I was recently laid off from my job and I have been looking for other means of making money. I’ve liquidated all my assets and now have about ~$21,000. I have been practicing on a demo account for the past few weeks and have been averaging $1000 a day. And that was with $5000 starting balance. Since $21,000 is four times that, Im looking at atleast $4000 a day
Tomorrow morning I’m depositing my money and going live I want to inspire others do the same so I will by updating this thread.
I’ve been watching this pair for a short - what was your entry trigger? And where’s your S/L?
I’m looking for a bounce off 139.21 then a price action confirmation for a short down to about 136.00. Although it may breach 139.21 and head up - I’ll wait for confirmation either way.
What size lots are you trading BTW? What % of your account are you risking on this trade?
the trade you called is a pretty good set up admittedly but your money management is terrible and you are gonna blow that 21k before you even know what hit you.
it really would be a shame for someone to lose their live savings in the forex market within a couple days, at least give it a few weeks before starting, bounce some ideas and opinions around this forum for awhile and learn from others experiences
Wow… My goal is to make this my bread-winner for a living but those are some big numbers. Here’s ta hopin’ you don’t get chopped up… Oh, n this might be my noob showin’, but is a short tha right decision on this pair? I haven’t set this chart up; just glanced over it, but it seems that tha overall current direction is up… wouldn’t it make more sense to wait til it broke past the consolidation at 137ish?
no i’d have to agree with the poster on his short of GBP/JPY.
switch your chart to a daily and you’ll see a pretty damn strong support now playing resistance, entering now would give you a pretty good trade with a very nice R:R Ratio.
as long as you keep your money management in check this is a perfect set up
the noob part of that post is not your reasoning for basing the trade itself, its good to get trade confirmation but waiting for a break of 137ish would do some heavy damage to your potential R:R raio.
its the fact that your trying too hard for a solid confirmation in the hopes that you can get a very high win rate on your trades when in fact you should be focusing on longer term statistical results and keeping with good money management and Risk:Reward ratios.
Admittedly I got excited and jumped the gun on this one. I normally only trade during the London hours. I feel kind of stupid for opening this trade at 7am(eastern) but I still have a lot of confidence in this trade.
To answer a few questions people might have:
I only trade GJ, EJ, GU, UJ and AJ.
I like the fact that when the yen really moves, it moves across the board(all pairs)
I look for chart patterns, candle formations, trendlines and support and resistance.
Reiterating that I only trade during London hours.
I use 400:1 leverage.
…
I know a lot of you are skeptical but I’m actually into forex to make money, not to engage in pedantic bickering like many of you here.
Okay, gotcha. I see tha resistance. I’m guessing this was more of a long term trade. I mainly work off of 4h and 1h frames for intraday trades. Maybe that’s why my r/r is skewed… I’ll definitely keep this in mind…