Hello, Salutations, and G’day to all,
I suppose it’s about time I made my presence known on here.
My name is Nate, I’m 22, and going to school. I am a beginner forex trader, but I’m hoping to make it my full-time job as soon as I can. I currently have an account which I need to fund with Oanda because I want to start small, get consistent gains, and use compound interest to increase my earnings. I have no illusions about this market and way of making/losing money. I know it will not be an over night deal, and that it will take time – marathon, not a sprint.
I am ready to lose money. I’ve had some unsuccessful trades in stocks (as many have with the down trend in the market 6000 POINTS IN A YEAR?!), so losing money that I’ve made is not necessarily “new” to me. Which is why I’ll be starting small; 100-250 @ 50:1 leverage.
My trading style that I’ve adopted from lurking about these forums is more technical analysis and statistical analysis. TRO’s thread has had a great influence on my approach.
My strategy:
-I trade AUS/USD, EUR/USD primarily, but spend the majority on the AUS/USD for now.
-Trade 5 minute chart when it coincides with 1hr chart.
-Enter using .xx00 or .xx50 bar cross.
-TP is between 15-20 pips. Don’t want to be greedy, regardless of how many pips I leave on the table.
So far this has worked for me on a demo account starting with 1000 @ 50:1. I only lost money on stupid trades which were a result of a deviation from my trading strategy – was trying out different methods. This K.I.S.S. method has worked for me so far.
Alright, that’s enough for now…I’m rambling. I just want to thank you guys for this wonderful site, and all the information it has :).
-Nate
p.s. went through the school, and it was EXTREMELY helpful 