The question here is : Was I Lucky or just lucky? 
An the answer is :yes, you were Lucky, Jenifer.
Were you doing something wrong?No. You were doing absolutely great! But it does not matter whatsoever.Your result is irrelevant. You cannot judge any trading system based on a single trade. Keep your trading journal, eliminate weakness, enforce strengths. Trade with the system through uptrend, downtrend, range. Take records, adjust, trade through another cycle, changed fundamentals, adjust etc,etc. Most of all: Enjoy the Game.
#tradesafely
Color me a little confused here, is it one week in forex or 12 months?
Also how is your $50 looking?
Forex is simple & easy when you are winning, problems occur when you
are losing & start to chase losses.
I would imagine that to achieve that awesome result, you must have been using almost all of your capital, or maybe 80% of it - that would be error 1. Not that theres anything wrong with using 80% of your capital or even 100%, as long as each entry was made using about 2% of your capital and then get your stop loss into the positive. repeat as many times as you can, adjusting stop losses, ā¦ but im sure thats not what happened? right?
and secondly - were you using stop losses?
This is probably the worst thing that can happen to a new trader, cause once in the live trading it be as easy. and over confidence can ruin.
Iām also curious how that $50.00 is doing in the live account. Keep us posted!
Are u sure your not counting the pipettes as pips
I think it wonāt happen weekly because 4.300 pips weekly profit mean you should gain more than 800 pips daily. Maybe the target is using 5 digit broker so 4.300 pips here same with 430 pips weekly and it is still more making sense than 800 pips daily. But still, itās not easy to gain 80 pips daily profit in forex trading. If youāre newbie then it is almost impossible to gain 80 pips daily profit. To realize consistent profit, you need to have proper trading plan and you canāt gain 80 pips daily directly but you must capable to gain consistent profit with lower number of pips first (example 20 pips daily first and then increase periodically)
im curious, are there any screen shots, pls do share, 80 might seem more reasonable, but hey if its 800 pips damn thats great. and really really big
The number 800 is not the pips but piplets
It means that 10 piplets = 1 pips
sorry guys.once i began to make money consistently, i forgot to visit the forums sometimes.
hereās some light shading-that was very first part of my journey. iāve gone a long way since then.
unknowingly-i was taking advantage of various market opens n news releases.price makes crazy spikes during those time period. i was just riding waves.some i won,some i lost.but i quickly cut my losses instinctively n let winners go.now i know itās an important trading rule.
i was risking 2% of my account on each trade.i guess thatās acceptable. whatās not acceptable is i was not using any stop loss.i just kept my eye on trades n closed any losing trade after an losing threshold got hit.
i mentioned broker shows gains in 5th decimal instead of 4 decimal.so itās pipette.still 430 pips a week or 1700 pips per month is a great result.
now after much studying n experience, i put a limit on my greed.iām now profiting 300-400 pips weekly,regularly, happily. i know lots of forex traders who gain 400 pips per month steadily r considered as good traders.i make that much consistently in just a week.
though thereās a lot of good systems based on market open n taking advantage of news,now i trade based on price action solely.what i was doing initially is wrong,though i can imagine anyone using that craftily can get away with that.but highly suggest donāt try to take advantage of opens n news releases aggressively like i was.instead focus more on high probability setups.
for beginners,i m currently using price action.just search torrents with Laurentiu damir n download his 7 books.only following this-i believe u can make a living in forex.
if u want more advanced material,get Al Brooks course n books.i got the course freely from forexwinners.biz forum.itās little advanced, but almost every nuances of price action is covered by Al brooks.
than i combined lance beggs yourtradingcoach n art & science of technical analysis by Adam Grimes.i think u can get them freely from torrent or forexwinners.ru.
combinedly,i now have 21 price action setups.remember if u follow only one course,u may net 50-100 pips weekly. but if u combine many,along with following many pairs,uāll almost always find trades in market(even in trading ranges) n together theyāll make u 300-400 pips weekly.
what i mentioned above is everything uāll need to make good profits in forex consistently. if u want more,then u may continue further study of courses n books.
important note-donāt fall for any magic indicator/robot/candlestick pettern/chart pattern.all of them r only piece of puzzle.u should have a holistic approach to market.
i gave all the infos here freely to save the disappointments i faced at beginning. itās here,i managed to acquire them freely.take or reject,itās ur choice.if u take,uāll become consistently profitable quicker than every other ones.iām just shortening ur learning efforts,nothing more.
the post got long,but itās fair bcos i may not visit the forum for next 1-3 months.forum visiting is good when u r just learning, but once u start making tons of money quickly n steadily-uāll also feel no need to spend countless hours in forum.just stay shut n keep making money,thatās really the timeās worth.someday, uāll also come to this realisation.
if u had any further question,post it here.i donāt know when iāll manage time to come here.but eventually iāll.then iāll try to reply.
Happy pippingā¦
almost forgot.i managed to turn that 50$ to 176$.
i was able to do so rather quickly by violating risking 1-2% rule per trade.remember,itās ok to use aggressive money management to grow ur account quickly when uāve small balance.but once ur account gets bigger,try to stick to 1-2% of net balance risking per trade.
after that,i put $3000 in my account.now i follow 10 pairs,make a trade a pair a week.n happily enjoying consistent 300-400 pips weekly profit gains.
1 Like
Careful Jennifer.
Youre talking like youve been trading successful for 6 years, not 6 weeks.
IMHO you should hold back on the $3k account, one bad NFP or unexpected Fed meeting outcome and you could crash and burn.
I know it may sound harsh but probably the best thing that can happen to 90% of noobies is that they blow their first account. A lot of us, myself included, got off to a start like you have. It makes one think you are great, that one has a knack for forex trading or can somehow fully understand how to make easy money and that all those failing traders must just be stupid. This encourages one to invest more money to make more money, then guess what happens? CRASH!
Take care, study at the free school here and trade pennies for months until you understand a lot more
Please post trade results?
Did you calculate the pips yourself or did the system show them? I made a mistake like that telling I made 70 pips and it turned out to be only 7 pips Most markets just dont move so much. But Keep it up it is a wonderfull result but look out for the man with the hammer