The Active Forex Traders Discussion

[CarrieW]

I am also having a hard time sticking to my rules.

just blew up another account lol.

try try again!

 

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[MJ DeMarco]

<OFFTOPIC>

Happy Bday Carrie!

</OFFTOPIC>

 

[CarrieW]

:thankyousign::banana:

 

[CarrieW]

I blew up another account on wednesday. just reset the demo, I think I knw how to stop blowing the accounts out so fast.

I was starting out at 1 full mini lot. way to high for the amount of capital I start with.(250)

wth this new demo I am starting at .25 of a mini lot. the way i just figured it I will do .50 when I reach $500 and not go to 1 untill I reach $1000.

Now I should be able to ride out a bit more then I was able to before.

I should have been trading this way all along. I was trying to follow the capital building plan with a strategy that risks too many pips per trade so now that problem should be solved. the capital building plan says to use a stratagey that only risks 20 pips. the one I am using risks 50.

Its going to take me a while longer this way but hopefully this way I will stop blowing up accounts so fast!

 

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[CarrieW]

well I think its going somewhat better now that I am geared lower.

instead of blowing up an account in 3 days, I am still going, capital intact and with a very modest profit of $22 so far.

I got stopped out of a trade last night while I slept that just after my stop turned around and went in my direction. that kinda sucked and took some of my profits I had acculmiated but overall I think its going very well this time around.

so I am still plugging along!

anyone else still demoing?

 

[AlwaysCurious]

Yep, this Forex thingy is highly addictive. I spent several weeks now reading everything about this market, developing and testing strategies and still I fail in trading mechanically. That way I would be able to thoroughly judge my proceedings but until now its looking too bad to go live, yet. It still seems possible to get some wealth out of Forex but its still out of reach. But maybe not that far away...

 

[CarrieW]

things seem to be working out somewhat better for me this week.

since downgrading my lot size this is the longest Ive gone without blowing up an account lol. (I am now following a max 5% risk per trade like I should have been from the beginning I was trading at 20% lol)

I am actually in profit (ever so little) so I managed to keep my capital in tact.

from what I've learned/read its better to stick to learning one strategy at a time. Ive studied several but I am sticking to practicing one strategy(with now 4 currencies)and learning to do it inside and out. its helping me gain discipline in being mechanical and helping me learn to follow all the rules.

all the strategies I have are shelf bought and "tested" and they sound logical from what Ive learned so I'm just plugging away with 1 untill I can get comfortable and in profit with it in the demo then Ill trade it live while I demo another lol...

I am a very long time from even thinking about trying to make my own or tweaking the ones I bought.

:iagree: its very addictive!

 

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[kurtyordy]

good job holding on to your capital. You will be trading real money in no time.

 

[CarrieW]

closed out my first week with a small profit of $25.(profit of 10%) so this is my first official week in profit just about 7 more to go!!!!

if all continues to go well I will be live trading by 6/2. I am funding my account next week but will wait to go live untill I get 6-8 wks in profit.

I cant say that I wasnt hoping to have more profit to show in my account by now but its a start and I can hopefully continue to improve from here. at least I am done blowing up accounts lol. (hopefully done anyway lol)

:fastlane: here I come!

 

[eTyler19]

Carrie have you tried trading at night or is this forex trading during the daytime?

 

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[Rawr]

Sorry if I didn't notice- how long have you been demo trading for now?

 

[CarrieW]

ive been demoing since february i believe.

I trade whenever I get a setup. I watch the markets when ever I can. mostly its mornings. If I am up at night i do keep an eye on things tho. its not unusual for my trades that are open to last a few days but I will set my stops and just keep checking in on them from time to time. If I wake up at 4am and im in a trade I check it lol.

the market is 24 hrs a day 5 days a week. it goes from 6pm sunday night to 4pm friday night est.

 

[MJ DeMarco]

Carrie, where have ya been? Any updates on your Forex excursions? I bought some Euro at 154.26 ... now at 155.60!

 

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[CarrieW]

Im around Kids are out of school now. I am ready to open my live account hopefully by the end of this week!

 

[alaesh]

I would also like to know what Forex trading platform is recommended as well.

I prefer Metatrader4 with Forex-Metal.com. Very functional trading platform with nice charts.

 

[andviv]

Im around Kids are out of school now. I am ready to open my live account hopefully by the end of this week!

wow, that is great news... please do keep us posted.

 

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[^eagle^]

Hey Carrie

Just opened my live account to trade today. Using my robot to trade microlots.

Found a great article on breakout trading. This will be my first manual entry strategy I will test. Will test this strategy on a demo account for a week or two to get the feel of trading. and when comfortable bring it over to the live account. Its an easy solid method.

Check it!

The Most Popular Entry Strategy in Forex Trading

 

[^eagle^]

After some studying I have modified my approach to using my indicators for manual trading.

I will use the alligator coupled with the ADX. You can read about the alligator here:

Alligator - forex technical indicator


And the ADX here:

Forex | Average Directional Movement Index (ADX) - forex technical indicator

I will only enter when both indicators show a trend and exit when one counters the trend.

I think this system is easy enough. My GF's 13 year old son understood it.

I will start by intraday trading practice.

After two weeks I will switch to live account for two weeks.

then I will switch to end of day on live account.

 

[MJ DeMarco]

What broker you using? FXCM? Gain? ACM?

 

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[^eagle^]

What broker you using? FXCM? Gain? ACM?

I am using FXDD for my live account (currently floating a $5 loss BOT only trading .10 a pip)

And my demo account is with forexmeta (Currently up fifty dollars but channelling between a buy and a sell waiting for a break out. )

Havent quite got the hang of this yet. But I am learning really quick. Replaced the alligator with a 21 day MA.

