Well guys i’ve been lurking for about a year and half and just wanted to thank everyone who contributes on this website. It was a great starting point on getting familiar with the forex. I’ve had daytrading experience with stocks and finally took the plunge on forex. The system i tweaked out for mysself worked well. What helped me out more was being [B][U]extremely[/U][/B] disciplined.
About 100 pips were from me grinding it out through the week for 5-15 pip moves. The other hundred were from yesterdays craziness. Just wanted to let other newbies know that it can be done. but like i said it requires serious money management and discipline.
If I can grind out 100 pip averages per week consistently for a half year I will throw serious money in and consider quitting dayjob again. (i used my original daytrading capital for big wedding, large payment on house, and other items not cause i lost it trading.)
oh and please don’t take my post as if i feel i’ve mastered money management and the forex market. but more as of it has been a great and fun start. the true tests are what one does with themselves when they fail. hopeully i don’t have too many of those days. hehe:eek:
drifter the method isn’t perfect but it helps me limit my losses and its basically traded on many timeframes trending in the same direction for small pips 10-15. also i am still working on the system to further limit my losses. i tried many different indicators and eventually used the systems and indicators that fit my personality and that I understood the best. If I didn’t understand them i made sure to educate myself on them as much as possible. while doing so i would make sure to apply them the forex while on demo as well. i did this for at least a year and half until i was comfortable going live. once live people will tell you to only risk 2% per trade. that is the best advice. i am risking 4% per trade for now because its money i wrote off as completely lost but enough to gain experience. If i decide to do it professionally however I will infuse a larger amount of money into the forex and try to limit my risk to 1 to 2% max per trade.
i am also working on a 15 min cross and back testing it to see the results. this past week had too much movement, so the 15min 15ema 50ema cross that i’m looking into trading with in the future, would have been fairly lucrative this past week. being that there isn’t always as much movement ast the previous week and week and half I want to demo it further and backtest it as well. I will post up a sample of what I currently use and a flowchart as well in the next couple of days. I wont have time to look at forex for the next couple of days unfortunately.
i also want to post it up to see what kind of constructive criticism i can get on here.
Great sayng there, very true discipline and patience are the keys to a successful trader. Plus a good money management system. My broker Ac-marktes first told me that my biggest problem when trading would always be “not acting on your plan” and they sure were right…
You’ve had a huge amount of foundational background compared to what I would expect most people coming fresh to forex would have (definitely more than what I had), and I’m not sure many people new to the game would have the patience for 1.5 years of demoing (definitely not me) - your discpline is something I wish I had right from the get go. As a newbie the message I would have wanted to hear was is it can’t be done unless you’re as solid as this guy
No idea how much I envy you haha, grats on 200 in one week
Congrats on your first week’s success! and keep us updated on how it goes. The true test is if you can keep your nerves under control long term… Cheers!