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Trading Made Simple

  • #45,541
  • Dec 2, 2014 4:54pm Dec 2, 2014 4:54pm
Quoting Ballistical
{quote} Please don't take this the wrong way, but it sounds like you should be demo trading your strategy as opposed to trading on a live account. This way you'll be competent in the use of all your "trading tools" before it really matters. Personally, I'm following the advice given on the James16 thread over in the Commercial section of this forum. James16 always reiterates that any trader should trade their strategy for three consecutive profitable months, before even considering moving to a live account. At the end of the day... Its a marathon...
Demoing isn't helpful I didn't find, I easily doubled and tripled accounts on demo countless times, have a look at the attached picture of when I started in 2012 and you can see i was profitable on demo, didn't touch trading through 2013/14 however iv got back into it now but with a real live micro account as I feel I will learn more trading real money. As good as the demo results below look, i'm fully aware that trading for real is a totally different ball game and in no way at all do I expect the same kind of results.
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  • #45,542
  • Dec 2, 2014 4:54pm Dec 2, 2014 4:54pm
Quoting lorbax
{quote} Well actually on GBP it's only this one (GMT+1) 10:30am GBP Services PMI The main one on tomorrow for USD pairs and not only, will be: 2:15pm USD ADP Non-Farm Employment Change cheers
also Australian GDP for all Australian cross in about 1h30m
Daniel
  • #45,543
  • Dec 2, 2014 4:55pm Dec 2, 2014 4:55pm
Quoting lorbax
{quote} Well actually on GBP it's only this one (GMT+1) 10:30am GBP Services PMI The main one on tomorrow for USD pairs and not only, will be: 2:15pm USD ADP Non-Farm Employment Change cheers

We also have the Forecast statement and they are expected to announce an increased national debt @ 12.30pm gm time.
Intelligence is the ability to adapt to change. Stephen Hawking
  • #45,544
  • Dec 2, 2014 5:08pm Dec 2, 2014 5:08pm
Quoting paddy86
{quote} Demoing isn't helpful I didn't find, I easily doubled and tripled accounts on demo countless times, have a look at the attached picture of when I started in 2012 and you can see i was profitable on demo, didn't touch trading through 2013/14 however iv got back into it now but with a real live micro account as I feel I will learn more trading real money. As good as the demo results below look, i'm fully aware that trading for real is a totally different ball game and in no way at all do I expect the same kind of results. {image}
i probably will get bashed because of this.....but this is my opinion

i don't know about micro lots trading to learn about forex. i honestly think it wont be that effective because of how little you can win/lose. i mean, the way i see it, what is the feeling of losing $5 when you have a $15/h wages? not much really. but if you step it up into mini, that $5 is now $50. the psychological effect is way more now.
For everyone who is in this industry, the end point is usually financial freedom. assuming that is your goal, there is no way you can have financial freedom if 50 pips a day is only worth $5. more like you want 50 pips that worth $100-$200. and to get to that point you need to get used psychologically to trading that kind of amount instead of stepping up again from micro to mini to normal lot.
i guess what i'm trying to say is.....to get it over with at the start by climbing that steep hill instead of going the long way around and climbing smaller hills to get there. at least you will know straight up if this is for you or not.

Greenb
Daniel
  • #45,545
  • Dec 2, 2014 5:15pm Dec 2, 2014 5:15pm
Greenb,

How is Vancouver, Canada doing?

I used to live in Seattle a long time ago & would
visit Vancouver. What a nice city by the ocean!
Wonderful place!

sj
  • #45,546
  • Dec 2, 2014 5:21pm Dec 2, 2014 5:21pm
Quoting snarlyjack
Greenb, How is Vancouver, Canada doing? I used to live in Seattle a long time ago & would visit Vancouver. What a nice city by the ocean! Wonderful place! sj
snarlyjack,

Vancouver is awesome this past few days, all sun and no rain. bit chilly though.
here is a pic (with my crappy iphone4) from my apartment next to Stanley park

Greenb
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Daniel
  • #45,547
  • Dec 2, 2014 5:23pm Dec 2, 2014 5:23pm
Quoting TheScorpS
{quote} Thats awesome trade Likica, u made me open oil chart recently , thanks for sharing
Thanks TSS. Did you find it fascinating?

Quoting Sesamstrasse
{quote} Cooooool trade !! And incredible how cheap oil is !!
Thanks Sesamestrasse. Yes, oil is super cheap but on PC only. not sure if retails have more room for their profit since we don't see any price drop at service stations.

