My guess is that price will be around 1.3750/1.3814 (pivotal area last sessions) and swinging between 1.3914/1.3651
“the big summit” was postponed by latest wednesday, next week.
My best guess it will maybe go up a little to below or around 1385x and then down after that for a retest of 13650. Price closed now above the M30 top tl. Plus my bot went long for a few pips. 80% probability on that trade.
I still favour the downside but PA now is a mess…
I will be shorting any PA bearish formation in the 1H from 1.3840 to 1.3900 with a tight stop
Bingo bango bongo and 20+ pips! 
We so think alike!
I started demo account with 1,000 USD and could get 2500 USD. There were many losses but I was not care about.
But when it comes to real account, I started with 100 USD.
Instantly I got 3, 2, 13USD profits. And I thought, trading is good for me and continued. I lost, 1, 16 13USD within 15 mins.
Continued Next day and got 0, 1, 2USD profits. Again lost, 12, 8USD. Deposited 50.
Continued the next day, able to get 1, 2, 2, 3, 1 but lost 24. Now stopped.
Want to redo the Babypips Schooling.
[B]Can anyone let me know what am I doing wrong and guide me the next steps?[/B]
Whatever it may happen, I will continue. I want to learn more and want live in the ocean. Please guide me. Have gone thru’ Babypips School once. Redoing again.
Just as a matter of interest, is that a micro account you are using. And I’m not suggesting for one second that you are dishonest, but can you tell me honestly what tools / indicators you are basing your trades on, or are you just hitting the buttons on a hunch.
Don’t worry if that’s what you are doing. I’ve been there, done that to. ( That’s the reason this thread started ).
And remember, completing ANY education course is STILL no gaurantee of success.
I shorted EUR/USD first thing this morning, off the Hourly falling trendline, short at 1.3769, TP was just about hit at 1.3714. Did you guys take it?
I think, from now on, that I am going to say bingo bango bongo when I catch a winning trade, I like it!
Well first off, did I read correctly that you had a $100 live account, traded it up to $118 on day one and then lost $30 in 15 minutes? That is over 25% drawdown in 15 minutes.
Then the next day you lost a further net $17, which represented around a 20% loss.
Then you added a further $50, taking you to $121. Then the next day you had five small winners and a large loss, and ended the day with $106, so you had lost a further $15, which is more than 10% of your account?
So to break that down further, and please correct me if I have missed something, in your first three days of live trading you lost 25%, 20% and over 10% of your account at that time?
For me, this screams that the first thing you are doing wrong is risking too much per trade. Opinions vary, but personally I don’t like having more than 2% exposure at any given moment, and I will not go above 4% at any one time. I risk 1% of my account per trade, every time, so that means [I]maximum [/I]four trades open with their Stop still exposed.
When I first started, I was told that this is really a game of capital preservation, everything else comes from that.
Even with a good strategy, at your current risk levels you can lose your account. Drawdowns happen, whatever you read on here they really do. So you need to get money management rules in place that mean you can survive lean times, then bank the coin in the fat times. We’re certainly in a lean period at the moment, in my opinion, for most approaches.
This has turned into a ramble, so I will wrap it up, but personally I would say that you want to get your risk per trade under control, get some money management in place. Anything that can lose you 25% of your account in under an hour needs serious work. At that rate, you will not be placing enough trades to learn much, but your psychology will be taking a beating and your account will disappear.
The important point is that even good trades can stop out, but if they lose so much money that your psychology takes a dip, it is too tempting to fiddle with the strategy, tighten Stops, whatever, to avoid taking losses in the future. You are not giving your strategy a chance. We would need more detail, but the fact that you can take $1 wins, but $12, $13 and $16 losses suggests that you are not letting winners run as you have lost confidence, or even that you are widening your Stops to prevent them being hit. Personally, I would never go for an R:R of less than 1:1, and I never widen a Stop once I am in a trade.
Introducing proper money management should help your psychology, and once you have your psychology under control you can start trading mechanically, accepting the odd loss as part of the business - think of it as an overhead! - and then you are away (assuming a decent strategy, but we can’t comment on that from what you have said). You said it all in your opening paragraph - in demo you took many losses but did not care, and you more than doubled your account. Don’t underestimate the psychological leap from demo to live. And yes, redoing BabyPips school would be a great idea!
