The Active Forex Traders Discussion

[CarrieW]

Hey everyone!

I havent been posting much lately. nothing good or new to report untill today!

just 60 days or so after my hubby got that job i was so happy about he got fired.(just about the same time i got all the bills caught up too) the guy was being a real douche too. he lied to unemployment and fabricated documents so we were in a battle over that.

its been very touch and go since september with finances as you can imagine I didnt have much xtra money laying around to fund my account with lol

well we finally won the case on monday (got the decision on wednesday) and got the back award this morning!

I have been wanting to post so bad since monday... but i wanted to have the money in hand before i did. it was so hard after i found out we won too lol...

I am FINALLY OPENING MY LIVE ACCOUNT! WOOT@!!

I am downloading the application as we speak. I am a bit rusty(havent been trading much) I will be practice trading to freshen up for a bit then im going live! Been rereading my strategy and gettin my shit together since wednesday!

Im funding as soon as they accept my app. I want to make sure everything is set up and waiting when I am ready to pull the trigger and hop in live...Im imagining within 2 wks of today I will be in my first live money trade!

I will keep everyone posted as i go. ill update soon!:thankyousign::banana:

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[CarrieW]

ok so i filled out their like 5 page application... it says within 24-48hours I will have my funding info sent for me to make my deposit! They wanted to know lots of things...

their application and disclaimers are uber long and legaleze like. I did read thru everything that they linked although I would say i only understood about 25% of what i actually read lol.

I have almost 2 full days to review my materials and take last minute notes, markets open up on sunday at 6pm est. I will give myself sun-fri of next week to get into the swing of things again and will switch to live trading on 11/15 which is a week from sunday.

I will keep this thread updated.

Im so proud of myself... for the first time in 10 yrs I actually put myself first. I took the 250 for forex + a lil bit xtra and put it into a seperate account for me while each month they will auto draft $25 more into it out of my check ... so not only am i funding my account I am saving that amount and growing it. I feel like such a grown up now lol.

 

[^eagle^]

woohoo!

 

[CarrieW]

these people are a pain in my a$$ lol... I got an email from them. they want just one thing and i cant provide it lol.

1. A document in your name that shows proof of your physical address on your application, such as a recent (less than 90 days old) utility bill, bank statement, mobile phone bill, etc. You may also submit a vehicle registration or rental agreement as proof of address.

I really dont want to give these people my checking account statement.

everything else is not in my name lol. my drivers license isnt good enuff...

I didnt want to put my husband on this account with me but idk if they are going to let me get it myself lol.

and i cant even talk to anyone untill monday.

lol

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[yveskleinsky]

Go Carrie go! Go Carrie go! Go Carrie go! :smxG:

We are all rooting for you--keep us posted on your journey!

 

[kurtyordy]

these people are a pain in my a$$ lol... I got an email from them. they want just one thing and i cant provide it lol.

1. A document in your name that shows proof of your physical address on your application, such as a recent (less than 90 days old) utility bill, bank statement, mobile phone bill, etc. You may also submit a vehicle registration or rental agreement as proof of address.

I really dont want to give these people my checking account statement.

everything else is not in my name lol. my drivers license isnt good enuff...

I didnt want to put my husband on this account with me but idk if they are going to let me get it myself lol.

and i cant even talk to anyone untill monday.

lol

why all the red tape? I started my account completing everything online. If you are stuck on using these folks, use the bank statement whiting out all the account info and copy it.

 

[CarrieW]

ya I am a little stuck on these guys it took alot of effort to decide on them.

the reason they want it is because i dont have it lol. if i had any of it on my credit report like normal people i wouldnt need to provide it.

the thing with being on ssd is that noone wants to put anything in my name my hubby has the jobs/income so they make him do it, utilities car insurance ect.

usually having the stuff in his name is ok cause we are married so most places will take it for mine but every once in a while someone like a car rental place(and apparently them) will take issue with it.

I dont want to have to put him on the phone to do something in an emergency on my own forex account. he dont need to be on it. its mine damn it lol.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[CarrieW]

ok. I just spoke with customer service and yay! they are gonna take just my drivers license!

so im getting that scanned now and he said it will be 24-48 hrs and it will be open.

yay!
so glad i dont have to put anyone else on the account lol.

 

[CarrieW]

Yay! Ive got a live money real trading account!

 

[CarrieW]

woot! deposit just hit!

I am very excited! :smxG:

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[CarrieW]

I ws hoping to start this week off live trading and I havent. last week I placed a few trades in my demo account and because it was the demo I was lasy and didnt set my stops. I ended the week at a slight loss. so this week I will trade properly in my demo. and hopefully finish the week with a profit.