Bygummit those calculus classes I slaved over in college are good for something after all. I'm sure my learning curve will be very short.:coffee:

 

[Jakko]

Hi eagle,

I am interested to know how calculus is used to trade forex? I recently finished vector calculus and I am just curious. Would it be the rate of change derived from the technical analysis?

 

[^eagle^]

I am interested to know how calculus is used to trade forex? I recently finished vector calculus and I am just curious. Would it be the rate of change derived from the technical analysis?

After staring at charts for years in high school and college you can quickly learn FOREX. It's ten percent fundamentals and 90% technical analysis. I cant explain it to you in a simple forum but I kew nothing about Forex a month ago. Right now I am confidentally trading and am up $135 USD and floating 200USD loss on a demo account . I am floating the loss because i didn't follow my analysis as well as I should have.

This is my first day of trading,

If you like math and easily understand the X-y axis graphs that you have to know from algebra Ithrough Calc III You can learn FOREX trading in about one to two months.

I have been studying this daily for about a month. The more i learn the easier it gets. I remember very little about Calculus. Things like limit of a reiman sum, Vectors, Definite integrals. But I do remember the behavior of numbers.

Things that are helpful are

Compunding
Averages of all kinds
Parabolic functions
Minimizing and maximizing
sequences such as Fibonacci
The golden Ratio
Triangles
probablities

Looks like all that math will come in handy after all.:coolgleamA::coolgleamA:

 

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[A-GAME]

Im currently down 10k on my 50k practice acount but in my defense i know absolutely nothing about forex trading other than the basics...I guess im learning as i go along and trying to read everything i can on the subject...I definately have faith though and will eventually get the hang of it...Im using the FXCM trading platform and although in the red,im enjoying using the software...For now ill keep reading and learning as much as possible and keep you guys posted on my progress...:jiggy:

 

[^eagle^]

Im currently down 10k on my 50k practice acount but in my defense i know absolutely nothing about forex trading other than the basics...I guess im learning as i go along and trying to read everything i can on the subject...I definately have faith though and will eventually get the hang of it...Im using the FXCM trading platform and although in the red,im enjoying using the software...For now ill keep reading and learning as much as possible and keep you guys posted on my progress...:jiggy:

Demo demo demo!

That is your mantra. Google Bill Poulis (Poullis?). This guy knows alot about trading. He has a program coming out I am considering. I'd give you my links but my browser is down. I am on another computer that does not have my favorites on it. I'll get my browser up later this after noon and post the links to his freebies here. he's got an awesome noob book for free.

 

[A-GAME]

Demo demo demo!

That is your mantra. Google Bill Poulis (Poullis?). This guy knows alot about trading. He has a program coming out I am considering. I'd give you my links but my browser is down. I am on another computer that does not have my favorites on it. I'll get my browser up later this after noon and post the links to his freebies here. he's got an awesome noob book for free.

That would be great eagle...Im finding this alot harder than expected...Ive lost money on practically every trade thus far but im not getting discouraged...Perseverance will get me there

 

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[cmartin371]

Hey A-Game,

Good to see you learning and not giving up with FOREX. It is like anything. You can't expect to learn it overnight. It's like going back to college all over again. It may take a few years to get it down. The one thing I would say is don't get caught up in "system hopping". You see it all the time on some of the popular forex forums. Find what works for you and your lifestyle and stick with it. Test and test some more. That is the only way you will ever know if your system has an edge. Plan your trade then trade that plan. And always remember that srtict money management is the key to success in trading whether it's forex, stocks, futures, etc.......

Chris

 

[^eagle^]

Demo demo demo!

That is your mantra. Google Bill Poulis (Poullis?). This guy knows alot about trading. He has a program coming out I am considering. I'd give you my links but my browser is down. I am on another computer that does not have my favorites on it. I'll get my browser up later this after noon and post the links to his freebies here. he's got an awesome noob book for free.

Here's the link to bill Poulos' Forex 4-pack.

It's all the free stuff he's giving away to sell his prgram. Lots of good info for noobs.

Experienced trainers will not find anything new. I think this link willl only be good until July 22, 2008. That is when he launches his program.

FREE DOWNLOAD | Forex Profit Accelerator Blog

I have no affilliation with this program. Just pointing to good free info.

 

[Jakko]

Pardon me if this has been answered but why do you guys choose Forex over other markets such as equities or options?

 

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[^eagle^]

Pardon me if this has been answered but why do you guys choose Forex over other markets such as equities or options?

I like it because of it being 24 hour market. I work when the NYSE is open so that is out. I do not know enough about options or equities. I assume they are profitable.

Another reason is the low capital you can start with. I opened an account with only 500USD. I am up 21usd. Not a lot but though componding and using this as a savings account this will grow quickly.

I also like the liquidity. almost instananeous. I know I can put my money back into my bank account within three days. Try doing that with real estate.


Also the number of pairs is low. in a mini account you only have about 20 options to choose from. I don't have to sift through thousands of companies to find a gem like the stock market. Just have to keep track of global events which I enjoy doing anyway.

 

[cmartin371]

I like it because of it being 24 hour market. I work when the NYSE is open so that is out. I do not know enough about options or equities. I assume they are profitable.

Another reason is the low capital you can start with. I opened an account with only 500USD. I am up 21usd. Not a lot but though componding and using this as a savings account this will grow quickly.

I also like the liquidity. almost instananeous. I know I can put my money back into my bank account within three days. Try doing that with real estate.


Also the number of pairs is low. in a mini account you only have about 20 options to choose from. I don't have to sift through thousands of companies to find a gem like the stock market. Just have to keep track of global events which I enjoy doing anyway.

Good post Eagle!