FOREX Trading Forum - General discussion

[jotuk6771]

Damn , i was out and missed the USD Run !..... 

   well, played the technical rebound on EUR/USD oversold and grabbed 17 pips on 20k , what is the same that 34 pips with 10k ...

At least i caught something today ... 

[jotuk6771]

Hi 

Today i traded the Market against the main trend , that is never good ...

Out of a wild ride  with 27 pips , i will stop for today ... 

Cheers !

[jotuk6771]

Hi 

The trade* 27 was without contest the hottest since the beginning ...

Just glad to be out alive ... 

I 'm not going to trade today and wish you all a good week-end 

[jotuk6771]

Hi  ,

Well , was a labored day today . I don't know if i must call my last 3 trades as consolidation or stagnation    ....

However , still pointing up ... 

Cheers! 

[jotuk6771]

Well, once again, missed all major movements....

I'm on the pound when i must be in EUR and conversely ....

Scalped 13 pips on 20k ...

[jotuk6771]

Hi, 

Royal Ass Pounding on the trade*32 , or how to burn long term steady profits on 1 trade by lack of discipline ... 

Debriefing about the massacre tomorrow  ... 

Account now pointing down - 19%  or $ 808....

[jotuk6771]

Trade*32 Analysis

List of major errors :

1. Overtrading .
 Trading 60k or 90k lot with an account of 1000 $ is fool , or at least cut loss early
2. Unability to cut loss early .
 This is my well know weakness  ! ... despite a high percentage of winning trades , i'm in the red now ... Burned many accounts like that ... Still working on my mind to change it , already better as before i would have burned my entire cash ...
3. Not stick to plan .
 Turned bullish at the worst time when i was short since hours ... Changed my plan as i readed news .... Morality, stick to TA .     


As you can see , i still have to learn to be a complete and competitive trader   

However i believe that Forex is the most dangerous  but also the best arena  to practise Trading .
No offense , but when you "trade" stocks like INAR or XYNH , you cannot learn to be a competitive Trader .
It's why i never gave up on Forex , because despite  hangover  after bitter defeat , i know  it's a Gold Mine , just need to stick on strict personal rules with discipline .
But without discipline , this Giant Market will suck your money inexorably .

Now , Reset ! 
Little break to refresh my mind ...
Will start trading again soon , with 808 $ in the account ( $ 997 december 15 , 2009 )

Cheers! 

[jotuk6771]

Hi 

Well , now already 12 days without Forex Trading 

Still not ready to enter again in the arena . Must admit what i was a bit upset against myself  as i was short Big on EUR/USD @ 1.4030 , readed BS news warning about a corrective run imminent, turned Bullish  with the disastrous effect that you know , and saw the EUR falling like a rock to 1.3600 later .... 

I need  to get back the "tilt" to start again  . I will be back in Switzerland in the beginning of March , and probably will start again Forex trading at this time , after regular work  .
At the moment , i just take care of my share's account and enjoy the rest of my vacations 

See you soon in the Forex Arena 

Cheers ! 

Feel free to ask any questions concerning Forex Trading on this Topic 

[Vegas]

Having great runs this morning on trading both the EUR and the GBP long against the USD... 

[trada]

Does forex trading require you to be incessantly monitoring everything? Like, could it be done with a day job where you can check every once in a while?

[jotuk6771]

Yes, it's possible to manage it by placing limit orders  and stop orders , also depend of your trading style , if you are a daytrader you need to monitoring a lot more than if you are a swing trader or a long term trader ...

[trada]

Bare with me while I ask a number of questions.

1)  No trades since the 5th?
2)  After getting the Margin Call, are you not able to trade anymore?
3)  How much did you start with?
4)  What platform are you using?
5)  There are no day-trading rules in forex are there?
6)  When your platform shows a Net Profit/Loss, does that include the "trading fee" (the spread)?
7)  What trading style would you consider yourself?
  What is the price/fee for holding a position overnight?

Thanks for being patient, and your response in advance.

EDIT: HAHAHA...they change my 8 ) into a smiley. Lol.

[jotuk6771]

Bare with me while I ask a number of questions.

1)  No trades since the 5th?
2)  After getting the Margin Call, are you not able to trade anymore?
3)  How much did you start with?
4)  What platform are you using?
5)  There are no day-trading rules in forex are there?
6)  When your platform shows a Net Profit/Loss, does that include the "trading fee" (the spread)?
7)  What trading style would you consider yourself?
  What is the price/fee for holding a position overnight?

Thanks for being patient, and your response in advance.

EDIT: HAHAHA...they change my 8 ) into a smiley. Lol.

Hi trada 

1)  Yes, no trade since the last bad trade .
I focus on my shares account to consolidate my balance in order to have a strong airbag to keep my "pattern daytrader"  for ever 

2) i'm still able to trade after a margin call

3)  $ 997

4) FXCM  Trading Platform

5) There's no daytring rules in Forex , you can buy and sell , short - long , 1000X in a day , you will just make your broker happy as he's remunerate on the spread 

6) Yes

7) Well, i'm a daytrader in Forex , but considering to become a swing trader , as i missed numerous pips by closing my position too early on a gain , and of course lost money by holding the bag on bad trades ... 

Setting Limit and Stop orders and let this run on a more long time frame . With some short time trades if i see a good opportunity .

The big difference with shares , is when you buy XYNH at .0035 and hold the bag down to .0005 , you still can hope to recover ... but in Forex you are toasted ! , your money disappeared !,unless you have a good airbag of cash ...

As example , my last trade. i was 60k long @ 1.3630 with just around $900 at this point , was triggered out by lack
of funds in my account and the price climbed  back to 1.37 a couple of  hours later ... Frustrating , no?

I know i took too much risk, but it was a bet to recover my account quikly ... 
 Bet lost ... so , now , another break ...   

I plan to fund my account with much more money when my shares account will be at some point .

8 )  SWAP - Rollover's ....It's depend the Pair you trade .

But honestly, it 's not easy to explain , and i don't take care about it too much as i don't trade with multi millions lots   

the biggest lot i traded was a 500k lot , but i had $ 6000 in my account at this time ... from $ 2000 

You can WIN  or LOSE  on the swap , depending on your position ... but it doesn't make a big difference in your account , unless you have Big Money in ...

Here's a link for you ... http://forums.babypips.com/analyst-arena/32556-rollover.html

-----------------------------------


Thanks for your interest .  Cheers! 

-----------------------------------

P.S : Once again , i recommend this site , without any personal interest , of course . It's free , complete, and easy to understand .

http://www.babypips.com/

http://www.babypips.com/school/

http://www.babypips.com/blogs/pipsychology/  ( nice blog)

[trada]

I have been to that site. Doc recommended it to me, and rightly so. I would also recommend it to anyone remotely interested. I LOVED IT. The reason I asked these n00bish questions is because, I literally read all of the babypips school info in a day, and it was a bit much to take it. So, these answers helped me a lot! Thank you very much! I am currently trading forex on a demo account...actually 2 demo accounts (babypips recommends demo multiple platforms). I am currently demoing the platforms from www.forexyard.com and www.forexmicrolot.com. I am very much enjoying it. And, it is good to know that "Rollover" will not affect me hardly at all as I don't have much to spend in the first place. Thank you once again!

[trada]

Question for Vegas (as you have opportunity to check this forum): How does trading Forex affect taxes here in the US? Is it relatively straight forward? Is it like stocks?

I guess anybody can answer that question. I just know Vegas frequents this board and participates.