New Guy Making A Fool of Himself
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Thread: New Guy Making A Fool of Himself

  1. #1
    Hi All, a couple of months ago I decided to take the plunge into Forex trading because I cant trade stocks with my 9 to 5. The leverage is nice too

    don't hesitate to leave feedback on my trades/ egy etc. and also that I hope to eventually meet a few people to throw ideas around with on aim.

    I started a clinic account to clinic and try to test a few ideas while I spare to get a genuine account moving. I started with just 3k in the clinic account to simulate the true amount I'll be starting with. Following a couple of trades in and out to get used to metatrader 4 I put up some pending orders based on 4 hour charts having an eye on the daily for market management.

    Trade #1

    On this trade I noticed that the USDJPY and put a range transaction as seen in the pic. It was triggered now and Id love to take profit but didnt see it until the market closed.


    This transaction is utilizing simple trend following egy ive been tinkering with all the 14 period moving average.

    I exchanged one contract on each of those trades for a current total gain of 2140.43

  2. #2
    Have fun studying this stuff. I sure do. I'd say good luck but we know that luck favors the prepared

  3. #3
    As a new trader you may have a look at AUS/USD. As of now, Sun 28 March, it's clear the AUS/USD has bounced off a resistance trendline, reduced highs and lows, and will likely be making it down for awhile. You may sell this pair for an intermediate duration commerce. Place your stop about the high last week and either set it as a trailing stop or move it down since this pair sells down.
    Commodities in general are starting to decrease and the AUS/USD pair looks like a much better commerce than either the NZD or CAD.
    Good fortune, le' General

  4. #4
    Quote Originally Posted by ;
    As a new trader you might take a look at AUS/USD....
    Thanks for the input, however, I dont understand much of anything about australia or the way its economy works in order Im learning I wish to use the pairs I can relate to such as usd, eur, or gbp. Im about to post a list of a fiasco I pulled now if you'd like to help me or just call me an idiot lol.

  5. #5
    I made a decision to place some trades last night around the JPY/USD to take advantage of a breakout from a range. I put a buy just above the range and one sell below with a different sell below in a lower degree of resistance. The very first sell was triggered and could have taken profit of 10 pips but believed it'd go farther, once I went to bed last night it had just triggered the reduce sell too, so I put a trailing stop of 25 pips and went to bed.

    I got up this afternoon and had a 60 pip reduction on each and wasn't certain why my observation stops did not kick . Perhaps I did not enter them properly on Metatrader 4, another reason Im doing a practice account.

    So I close those two places and nearly immediately witness a setup for my staying buy order and then watch as it jumps right back down. Now I realize I just need to sideline myself and close out my positions leaving the 3 declines in the attached file.

    Anyone have some input or advice on how to trade a range, or even the breakout? When I try to corral them I have the inventory touch my order then go back into range leaving me with a reduction. But when it works it works nicely. Perhaps move my orders farther in the resistance lines it actually has to push to reach them?

  6. #6
    If anyone was actually following this, I am still around, I am just doing more learning/reading than investing in at the moment. Theres a lot of excellent info on this website and a few really brilliant people

  7. #7
    Because its the weekend and I cant do much Ill tell everybody a little about myself and how I ended up here. I read the book Millionaire traders and the thing that I found most interesting was the avenues distinct folks had taken to become traders. Perhaps 1 day if I become successful in this partnership this will be of some interest to another individual looking to trading.

    I am one of those come from nothing tales that statistically shouldn't be where I am today. I am by no means wealthy, but I have put myself a good base being in my middle twenties. My first interest was in stocks when I had been subjected to them in high school during a few of those trade stock for a semester and see who makes the maximum profit contests I dont recall exactly how I did and that I certainly had no clue what I was doing but the seed had been planted. I went to a southern state school together with all the illusion that I simply wanted a degree in finance and that I could start trading someplace. By my senior year I discovered this isn't how it works unless you were in a top business school. I did land an interview with the major oil company in Houston due to their trading program. I did the on campus interview that was a simple trading situation and a few logic tests. The next day in class I had been getting congratulated by my professors for something about my interview. I was told by our career centre that the interviewer said I did the best on those tests out of all of the individuals he'd interviewed. I had been flown to Houston for their next stage of recruiting that was an all day battery of group trading games. My group had the greatest scores but that I had been the only one not hired. I was pretty demoralized by this and watched it as my sole opportunity to get into trading. I since have realized that the most probable reason I didn't get hired was because I had been going for the fences on each trade and didn't manage risk.

    I ended up getting lucky and landed a job at a big consulting firm where I am today. I wanted to exchange for myself but there was not any way to exchange stocks when I had a 9 to 5 job and discovered that Forex traded 24/7. I started reading everything I could to find out as far as you can and ended up where I am today on this forum with a practice account.

    1. I need to understand the fundamentals of what drives FOREX markets such as news releases and economic drivers. I currently am just trading technically and this makes me uneasy.

    2. Finally I want to be earning enough to develop into a full time trader

    3. Find out a bit of programming to place my alerts etc..

    4. Meet others who are determined as me to become a trader or currently have.

    5. Absorb as much information from people that are far more edued than I am.

    6. If I could find a mentor that would be great.

    Thats all for now, everybody have a great weekend

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