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The Active Forex Traders Discussion

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IronMunkee

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Aug 26, 2013
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Wow! Over 500 pages there Udine enough reading and studying for quite some time hehe, nice!

I have a question... how do I make a screenshot and post the chart up here? I use MetaTrader, only for charts, my actual broker is Oanda, who have not let me down (unlike myself lol), compared many, and when that mentor friend actually recommended them it was a no brainer.

And anyone else trades at London open? The cable is definitely most active then, consumes a good few hours every night...
 
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IronMunkee

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Aug 26, 2013
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And the cable's playing with a daily pivot of 1.71125 ... trending between daily and weekly pivot which is at 1.71197 ... waiting for a breakout here
 

Udine

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small update..

trading this 12 weeks live:
winning trades between 76 - 83 % per month
account growth:
worst week: + 8% (last week)
best week: +22 %

cheers,

Udine
 

CarrieW

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I am still in those 2 much closer to zero now :) experiment continues lol
 

Udine

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as promised I would post some trades.. but the market did not give me that much opportunity...

Here two trades of this morning, that gave me my daily target of 2 %..

Udine
 

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Udine

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here another trade.. GJ to TP

today 7 trades:
2 out by trailstop
5 winners

Udine
 
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CarrieW

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Still in my same 2 traded LOL they are still chugging along tho back my direction so I will just monitor and watch :) can't wait to close these out@ a profit and start trading daily instead of watching daily...
 

IronMunkee

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Okkkkk! I think we're back in official action now. This whole time I stayed away from the charts, decided to freshen my head up, cause that same day I posted, even though I took 10 pips that night, I killed my joy by being stupid and entering a 2nd trade, when clearly that same day I wrote up my Rules in Evernote (such a convenient tool), and promised to stick to them. Well, I was so stupid I forgot to put a Stop Loss (ALWAYS PUT A STOP LOSS!) and the trade went down hard. I had to take a break and decide either I was gonna play by the rules, or I was gonna forget this whole damn thing completely and stop wasting my own time. "Treat it like your own business and realize it'll take time."

Monday, I felt a bit out of it... yesterday I opened up the notes, reviewed all rules I wrote for myself, AND DECIDED TO KEEP A JOURNAL THIS TIME. I think they don't joke around when they say it's crucial to your trading career. It really makes you think twice and take it a bit more serious. My account has some measly dollars in it, so I won't count the money, ONLY COUNT THE PIPS, and aim for the positive!

Last night on the Cable, entered 1 trade, and closed out 2 pips, I thought I could scalp it but it was too early in the day, I closed the program... 2nd trade later in the night, entered @ 1.6937 - closed @ 1.6915! 20 PIPS PROFIT :D Wrote down why "Price broke trend line down 15min, RSI confirmation, and 1 2 3 pattern down activated" hehe. Ok so I pulled the gun just a few seconds quicker but it did close below the TL, not to mention we have a channel on the daily and it's approaching the bottom of it - attached picture.

So far so good!
@Udine - Man, you're trading the volatile ones! Good job! I was always scared to check out gbpJPY ... it moves so quick! Definitely would require demo time! Are you trading full time by the way or not yet ? You're sure getting there!

@Carrie - Let's move on already haha! :p Definitely am the same way I'd wait to close em out, but honestly, now I started journal, and I trade PIPS only, not money, and will do my best sticking to that. I find it a bit easier to NOT worry that way.

MY RULES:
1. Always set a Stop Loss. ALWAYS.
2. No more than 3 trades per day!
3. S/R Lines, Trend Lines, & Pivot Points - Most important.
4. Follow the trend.
5. No more than 5% of the account risked.
6. If trade is successful, STOP trading!

I want to stick to my goal that I created few years back... become good enough so that I can work ANYWHERE in the world, with just a laptop and internet connection. Imagine the possibilities...
Not having anything positive in my life right now currently fuels my motivation.
 

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Udine

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Sep 23, 2011
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Okkkkk! I think we're back in official action now. This whole time I stayed away from the charts, decided to freshen my head up, cause that same day I posted, even though I took 10 pips that night, I killed my joy by being stupid and entering a 2nd trade, when clearly that same day I wrote up my Rules in Evernote (such a convenient tool), and promised to stick to them. Well, I was so stupid I forgot to put a Stop Loss (ALWAYS PUT A STOP LOSS!) and the trade went down hard. I had to take a break and decide either I was gonna play by the rules, or I was gonna forget this whole damn thing completely and stop wasting my own time. "Treat it like your own business and realize it'll take time."

