How do you decide your trades? | Forex Factory

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How do you decide your trades?

  • #1
  • First Post: Feb 24, 2005 8:12pm Feb 24, 2005 8:12pm
Hi,
I'm new to this forum and new to forex, been trading for 4 months or something only.
I was just wondering how you decide what trades to do?
Are you using charts and trendslines and all that or do you trade after some other method?

I myself have been trading by what I have believed in would work(not using charts), just looking at the economic situations and numbers from the countries, and that has gone pretty well actually.
But two weeks ago I bought this book on trading secrets, using charts and technical analysis, a book by raghee horner. After reading the book i started doing some trades after beginning to use charts i lost $20 000 in a couple of days.

so i just wondered what the majority does and what actually works, since right now i need a bit help on my trading.
  • #2
  • Feb 24, 2005 10:06pm Feb 24, 2005 10:06pm
Sorry to hear of the loss. Trading is an experience similar to learning another language. Much time, study and practice is needed. Please give yourself the element of the commodity of time before even consider recouping your losses and then eventually the losses will be regained. I have found Beau Diamonds expertise to be enormously resourceful and his true life experience to be a valuable lesson for newbies. His remarks or on this site. His seasoned guidance can be the necessary determination you need. Wisely, he suggests his subscribers sufficient time before entering into the successful day trading program he offers. The stepping stone to this is his 5MinForex program. Much success in the months ahead and try not to let this setback deter your need to learn and practice with the best. Rich Gaulli
  • #3
  • Feb 25, 2005 3:41am Feb 25, 2005 3:41am
sorry to hear of your losses too. rgaulli is very right in that becoming a good trader takes time. a great place to start to learn about different trade ideas is Van Tharp's book TYWTFF. read, study, research, you will get your money back.
Relax and be happy.
  • #4
  • Mar 24, 2005 3:12am Mar 24, 2005 3:12am
JuniorTrader, if you listen closely to the best traders in the world you will see that they use both fundamental and technical analysis. Warren Buffet looks at charts, and John Henry considers economic forces. I've always felt that using just technical or fundamental analysis is like only using half your brain. But then again, there are a million ways to be a successful trader, all of which are hard.
  • #5
  • Nov 5, 2007 4:40pm Nov 5, 2007 4:40pm
Quoting weekapaugh
..
you just bumped a thread from 05 and this was your reply? LOL
  • #6
  • Nov 5, 2007 4:45pm Nov 5, 2007 4:45pm
Quoting mbqb11
you just bumped a thread from 05 and this was your reply? LOL
Maybe trying to sneak that post count up so he could do a little PM spam..
  • #7
  • Nov 5, 2007 4:46pm Nov 5, 2007 4:46pm
Quoting turbokaos
Maybe trying to sneak that post count up so he could do a little PM spam..
sneaky sneaky
  • #8
  • Nov 5, 2007 6:18pm Nov 5, 2007 6:18pm
Quoting mbqb11
sneaky sneaky
And obviously not very good at it. Is he banned already? {2,097 & counting }
  • #9
  • Nov 5, 2007 6:28pm Nov 5, 2007 6:28pm
Quoting Bemac
And obviously not very good at it. Is he banned already? {2,097 & counting }
wow haha looks like it. FF team is FAST
  • #10
  • Nov 6, 2007 2:34pm Nov 6, 2007 2:34pm
Quoting JuniorTrader
Hi,
I'm new to this forum and new to forex, been trading for 4 months or something only.
I was just wondering how you decide what trades to do?
Are you using charts and trendslines and all that or do you trade after some other method?

I myself have been trading by what I have believed in would work(not using charts), just looking at the economic situations and numbers from the countries, and that has gone pretty well actually.
But two weeks ago I bought this book on trading secrets, using charts and technical analysis, a book by raghee horner. After reading the book i started doing some trades after beginning to use charts i lost $20 000 in a couple of days.

so i just wondered what the majority does and what actually works, since right now i need a bit help on my trading.
Where do you people get money like $20 000 for Forex trading This is what you lost only, we don't even know how big was your trading account.

Hey don't blame the book. I haven't read it, but did the book told you how to place your trades exactly? If not, then blaiming the book sounds poor, even after losing 20 grands.

A good suggestsion would be to stop risking $20.000 - if you don't have at least 100 x $20.000 on your trading account. Trade smaller and it takes longer time to lose.

Searching what the majority does isn't propably very good idea neither :surprised Have you ever heard majority making money on markets?
  • #11
  • Nov 7, 2007 2:37pm Nov 7, 2007 2:37pm
Most of the time I go with instinct. I keep abreast of the news and study candlesticks regularly but a lot of the time I trade on gut feeling and it does ok for me.

Never risk more than you can afford to lose though, look at every trade like you will not get the money back.
  • #12
  • Jan 11, 2020 3:44pm Jan 11, 2020 3:44pm
Only time I lost in Trading forex manually, was when the power went off, I always traded live, never used stop loss on any of my trades, hence me loosing the entire balance I had built up over time, now I go the AI way, safer for us guys in Africa.

Think my biggest win for any Trae was just over $400, mostly just scalped the market.
  • #13
  • Jan 12, 2020 9:34am Jan 12, 2020 9:34am
Does the AI use stop loss then?
  • #14
  • Jan 12, 2020 11:02am Jan 12, 2020 11:02am
Hi JuniorTrader,

In my analysis to look for possible trades i'm going over the news events and combine them with price action and pivotlines. If everything adds up then there's a trade possibility with a more than average succes rate.

Cheers, Josti
May the Force be with you.
  • #15
  • Aug 25, 2020 5:38pm Aug 25, 2020 5:38pm
Quoting Josti
Hi JuniorTrader, In my analysis to look for possible trades i'm going over the news events and combine them with price action and pivotlines. If everything adds up then there's a trade possibility with a more than average succes rate. Cheers, Josti
That’s good. I use both fundamental and technical analysis and 1:3 risk reward ratio.
  • #16
  • Aug 26, 2020 2:43am Aug 26, 2020 2:43am
I was gonna say that losses can happens, but 20,000? Man, that is way too much.
First of all, throw that book away. There is no secret in trading and there will never be. It is a tactics created to fool us and it worked.
Have you ever consider using Stop Loss in your trading? They are very vital for every trades you make.
  • #17
  • Aug 26, 2020 4:53am Aug 26, 2020 4:53am
Trading is not just big investment and good entry. It's more than that. There are lot of things you need to know to trade with real money. You have to test your strategy on demo to find out winning %, risk-reward ratio, riske management and mind set.
  • #18
  • Last Post: Aug 28, 2020 3:25pm Aug 28, 2020 3:25pm
I think, trading is art. If you can do something in this market, you will become rich. But All you need is proper eductaton.
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