Welcome!
I thought as over the years I have taken much from this website perhaps I will be able to give a little something back.
This thread will detail everything finance from the books and videos I come across to the many successful and many unsuccessful trades I do.
I am currently a full time student living in Sydney Australia, though I do trade five days a week usually. I have been trading fx live for a bit over a year now and seem to be surviving!
So, please feel free to free to join along as it would be awesome to get as many on board as possible and I hope everyone enjoys this journey as much as I will!
Hey all, haha I understand that it may time a bit of time to get any credibility and what not but I might as well talk about my current situation… About a year ago I opened my first account having saved for ages with a part time job, although I had read everything known to man about the markets and had an immediate relative who has been trading futures and now options for 20+ years I blew it within around 5 months, now at the beginning of the year put all I had left in a new account and glad to say something has changed for the better… Although still lots and lots to learn! Would be interested if it’s not to personal to ask if anyone else blew their first account? Found it interesting the majority of traders I know personally have…
Oh about the way I trade, I had tried shorter term stuff eg 30 point stops and all that but I could never be that correct with price movement that often so it eventually eroded my account! Also put massive stress on me with my lack of funds coming in and being full time at uni I desided to look at longer time frames and it is working much better. I don’t use technicals I only study fundamentals and price account to find entry / exits. I made this thread to get opinions and offer help to anyone, I was lucky enough to have a family member who has worked as a prop trader for many years and is a mentor to me and helped me though some really bad times so hopefully I can be of some use here!
Yeah me too, I want to be a billionaire really really bad. I would like to be able to buy all the things I never had. I would also like to be on the cover of Forbes Magazine for example, and do really cool things like be next to Oprah smiling or even the Queen for that matter. I know its crazy, but every time I close my eyes, I tend to imagine my name in shining lights. It would be great to be in a different city every night.Man! I swear! everyone out there should prepare for the moment that I become a billionaire!
hey, ahh probably later today or Monday, honestly I’m in two positions since before the start of this thread which have been pretty painful and will probably look bad for me even if they make money (just my luck) but when I exit them, ill post them and then i’ll start posting each trade as I do them then on
I might as well explain the returns, after making quite a bit in march i basically did the stupidest thing possible and A.increased the amounts of positions I was in and B. for someone who was < a year in trading I was way overconfident, and because of that my account suffered for ages until i woke up to myself basically. Although I had read not to do this everywhere I guess I just had to learn for myself which proved costly. I hope that it doesn’t scare anyone off haha
Well as far as documenting goes I probably couldn’t of picked a worse time to start hahaha. Yesterday was a bloodbath in terms of my positions. Currently in short gbp/aud and long usd/jpy. Basically,
I entered long aud against gbp as although the aussie has been getting smashed for months now I feel as though on Tuesday the RBA will not be cutting cash rate, and I thought I saw a nice opportunity to enter on Thursday when GBP asset purchases and bank rate came out and the pound rallied for what I thought was no real reason than market excitement.
With the usd/jpy, although figures came out recently about Japans inflation starting to surface, I feel they have a long way to go, and although it did break the 99.50 bottom level it created I felt as though it did not go a ridiculous way against me it would climb back up. The way I felt as though it was comfirmed as when it had very small ranges Monday Tuesday and Wednesday and did not break down even though figures out of the US CB consumer confidence came out worse than expected.
So, looking forward, I am going to hold gbp/aud trade until Tuesdays rate decision, although Australian retail sales and GBP services PMI are due Monday, I got absolutely smashed on Friday with worse Aus PPI and 3 yr high for pound construction. So basically I’ll hold on to the rate decision and move from there.
I’m not really concerned about long USD/JPY position, I think the non farm employment moved way to much for what it was worth, I would be long USD against most currencies now, looking at it, 22k jobs missed expectation to be made out of a population of 300million in the US, that is a ridiculously small percentage. Also the unemployment rate is now 7.4% which is I think a 3-4 yr low? I will probably be looking at longing the dollar next week! holding onto USD/JPY until a profit of 100 points + is there. Sorry about the long post, opinions are very welcome!
Well, I was wrong about the RBA leaving rates, however luckily for me most of the decision was already built into the market so it did not kill me off completely. difficult to be patient some times but there’s no other options at the moment. I feel this video sums up how i’m feeling atm. (ignore the last bit)
Also, an interesting statement from RBA governor Glenn Stevens, “The Australian dollar has depreciated by around 15 per cent since early April, although it remains at a high level. It is possible that the exchange rate will depreciate further over time, which would help to foster a rebalancing of growth in the economy.”
Did any of you guys ever watch the video of Paul Tudor Jones made back in 1986? In the video he seemed to be trading like any of us would these days. He is a billionaire today. Lots of things have changed most probably. Seemed that he relied heavily on Elliott wave theory back then.
I personally haven’t, might look it up though just for interest sake. I don’t trade Elliot waves myself but I’ve seen in other forums many people who do and they seem to work! I was talking to someone who works at deutsche bank forex floor and he was telling me that slowly they need less and less people working there, its all turned into algorithmic trading… maybe in the future it will be more help to do courses in computer programming than finance!
Its been a few days as I didn’t have much to post but to anyone interested it looks like I’ve scrapped my way out of a bad situation. Was looking grim for my aud/gbp trade after comments from Carney strengthened the pound like no tomorrow, however! The way I saw it there wasn’t that much behind it that moved it that way ( I took a short gbp/usd position right before the inflation report and cut it 60 points against me). So after he had finished doing his thing I look two positions, short gbp/aud with a 40 point stop right above the high it made that hour, and short gbp/usd. I guess I did put all my eggs in the one basket but I was prepared to admit the fact I had been completely wrong and cut them but in the end they worked out. So at the close this is what my 4 positions are looking like. USD/JPY was an absoloutely shocking trade but it will eventually make its way up so I’m not going to cut it, currently -360 pips. Gbp/usd -90 points, gonna hold onto that for a while any whom so not concerned. My Gbp/Aud +410 pips and +30 pips respectively. So looking forward I may cut these gbp/aud positions in the next few days and look for other trades, long usd trades I think will gradually move up and down respectively so just going to have to weather the storm there.
