Yeah I will work on getting clearer charts if anyone has advice on that let me know. any how I went short at 0.98753 trade did get stopped out at my 50% profit target while I was in court for a 16.8 pip profit. It seems to be retraceing at the moment so I will sit back and see whats happens in the next few hours and decide if I want to get back in or not. I try to avoid tradeing retracements because you never know how far it will retrace. That chart was a 4hr chart and I am on est (ny session) timeframe.
For Windows I use a great screenshot tool called Lightscreen Portable and for Linux I highly recommend Shutter.
Both are FREE and do a great job!
Sweet thanks I have windows vista so I will look into that in a little while. On a side note my 2 year old hit some buttons on my lap top while I went to get a beer and shorted the pair at 0.98380. Looking at my chart he must have done it a little while ago and I just realized it. I do not have a Sell signal at this time but I think it is coming and not really telling me not to short the pair. So I have set a stop loss and will ride it out. I know he did this before on my demo account and made me 120 pips so hopefully history will repeat itself lol.
2nd trade finishes my day out hitting my target. Shorted AUD/USD (thanks to my son). Manually closed it out (I am tired of looking at this screen for the day) at 0.98583 for a gain of 30 pips. Thats a total of 46.8 pips. Not bad at all seeing as how my goal for the day was 36.4. You all have a good night Hopefully I see a good trade tomorrow.
Hmmm after reading my thread. Either I made a typo on when my son shorted or when I cashed out there is no way to short and the price goes up with a profit. So I must have made a typo. Either way I like the strategy I am using simple and effective. We will see though as time goes by on its effectiveness. Some people can just pick something and win often till the bottom drops.
There is no way that you know of. Just because you do not know does not mean it cannot be done.
It just means you cannot or do not know that it can be done.
true I am not saying it cant by no means but that trade trust me there was a typo.
Yes…sometimes we limit ourselves unknowingly and as a trader, it could make the difference between making it and failing miserably…we can only correct ourselves if we know there is another way of doing it or at least search for an alternative.
There is a way to turn profit if you short and the price goes up but I will not recommend it to any newb. That way is price averaging meaning the you short and the price goes up and starts to drop again you can add to your position to average you profit point hence you can have price rise and still turn profit. However That come with a really high risk that you will loose even lore on your trade. Not saying I have not done it though lol.
Shorted the USD/CAD at 0.99535. Stop loss set at 0.9972. Same principle as my trades yesterday the 10 SMA crossed over the 20SMA and stochastics is not in over sold coditions. This time I will be looking at 1HR to 15MIN charts due to the face it is friday and I want to be out before market close. Todays Goal is 26.6 pips. I can not take screen shots of this trade because I am at work and they are very picky about info given out on there computers.
For me trading during Friday is awful, especially if I try to enter the market in the afternoon. I look at the charts and I do not see any interesting trade. Also now some of the main pairs are flat (the prices are consolidating), so this is another reason not to enter the market today.
I know all of the above and I’m minus 26 pips 
today.
Trade went well price move into profit so I moved my SL into take profit and was stopped out for a 14.1 pip gain. Hlaf way to my goal today.
2nd trade for the day is: I went long on the EUR/USD @ 1.35451 with a stop loss @ 1.3505. Same principle my SMA have moved to a support and crossed on the 1hr chart and the 30 min chart and not in over bought conditions. Let see how this plays out.
2nd day for today seems to be still ranging and dont know where it wants to go so I closed early it before I pull my hair out for a 4.1 gain. I figure get out while the getting is good.
I was going to go short on the cad again but there is some news comming so I am going to sit on the sideline for the moment. If it still looks good here shortly I will reenter. But it depends on the time I will not enter another trade around noon.
Reshorted the usd/cad @ .9923 SL @.9938
Stop hit for a loss of about 30 pips :(…
Did not stick to my plan got greedy on this trade as I only needed 8 pips to hit my target for the day. Thought I could scalp it and finish the week.
Well started this yesterday with 166.72 Equity left. Today I have 167.96. Quite a bit off my target but still ahead. I trading is done for the week. Start fresh next week. I guess I can still enjoy the weekend with a smile as I finished for a gain. I got alot to work on I see. Hope you all enjoy your weekend.
Well a new week is about to start. I am intrested to see how the fdic closing 4 banks this weekend will effect the market. Guess only time will tell. Setting my goals a little higher this week. Shooting for 3% a day and hoping for 10-20% by the end of the week. Todays goal is 5.04 thats about 50 pips. The weeks starts out with an account balance of 168.12. Hope you all have a good week as I hope for.
Only just shortly read through this thread but what are you basing your TP and SL on? From what I gathered, looks like you may have poor R:R? If this is the case, you are damaging your prospects of being profitable greatly so might be something you want to look at…
That is one area I need to greatly improve on. I base my sl and tp on previous support and resistance levels. How ever as soon as my trade moves to profit and get ancy and move my SL to about half profit witch I dont think is a bad thing but I make it to tight so the trade dont have room to breath. But yes I have very poor judgement when it comes to R:R. and something I will be trying ti improve on this week.
The initial R:R should be the easiest thing to work out before you put a trade on. You work out your stop & your desired profit target area, and then you calculate the R:R. If the R:R is not at least 1:1 (IMHO) then you don’t take the trade.
Now this is the hard part, letting trades pass because they don’t meet your R:R requirements, and this is where the psych comes in, allowing yourself to let a trade pass, which may become a winner and move onto the next one which meet your requirements. In the mean time your spewin because you missed a winning trade, so your determined the next one your not going to let pass, even if it doesn’t quite meet your R:R and so on & so on.
To me that is why when every talks about developing a system it is not just entry and exit (which to me is the least important part). It is all including money & risk management. Once you incorporate all the factors and you know you have positive expectancy, then you can trust your system.
The main question any trader who trades with a system needs to ask themselves is “Do I trust my system” if yes, they will trade even if they run into a few losing trades, if no, well the circle never stops.
I’m not sure if I am on the right forum here but I guess the title says newbies are welcome here. So I guess I am.
I am a lazy trader. I don’t have time to trade all day because I got a job.
I’m currently testing an MACD-Stochastic strategy, created an EA and tested on demo and it worked.
Again my time is up will get back here soon.