Quoting Greenb
{quote} Likica, got a question for you about oil. how is the calculation on oil compared to forex? is the pip the same value or is it the same as gold? Greenb
It has 2 digits only, let say your short entry price is 67.55, and PT is 50 pips so price has to reach 67.00 to fill (assuming your spread is 0.05 which is very high compared to what we pay for trading fx). From my knowledge, the smallest amount to trade is 1.00 (1 contract) for 10 cents per pip, margin required is 20 dollars from FXCM ( a lot higher than gold).
example: 10 contracts, margin $200 , cost $5 (spread), profit 50 pips = $50

It normally have good moves (50 pips to 100 pips) if you know where and when to get in.
Need lots of practice on demo to get your eyes and your hands right .....and the right mindset

Hope I got everything in simple term. Good luck and happy trading.
Appreciation is the key to wealth and happiness
  • #45,548
  • Dec 2, 2014 5:23pm Dec 2, 2014 5:23pm
Greenb,

It must be nice!

Your in one of the most beautiful places in the world...

sj
  • #45,549
  • Dec 2, 2014 5:26pm Dec 2, 2014 5:26pm
Quoting Greenb
{quote} snarlyjack, Vancouver is awesome this past few days, all sun and no rain. bit chilly though. here is a pic (with my crappy iphone4) from my apartment next to Stanley park Greenb {image}
very beautiful. You are lucky Greenb.
Appreciation is the key to wealth and happiness
  • #45,550
  • Dec 2, 2014 5:26pm Dec 2, 2014 5:26pm
Quoting Greenb
{quote} i probably will get bashed because of this.....but this is my opinion i don't know about micro lots trading to learn about forex. i honestly think it wont be that effective because of how little you can win/lose. i mean, the way i see it, what is the feeling of losing $5 when you have a $15/h wages? not much really. but if you step it up into mini, that $5 is now $50. the psychological effect is way more now. For everyone who is in this industry, the end point is usually financial freedom. assuming that is your goal, there is no way you...

I have to agree with Greenb. I tried trading for $1/pips when I first started... when I had my stops hit, I didn't feel much pain and when my targets were hit, I didn't feel much success. The end result was I over-traded because 50 pips was barely worth $50.... and I lost tens of thousands, $1-3 / pip at a time. Now that I'm trading $5-10 pip (one half to one full standard lot), I more particular about my setups, SL's, and targets, and I'm very happy with a 50-100 pip target being hit. Whereas before, on $1-3 / pip, a 50 pip target wasn't enough because the dollar amount was so small... I kept wanting to see it hit 200-300 pips so that I actually made some money. 200-300 pip on a single trade from a 1H chart (with no news event) isn't very likely.... at all.
  • #45,551
  • Dec 2, 2014 5:32pm Dec 2, 2014 5:32pm
Quoting snarlyjack
Greenb, It must be nice! Your in one of the most beautiful places in the world... sj
Quoting likica
{quote} very beautiful. You are lucky Greenb.
it is indeed very nice, very good place to retire too hahahah not that i'm anywhere close to it.
also a good motivation. everyday i get out and see those yachts and sports car told me that if they can make it, so can I.

Greenb
Daniel
  • #45,552
  • Dec 2, 2014 6:06pm Dec 2, 2014 6:06pm
Quoting Greenb
{quote} also Australian GDP for all Australian cross in about 1h30m
ye I didn't mention it as I am supposed to sleep by then .. ahaah... well said.
cheers
Lorenzo
  • #45,553
  • Dec 2, 2014 6:14pm Dec 2, 2014 6:14pm
Morning all from my neck of the woods in beautiful steamy Australia.

I want to thank so many people on this forum (too many to name each individual) for giving so much quality information that no doubt would cost a fortune through a mentoring program. This really is the easiest system I have come across, but best of all for me it has taught me patience.

Not too long it seemed like I would get into a trade "just for the sake of it", which became too much of a lottery. Now if I'm tired or not quite in the right head space,
off goes the computer and try again tomorrow. From that perspective, major progress has been made. The next hurdle is for me to stop watching the PA and just check it out every 1 or 4 hours, whichever time frame I use.

