I am not sure what this means... am I drawing a line that hits the mean of each day's price range?
Just keep going... I am at that spot where I might think I know something but don't really know something.
I certainly can't argue with this statement. I am a pure technical guy - I think that there are a lot more intelligent people out there than me that are already trading on fundamentals and making the market respond appropriately. As long as I am not trading at the exact same time as a news release or other fundamental event then price should already factor that in.
It looks like the AUDUSD and GBPUSD pairs are good for swings right now. They both are showing directional bias, at least I am seeing it that way.
I am certainly not looking to get rich. My overall goals that will move me from working full time for someone else to working full time for myself as a trader looks like this:
1) Learn three different trading techniques
2) Practice each technique in a different demo account until each technique logs 100 trades or more
3) Select the most profitable technique to trade in a $500 - $2,000 real money account
4) Build that account to $100,000 over a period of 5-7 years using trading returns and additional capital deposits
5) Build that account to whatever level is needed to earn an annual average profit of $90,000
6) Build a stock portfolio that returns $20,000 - $30,000 per year in dividends
7) Eliminate debt
8) Put $100,000 in a savings account
9) Transition from my full-time job to a part-time job
10) Transition to full-time trading
I anticipate this to take around 10-12 years to achieve. My current cost of living is $65,000 per year, and without debt, that would be around $40,000 per year. I anticipate using my stock dividends to put food on the table, keep the lights and heat on, and cover basic living expenses. I anticipate using my trading profits for luxury items: new cars, travel, recreation land (I enjoy hunting, camping, and hiking), and earning a doctoral degree in business administration.
I am currently capping my demo trades at $20 margin used on an account with 20:1 leverage. I think that means the most I can lose if stopped out is $20.
Ok, now that the weekend posts have all been responded to, time for the trades!
I went long at 1.33082 with a 100 pip trailing stop loss. Position size is 300 units which represent $20 in margin used. This trade is currently -11.6 pips.
I went short at 0.78784 with a 100 pip trailing stop loss. Position size is 500 units which represent $20 in margin used. This trade is currently at +7.9 pips.
Thanks everyone for taking the time to read and participate in this thread! I very much appreciate it!