Monday, I felt a bit out of it... yesterday I opened up the notes, reviewed all rules I wrote for myself, AND DECIDED TO KEEP A JOURNAL THIS TIME. I think they don't joke around when they say it's crucial to your trading career. It really makes you think twice and take it a bit more serious. My account has some measly dollars in it, so I won't count the money, ONLY COUNT THE PIPS, and aim for the positive!

Last night on the Cable, entered 1 trade, and closed out 2 pips, I thought I could scalp it but it was too early in the day, I closed the program... 2nd trade later in the night, entered @ 1.6937 - closed @ 1.6915! 20 PIPS PROFIT :D Wrote down why "Price broke trend line down 15min, RSI confirmation, and 1 2 3 pattern down activated" hehe. Ok so I pulled the gun just a few seconds quicker but it did close below the TL, not to mention we have a channel on the daily and it's approaching the bottom of it - attached picture.

So far so good!
@Udine - Man, you're trading the volatile ones! Good job! I was always scared to check out gbpJPY ... it moves so quick! Definitely would require demo time! Are you trading full time by the way or not yet ? You're sure getting there!

@Carrie - Let's move on already haha! :p Definitely am the same way I'd wait to close em out, but honestly, now I started journal, and I trade PIPS only, not money, and will do my best sticking to that. I find it a bit easier to NOT worry that way.

MY RULES:
1. Always set a Stop Loss. ALWAYS.
2. No more than 3 trades per day!
3. S/R Lines, Trend Lines, & Pivot Points - Most important.
4. Follow the trend.
5. No more than 5% of the account risked.
6. If trade is successful, STOP trading!

I want to stick to my goal that I created few years back... become good enough so that I can work ANYWHERE in the world, with just a laptop and internet connection. Imagine the possibilities...
Not having anything positive in my life right now currently fuels my motivation.


Hi IronMunkee,

if you want to make it in the forex trading, treat it like a business...

you are the CEO of ME Inc.

with that I mean really professional, look at your trading account... is it growing or is it decreasing... When its decreasing it means your company is going towards bankruptcy so something must change!!

trading plan, business plan, milestones, goals, the works!!

the tradingjournal is a vital part of your trading business, which should include more than only pair, entry price, exit price profit and loss...

you clearly have decided on a system, so trade the minimum lotsize, because now you need to work on: PDF & BCC
1. Patience: to wait for the right set ups
2. Discipline: to execute trades according to your rules, and not shoot at everything that moves a pip
3. Focus: stick to a few pairs, learn to know them
4. Belief: that your system and you work and are a good fit
5. Confidence: that you can do it
6. Consistency: get so consistent, that when you wake up in the morning, you simply KNOW you will make money today

when yolu can double a demo account twice, you will have all 6 and your ready for the next step... live trading.

Yes I am trading fulltime, and enjoying it all the way ;)

stay green

Udine
 
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Udine

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BTW here was my first and second trade of the day.. I reached my daily target of 2% for the day

Udine
 

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Udine

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first trade of today.. GJ to TP

Udine
 

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Udine

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Sep 23, 2011
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unlucky on the 2nd trade of the day... GJ out by trailstop

so still need one more trade to get my to my daily target

Udine
 
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IronMunkee

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Aug 26, 2013
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Right on! And thank you for the tips... We oughta discuss more often on here, but everyone it seems trades different pairs huh? No one on GBPUSD (Cable)?

By the way Udine, do you use any indicators at all, or depend on S/R, pivots and stuff too somewhat? What exactly is the ATR, something you have set up yourself, it stands for Average True Range right?

I know I won't be trading any Yen pairs cause EURJPY was the reason I blew out my very first account of $1000 back in early 2008 when I was giving this a try, I was a cocky dumb 18 year old :happy: I think I was doing decent on the Cable and then thought I could learn another pair easily and because it was more volatile it would be funner HA!

Definitely agree with Discipline... yesterday my first trade was a bit jumpy I "thought" it broke Upwards, through Pivot, but that was an early call and not quick to reverse, exited with -13 pips. Anddddd caught it down! 2nd trade closed out for +18 pips, so 5 pip profit for the night! Could've been more but I hesitated to leave it running a tad bit longer even though I would've been right.

And yeah, in the notes I am definitely writing why I entered the trade and triggers. I am going to let myself play a couple more weeks, and if I'm in the positive, I'll deposit 50 or 100 and continue from there. Trading full time, would be a dream come true.
 

