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anyone need help?

  • #321
  • Jan 16, 2016 2:38pm Jan 16, 2016 2:38pm
Hope you can help.

I am new to Forex, only a few months trading with real cash. The question i have is when people talk about closing half their open trade to "breakeven" and letting the other half to keep going with a trailing stop (I would post the page i read this from, but not sure if i am allowed). How do you know what the breakeven point is if you are in positive pip territory?? I still only trade with 0.01 lots with an account that has a 200:1 leverage and my lowest spread is 16 pips on the eur/usd pair. I know, before someone says it, i would place a trade that would have 0.02 lots to make this work.

It does also talk about placing a stop loss, for example, 20 pips below/above the 20-period EMA (which is one indicator i use for this trading method). But how do i know how many pips below my entry point this is??

I don't what else to put here, so please if you can help, let me know if you need more info, etc.
  • #322
  • Jan 16, 2016 9:23pm Jan 16, 2016 9:23pm
Quoting youlsey
Hope you can help. I am new to Forex, only a few months trading with real cash. The question i have is when people talk about closing half their open trade to "breakeven" and letting the other half to keep going with a trailing stop (I would post the page i read this from, but not sure if i am allowed). How do you know what the breakeven point is if you are in positive pip territory?? I still only trade with 0.01 lots with an account that has a 200:1 leverage and my lowest spread is 16 pips on the eur/usd pair. I know, before someone says it, i...
Ok, there is a lot of questions to be answered there. First thing that stuck out at me is you have a 16 pip spread on eurusd? That sucks. ​

When you are in a positive pip territory like you say, that means you still have your trade open. You have made no profit yet because the trade is still open. When you have an open trade and it goes in your direction, that is when you move your stop loss to the price where you opened the trade so if price retraces back, it will hit your stop loss and take you out of the trade just in case price keeps retracing and your winning trade turns into a loser.

I'm pretty sure I didn't answer everything but hope this helps a little bit. If there's something you still don't understand, ask more.
JOHN 3:16
  • #323
  • Jan 17, 2016 10:10pm Jan 17, 2016 10:10pm
Quoting donnyboy
Hey renasdad! This is my first post and I just wanted to say what you're doing here is amazing. With so many scammers in fx, it's good to see some good old fashioned help being offered. Let me have a look around first and figure out what I'm trying to achieve and I'll be back
Thanks man. You're right about the scammers, be very careful. I'll be around if you need help.
JOHN 3:16
  • #324
  • Jan 18, 2016 8:28am Jan 18, 2016 8:28am
I want to first say , thank you , for your willingness to want to help. You're a blessing from the Creator. I myself am very new to trading. I do have the passion to want to learn. More importantly how to trade forex with Nadex. My common sense tells me that I can use a trade platform , Mettrader4 , or a live free platform , to monitor the time & direction of the fx pair , so that I can enter a trade to by or sell.

Yes Nadex is regulated by the good ole government and that is why I desire to learn how to utilize the Nadex trade platform in conjunction with a Metatrader platform or other. As long as the feed is live , I feel I can be successful. One of my strong points is that I am patient and also a quick learner.

Can you help me or can you refer someone you know , that is willing to show me how to trade the Nadex binary forex pairs? Once again , Thanks,

jestertrader
  • #325
  • Jan 18, 2016 12:21pm Jan 18, 2016 12:21pm
Quoting renasdad
{quote} Ok, there is a lot of questions to be answered there. First thing that stuck out at me is you have a 16 pip spread on eurusd? That sucks. ​ When you are in a positive pip territory like you say, that means you still have your trade open. You have made no profit yet because the trade is still open. When you have an open trade and it goes in your direction, that is when you move your stop loss to the price where you opened the trade so if price retraces back, it will hit your stop loss and take you out of the trade just in case price...
Thanks for responding. I know 16 pips is a lot, but it's the beginner account with my broker.

It does help, so am i right to say - If i open a position and it moves in the direction i want it to go, i would place the stop-loss 16 pips below the point where i have made no profit/loss??

Then as i originally said, i open a position with 2 lots, where would i close 1 lot to "breakeven"?? Would it be 16 pips above the level you mentioed in your post??

Sorry, i'm not the best at explaining stuff, and maybe being a relative newbie, i'm not down with the lingo!

