NEW TRADE;
short; aud/usd @ 1.06825
stop; 1.08911
limit; 1.04660
Ok, so…
Its been pretty quiet up until today.
Now there are 6 positions open and still a couple that could be entries tonight or tomorrow.
REMEMBER, if you miss the entry price, IT CAN STILL BE ENTERED AT ANY POINT PRIOR TO IT, IE IF AT ANYTIME IT GOES NEGATIVE, IT IS STILL A VALID ENTRY, BUT NEVER ENTER IF YOU MISS IT AND THE POSITION IS NOW IN PROFIT. IE DONT CHASE IT.
Hopefully sooner rather than later some of the positions will close in profit, because until a position is closed, it doesnt mean anything!
Stay tuned.
hey motormadj,
gotta i’ve been looking for someone like this for a while, someone who lives off forex. I saw you get around 5 - 15 % monthly which to be honest my goal right now is to get around 4-10% monthly. I recently just started with a new “system” which is pretty much all price action, using a barros swing indicator to see higher and lower timeframes on the same chart and using some statistical analysis . I’ve been doing pretty good with it but I’m always looking for new learning opportunities especially from someone who’s been living off this for 6 years lol. I’ll keep following your trades on demo. I have a few questions, how long did it take you from when you started studying forex to get consistently profitable? on average how much time do you put into it per week/day? what book/article/video do you think influenced your trading the most?
Hi Colmex,
I dont know much about the Barros swing indicator, but it sounds interesting.
I would say by far the most useful ‘mentor’ for me when I was first learning [I still am and always will be] was an american women called ‘raghee horner.’ I have a couple of her books as well as a few others, but mostly just dedicated myself to being self taught through the internet.
I, like most other people looked at just about every system and type of trading going, including the ‘traders’ who claimed to have the ‘holy grail’, which unfortunatley just doesnt exist. There are however many very successful traders, of many different kinds and they are about 1% of people that try to trade and that actually manage to become successful professional traders.
As said previously Raghee Horner is one of these people and I basically just found her systems, methods and thinking processes easy to understand. She is very good at making people understand the fact that all trading must be based on validity and that alone [for me at least anyway].
I could talk about the infinate different people, subjects and systems that make forex so wonder and also so frustating to learn.
With regard to the hours I spend trading I get up at 8am and look at the charts right until I go to bed, normally around 11:30. However, I dont spend all that time sitting in front of my screens, I will go off to the gym or go shopping etc etc, it all depends on wether I need to be ‘working’.
If you are serious about trading and do stick at it, you will spend tens of thousands of hours looking at charts and that will only be the beginning.
That said, there isnt necessarily a correlation between the time spent and the money earnt in forex, I know some traders that spent very little time looking at the markets [wether that was always the case, I dont know]
Its not really about working ‘hard’, its about working ‘smart’, obviously there is a huge amount of hard work that goes into learning, but once you manage to get to a level of eduction in FX thats sufficient, then its more about working smart, not hard.
For the basics the Babypips school is very hard to beat!
If its something you really want, dedicate yourself to it and sooner or later you should be where you want.
Its a way of life.
I hope that helps.
hey,
well here is the thread where I got the barros swing indicator from
http://forums.babypips.com/free-forex-trading-systems/42052-what-really-turned-my-trading-around.html
Ive really liked the guy’s trading style and technique so I’ve been trying it out for myself.
I’ll look her up and probably get one of her books.
I, like most other people looked at just about every system and type of trading going, including the ‘traders’ who claimed to have the ‘holy grail’, which unfortunatley just doesnt exist. There are however many very successful traders, of many different kinds and they are about 1% of people that try to trade and that actually manage to become successful professional traders.
I also up untill a few weeks ago was looking for a “holy grail” and with this thread I found its completely changed my attitude towards trading. I’ve learned to accept losses and I’m building up my own system based on the barros swing indicator and statistics. Like you said there is no holy grail, as one system will work great for one person but the same system will be terrible for another though that other person will have their own system that works great for them. I hope I end up as one of that 1%, I’ve stuck with this for almost a year now and I’m now getting at least consistent.
With regard to the hours I spend trading I get up at 8am and look at the charts right until I go to bed, normally around 11:30. However, I dont spend all that time sitting in front of my screens, I will go off to the gym or go shopping etc etc, it all depends on wether I need to be ‘working’.
If you are serious about trading and do stick at it, you will spend tens of thousands of hours looking at charts and that will only be the beginning.
yeah I figured something like that, during my school semesters i’ll ususally wake up an hour early to see if theres any trades to be made, then during the day i’ll just keep the MT4 platform on my laptop open and check it every so often, then during the afternoon i’ll try to get screentime and focus a lot on it. these days since i’m working full time for a co-op it gets kinda hard to be watching my trades during the day but my plan is to just have a live account with $100 using really small lots and to have it maintain untill the end of my co-op and if I have profit by the end of my co-op then I’m gonna put in some money saved up from what i earned.
It really is a way of life, its changed my personality and a lot about me, its pretty awesome.
btw I know you had your own business but did you go to university? or community college? and if so what did you study?
Ok, so unfortunatley the first of all the trades to close, the EUR/GBP was stopped out at a loss.
