... 1 trade alone I will look to take 180 pips off, that's the difference between becoming disciplined and understanding the market like some people may enter 5 trades per day.. and usually the day will produce 6 good trading opportunities but sometimes you have to decide is 30 pips worth the risk... my 5 trades on euro usd this week, not one is worth less than 60 pips

Anyway good luck... Euro plan for the week is short 1.3670 down too 1.3585.. you wil have intraday levels like at 1.3608 trying to take it too 1.3640/50 but not interested in intraday levels, will also have 1.3597 scalping a little higher retrace but am interested in the bottom which is 1.3586.. from there I am looking at taking it too 1.3805 that's Friday close..

You may get a trade from 1.3770 short too 1.37

possibly it might go as low as 1.3687 off 1.3770

Then 1.3686/1.3705 long too 1.3805

then 1.3805 down too 1.3740

then Monday 1.3740 upto 1.3837 then it will get slammed short
  • #903,405
  • Jun 8, 2014 4:45pm Jun 8, 2014 4:45pm
Quoting aarontdang
{quote} Janpec1000, That's why everyone dream in forex to make Million from $500 capital. But they don't realize that trading from $500 is different from $5000 account. How big account are you talking about? Most people here trading with less than $5K capital!!!! Remember, people only show you when they make $. If they can make consistent $, why not allow other to follow and make more. It's like helping more people. If you have small capital is very very very hard to make a living out of it. Small capital you have to use high leverage to make $$$....

forget $200 dollars per day as you can increase risk to make that etc
How many pips do you make per day?
Per week?
Per Month?
How many trades are you making roughly per day?
What is your average win rate in pips?
Average loss rate in Pips?
What is your usual stop in pips?
What is your Capital?
  • #903,406
  • Jun 8, 2014 4:51pm Jun 8, 2014 4:51pm
i believe i started my started my standard acc with between 1500-2500 at the time. Where i made most of my money was trading gaps back then. As i said before i got greedy and that was my downfall. My ex wife wasnt working at the time because my son was just born so we both traded. Because of our lifestyle back then i wanted more money etc and wasnt happy with what i made weekly.
Now fast forward to 2014 ive decided to take a slower approach and start with an mini and build myself up as a way to retrain myself and not get back into old habits. Back in 08 eurusd used to have 100+ pip range etc now its like between 50-70 a day if your lucky. Most of my traders friends stopped because of this but i see opportunity. If the range is like that you can pretty much scalp in both directions and come out winning. In the morning it drops and in the night it retraces.
Yes, i agree 100% with you on demo vs live accounts. When i went live for the first time and lost 88 dollars i was pissed and wanted to throw my laptop etc. But what defines you as a trader is the pain you get over. I walked away from a $88 dollar loss, then next loss was in the hundreds then my biggest loss was $ 5 or 5k in one day. I took it in stride, put down my laptop and went drinking that night. If you cant tolerate pain forex isnt for you.
On a separate note i try to shoot for only 10 pips per trade now. My mentor told me its easier to trade multiple lots for 10 pips than to chase 100 so thats how i trade nowadays
  • #903,407
  • Jun 8, 2014 4:53pm Jun 8, 2014 4:53pm
Here's a question.. check Cable charts, someone has just posted a trade.... How many trades would you take on it today??? where would you enter long or short and where would you get out??? someone has just posted a trade, I see it as perfect as its my parameters, he's entering at top and shorting to bottom, he is not going to take intraday levels in between... his risk will be like 4 pips and his target will be 80 pips.. he only needs that trade every day, even if he risks 20 pips, he risks 4 to 1 and his reading is correct... I'm not sure if that's the only trade he is planning, but if he can just trade that say $10, 1 lot per trade consistently he will build his account. If he has habit of trading because he enjoys practice all other trades on demo, work out win and loss ratio... you will normally lose the more you enter until you become exquisite in the markets and that takes time.. easier to practice to learn to take 1 trade per day this will ensure discipline, harness that discipline and also build your capital quickly. have a look where you wold enter and exit? have a look how many trades you would take? be honest?
  • #903,408
  • Jun 8, 2014 4:55pm Jun 8, 2014 4:55pm
Here is my trade for the week on the EJ 4hr. The yellow TL is a strong daily support.

