Hey Pingback
Glad you’re enjoying the thread. Any thread in any forum is only as good as the people that get involved and I’m glad to say we’ve been very lucky so far.
Personally I can’t wait til we ALL make it big and then we’ll organise a ‘Thread Party’ in Vegas. How cool would that be?
Hope your worries ain’t big ones.
Keep in touch my friend.
HoG
Just a quick question for you all before I slope off to bed for the night. Does anyone know how to add a snapshot of a chart to a reply?
How do you first of all get a picture of your chart from your trading platform and then how do you add it to this forum.
I only ask because there have been questions I would like to ask that would be a lot simpler if I had a chart to show what I was talking about.
Thanks all. Goodnight.
HoG
place the chart on ur comp screen and do a print screen ‘prt sc’ prnt scrn’ the button will say something like that. after you press that open your Paint program, and do edit paste, or just paste. then save the image to ur pics or whatever and load up in one of your replys by doing the attach a file option.
BTW, I am ForSex, they told me to change the name.
And to reply to something you wrote to me…
The thing about practice accounts that is AWSOME is that for the next few months I want to get into the HABIT of trading my system and sticking to the rules. I want to form a habit of doing great research, not getting out too early, being patient, letting a trade play out, ALWAYS! setting a stop, and all those good traits a trader should have. The fact is i have an ego problem, i know this because even paper money loses pisses me off. If you cant follow your system with fake money, then you dont need to waste time trading live. Also, if you cant be consistent and follow the system with micro lots then your in the same boat. The real way to start trading for a living is to trade for a long time CONSISTENTLY! at a very micro level, then up the level, then trade CONSISTENTLY for a long time, then up the level, and so on. If you start upping the level because youve had a good run it will bite you. I know from previously trading stocks. Id make nice small profits for 2 weeks daytrading. Then id up my level and make a good trade, then id up my level and wipe out the last 3 weeks of profits. Ok end of my novel. lol Let me know if you agree and I hope that made atleast some sense…
well… i chickened out after the last upside move and closed at 1.4260 
there is a huge resistance at 1.4280 area… 21,50,100 DMA and last week high…
i think price will go up and swing to 1.4450… but i’d rather play safe and buy after a clear break above 1.4310
NotoriousPIP
Sure I totally agree with you. Demo accounts play an important role in teaching the nuts and bolts in learning FX. And they are good for developing your strategy. I still use mine to Place trades that I might not be 100% sure of in my live account, just to see how they play out. But I still maintain it’s a different ball game when it’s real money. Human emotion creeps in and controlling that is another lesson in itself. But I believe that holds true for ALL traders, regardless of experience levels.
As for getting into good habits of letting trades play out ‘to the end’, well I believe now that “the end” is a rather subjective destination. Any support or resistance level you decide on will be aa estimation. You may well set a target price. But I’ve had trades stop 3 pips short of my target and turn around and go 80 pips in the other direction. So it is important, in my humble newbie opinion, to actively manage your trade. As it reaches your target, move that stop up tighter so if price does stop short and turn around, you’re still in the money.
As a good example, look at yunny1’s great trade mentioned above. Opened long at 1-4030, target 1-4280, but “chickened” out and took profit at 1-4260. As I wrote my last reply to yunny1 last night, price had stalled at 1-4276 and turned around. As I slept in a little for work this morning I haven’t had a chance to check if price ever did cross the 1-4280 mark. But for me, that is in no way “chickening” out. That’s real good trade management. 230 pips in the bag, why muck around for the change if there is any doubt? Take the money and be happy. And if anyone wants to criticise yunny1 for not hanging on for the other 20 pips then let them do it. I’m sure yunny1’s account balance ain’t complaining!!
But to recap, you’re perfectly right, developing good trading ground rules for yourself is essential. I’ve probably learned that the harder way. But as a result I do believe I AM more disciplined, I’m not as wreckless
Fair enough, good luck.
Yep, you are on your way. Looks you have now this $50 as lower limit in your mind and that is really a good thing.
Frankly, I for now am out of trading by hand. I have three systems now and 2 with bots. That one left by hand I do just trade mechanical. I have now with all three systems definitely housenumbers of maximal drawdown and average roi. So, my risk is very low. Then think about systems, them do not have profit targets for roi. Them just take what the market gives. I as trader, my most important job is to control my risk, because that is all what I have control over.
Happy pipping!
TheNotoriousPIP
I actually started a blog a couple of months ago as a way of keeping track of my thoughts and the decisions that led me to make trades. It isn’t an education blog or an advice blog. It was purely and simply a diary. A diary of what I was thinking and what analysis I did before getting into a trade.
Admittedly I have been a bit lazy lately and haven’t added anything for a few weeks. But then, I haven’t really been doing a whole lot in the way of trading recently either.
Anyway, similarly to what happened with your previous name ( which incidentally I still like ), I mentioned the name of the blog in a previous post on this thread and was promptly chastised by the moderators. Which I totally accept. Promoting another site on this forum is against the rules and it was my fault for not checking the rules properly. So the name had to be removed.
If you want a look at it let me know and we’ll figure out a way of getting the address to you. Now that I am back at the trading I’ll be back at the blog. Talk soon, best of luck !!
HoG
Hi Everyone
Here’s an update on a long I entered not long ago ( if you’ll excuse the pun ).