Again, thanks for your help!!
  • #326
  • Edited 1:54pm Jan 18, 2016 1:35pm | Edited 1:54pm
Hi Ren,

I would appreciate any help!

I am doing my research as a noob to Forex. I am beginning to understand trend lines etc.
I have a demo account with 50k. I have looked into TP and SL as well as patterns.

My problem that I have discovered is that when I think I have noticed a trend line, I will either buy or sell depending on that trend.
Then, the market goes the other way and then I have to get out of the trade as I am at least $50 down? When this happens I get concerned as all my trades, or at least 80% of them tend to be losses.

Also, do you ever take note of the news? I have been researching inflation and interest rates and the effect they have on currency. Although I have a way to go here still.
Many thanks for any advice / help here!

Primal.
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  • #327
  • Jan 18, 2016 2:41pm Jan 18, 2016 2:41pm
Saying that, I just made $174.00 on EUR/USD. Noticed it spike really quickly. So took the money and run!
Well, back into my demo account anyways...
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  • #328
  • Jan 18, 2016 8:30pm Jan 18, 2016 8:30pm
Quoting jestertrader
I want to first say , thank you , for your willingness to want to help. You're a blessing from the Creator. I myself am very new to trading. I do have the passion to want to learn. More importantly how to trade forex with Nadex. My common sense tells me that I can use a trade platform , Mettrader4 , or a live free platform , to monitor the time & direction of the fx pair , so that I can enter a trade to by or sell. Yes Nadex is regulated by the good ole government and that is why I desire to learn how to utilize the Nadex trade platform in conjunction...
​

Try this once. I watched this weekend. It may help you.

https://www.youtube.com/watch?v=mhhqigSpk64&feature=youtu.be
JOHN 3:16
  • #329
  • Jan 18, 2016 8:36pm Jan 18, 2016 8:36pm
Quoting youlsey
{quote} Thanks for responding. I know 16 pips is a lot, but it's the beginner account with my broker. It does help, so am i right to say - If i open a position and it moves in the direction i want it to go, i would place the stop-loss 16 pips below the point where i have made no profit/loss?? Then as i originally said, i open a position with 2 lots, where would i close 1 lot to "breakeven"?? Would it be 16 pips above the level you mentioed in your post?? Sorry, i'm not the best at explaining stuff, and maybe being a relative newbie, i'm not down...
If the pip spread is 16, it has to go 16 pips in your favor before you are at breakeven. I don't totally understand your questions. I'm having a hard time with them. I'm not sure if it's your fault or mine.
JOHN 3:16
  • #330
  • Jan 18, 2016 8:51pm Jan 18, 2016 8:51pm
Quoting PrimalScien
Hi Ren, I would appreciate any help! I am doing my research as a noob to Forex. I am beginning to understand trend lines etc. I have a demo account with 50k. I have looked into TP and SL as well as patterns. My problem that I have discovered is that when I think I have noticed a trend line, I will either buy or sell depending on that trend. Then, the market goes the other way and then I have to get out of the trade as I am at least $50 down? When this happens I get concerned as all my trades, or at least 80% of them tend to be losses. Also, do...
First I will say, keep researching. But there also comes a time you have found enough info to get the knowledge from. I used to read things about forex for hours and hours a day. I got to a point when I realized I read enough and the things I read would be what I needed to succeed. If you try to learn too much, you will get overwhelmed and not even know where to start. ​

If you have an account that is 50,000 and you are down only 50, that's not something to freak out about. But, if you do open a trade, you have to be prepared for price to reverse. That is what happens to everyone. Price will not go in one direction. It has to take a break for a while. There is always mini trends inside the main trend. When you do open a trade and it goes against you, if you get worried when price retraces before it hits your stop loss maybe you need to make your lot size smaller to compensate for the mini trends.

You say that at least 80% of your trades are losers. Does that mean you close them out too soon just to see price turns and goes back in your favor?

I do not take note of any news. History always repeats itself. I do however pay attention and watch when news is going to come out so I'm not making a trade a few minutes before.

I hope this helps a little bit.
JOHN 3:16
  • #331
  • Jan 19, 2016 3:35am Jan 19, 2016 3:35am
Thanks Ren. I do tend to jump out of the market if honest.
The money I have made on the trades have been more luck than judgement I think.