I have included a chart I traded in April on the EU with a similar setup and included the result chart.

The trade is not 100% ofc but it has a strong possibility of following suit imo.
Disclaimer: trade sensible with proper MM etc. etc.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpy #5 h&s.jpg Size: 201 KB
Click to Enlarge Name: eurusd #32 H&S eg.jpg Size: 169 KB
Click to Enlarge Name: eurusd #32 H&S full move.png Size: 47 KB
As the lights go by so too do the shadows move
  • #903,409
  • Jun 8, 2014 5:01pm Jun 8, 2014 5:01pm
Quoting Donyouth4eva
i believe i started my started my standard acc with between 1500-2500 at the time. Where i made most of my money was trading gaps back then. As i said before i got greedy and that was my downfall. My ex wife wasnt working at the time because my son was just born so we both traded. Because of our lifestyle back then i wanted more money etc and wasnt happy with what i made weekly. Now fast forward to 2014 ive decided to take a slower approach and start with an mini and build myself up as a way to retrain myself and not get back into old habits. Back...
I've done the same.. my ex coach who consistently makes 150 per day and on good days 350... and pyraminds so has massive positions etc thought I was the best thing since sliced bread, people would ask me to help them in online trading schools etc, but I may have been able to analyze better but they were more profitable as I was making a losss as couldn;t control myself I had the mindset that I wanted to earn £5000 per day as that is what I was earning when I once had a recruitment company, and I couldn;t shake the ideology out of my mind, I couldnt de leverage, in the end something had to give and I just became better and more disciplined even though I was still over leveraged, nobody understands greed better than me... It took time but once you know that your there I think you know..... for instance I coached and mentored 1 ro 2 people at a fund online via Skype and showed them how to read fractals correctly but was still no the finished article... I now feel I am at the stage where I will fufill my early promise and look forward to competeing with professionals in performance indexes - -PS Reading a great book... rich dad poor dad, and it says that failure pushes winners jn further to succeed and achieve where as losing deflates losers and they give up forever, couldn;t agree more
  • #903,410
  • Jun 8, 2014 5:31pm Jun 8, 2014 5:31pm
Quoting Donyouth4eva
easier to trade multiple lots for 10 pips than to chase 100

yes
Wherever you go, there you are.
  • #903,411
  • Jun 8, 2014 5:49pm Jun 8, 2014 5:49pm
Quoting milam
{quote} yes

I been taught differently to look for minimum of 40 pips.... and now I am not saying don't scalp 30 - 35 pips... I am hoping to do it on cable from 1.6787 too 1.6823 that's a scalp 36 pips but I prefer to take bigger trades for instance eur usd from 1.3587 too 1.37.... I see it will have problems and retrace of 1.3705 but I think it will go to 1.3805 at end fo week and much prefer longer trades...and they offer less risk and more protection than trying to scalp 10 pips.

I suppose its easiest to sum up like this...
We ar eplaying chicken running across the motorway Bill and Ben... Band each time you mae it across you get $100.. Welll Bill makes it twice and banks $200.... Ben on the other hand has already made it across 7 times banking $700 in the process, he decides to go again for $800... who's the winner ??? Bill or Ben??? Well its Bll as on the 8th time Ben gets hit by a car and dies meaning his $700 is worthless and non existant... the more you enter the more risk you take.. the less pips you go for the more risk you take... put them to together less pips and more action in markets is a recipe for disaster in my opinion
  • #903,412
  • Jun 8, 2014 5:50pm Jun 8, 2014 5:50pm
Quoting aarontdang
{quote} Every investment have risks! You're investing in someone knowledge. If they don't make $ for you, you pay them nothing. Of course at the end is how much you're willing to risks. Sheep or Lion doesn't really matter in this game. We are all sheep here, meaning that all our trades doesn't move the market. Even banks lose $ here, you call them lion or sheep?