Once again thanks for all the great information.
  • #45,554
  • Dec 2, 2014 6:24pm Dec 2, 2014 6:24pm
Quoting paddy86
{quote} Demoing isn't helpful I didn't find, I easily doubled and tripled accounts on demo countless times, have a look at the attached picture of when I started in 2012 and you can see i was profitable on demo, didn't touch trading through 2013/14 however iv got back into it now but with a real live micro account as I feel I will learn more trading real money. As good as the demo results below look, i'm fully aware that trading for real is a totally different ball game and in no way at all do I expect the same kind of results. {image}
Hi Paddy86,

Nice meeting you.

If I were you I would have a conversation with myself on
why I'm losing money?

1). Do you have an effective strategy?
2). Have you mastered the strategy?
3). Do you have a structured trading routine?
4). Are you trading with "scared money" or risk money?
5). Are you trading the lower time frames (5, 15, 30 minute charts)?

Once you determine why your losing money, what is your plan on
turning it around into profitable trading?

Look at my system & don't deviate from it! Learn exactly how to trade it!
Can you commit to a structured system & stick to it?

Just some idea's off the top of my head...

sj
  • #45,555
  • Dec 2, 2014 6:48pm Dec 2, 2014 6:48pm
Quoting Greenb
{quote} just closed both trades AU +25.3 GU +63.1 total for a good night sleep = 88.4 pips lovely morning
i'm feeling quite stupid right now for not holding that AU short and just putting it at BE+ a bit. that news was such a dissapointment
Daniel
  • #45,556
  • Dec 2, 2014 7:16pm Dec 2, 2014 7:16pm
Quoting Greenb
{quote} i'm feeling quite stupid right now for not holding that AU short and just putting it at BE+ a bit. that news was such a dissapointment


So am I.... for having my SL to tight on a GN long position.

Got a cross up on the watchdog indi, 4H was stepping up also. Put on a long with a SL of 25 pips.... should've been 30 pips. First image is when I put the trade on and where I had my target. Second image was taken after being stopped out only to watch the aussie news release drive the GN right up to where my target was. Would've been +50.

What was it that I just said a few posts back about feeling the pain of a loss when trading for more than $1 / pip....? Well, this was a good example.
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  • #45,557
  • Dec 2, 2014 7:25pm Dec 2, 2014 7:25pm
Quoting sknight1
{quote} So am I.... for having my SL to tight on a GN long position. Got a cross up on the watchdog indi, 4H was stepping up also. Put on a long with a SL of 25 pips.... should've been 30 pips. First image is when I put the trade on and where I had my target. Second image was taken after being stopped out only to watch the aussie news release drive the GN right up to where my target was. Would've been +50. What was it that I just said a few posts back about feeling the pain of a loss when trading for more than $1 / pip....? Well, this...

remember to always put your sl on the last high or low . or 50 pips emergency sl and let it rip.
Daniel
  • #45,558
  • Dec 2, 2014 7:38pm Dec 2, 2014 7:38pm
Quoting Greenb
{quote} remember to always put your sl on the last high or low . or 50 pips emergency sl and let it rip.
Yep, I knew that and didn't do it. The thought of a 50 pip SL almost makes me nauseous. I try to imagine trading a full lot with a 50 pip SL and can't imagine risking $500-ish on a trade. I can't stomach that yet. Probably because I'm still developing my belief in the system.

Edit to add: BTW RedPheonix.... the purple / orchid down bars are indeed more soothing to the eye than red bars.
  • #45,559
  • Dec 2, 2014 7:49pm Dec 2, 2014 7:49pm
Quoting sknight1
{quote} Yep, I knew that and didn't do it. The thought of a 50 pip SL almost makes me nauseous. I try to imagine trading a full lot with a 50 pip SL and can't imagine risking $500-ish on a trade. I can't stomach that yet. Probably because I'm still developing my belief in the system. Edit to add: BTW RedPheonix.... the purple / orchid down bars are indeed more soothing to the eye than red bars.
put it this way, unless you make a major mistake in doing analysis and entry point(shorting instead of going long), you will never touch 50 pips.
the worst that i ever get to on sl when there is no news and i got in on right entry is 20 pips.
Daniel
  • #45,560
  • Dec 2, 2014 8:03pm Dec 2, 2014 8:03pm
Quoting Greenb
{quote} put it this way, unless you make a major mistake in doing analysis and entry point(shorting instead of going long), you will never touch 50 pips. the worst that i ever get to on sl when there is no news and i got in on right entry is 20 pips.

I admire your ability Greenb. ! However, I must still be doing something wrong because every time I enter a trade, the darn thing turns against me immediately (not counting the spread). Drives me nutz. Just once I'd like to see one take off in the intended direction.
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