I appreciate your comment on news and will remember that!
  • #332
  • Jan 19, 2016 4:08am Jan 19, 2016 4:08am
Quoting PrimalScien
Thanks Ren. I do tend to jump out of the market if honest. The money I have made on the trades have been more luck than judgement I think. I appreciate your comment on news and will remember that!
When you open a trade, you need to have an idea of how far price is going to go, whether that be in your favor or not. Where you think price will go is where your SL and TP should be. When you see price going against you and start second guessing yourself, that's when the emotions take over. If you are confident with your trading, you will ignore your emotions because if you don't ignore them, you will close your trade only to see price go where you think. When you see price going against you, and you are confident that when you opened a trade, you won't worry about it. You will tell yourself it will turn. If you have a certain price that is your SL, no matter what the actual price is doing, you won't be worried because the next trade will be in your favor. You have to realize not every trade will work like you want it to. ​
JOHN 3:16
  • #333
  • Jan 19, 2016 4:20am Jan 19, 2016 4:20am
Thanks Ren.

Yeah I must switch off the emotion as it does tend to take over.
Let the SL and TP do the work for me!
  • #334
  • Jan 19, 2016 4:41am Jan 19, 2016 4:41am
Quoting youlsey
{quote} Thanks for responding. I know 16 pips is a lot, but it's the beginner account with my broker. It does help, so am i right to say - If i open a position and it moves in the direction i want it to go, i would place the stop-loss 16 pips below the point where i have made no profit/loss?? Then as i originally said, i open a position with 2 lots, where would i close 1 lot to "breakeven"?? Would it be 16 pips above the level you mentioed in your post?? Sorry, i'm not the best at explaining stuff, and maybe being a relative newbie, i'm not down...
When you refer to "16 pips" Could it mean you are including the last number (the 5th decimal place) which people tend to ignore in forex, thus making your spread 1.6 pips instead of 16 pips.
  • #335
  • Jan 19, 2016 4:53am Jan 19, 2016 4:53am
Quoting OilNoob
{quote} When you refer to "16 pips" Could it mean you are including the last number (the 5th decimal place) which people tend to ignore in forex, thus making your spread 1.6 pips instead of 16 pips.
Good point​
JOHN 3:16
  • #336
  • Jan 19, 2016 5:16am Jan 19, 2016 5:16am
Quoting OilNoob
{quote} When you refer to "16 pips" Could it mean you are including the last number (the 5th decimal place) which people tend to ignore in forex, thus making your spread 1.6 pips instead of 16 pips.
Yer that's probably it. Like i said before i'm relatively new to all this. I just go by what is in my mt4 screen.

I've posted a screen capture of what i see in mt4.

Thanks for all your help renasdad and oilnoob

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  • #337
  • Jan 19, 2016 5:30am Jan 19, 2016 5:30am
This is what everyone would consider a "16 pip spread"

ASK 1.08192
Bid 1.08032
------------------
The difference between the two is 160 points AKA 16 pips.
  • #338
  • Jan 19, 2016 6:37am Jan 19, 2016 6:37am
Quoting OilNoob
This is what everyone would consider a "16 pip spread" ASK 1.08192 Bid 1.08032 ------------------ The difference between the two is 160 points AKA 16 pips.
So is this normal then a 16 pip spread for the most common pairing?

Maybe i should find a new broker - i hate the idea of having to make, for eg, 190 pips for the gbp/nzd to breakeven!

Anyway, i'll try and stick to the lowest!!!
  • #339
  • Jan 19, 2016 6:53am Jan 19, 2016 6:53am
Quoting OilNoob
{quote} When you refer to "16 pips" Could it mean you are including the last number (the 5th decimal place) which people tend to ignore in forex, thus making your spread 1.6 pips instead of 16 pips.
Hey yousley, read what oilnoob said. If you cant undersrand eurusd pair spread, the last thing you should be doing is trading gbpnzd. ​
JOHN 3:16
  • #340
  • Jan 19, 2016 7:01am Jan 19, 2016 7:01am
I know, i was making a point!

And yes thank you but i do understand it - i don't want to regret posting my thoughts public and people treating me like i'm stupid.

Like i originally have said in my first post i was simply asking about stop-loss and "breakeven".

It's hard to convey sarcasm with words on a screen.
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