Anyway, apologies for the appalling ramble, I hope that you found that helpful and not too bruising - HoG runs an honest thread, but it is a welcoming, supportive place to spend time.
ST
Was waiting for it to get a bit higher and missed the bus. Resumed the highly exciting buy USD/JPY under 76.70 and sell 10+ pips higher. Easy but so very, very dull.
First of all, I would like to thank [B]The Home Of Golf[/B] and [B]SimonTemplar[/B] for replying to my post.
My Account Details:
Standard Account. Traded with Volume 0.10 with 1:200 leverage.
Had the following indicators but not followed them (Parabolic SAR, MACD, RSI, Stochastic). Not able to follow these indicators.
SimonTemplar,
Would like to know more about the risk level. For example, I am trading at 1.3815. For How many pips I can wait. Because, it fluctuates often. Can you explain me more on this 1% risk.
Can you also explain me more on indicators how I can go about?
With risk you need to work out what your account balance is first. So in your case if you’ve $100 then if you risk 1% of your account on a trade the most you can lose is $1. Then you need to look at your entry point and figure out where your stop is going to be. So if you decide to enter at 1.38 and you want to put your stop at 1.3840 then you need to enter with a trade size that would make 40 pips equal to $1. So your trade size will vary depending on how wide or tight you want your stop to be.
The most pressing issue right now, the way I see it, is the European summit next week. And personally, this is the way I think it should go.
At the end of the summit, German Chancellor Angela Merkel, should get to her feet and make the following statement.
“Ministers, now that this summit has come to a close and we have completely failed to reach a coherent solution to the current crisis which is unsettling the world economy, I would appreciate it if we could turn our attention now to a far more pressing matter. My government and I, would like to propose the INSTANT use of the expression , “Bingo Bango Bongo” as the shared accepted standard expression of joy throughout the entire European union. We urge you all to ratify this proposal IMMEDIATELY so that the imPlementation of this expression can be carried out without delay. We owe it to our children, and our children’s children, to secure them the right to freely use the expression , “Bingo Bango Bongo” in moments of joy and elation. Thank you for your attention to this matter gentlemen.”
How good would it be to watch the football and here John Motson say, “Rooney !! Bingo Bango Bongo, one nil !”
LOL, the post started on such a serious note.
Bingo Bango Bongo LOL
Wahey comic gold timing. UJ goes bat guano mental and nosedives to historical lows 30 mins after posting. Glad I’d closed out already. Oh well, easy money had to come to an end sooner or later I suppose.
Shorted EU @ 1-3885. Stop 1-3920, target 1-37. Probably a reckless trade as I’ve mentioned before I have no access to charts on a Friday, but I thought a 35 pip risk on playing the range was worth it.
HoG
I like my trading boring - indeed, I have had a couple of exciting losses this month, and am missing the boredom of the old, stable markets - as I always felt that the trading can be boring, then we can find our excitement with the proceeds! But I know what you mean.
ST
lol! You can also juggle that around:
80+ by a bot long trade and 15+ pips scalping short/long by hand today. Bango Bingo Bongo! 
Only hair in the soup is that I missed that xau buy yesterday at 1600 around.
Anyways, I guess ~200 pips all together this week is enough. Going back to learning mode and will read a new book. You all have a great weekend!
For me, the mark of any truly great expression is it’s flexibility LOL!!
You all have a Bongo Bango Bingo weekend.
BTW ST, all chicks back safely in the nest. Nothing untoward to report. Happy days !!
You’re absolutely welcome. I’m afraid I don’t use leverage, I just spread bet in the UK, so am the wrong person to advise on that side of things. In terms of calculating risk, I use 1%, many on here use a little more than that, so find your own figure but personally I would not advise going above 2% in the current market. For how risk is calculated, I can’t improve on PipBandit’s answer, which I have requoted below.
Yes - what he said ^
I’m not exactly sure where trading without charts on a Friday afternoon appears on your strategy…! But it looks like you ought to get away with it on this occasion. Just don’t make a habit of it!!
Excellent work! Bingo bango bongo!!!
Good to hear, have a Bango Bingo Bongo weekend yourself!
ST
(Multi-quoting montster)