Maxjohan

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Can anyone answer this question. Lets say I have a net worth of $100 million. I want to try currency trading for $10 million. Is the most I can get per pip then $100,000? 100:1? Or is there any limit on how big I can trade with Forex and so on? How does George Soros currency trade? Seems like he doesn't use Forex and pips?

I'm just curious, because we only hear about the hedge fund guys trading stocks. And the only one who seems to make a lot of money from trading currency is George Soros. No one else?
 
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CarrieW

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Can anyone answer this question. Lets say I have a net worth of $100 million. I want to try currency trading for $10 million. Is the most I can get per pip then $100,000? 1:100? Or is there any limit on how big I can trade with Forex and so on? How does George Soros currency trade? Seems like he doesn't use Forex and pips?

I'm just curious, because we only hear about the hedge fund guys trading stocks. And the only one who seems to make a lot of money from trading currency is George Soros. No one else?
the leverage depends on what country you are trading in.(some go to 400:1 I think its 100:1 or 50:1 in the us. I think I am trading at 50:1) I think the highest lot sizes are 100k, you would trade multiple lots to get up to your figure.(idk I trade in fractions of lots LOL) and the amount per pip is different for every pair...
 
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Maxjohan

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Thanks for the explanations CarrieW.

I found an article with some of the most basic things, that made things a bit more clear for me:
http://www.investopedia.com/articles/forex/06/sevenfxfaqs.asp

This article kind of glorifies the currency trading game.

So, I am not taking your losses. If you get pumped up and start trading, and lose your shirt.

So, trade on your own risk and be careful.

Peace.
 

IronMunkee

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Aug 26, 2013
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Glorifies it deservingly, as it only makes sense that if you decide to be a trader, currensies are the only thing worth investing time in. Nothing else is as appealing or as much fun.

If you can't handle the heat, then stay out the kitchen :)


In other news, closed out last week with +38 pips. Thursday night sure was slow, didn't realize there was a news call til I took a whopping 20 pips around 1am. Too bad I jumped the gun again on 1st trade and closed out for -7 pips, but I'm glad I don't wait around til I hit ground bottom, like I used to.

We ain't got time for mistakes :punch:
 
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IronMunkee

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Aug 26, 2013
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How are you guys doing?? Been a while!

I've been trading few nights a week, avoiding Sunday nights now actually in general, cause the movement is so erratic and hard to figure out I was making losing trades. I closed the following 2 weeks after I made that post with a NEG 67, definitely got me kind of upset, but I wasn't gonna give up and end the trading career on 2 weeks haha figured I need 2 more weeks of negativity in that case!

So the 3rd week I gained total 101 pips and made up for the negative, and past two nights I am in positive 20 pips, looking to score tonight as well. I think we're seeing a reversal on the cable (bullish), I think...

Any updates from anyone? :)
I'm gonna be adding 20 bucks to my account next week and trying to raise it to 25, before I add in 50 more, I hope the success continues!
 

CarrieW

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Still trading still in those same 2 trades lol. They are still going towards zeroing out :) always watching. :D hopefully it won't be too long before I can close them and go back to daily trades
 

Udine

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ok back from the August holidays, so back to trading...

first trade of the day EU to TP..

wont be many trades today, due to the fact that EJ and GJ made most of their move during the Asian session..

Udine
 
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IronMunkee

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Aug 26, 2013
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Still trading still in those same 2 trades lol. They are still going towards zeroing out :) always watching. :D hopefully it won't be too long before I can close them and go back to daily trades

Haha what trades are these?? Did you long or short? Hurry up and start trading again :p


@Udine - Is that a TP you took? How do you base your TP levels, just on price action or do you decide them based on S/R points??
 

Udine

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Haha what trades are these?? Did you long or short? Hurry up and start trading again :p


@Udine - Is that a TP you took? How do you base your TP levels, just on price action or do you decide them based on S/R points??

Yes I took TP...

My TP is simply a fixed 5 pips = 1 % of my account.

daily target 2%

cheers,

Udine
 

CarrieW

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CreateLiving

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You guys are too smart for me..I've never been able to master Forex trading.
 

CarrieW

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I don't think any of us definitely me anyway think that we have this mastered.... personally I am just determined to figure it out and not give up. ;)
 

CreateLiving

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I don't think any of us definitely me anyway think that we have this mastered.... personally I am just determined to figure it out and not give up. ;)
Sounds like a good way to approach it! What fundamental skills do you think make a good Forex trader?
 
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CarrieW

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Learning the platform and different indicators available. Finding a technique that you understand. And most important of all is proper money management techniques. Money management will save you a lot of heartache while you learn the rest ;) also be aware of news times.
 

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