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Any Rookies need some help

  • #161
  • Edited 2:41am Feb 17, 2015 12:55am | Edited 2:41am
Quoting skfx
{quote} This is likely due to fluctuations in volatility. Keep your eye on volatilies and adjust as need be. By doing this you'll be trading market feedback and you'll capture most of what's on offer. There isn't much point dreaming about the big fish when only little ones are swimming about. It's good you picked up on it, we'll done! Regards.

Don't forget this is a zero sum game. When a day comes to its close, all those buyers in it for the day start to close their orders. skfx and rjtn already have by the sounds of it. When a buy closes it is a sell. This is when inexperienced traders close what they wanted to be longer term trades. They add to the effect. Sometimes, if the day has had a big move, this effect is magnified and there can be what is called a stop run. This is sometimes called stop hunting. Every time a stop loss is hit, that buy becomes a sell and the market becomes frightened that the trend is changing. This happens on all time frames.

The overview is the main trend. If the price has trended on the monthly and the weekly, for example, (please don't ask me to define this!) then it doesn't take long for serious traders to realise they have a good price to re-join the trend if the fundamentals have not changed significantly.

It's up to you. If you look at the monthly chart and drool, but haven't got the nerve (or the margin) to see 1 or 2 of your soldiers get through when 4 or 5 or more have died, then you will never reap those rewards.
Gone to a better place
  • #162
  • Feb 17, 2015 1:31am Feb 17, 2015 1:31am
Quoting smikester
{quote} Close, but no cigar. Don't forget this is a zero sum game. When a day comes to its close, all those buyers in it for the day start to close their orders. skfx and rjtn already have by the sounds of it. When a buy closes it is a sell. This is when inexperienced traders close what they wanted to be longer term trades. They add to the effect. Sometimes, if the day has had a big move, this effect is magnified and there can be what is called a stop run. This is sometimes called stop hunting. Every time a stop loss is hit, that buy becomes a sell...
The market isn't concerned about your little soldiers and how many you want on.
The market will present what's on offer and if your good enough then you'll get paid the full amount.
If volatility and directional moves are subdued due to a lack of CB related flows, then you can dream long tails all you want, but you won't get them.

There is a time for taking 5000 pips and a time for taking 50.
The professional traders will know in what environment they can get what and why, and they will certainly be tracking FX vols.

Anyway, i'm off to smoke a cigar. I suggest you have one too.
Regards.
  • #163
  • Feb 17, 2015 2:22am Feb 17, 2015 2:22am
Quoting smikester
{quote} Close, but no cigar. Don't forget this is a zero sum game. When a day comes to its close, all those buyers in it for the day start to close their orders. skfx and rjtn already have by the sounds of it. When a buy closes it is a sell. This is when inexperienced traders close what they wanted to be longer term trades. They add to the effect. Sometimes, if the day has had a big move, this effect is magnified and there can be what is called a stop run. This is sometimes called stop hunting. Every time a stop loss is hit, that buy becomes a sell...
Would you say life is a 'zero sum game' too?
What would you say the trend is for the ftse since the turn of the century?
Serious questions, I fear for the future of 'UK Plc' and the what the 'wealth effect' is doing for my kids future
used to be undecided but nowadays can't make my mind up
  • #164
  • Edited 3:06am Feb 17, 2015 2:41am | Edited 3:06am
Don't worry. I'm already regretting my arrogant answer.
Gone to a better place
  • #165
  • Feb 17, 2015 3:15am Feb 17, 2015 3:15am
Quoting smikester
And so what does this have to do with rjtn's questions? This thread is for rookies to improve their trading. I didn't think skfx's reply was helpful enough. Don't worry. I'm already regretting my arrogant answer.
I wouldn't regret too much Mike.
It would seem simply you had more time than i and therefore expanded.

There is so much involved in professional trading the whole 'Rookie' section falls short of what is needed.
A professional trader would need to take someone under their wing and then guide them straight and true through the dark waters.
Unfortunately, this takes time and most people really don't have massive amounts of free time, myself included.

Once you start something of value at FF, there really isn't a light at the end of the tunnel. It then becomes a job and i'm a trader, i don't need a job.
The only way to stomach that would be to get paid and most retail don't have sufficient funds or capital to warrant quality mentoring/tuition.
It's a messy cycle.
I'm more than happy to help traders but not at the expense of my family or sanity.
Regards.
  • #166
  • Mar 1, 2015 7:51pm Mar 1, 2015 7:51pm
Hi All,

I apologise about not getting back to many of you. This thread got far bigger then I ever thought it would. I ended up getting PM'd by about 5 people early on and stuck with just helping a smaller amount of people. I felt it was more then enough work for me to do.

