Trading Announcements or Long term

[jonesgrif]

I'm new at 4x, and have had many successful trades in 4 demo accounts, but my real account is killing me. (I'm stepping down to .5 lots to survive)
I would like some ideas on whether to trade before, during, after announcements or just get in real early, with a big trend strategy, and place huge stops, and let it ride for longer term, like several days?
I am fearful of the huge losses, but know that reactions can move the price up to about 80 PIP either way. I need ideas, maybe "trade of the day" or week thoughts.

[n_aftab]

what did you do that worked during youer time demo trading?
you cant demo trade one way and then change your method during a live account, the whole point of the demo accounts its to test out your plan and see how it works on a platoform and in real time without risking cash.

Once your happy with that stick to the same plan live.

I honestly do believe that the key to your own success is to come up with your own plan with your own trading timeframe be it 5 mins - several days. Whatever you do choose to do, you need to be confortable with.

so long term trades with big stops, if your wrong you may take a loss the bigger the stop the bigger the loss. there is a saying about scared money never winning, its very true...

The same goes for keepin your stops too tight, you need to give the market time to move in your direction, without being stopped out and giving your money to the broker.

Hope this helps.

[mdetlh]

Hey I hope to join your club soon for trading live $$$.
One thing that shouldn't be done is to trade the news, though FXCM recommends waiting five minutes after the announcement to enter a position. People with big accounts have been wiped out according to Jleblang from EFXgroup on their position ordering webinar. The best book that I've found that may help is Barbara Rockefeller's Technical Analysis for Dummies. You can get some great ideas from there, including simple ones to start right away. So far I've also read Kathy Lien's Day Trading the Currency Markets which also has some great tips and caveats. Though you got to watch out for buy the rumor sell the news stuff in which a pair will go the opposite direction and then bounce back above the pre announcement levels and thensome. See charts for NZD/USD from the week prior to Mar 10 2007, that was an eyeopener. Lost 4500 in half an hour and missed out on another 100 point rise off the support after the announcement. Thank God it was a demo account and illustrated a point from Barb's book to a T.

[jonesgrif]

Thanks for your thoughts on the news trading and the suggested reading. The market really moves on the news announcements, there so emotional, this is an opportunity, although riddled with danger.
I'll resist the urge, although it's hard not to, I wanted a system where you place orders both ways pending, and cancel the other quickly before the rebound, this could work you know?
Try it on a Demo account and see. best pips for you

[jonesgrif]

To develope a plan is hard, a riddled with flaws, I had some beginners luck and emotional order placing in the Demo, when I really shouldn't have.
I now like this BabyPIP Cowabonga sytem, using 4hr and 15 minute charts only, so I've made up my templates on both 4hr and 15 min charts with all required analysis, now I got wait for the moment, I know it will be at 1:30 in the morning, so I'm worried, I get up at 5:00 AM to check things before the announcements or New York opens, and try to find a game plan, I will adhere to the criteria before placing a trade either long or short. Last week was hopefully not typical of this week, unless it goes the way of the trade.
Say, when does the "trade of the day" at Baby PIPs get announced or posted, I hate reading about these things after the fact, and not getting to play.
Also, if you know of a way to place a pending order both ways, short and long on the same pair, and cancel the one that goes like the wrong way.
Very quickly, of course. I'd like to see a sample of a sensible pending order placed before annoucements.