I was going to say screw it and just go live but my husband protested.(he wants me in profit again in the demo b4 I go live) So I gave in. now that the live money is sitting there in the account, one more week of demoing isnt gonna hurt anything.


Im still just so frickin excited I have a real live account. they say patience is a virture. must be one I dont have cuase its drivin me frickin bananas!

 

[CarrieW]

well today I placed 4 trades. demo

3 wins 1 loss(news announcement triggered my hard sl grrr) I regained my losses from last week and am now at 250.51. (started at 250)

4 more days to go.

I will continue to watch thru the evening and again tommorow morning when i get up. I will try to trade all 3 pairs again if they continue to do what I expect.

the only necessary for me to stay out of the red. Im expecting to have a value of about $500 by friday afternoon. as long as im in the + next week will be live!

 

[AlwaysCurious]

Yay! Ive got a live money real trading account!

Finally! Go go go!!!!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[CarrieW]

Contest Rules


I am going to register for the contest... starts tuesday dec 1st.

just got to not drop below my inital deposit before then!

 

[CarrieW]

LOL! just had to share, my husband is so excited by all of this he is demo acct scalping right now!

 

[CarrieW]

well lol I am down in my account still. despite gaining my money back earlier in the week I am down from 250 to 187.59

I have never had so many losing trades in a row lmao. I dont know what I am missing, obviously it is something important lol.

I am going to take the weekend and reread the strategy and go over my trades and see whats going on.

I have however managed to not blow up the account. hubby is on his second demo, he blew up his first one in about 1day. hes still scalping or something idk lol. he seems to like it. he even said he may read one of my trading books (gasp) he currently up to 317! hes goin full lots tho so it moves very fast lol!

also I got a notice from my broker that they are changing the leverage allowed on the accounts. you can no longer go higher then 100:1 my accounts and everything I have been going by is 400:1. something about new regulations or somethng. so now i have to figure out what difference that makes to my trade sizes if at all.

it sucks that just because some people dont understand how the leverage works and lost all their money they complain and they ruin it for everyone else!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[CarrieW]

well I stuck in there and am back in profit again finally!

tuesday morning is dec 1st so I will go live on tuesday!

wish me luck!

god it would be too sweet to win that $3k!

 

[MJ DeMarco]

Are you doing real money now?

 

[CarrieW]

tuesday will be my first real money trades. I opened the account & made the deposit so its all set and ready to go...

I was gonna go live right away but my husband wanted me to get in profit first again in the demo cause i hadnt been trading. and boy am i glad I waited cuase i was down(alot) untill today. since last night I regained all my losses and am up 40bucks!

tuesday december 1st will mark my first live trades!
im waiting untill dec 1st(tuesday instead of sunday) for the contest to start trading cause u need to start the contest with $250 if I trade and it goes down any on monday i will be ineligable for it for the entire month, and I really think i have a shot at winning it!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[CarrieW]

Im all signed up for the contest!


the contest is for real money accounts. I cant wait!



Each month, the top five performers, based on percentage gain, ("Winners") will be awarded the following cash prizes
("Prize"):
1st $3,000.00
2nd $1,500.00
3rd $750.00
4th $500.00
5th $250.00

 

[CarrieW]

well there she is. MY FIRST OFFICIAL REAL MONEY TRADE!!!!

I am very excited! no more demo for me!

 

[qwerety]

Congrats and good luck

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[phlgirl]

AWESOME!!! Way to go, Carrie!!

 

[CarrieW]

well things arent going as easily as I thought lol!

I will post more after market closes today!

 

[CarrieW]

well I am down 80% of my account LOL.

I have/will be adjusting my lot sizes to the correct level and will continue with what I have left with very very strict money managment I will redo my lot sizes every 50$ gain or loss from here on out.

I will post later after i digest all this about what i think happend this week!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[CarrieW]

things I did wrong-and corrective measures.

didnt use hard stops---will be placing hard stops from now on

placed market orders instead of pendings--no more market orders ever

didnt downsize my lots when I was losing equity untill 80% was gone--will examine/adjust my lot sizes at the loss of every 5% of my current capital.

did much much more of my trading manually in the live account then ever in the demo--will set pending orders and hard stop losses and close the screen! no more wishy washy flip flopy trading!

for some strange reason I went entirely against my own system to try to recoup money, I tried to scalp and I tried to trade the news this morning(absolute disaster lol)---never ever ever stray from the system under any circumstances ever!!!

also I am going to be taking profits much more often then I did this week. I was in the money on many trades that ended up retracing & losing 90% of the profit they acculimated. I will be takin profits and reentering trades every 30-50pips.