Some of you say I must have started losing money or was just trying to sell a robot which started losing money... Neither of these statements are true. I don't frequent FX forums so much anymore, but am still trading (and profitably at that).

Anyhow, As this thread reaches almost 170 replies I'd like to try and help you all, as I said I would. This Wednesday at 9:00pm NZDT I'll be holding a free webinar, where I will explain my trading philosophy and also give my view on current market conditions. I'll also share my current open positions.

Some of you may not like what I have to say, as I break down why your fibonacci's and indicators are complete BS. But I do ask that you come to this session with an open mind. I've worked in the industry and trade as a retail client. I where both hats and know the ins and outs of both.

This session will be free, and depending on the outcome of it I may decide to charge for future webinars. That's because if I'm going to spend hours of my time helping 50+ people I think it's fair I be compensated. If I start doing this I'll show my account statements as that would only be fair to the purchaser. I might not do this, but am going to be upfront in case I do. I'm not here to waste anyones time and don't want to hear whiney chumps complain about someone who's not willing to give there time to them for free.

With all that being said, I would be happy to show you as much as I can within an hour this Wednesday. You can register for the webinar here.

Please Note: You will extract the most value out of the webinar if you know the basics of tech and fundamental analysis.
  • #167
  • Mar 1, 2015 8:00pm Mar 1, 2015 8:00pm
Hi trendy,

I would love if you could analyze my trades.

I messed the stats up for deposits a little bit as i made multiple transfers in and out of this account to other sub accounts. But nevertheless, an analysis on this would be great.

What should I be doing more? or less?

Regards,
Teck Chai
  • #168
  • Mar 1, 2015 8:23pm Mar 1, 2015 8:23pm
Quoting limteckchai
Hi trendy, I would love if you could analyze my trades. I messed the stats up for deposits a little bit as i made multiple transfers in and out of this account to other sub accounts. But nevertheless, an analysis on this would be great. What should I be doing more? or less? Regards, Teck Chai
Hi Limtechchai,

It would be hard for me to analyse your account based on your statements. The only thing I can do is tell you whether your losing or making money, and if your trading too big - these things you will already know. I suggest you try and attend the webinar, although be aware - I manage my risk on a mostly discretionary basis. This sometimes puts people off. But either way, it may be able to help you.

Thanks,

Trendytradin
  • #169
  • Mar 3, 2015 12:58am Mar 3, 2015 12:58am
Hi,
I'm a new forex trader. I would love if you could teach me where should i start after i trading demo account with atlas capital and exness. I do win a lot in demo. But when comes to real account i lose quite amount of money.

Thanks,

Wazokao
  • #170
  • Mar 3, 2015 1:09am Mar 3, 2015 1:09am
I could definitely use some help from anyone who has knowledge!

I started "Messing Around" with Forex, and yes Messing around just randomly buy and sell pairs with no knowledge.

1. Where do I even begin? What should I learn first? I know some of the basic stuff like Buy, Sell, Stop, Limit, Trailing-Stop

2. I have a little bit of money left (Started with $500, now at $200 and change)

3. I'm looking for more of a "Hands-On" Experience because that basically how I learn and took my approach through College.

4. Are there inexpensive Mentorship programs out there? I'm talking about sincere mentors who really want to teach and not really trying to sell a "System". As I am not a strong believe in these "Systems" or "Trading Programs". Basically learn the Old School way.

Number 4 is very important to me, and guys don't get me wrong, I'm not trying to take the easy way out, but learn from someone who has already made the mistakes that most people have and can be shared with me from the get go if you know what I'm saying.
  • #171
  • Mar 3, 2015 3:24pm Mar 3, 2015 3:24pm
is it possible that this webinar can be replayed at a later time? it's unfortunately held at an inconvenient time for me and i'd like to view this webinar as an amateur trader
  • #172
  • Mar 3, 2015 6:12pm Mar 3, 2015 6:12pm
Quoting wazokao
Hi, I'm a new forex trader. I would love if you could teach me where should i start after i trading demo account with atlas capital and exness. I do win a lot in demo. But when comes to real account i lose quite amount of money. Thanks, Wazokao
In my opinion... Yeah, it's important if you win. What really matters is how much you lose and when you do how you're able to minimize your losses. To be honest though, I opened my account because I had an "ehh whatever... it's fake money" attitude on my demo account and couldn't take trades seriously. So I say once you're comfortable you wont blow your account instantly then go for it.

This question kind of reminds me of the "when are we going to be ready to have a kid." If you wait till you're "ready", you'll never have one
To maximize your gains you must minimize your losses
  • #173
  • Mar 4, 2015 12:28am Mar 4, 2015 12:28am
Here are a couple of links:

http://www.investopedia.com/walkthro...anagement.aspx
http://en.wikipedia.org/wiki/Price_action_trading
http://www.babypips.com/school

Any amount of capital less than $1,000 would be a good amount to play with. When I say play, I mean like a fun hobby. Please don't get the idea that you can make a living from this on low capital outlay. If you made 5% a month consistently that would be very good indeed.