I am the first to admit that I was probably a bit too early to enter this but I’m confident it will play out, ( or maybe hopeful is the word I should have used )
I went long Eur/Usd at 1-44223 after it had reached mid 1-4430’s. Entered when price pulled back. I have placed my stop at 1-43 as the way I see it there are 3 possible support areas.
1-4360 previous low
1-4331 todays pivot level
1-43 previous low
I don’t see price going back down as far as 1-43 as I can’t honestly find a reason why it should. There is no good news coming from the US just now regarding debt ceiling, and even if there WAS good news it only goes to increase risk apetite.
As far as the Europeans are concerned, they are going out of their way just now to re-assure the market they can contain risks and everything in the Greek garden is rosy.
So, hopefully, the next day, or coming days, we will see pair rise.
I’ve placed my limit at 1-4550 for just now but I don’t believe it is outwith the realms of possibilty that it could go higher, so if it does, I’ll adjust my levels to suit.
As I said earlier, I know I was a bit quick off the mark to enter but I’m in now and confident in my supports so sticking with it.
Recap: Opened 1-44223
Stop 1-43
Target 1-4550
Fingers crossed and good luck to all.
HoG
Here’s a quick newbie question.
If the USD is seen as a safe haven currency in times of market uncertainty, what happens when it is the US that is causing the uncertainty?
With the current threat of a possible default or credit rating cut for the US, either of which would cause the markets to react quite sharply, would the dollar really still strengthen in these cases?? Or if the US lost it’s AAA rating, or defaulted, would the dollar weaken.
Or is that the $64,000 question everybody is asking??
HoG
Here’s a lesson I learned quite a bit ago. Don’t chase the reasoning behind a move. Whether the Market goes up or down, there will always be some way to rationalise the move. I pretty much pay no attention to the forex news apart from for general interest. My analysis of the dollar? All I can say is I think it is relatively low and therefore I’m looking for an opportunity to short the majors against it.
Can’t fault your logic Wild… and is EU going to go south… I think on balance yes. :20:
E/U is set to explode… the bad thing is i do not know to which side 
Put up a monthly, weekly and daily PP… should have a good idea from there… look to how PA treated monthy PP Friday/ Sunday. Right on top of daily now… now look to weekly! 100 points? :18:
The government shutdown back in the 90’s sort of offers a clue, but the situation was considerably different economically at that time.
With QE3 basically DOA, and the high prices in the equities market makes me think the dollar will climb fast and furious before it crashes.
The billions in hedges, and the equities market have to get turned into dollars before they get turned into anything else, and that exodus won’t be polite.
The equities fall in 2008 shows the way.
The smart cats are already out, and long commodities, but there’s not huge money that way so far.
Paper gold and silver are likely to take a nosedive, but the price of physical will probably shoot way up.
Interesting times for sure.
Keep the stops tight:D
LOL… ForSex has been asked to RIP huh??
Just a little update on the trade I placed from the last page.
I placed it last Thursday ( today is Tuesday ) and almost as soon as I put it on the price dropped. Price has loitered around the mid 1-43’s for the last couple of sessions ( as I’m sure you are all well aware of ). Anyway, with all the uncertainty that is surrounding the market just now, I was beginning to fear things were going to go against me quite badly.
So, in my infinite wisdom, I decided before I went to bed last night, to lower my TP from 1-4550 to 1-4460. The reason for this was simply because considering the last few days I now believed it to be a more achievable target.
Sure enough, as I lay counting sheep and winning the British open again, price rose, closing my trade for a 37 pip profit and has since rose to over 1-45. I know I should still be happy as any profit is better than a loss, but still it’s a little frustrating.
Problem I geuss was that I have read too many contrasting opinions lately that I just bottled out of it. Nevermind, account balance still rising for now
HoG
well, uncertainty is part of this business…so you have to deal with it every day.
Think this: for two days you thought you had a loser but now you walk away with a 37 pip profit!!
of course everybody would love to pick tops and bottoms…just analyse if you could have a better entry…
I realy wonder whats going on with the forex market. I got 15% win rate now on my last 25 trades and the market almost everytime turnes around nearly exactly after my stop loss order has been executed. I mean come on I use normal risk reward 1 to 1 and this is not even random results. How can it mess up like this? Im pretty new to forex but I have like 200 trades done and every system that works nice in back testing and every normal PA candle stick set up ends with this sucky 15% win rate when I apply it on my real live account. On back testing I have more than 50% win rate on everything. I am on one of the big brokers so it is not that they scam me out on fake spikes. What I could belive is that I am in the worst loss streak of my life because it has been like this for a coulple years in combination with stock market trading. Would be good if it is that and not my systems and trading approach that is lacking because I have realy worked hard for this.
Looks like a contrarian system when I wait to take my entry first at the level where my stop loss is ment to be is a super system! But if I use that system in the market I guess it figures out to take out those stop losses too. Well now I at least have puked out my frustration, sorry for the whine.
I think you are perfectly correct yunny1. As I mentioned when I first noted that I had put the trade on, the problem was probably not particularly the target, but the entry. A bit of patience and maybe a bit more proper analysis would maybe have saw me wait for a decent pullback into the mid 1-43’s before I placed the trade.
But it’s a constant learning process and thankfully I learned AND made a small profit.
HoG