As i am still in learning process (as we all are,right?!:D) i have traded just EUR/USD from 1H chart till today.Today i have started to watch USD/JPY.
The cause of that is that i had hard times last few days with finding a good trade on EUR/USD.I mean there were some ups and downs mainly caused by news.So what i want is just to check out with community;Did you also had hard times last few days with EUR/USD?I dont know,may be it is just me and mine lack of knowledge…
When i have added U/J to mine repertoire it was like holiday for mine eyes:D
It was really B.I.G. difference…
Now i feel like i have done a mortal sin with breaking the “one pair while learning” rule:D
So that is all from me…for now.I was just curious to see what do you think about subject…
Best regards!
VTK
I bought EURUSD last night and took a 50 pip profit this morning, but I was pretty lucky to catch it close to the top.
You have to keep in mind that there are two parties involved in a trade, someone has to buy and someone has to sell… so there is always going to be someone having a hard time with one currency while someone else is getting rich.
Overall though yes, I have been getting very mixed signals from EURUSD for the past two weeks or so. Last night was the first time I had pretty clear indicators, now I will probably avoid it for the rest of the week unless things clear up again.
Yep,that was mine point:)
All i got out of this pair for some time was mixed signals,low odds and low possibilities.Last “clear” U/E trade i made on wednesday.
OK,thanx Yarcofin!It looks like i am gonna to be unfaithful to mine first FX love:D
U/J looks like one sexy couple so i will try them:cool:
Cheers,
VTK
I’ve been loosing so much on the EUR/USD but basically because I won’t wait for clear signals and confirmation, an expensive (-$20 or so) string of mistakes.
Thankfully I’ve been making it up in other currency pairs, well, not quite making it up, but not letting myself loose all of it at once, my account is -$6 right now (a week or so being live)
Personally, I wouldn’t give up on a pair because of some volatility. This is just the inherent disadvantage to trading smaller timeframes. Those spikes will never go away, for any pair, but you can learn to adapt to them (by trading other timeframes) or by staying out of the market during potentially significant news releases.
Don’t let volatility ruin you, you have a great amount of control over it. A flexible system can incorporate multiple timeframes depending on volatility, using position sizing to compensate for the change in relative price movements.
Having said that, I fully support your decision to expand beyond 1 pair. Markets change, and certain pairs become easier or harder to trade, and if you have the flexibility to recognize this and move to the easier pairs, then you’ll be much better off. I look at 8 different pairs, not because I want to trade them all, but because it gives me a good vantage point to assess where the movement is originating from.
ie. if EUR/USD is going up, how do I know if that’s because the EUR is strenghtening or because the USD is weakening? Well if I pull up EUR/GBP and notice it’s flat, then I have a better clue that the price is coming from weak USD, not strong EUR. This knowledge can then allow you to look for other opportunities where that knowledge might allow you to make a good trade in a different pair, such as shorting USDJPY.
I’d agree with you - EURUSD has been playing nastily for a couple of weeks.
There have been massive swings due to oil fluctuations, and a couple (2 I think) times of huge downward movement with no news, speeches or any other fundamentals changing.
The mammoth exhaustion spike on the 31/7 will have bust out a lot of stops too.
But she’s usually pretty well behaved so I haven’t kicked her out just yet
Wait for your signals. Thats what you have to do. Stay disciplined. Look at it like Angelina waiting for her AIDS results. Wait until you get the its all clear to move into a trade/her. Your account has suffered because your anticipating the market. Dont do that. Check more than one time frame then make a trade you will increase you pips. I started with 1K now I trade 6 lots. Its about being a sniper, shooting when you got it.
Unfortunatly I cant say I didn’t know that… I did… and I have traded like that (thats how I made it all back) I realised earlier in the week that I can do one of two things… I can try to guess the markets move and invariably be wrong, or on the other hand I can wiat for it to tell me what its doing, listen and act accordingly… Sometimes its confused I dont try to make its mind up… I stay out untill it decides to clue me in… This line of thinking when followed allows for steady profits and an ever increasing account balance hence week 1 versus week 2 results.
I can probibly teach anybody how to trade, tell them what they have done wrong and do so fairly quickly – but with myself I’m having trouble because I’m too close to the situation. I’m trying… sometimes I need sombody to yell at me for being stupid… I have no problems with being yelled at for trying to be psychic…
Im not yelling just stating so do you swing trade constantly or day trade anyway you know what its about blowing a small account is the best teacher for money management and following you rules.
If you bring up a good point that I should know I take it as a self-scoulding/yelling. This is because if I was still a child and I did somthign as stupid as I had done with the trading my dad would yell at me. (Actually he wouldn’t he would point out how stupid it was and skip any undue sympathy… he would have probibly raised his voice if I wrecked the family car into the neighbors living room. Thankfully I never tested that theory.)
and I’m not sure if that was a question or not but I guess I swing trade on a daily basis. I dont try to pick tops or bottoms I try to get in when its trending and thats just gone through a counter trend, and try to keep as much as its wililng to give… but recently need to work on my patience… There are times when I could have riden the trend for far more profit then I did. Right now I’m happy so any changes to my trading will be slow going, less I screw it up again.
sky here,,go to Forex Street and click on technical data and u will find all the entrys and they tell u when to go long and short and when to take profits,,works for me caause i dont have patience to do all that wave stuff , maybe some day
whoops,follow up use fxstreet,then go to technical and click on trading points and download the pdf ,its all on the screen,u can miss all the currency pairs are there plus a lot of extra info,try it
By doing it myself I both get better at this an possibly other methodolgies open themselves up to me on top of the fact I can controll my own profit/loss and not just follow sombody else…
Speaking of which every time I do I loose money and I’m not talking a bit here or there, expert or not I trust myself and I have earned that trust – most experts have lost it.