So, use money that you are not scared to lose. Risk only very low draw down so that your money lasts. Have fun!
Gone to a better place
  • #174
  • Mar 4, 2015 1:22am Mar 4, 2015 1:22am
Quoting smikester
Here are a couple of links: http://www.investopedia.com/walkthro...anagement.aspx http://en.wikipedia.org/wiki/Price_action_trading http://www.babypips.com/school Any amount of capital less than $1,000 would be a good amount to play with. When I say play, I mean like a fun hobby. Please don't get the idea that you can make a living from this on low capital outlay. If you made 5% a month consistently that would be very good indeed. So, use money that you are not scared to lose. Risk...

And I want to emphasize on that point that training on live account with small lots gives much more experience than demo. Even small profits you'll get on real is a good motivation to learn the subject deeper and losses a good way to curb your hustle in earning more. It's likely that real account newbies, making millions demo go bust or can't handle even 5% of monthly profit because of going crazy on demo, taking insane risk which is definitely not tolerated on real accounts.

Maybe demo trading is the reason of all mistakes surfacing when starting trading on real?
  • #175
  • Mar 4, 2015 1:30am Mar 4, 2015 1:30am
Quoting smikester
Any amount of capital less than $1,000 would be a good amount to play with. When I say play, I mean like a fun hobby. Please don't get the idea that you can make a living from this on low capital outlay. If you made 5% a month consistently that would be very good indeed. So, use money that you are not scared to lose. Risk only very low draw down so that your money lasts. Have fun!
Good Advice Mike!

I see too many expecting to make a living from a small account.
Also a big issue is trying to hit ridiculous % targets(5% is a nice conservative #).
The best target you can have is to trade well everyday. Be disciplined, be patient and overall make sure you know what the hell you're doing before stacking the chips in.

Regards.
  • #176
  • Mar 4, 2015 1:34am Mar 4, 2015 1:34am
Maybe demo trading is the reason of all mistakes surfacing when starting trading on real?[/quote]

I agree leebsurag I found that when I demo traded I looked for any excuse to trade - even outside my strategy and due to lack of patience - but when I moved to real account I almost looked for any excuse not to trade - mainly due to fear of strategy not working - and then watched the price move in the direction of my strategy. Believe that a demo helps prove your strategy - if followed diligently - and build confidence, while using a real account helps work on your emotional state of mind during trading.
  • #177
  • Mar 4, 2015 1:34am Mar 4, 2015 1:34am
Quoting leebsurag
{quote} And I want to emphasize on that point that training on live account with small lots gives much more experience than demo. Even small profits you'll get on real is a good motivation to learn the subject deeper and losses a good way to curb your hustle in earning more.
Also good points lee!

Trading with some skin keeps you interested, taking it seriously and it will bring the psychology of trading into play.
The biggest battles are mostly with ourselves.
Regards.
  • #178
  • Mar 4, 2015 2:02am Mar 4, 2015 2:02am
I think it takes A LOT of discipline not to go crazy on a Demo account, but when it comes to real money, real emotions show. I currently have a $200 account, it's not a lot but it did start at $500 last year, made a few trades and never looked back but now I want to take it a bit more seriously.

Can any of you guys point me to a good Youtuber or a post which is great for beginners like myself?
  • #179
  • Mar 4, 2015 3:33am Mar 4, 2015 3:33am
Quoting JoeyTTU
{quote} In my opinion... Yeah, it's important if you win. What really matters is how much you lose and when you do how you're able to minimize your losses. To be honest though, I opened my account because I had an "ehh whatever... it's fake money" attitude on my demo account and couldn't take trades seriously. So I say once you're comfortable you wont blow your account instantly then go for it. This question kind of reminds me of the "when are we going to be ready to have a kid." If you wait till you're "ready", you'll never have one
I guess you're right. So all i need to learn is how to control or rather minimize my losses. Right? :3
But now i'm trying to experiment with 100$ see how far i can get with it. Well i got lot of time since i still halfway on my studies.
  • #180
  • Mar 4, 2015 4:25am Mar 4, 2015 4:25am
Hi everyone,

I’ve started trading for a couple months now and i don't feel like i'm going in the right direction. I'm not really down packed with the fundamentals of trading, does anyone have any tips on how to be more constant on my trades? or what to research?

I’ve come across several companies that provide courses or platforms for beginners but how do i know if this will help me and can they be trusted?

Please i would like some feedback if anybody has any.

Thank.
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