Banks lose ...defo... Citbank makes a profit from FX by charging via spread and for liquidity in the markets... savy retail traders make cash
  • #903,413
  • Jun 8, 2014 5:55pm Jun 8, 2014 5:55pm
Good afternoon everyone. I wish everyone the best this up coming week.
Ever thought about how much money you could earn wagering against yourself?
  • #903,414
  • Jun 8, 2014 6:34pm Jun 8, 2014 6:34pm
Interesting long conversation here. Just a thought.... in the form of a question. If one were to follow the leader in trading, why not just hand them the keys and let them drive? i.e. just manage your account for you.
Ghost Rider - WWTBMD?
  • #903,415
  • Jun 8, 2014 6:35pm Jun 8, 2014 6:35pm
Quoting FibsWork4Me
Good afternoon everyone. I wish everyone the best this up coming week.
You too fibs
Ghost Rider - WWTBMD?
  • #903,416
  • Jun 8, 2014 6:42pm Jun 8, 2014 6:42pm
Quoting albchr
{quote} You too fibs
Thanks so much Alb... I hope to share some information with you guys by weeks end.
Ever thought about how much money you could earn wagering against yourself?
  • #903,417
  • Jun 8, 2014 6:44pm Jun 8, 2014 6:44pm
Quoting albchr
Interesting long conversation here. Just a thought.... in the form of a question. If one were to follow the leader in trading, why not just hand them the keys and let them drive? i.e. just manage your account for you.
Excellent question. I think for most of us who trade + blog we are more concerned about people knowing we were correct (with our predictions), instead of posting an account and providing our calls that way. I must admit that most of the conversations here are indeed amusing, yet counter productive for us all.
Ever thought about how much money you could earn wagering against yourself?
  • #903,418
  • Jun 8, 2014 6:45pm Jun 8, 2014 6:45pm
Quoting aarontdang
{quote} Banks have traders too...and traders can lose money also. Follow the leader is not a bad idea. If someone willing to share their ideas and walk the talk. I'm sure someone will follow. So there's no sheep or lion, the reason.. More losers than winner in this market is everyone think they are too smart! To follow other.
You know something else. Most people say that "BANKS" lose investors money. Which of course is true, but has anyone ever thought that the big banks "HEDGE" the funds out of their clients account. Thus clients lose, and the broker GAINS money off the books.
Ever thought about how much money you could earn wagering against yourself?
  • #903,419
  • Jun 8, 2014 6:48pm Jun 8, 2014 6:48pm
Quoting aarontdang
{quote} Banks have traders too...and traders can lose money also. Follow the leader is not a bad idea. If someone willing to share their ideas and walk the talk. I'm sure someone will follow. So there's no sheep or lion, the reason.. More losers than winner in this market is everyone think they are too smart! To follow other.
Sorry, I implied with my saying possibly not what I originally meant. I wanted to pick up on how to deal with negative criticism. Maybe you've heard of the book: the four agreements. This book will teach you the four basic principles for mental freedom according to the writer.
The four principles are:
- Be impeccable with your word.
- Don't take anything personally.
- Don't make assumptions.
- Always do your best.

Best regards,

Frietzak
  • #903,420
  • Jun 8, 2014 7:21pm Jun 8, 2014 7:21pm
Quoting FibsWork4Me
{quote} Thanks so much Alb... I hope to share some information with you guys by weeks end.
Of course no one can be 100% sure but, somehow I get the feeling you will.

Quoting FibsWork4Me
{quote} Excellent question. I think for most of us who trade + blog we are more concerned about people knowing we were correct (with our predictions), instead of posting an account and providing our calls that way. I must admit that most of the conversations here are indeed amusing, yet counter productive for us all.
Yeah, It is funny how one sided the claims can be. There are some very good and helpful traders here and I've learned from watching them. But in all honesty, this is really a social thing for me. A traders Facebook if you will. All in all it's all good. Some education and lots of entertainment in the same place? Who could ask for anything more?

I keep my journal and it records everything along the way. The good, the bad and yes, the ugly. I shy away from the whole trade explorer thing only due to my knowledge of networks and the internet. That's about all I'll say on that one.
Ghost Rider - WWTBMD?
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