EUR/USD question

I’ve been trading for almost 3 weeks, made some decent profits in my MT4 demo account which had $50k (was trading at 10 lots though).

I’m more of an immediate trader, if the price goes up by 0.00020-0.00100 I close the trade and repeat ($100-$1000 max). I traded EUR/USD mostly, and rarely GBP/USD also.

Today (May 19 GMT +4) I traded the EUR/USD early at 1.13 and made good profits, managed to escape when it fell to 1.11 and traded again. Overall I lost $600 and profited $2100

[B]Now I opened a real account with ~ $5000.[/B] I’m still hesitant whether to trade or not as the [B]EUR/USD[/B] seems very volatile, [B]what do you guys think?[/B]

Thank you

If your trading 10 standard lots thats too much. Also dont just trade one pair because u will either force trades when they not there just to trade or u could be sitting around for awhile depending on your trading style.
Protecting your capital is always important but especially when starting because usually MM part is last to come .

To begin with, it is volatile. I would suggest only trading mini or micro lots (0.10 or 0.01) that way you can use very wide stop losses until you build up your account and have a better understanding of fx.
The most important thing is to stay in the game, not to go for quick profits and blow your account

Hi there…

It depends what you mean by volatile… GBP/NZD, which I am trading now, has a current average daily range of about three hundred pips, which I think is about three time that of EUR/USD: if you like slowly trending pairs, then pick accordingly, but if you like to play high-drama then a pair like GBP/NZD has all the volatility you need…

As the others said: do not blow your account in an effort to turn your $5,000 into $50,000 in a short time…

Thank you all, my broker suggested I use 0.1 lots, with 1 lot being the maximum if I really felt like going that far, suggestions?

On a side note, how long would it possibly take to turn, say, $5000 into $100,000 with the proper knowledge and daily work and market observation, etc?

Please ignore your broker.
On eurusd every 1 pip move will cost $10, today it moved 180 pips. If you’re on the wrong side of that 3 times you’re skint.

Well, let us see…

If you look at the 2014 (average) returns for the Barclay index of hedge funds, it was less than 3%:

Barclay Hedge Fund Index | BarclayHedge, Ltd.

So if you took that as your own, and added at least 3% consistently every year, how many years would

it take to turn $5,000 into $100,000?

regarding the EUR/USD, from what I analyzed I see it going down more in the short-run, through the Parabolic SAR function, anybody else agree or have different opinions?

If you have only been trading for nearly 3 weeks, you honestly should not even consider trading a live account. If you feel that you must, it should be much smaller than 5,000.
How long to turn 5,000 into 100,000. Well, I very much doubt that there are many here (if any) who have ever done that, so you are unlikely to get a truthful answer.
I can tell you that turning 5,000 into zero can happen very quickly

three weeks it really short time to open a real account, stick with your demo and test your strategy for a bit. You seem very anxious to make profit and this may lead to blow your account fast. Try to take it step by step and learn from experience.

Nice start.
Dont increase your lot size yet, you need to hit a few losing streaks to see how it affects you. You will learn more from your losses than from your gains.
How do you choose your trades and where do you place stops and take profits? Have you considered locking in some profit and letting the trade run a bit longer?

I don’t wanna spoil you (really i don’t) but you should stick with demo for a while.I’ve been trading for 2 months already and i am barely standing on my feet now after some continuous streaks of profits and some great losses! You need to find out what works for you and be able to control your emotions.This depends on you by the way.For example you mustn’t cut out your profit early on and push your stop loss lower because of refusing to accept that you were wrong.Today i made 32 pips in a trade where i should have made around 80 because i was wrong and thought that price would stall and i wanted to protect my profit. Stick to your first plan though while trading! In forex there’s no Plan B or Improvising! A greedy thing to do would have been to reenter the position and even double the money since your sure that price will go down, while in reality a reversal kicks your account to kingdom come! What i’m trying to say is that forex is a dangerous place and you should practice a bit more on demo accounts.
Forex Market is nothing like any other market.

The Forex Market is a Vast and Deep Ocean with Sharks like Goldman Sachs, BNP, Barclays, Bank of America etc. more than happy to provide you with liquidity where they want you to take the bait and eat you alive!

Five banks plead guilty to market manipulation, fined $5.7 billion - LA Times

Just 2 days ago 5 Banks pleaded guilty to market manipulation!

What am trying to say is, go back to your swimming pool practice for a few more months (at least) and then try out again.

Remember though: Success is like a Ladder.You try to climb higher and higher and then suddenly you fall and never get to climb back up again.Most people blame it on God or think they where young and foolish or some other things.Only this Ladder is real everything else is an illusion.

Take care zaidz97.

Hope i gave you some ideas. Will be glad to hear about your story :slight_smile:

Join Apiary. they have their own servers.

And how is that going to help a noobie?

Zaidz - nice start but notice that your 1 loss wipes out around 5 wins…I would suggest that you do some research around risk:reward ratios and try and fit that in with your current style (which is producing winners). Stay live if you want (if its spare cash) but scale lot sizes down to 0.01 to start to avoid blowing your account. Babypips have some great resources for learning about risk/reward… good luck. PS - boot that broker that said go to 1 lot size!!!