does anyone have any tips or any advice for me? I got till sunday 6pm to get my self together and pull myself out of this hole I seem to have gotten myself into>

oh and just fyi in case anyone is wondering I still believe I have a decent shot of winning the contest! LOL Im stubborn!

ps--- just for the record... as of yesterday I had about 150dollars in my account today at 9am when i posted 80% of my account had $52 left when I adjusted my lot sizes. I have one trade still open thats .25 lot. with $52 left my new lot size is .05

 

[MJ DeMarco]

Carrie, this is why a DEMO account is worthless. The real from the fake is two different worlds. Your knowledge gained in the last week of REAL trading is probably worth MORE than the last 2 years of FAKE trading.

I congratulate you for getting out there.

 

[CarrieW]

thanks for the congrats!

I dont know wether to agree or disagree with your statement though.

I agree with the fact that I gained real trading knowledge this week that I didnt get from demoing.

the demo account trading taught me things that I needed to learn in order to get to the level that I was ready to start with live trading. alot of mistakes were avoided (and thus cash saved)directly due to knowledge I gained from demoing.(using the platform getting comfortable with the strategy ect)

In the 2 yrs worth of preparing less then 25% of the time was spent actually demo trading. the other 75% was gathering knowledge and resources.

My biggest obsticle was not being ready to trade, it was coming up with the "unneeded" funds to trade with.

when I finally opened this account I had the money that I could "spend" in order to start this account. It wasnt money I "needed" to get back. sure if it ends up making me money that I can use great. but for the purpose of trading it is considered spent and gone from my real life money. thats the only way I could/can trade it without the extreme emotion of losing something thats needed rather then something I consider nonexistant.

So thank you! I am still super excited despite the immediate circumstances, and I agree that I have learned alot this week not only about trading but about myself.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[kurtyordy]

does anyone have any tips or any advice for me? I got till sunday 6pm to get my self together and pull myself out of this hole I seem to have gotten myself into>

I will answer your question, but first my background-

I have never read or gone through any trainig on this topic. In fact, my first exposure to this realm of investing was when you first posted this thread. To further reinforce this, I have no idea what a pip is.

That being said, since may/june (I cannot remember exactly when) I have turned $200 into $2300. Dollar wise, not a huge gain, % wise pretty nice. It would have been even greater, but for too long I kept trading my lot sizes the same as if I had $200. It was not until 2 weeks ago that I buddy pointed this out and I have increased them and increased my profit speed.

Here is what I did-

I first blew up a $25 real money account (it was real, but it was an open account bonus, so I had no skin in the game).

- I bought to0 big a lot size in relation to my funds
- I chased my losses too hard
- I traded too many currencies

So when I started with my $200, I decided to trade 1 currency. I chose euro/dollar because it was the first that came up on my platform. Again, not the most informed approach, but it worked.

Next, I observed the rythm of the pair.

As of right now, the rythm of euro/dollar is about 1.485 to 1.510, I twas different back then but you get the idea.

Now any chart in history barring a 9/11 like incident is never straight up or down. It always flows with a rythm. So I just started buying the euro at the bottom of the rythm and buying the dollar at the top. If the top moved up a few points, then I would anticipate the bottom moving up since I am bearish on the dollar, my take was/is that the overall trend is up, so get out a little early on the top side, and get in a little early on the bottom.

So if I was starting today with $200 or less, I would by 1 or 2 positions at 1.49, or sell 1 or 2 positions at 1.505, and then reverse once it swings back.

If I bought at 1.49 and it went to say 1.47, I would double down one time and one time only.

Now here is where I differ from most. Since I know the rythm, and since the rythm always swings back to some degree or another, I never sold a losing position. Early on this had me sitting for a week or at most 2 until I was in the profit and could close the position, but I stuck with it.

Now, I double down more than once because I have room to, but I still trust the rythm. These past 2 weeks have been great for me because the rythm always comes back.

For me, this week was a loser up until today. I sold the euro at 1.507 and it just kept going up, and only would go down a bit at times, but never where it was supposed to. But I just waited, because I know the rythm never lies. Today, I made 350 bucks so far. I sold 25% of my positions, and I am hoping we can get to the bottom swing and let me reverse the positions going into the weekend.

So that is my tip- learn the rythm, trade the rythm, do take a loss, get into fancier systems once your bankroll can support it.

 

[CarrieW]

ended today 69.14 up from 52 after the news incident.

I cant believe the difference from market orders to pending orders. HUGE! I hope I can continue to gain from here on out.

will post more later