This or the GBP/CAD where arguably the most likely of all the positions to close at a loss due to being ‘hedged’ positons.
For those who dont know what I mean by this, ill explain;
The EUR/GBP was a sell, so shorting the euro, ie expecting it to get weaker against the pound, the GBP/CAD was also a short, so expecting the pound to get weaker against the canadian dollar. So you’ll see that the outcome was difficult, ie the pound to get stronger against the euro but weaker against the canadian dollar. It is entirely possible though and it has been doing it since the end of last year.
The trade was entirely valid, unfortunatley this is just one of the few lossing trades that are inevitable each month.
Stay tuned and hopefully we should see some of the other positions come in soon and cover the loss of the EUR/GBP and give alot more profit on top!
NEW TRADE;
long; aud/cad @ 1.07065
stop; 1.03773
limit; 1.10298
i am gonna start my trading with a low amount of $100 .i’m a newbie to forex trading and i trained myself well on the demo metatrader account which one do u recommend either “EXPERT ADVISOR” OR “INDICATORS” to make $5-$10 a day, and do expert advisors work on a low amount of $100 and make $5 a day or higher for me
Hi Sukanth,
I dont have much experience with MT4 platforms, I use FXCM’s trade station.
I will say this though, any ‘expert advisor’ or indicators are only tools that can be used to help make money.
There are unfortunatley no [to my knowledge] ‘expert advisors’ or indicators that are free, that will consistantly make money. If there were everyone would be rich and its just not that easy.
All indicators are lagging and therefore do not predict the future, merely help you collate data from the past and possibly suggest would could happen, not necessarily what will happen. Indicators are extremely useful when applied with other indicators, stratergys etc, but on their own they only really give rough ideas.
With regard to signals or tips etc from actual people, ie real successful professional traders, these either dont work full stop or are quite expensive. Obviously if they work, the cost is almost irrelavant as the profit made from them can be used to pay for them. However the percentage of people offering such services that are actually genuine is tiny, probably 1%! Its a real shame but because of the oppotunities that FX can provide it is a very attractive arena for scam artists!
If you or anyone is ever considering paying someone for there services with regard to FX be sure to do a very, very thorough check of their past and current FX practices. Make sure they actually know something about FX, see if there is any scam warnings online and I dont mean ‘Forexpeacearmy’ either as thats one of the biggest scams!
Basically people need to be very carefully in the world of FX and be wary of who you give your money to.
NEW TRADE;
short; usd/cad @ 0.99546
stop; 1.01738
limit; 0.97361
NEW TRADE;
short; eur/cad @ 1.31781
stop; 1.37418
limit; 1.25511
I’m interested in the results of the above trade, considering Bernake’s effect and the latest announcements affecting European pairs.
Hi ‘rtmason7’,
Yes, its always interesting to see what affect fundementals have on currency.
However my trading system is based almost entirely on technical analysis, with the only serious regard payied to fundementals [news, events etc] when its immediatley impending.
Hopefully the pairs being traded have now resumed there long term trends and we should see some hit there profit limits next week or the week after.
There will possibly be another position taken this evening.
Stay tuned.
Hello motormadj , I try to follow your signals thanks
Hi maxmax61,
welcome,
Thanks
NEW TRADE;
long; usd/dkk @ 5.63280
stop; 5.32284
limit; 6.01727
Morning all,
Ive had a few questions relating to pip numbers and amount of pips to be profitable ie How many pips should someone be making to be profitable? etc etc.
There is no ‘ideal’ number of pips, in my opinion that a trader needs to make each day, week, month or even year. To be clear and rather extreme, if a trader was making a few of pips every [and yes I mean every single day] day then they could easily be a multi millionaire in theory. But its really not as simple as that.
The number of pips made isn’t necessarily an indiction of great success, obviously, if someone is making pips overall on a regular basis then they would appear to be a successful trader. However, its potentially not that diffucult to make a large number of pips. For example, some of the more exotic pairs like the USD/DKK or the USD/SEK will have long term trends of thousands yes, thousands of pips, so a single trade could be say 5,000 pips!! or even more, but the Pip cost or pip value is low, 0.01.
The flip side of the examples above is a pair like the EUR/GBP where the range or even long term trends are quite small with regard to pip numbers, but the pip cost or value is much higher, in this case 0.10.
Also the MMR of different pairs etc can vary massively, so this is another important point to take on board.
If any of this doesnt make sense, as previously said the babypips school really is very useful for beginners.
So to clarify its not at simple as loads of pips or a smaller number but with massive leverage, its about consistantly making pips/profit with trades that are based purely on validity, with proper stops and limits, that are ideally between 1-3% of the entire account, depending on your trading style and number of trades at any given time.
Hope that helps.
Hi,
Do you have a skype ID that i could add you on? i want to learn more about your system possibily and hope to be a successful trader like yourself one day. It be easier to ask you all my questions there. Thanks
Hi mcfatkat,
I dont use skype im afraid.
I will be starting a website with my analysis etc in the next few months though, if thats of interest?
Thanks.
Josh
NEW TRADE;
long; usd/nok @ 5.70870
stop; 5.50816
limit; 5.92556