Yes im planning to hold this trade for a few days there is plenty of momentum behind it and a lot of reasons why it’s going to go up alot higher then it’s current location. I actually expect it to shoot up on monday morning this trade is a no brainer to me.
Can I get some information on your background you are coming from? As it seems that you can make great entries. And take huge profits combined to mine 
Started trading the Australian sharemarket(ASX) back in 04 after a while i found out about forex and haven’t looked back. I would recommend you remove ALL the indicators on your charts and spaghetti(Moving Averages) set your charts to candlesticks if there not already and learn to trade with pure Price Action only. Look at the bigger timeframes like 1-3-4hr and use 5min for entries. See if you can notice how prices usually trade before the big momentum moves start. I will go into more detail when i have time. Hope this was of some help to you:8:.
and please use at least a security stoploss in case of disconnect or stuff like that. you can do your mental SL thing anyway.
It’s almost what I’m trying to achieve. Trading so called naked as I believe that indicators just replicate charts with lag. The only things I’m using is fibs, trendlines, and lines for support and resistance. Also this weekend going to jump into candlesticks. As have only basic skills of it. Weekend seems a good time to learn new skills and do some chart reading to get the skills of reading charts deeper. I’m also big believer that at least in beginning of trading good Psychology is a key. Will follow your trading performance and hope that you gonna find your edge on forex market.
You are off to a great start already now all you need to do is drop the fibs:5:. And your right weekends are a great time to review charts by working out new entry and exit strategies, seeing what opportunities you missed out on and try to capitalize on the opportunity next time it presents itself.
Sry to say that, but chasing money and time with unrealistic expectations leads to losses in the long run more often than not. You’ll see that if you backtest a couple of different systems over long haul.
Regarding mental stop loss: What are you doing if you have a major impact on prices while your internet connection is down or a virus puts your equipment under fire and you can’t trade?
Anyways, good luck.
You are right about the chasing money part and that’s something I’m working on now. But i disagree about the time and unrealistic expectations part. All i need to do to reach that goal is double my money 10 times and i’m there. Do you think it’s really that hard to do?. My account is sitting just under $1000 equity in the 1st week. I’m not worried about losing internet etc in a trade, if i get margin called i could always make the money back within the next trade or two. Also i usually set a stop a few pips in my favor when the trade goes my way around 20+ pips
Just to add that on top: You are hopeless overleveraged. That’s why you have psycho problems with your trades. Them are just too big to handle by human emotions. Frankly, not even my heartless bots trade that overleveraged, lol.
If I would have to bet if your account survives in those 7 months, I’d give it a 200 to 200000 chance. With this overleverage, no stop, one single major impact would blow your account in a second away and even drive it to the negative where you could have to pay more to your broker than just your single deposit of 200.
That you are not afraid of having margin calls is funny. What are you doing if you make it to 100k in 5 months and then get a margin call. What was it all good for then? 5 months works for nothing.
I’m actually planning on using no more than 100:1 leverage after this trade just thought i would get the first week off to a great start. And i guess time will tell how my account does as for the negative balance issue my broker has an automated system in place to stop that from happening.
Your broker keeps your loss on own balance if price moves 500 pips against you in a second? Nice broker. Like a charity organisation. LOL!
Well, as I said good luck. It’s not my money on the table there. 
I just think any advises for disciplined “trading” or from disciplined traders are meaningless here since… this person is trying to “bet” on his luck and not listening to advises 
BUT it’s fun to follow how it goes though. An interesting post as long as I don’t lose my money.
It’s his $200… Not like it’s a noob that just deposited his entire life’s saving.
He can obviously pull the plug on a trade or he wouldn’t have taken that $100 hit. Let him trade.
extract, as for leverage, keep in mind that it’s not 100:1, or 200:1, or 50:1 that kills you. It’s the amount of the account that is at risk at any one time that will.
And here’s another thought.
A margin call with multiple orders will completely wipe out an account, while a margin call with only one HUGELY oversized trade on will leave you with a much bigger balance.
I wouldn’t recommend trading like you are, but I don’t mind watching the experiment:D
Not like it’s taking up major chunks of your day or anything:D
This is fun actually
When do you plan on taking a profit?
around $35-36 area but i stupidly bought a bit to much total of 0.6 lots so don’t have much room for error if it doesn’t go my way from this point on. God this thing has such a big spread
sweet close on the 3hr candle based on Oandas charts. Now lets see if a big move to the upside will happen in the next 3hrs like uncle extract thinks it will
Extract, I don’t want to sound too brash, as I am one of the new guys in this forum (9 posts deep.), but like the other constructive comments in this thread, I hope you also take mine constructively. (BTW, I’m not a newbie. I’ve been trading for awhile.)
First, it is clearly evident you bought into one of the get-rich-quick schemes. The $200 to $200,000 in 7 months is all over the internet (yawn).
I’ll guarantee you if you grow your account from 3 to 6 digits in 7 months, someone is going to take notice, and you can take that from personal experience, and it does not matter who your broker is. Someone mentioned in jest about your broker being a charity organization. You got to understand, your broker is not looking out for you. He is looking out for self, which is another reason I can boldly tell you you will not make it to $200,000 in 7 months.
Now that I burst your bubble with nothing but facts, let me say something with a dose or reality that I hope will help. It appears you know what you are doing with your methodology. AMAF, I am not even going to argue you not using stops. But like a few have already pointed out, your margining skills (In this case, position size relative to the equity in your account.) is out of line. It’s a fact you are going to completely blow your account to bits, and granted, it only means $200 to you.
The title and your thread is an attention getter. It allows you to show off. If that is all you want, then continue on, and many people will get their laughs. If you really want to make a living at this, then tone your margining down, grow your account slow and consistent, and most likely, you will also be able to keep your head in the game. Simply put, if you are making 50% per month, and using .01 lots per $100 (That is perfectly practical.), you’ll grow your $200 to $25,800 in 12 months. Keep going like you are now, and you will only be dreaming, yet, take some valuable advice, and you’ll be a happy camper.
Watch out for R at 34.28.