I have just recently finished the school of pips for the first time! ( I will be reading over again to get a better grasp ) I have been trading with several different practice accounts ranging from $50000 to $5000 for the past few months. Which I have been in the green most of the time. I know it’s not nearly the same as real money but it has helped me with my confidence.
So I dove in and and opened a micro account with FXCM and I am also taking the classes starting Monday morning which they offer online to further my knowledge and build my confidence.
I would like anyone else that has taken these steps or similar steps to learn about the forex market to help me or rather we can help eachother to go through this learning curve we can give eachother support and maybe find a system together to be successful.
Basically a lab partner or partners.
I know that some of the newbs here are afraid to ask dumb questions but with me I have alot of dumb questions too so we can help eachother.
I cannot afford to go through trial and error.
Anyways my account is with FXCM and my account is starting with $300
If anyone would like to join me please email me and we can start a chat group with IM or Yahoo or whatever the best platform is.
Aloha and Thank You
Im a movement by myself a force when we’re together… (Fabolous)
While I admire your bravery and do it real to learn it attitude, you really should demo trade for at least a two weeks before going live. Also, you should have one solid strategy known and to the point where you are honing it to an edge.
I will unite with you. I am a newbie as well. Demo’d for about three weeks and now traded live for two days and starting again live this monday.
So, far I’ve been through pips school about five times and read to many posts to remember.
As a noob I recommend TRO’s, “never lose again thread,” or, “james IB strategy.” Both from the holy grails section. Both easy to use and follow price. I find learning some pre build systems very educational.
I also recommend checking out, “dragon33’s money management system.”
And as I always say approach Forex like a business not a hobby or pastime or for thrills like a gambler. Don’t think about making money, plant the goal in your head of becoming an exceptionally skilled trader, the money will follow that without you worrying about it.
Wow thanks for that great info I will go ahead and start reading those posts thanks!
As for demo trading I have been demo trading for around 2 mos. now.
And I actually lost alot of money in the beginning (demo) but finally after going through the school of pips and reading these great posts I am making money using these demo accounts. BTW some demo accounts will only last 30 days.
A little background on myself: I live in beautiful Hawaii been in Real Estate for the past 6 years residential and commercial. I am also trying to treat this like a new business as well the real estate market isn’t doing so well.
I’m in front of my computer and ready to trade by 7 A.M. I go to 11 A.M. the lastest. On the pair I’m currently working on their isn’t enough movement past then.
That’s good to know but what time zone are you? Pacific, Mt, East?
BTW I was so excited to do a real trade I started this morning at 11am Hawaii time!!! I know not very smart but I figured I lost $200 last night playing poker with my buddies so I may as well get used to the forex with my $300.
I have been trading usd/jpy bought and sold made 77.4 pips
I currently have usd/chf open but I have created a stop and limit order (this I am basing on the Dailyfx.com which has a trading signal service which are based on short med. and long term strategies) just testing it out.
I also have EUR/USD open with a stop loss which I am using my own theory based on some of the literiture in the school of pips.
sorry just a slight correction in my buying and selling of usd/jpy I only made 38.2 pips which was multiplied by 2 because I had purchased 2 lots of 1k.
I’m loving this made $9.00 in the last 3 hours lol !!!
Today was my first day doing any real trading!!!
Popped the cherry!!!
Although I am making a little money I have noticed that I actually would be making more money using my own system (which is pretty random I’ve been trying many different theories) rather than following FXCM trade signals.
I am actually losing money using their trade signals!!!
Just wondering because I am losing money I went ahead and left them open hoping they will at least come back a little to minimize my losses I actually opened the charts and looked at the trends and the trends do seem to follow the trade signals but I am afraid that I may have to keep them open past closing. Will the rollovers be that big for me or will my gains be able to cover the rollovers.
I’m glad I opened a small account because I can actually live with these losses if I close them.
Sorry it’s 4:30 in the am here in Hawaii I hope everything made sense.
You need to decide on at least a mental stop loss, that is based on your system and stick with it. For instance I know that the way I trade I have -20 stop loss. I know that the trade may breath and go against me about twenty pips before it goes my way. Less if I get in at a good spot. So, right around -20 pips if things look out of order I stop out. This is based on trade rules though.
Learn not to hope and pray that trades will come back to you, right now. This is emotional trading. This will quickly have you losing gains back and turning small losers into big losers.
Start a trade journal. For every loss cut it in half and then recalculate how many more pips positive you would have been had you just stoped them out sooner.
You shouldn’t hold a trade hoping that it will come back to you with the rollover because you are with the general trend. That is unless that is part of a strict plan. Otherwise you are just hoping, preying and gambleing, which will eventually lead you into trouble.
Find something that works and keep doing it, it can be as simple as that. When it doesn’t work don’t be afraid to stop out the trade.
but, you need to either develop or pick a system and watch and see how it behaves and works.