Hi TC,
Back in London, let me organise few things before I start concentrate fully on trading.
Don’t worry we will be trading together.
Price action is a good way to trade since most indicators are always lagging behind the price.
Where is the thread starter who dislikes support and resistance? Only a demo now, but I see price approach s/r and as economic news is released, determines whether it holds or not. And there are times when it’s just cool to beat up on a currency…now it is gbp… There is no one approach that defines trading…it commands such alertness beyond comprehension.
Tim
Hi Sharebazar
How was your holiday, I hope you enjoyed it.
I start trading live on an a very small account that I have for a long time. This week it went good and I made some profit over 2.5% The biggest looser was on GBPNZDSL hit by the spread before it moved according my plan
Hi TC,
Holiday was fantastic but I got ill at the end still suffering from it. Never mind.
I went through most of the pair today but did not see any potential trade. Hopefully we might get some setup tomorrow.
Hi TC,
Hope you are doing well, very hard to find good setup in this market conditions. Most of the pair are in a range, few pairs are trying to move but may be this week we will see some of the pair can create good opportunity.
I am monitoring UKOIL for sell opportunity around 53.50- 53.20.
Update from my UKOIL trade, just hit trailing stop and position closed with 263 pips.
Hi Sharebazar,
Good to see you back and you enjoyed your holiday.
last 3 weeks on live trading with a positive result on a very small account. last week I made only 2 trades could not find good setups also. Same this week. last positive trade was 131 pips on usdcad
The updates on my email from your posts coming today A bit late! I will be more active watching this thread
Hi TC,
Good to see you made 131 pips and positive trades, Last couple of weeks was very difficult to find good setup. But yesterday and today I missed few good trades.
Hopefully we will find some good trades next week. Looks like USD getting stronger.
Hi Sharebazar
I opened 2 trades this week AUDJPY and USDCAD. On AUDJPY I moved SL to +66 pips and maybe I will close it for the weekend USD CAD is on BE and probably will be hit soon
Just closed both trades audjpy 143 pips and usdcad 50 pips. Have a nice weekend!
Hi TC,
Well done, just keep it simple and clear. In trading we will have good trades and bad trades but don’t let your bad trades take control of your decision for the next good trade.
Really happy to see you are doing well.
Once Nikita also told me the same thing what I mentioned above.
Really miss Nikita, she will be very happy if she know that her students are doing very well.
Hi Sharebazar,
Thanks I hope it will be consistent but I have a good feeling about it.
Do you you have a good tip for MM on building up my account? I was looking for a post of Nikita about this I think it was post 111 but that is a hi risk method. I remember you wrote something about 50% profit to the risk.
Reading the old post I saw you were making 30 pips on a trade and then a few posts later it jumped to 300 pips
It was good reading it again I am sure Nikita is reading the posts you write and proud that her student is now helping other students.
Not see any setups for now We will see what this week will bring.
Hi TC HOLLand your question about building up your account. These is an opened end question you asked , because allot of things are used to determent whats right for you. I will mention just a few, account amount you have , pip size your using , how many trades at a time your trading , what is your risk per trade , and so on. So if you are honest with your self while you answer those question and other , you will make the right decision. By the way from what you have posted on your trades , your doing great , just keep your eye on the ball always .
Hi TC,
Keep your mind in postive direction, you will
be consistent, it takes time to understand and to feel it. If you believe you will succeed.
Firstly always keep your lot size between 1-3% of your total capital. I don’t know how much is your trading capital. But try to minimise the lot and then increase when your account grow and decrease lot size when you make loss.
Suppose you open a standard lot now, try with mini or micro lot at the beginning of the consistent profit phase and gradually increase the lot size.
As a trader our main job is to protect our capital and practice with minimum loss and stay with the market longer.
Risk management and position sizing is the key to success.
Yes I did create a entry strategy which allow me to get the confirmation from the market to open full position.
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When I get an entry signal I open half of my actual position then wait for the market to tell me I am correct or wrong, if I am correct and price move according to my predicted direction then I will wait for the retracements to put rest of the half position and managed accordingly. But if I don’t get second entry and market move very quickly in my favour then I will wait for the next potential setup with bigger position size.
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When I get an entry signal I open two positions half and half of actual position.
Suppose my SL is 50 pips then I will put 1 position to trail when price move more than 50 pips in my favour and put other pair to BE or leave it in the actual place it depends according to the market volatility. This way I can reduce my risk to minimum almost a free trade. Also I try to scale in half more position if the market moves more in my favour.
But if the price move against me then I will take the loss and move on.
Get the baby pips calculator to calculate the position sizing . Very important if we want stay in the market and become successful.
Looking at the USD/JPY pair, it can create potential long setup. What do you guys think about this pair.
Hi Tony Sharebazar,
I am trading a very small account and to stay in the 1%-2% range I can only trade 0.01 lot My current broker has very big spreads like 20 -25 pips on some pairs So I am looking for an other broker
What is a good amount to start live trading and building up an account?
The 1%-3% risk range gives a lot of possibility to built up an account
Making 5% profit a month with 1% risk is 10% profit a month with 2% risk and 15% with 3% risk. This will speed up building an account compounding this profits. But first I have to be consistent.
Nikitas system uses a 2% risk factor and increasing this by using a bigger factor over her profits protecting her initial account always. I will anyway start with 1% risk
I understand you don’t go to tell me how much I have to put in my account because it is to personal .
I see a lot of traders and demo accounts start with 5000 euro/dollar . Is this good to experience life trading? To built up an account? Or is it to small and will it take to much time? How much is needed to trade for a living? ( I don’t need much:))
Sharebazar You use FXCM I have demo and I have some problems with the software but MT 4 works fine Only charts are 6 days and not NY close The Commissions are a little confusing. Do they charge commission for withdrawal??
Tony Where do you trade?
Did you take the trade on USDJPY I missed it but it looks good
TC
Hi TC Holland , i believe when one start learning Forex using a demo acct until your making money for 3 months in a row. When one starts with a demo acct , you should start with the amount of money that you would start a real acct with. I am sure your beone that phase. How much is need to trade for a living ?? Well this is hard to answer because everyone has a different life style among many other factors. However i can tell you how i started. I started like you , i am in the USA and i started with $ 500. USD , i had a micro and traded .01 lots then gradually as the acct grew i went up on lot size. Money management is key to success and greed is # 1 enemy to success . Trading for a living depends on your break even expenses , so lets say for argument sake , if you can average 10 % a month , then you can figure out how large you need to start with and add a little bit more for loses.
Hi TC,
Trading in small account while learning is very important. Because we can get valuable experience with small losses.
In my opinion 1000 dollars/ euro is enough for now as you are trying to to be consistent.
Do you use FXCM trading station app or use it on your PC. They don’t charge for withdrawal but they do charge commission on round trade on standard account but the spread is very low on most of the pair.
Go to settings then chart view and then select merged to Monday (weekend data), you will get 5 day chart.
Just missed the USD / JPY trade for couple of pips, any we will catch the next one.
Thanks Tony and Sharebazar,
Ok I will start relatively small but a little bit bigger then today to get use to the emotional part of life trading bigger lot sizes To build up an account from $500 making 10% consistently a month and no withdrawals will take you about 4 years. My respect if you did it that way.
I use MT4 and I don’t think it has that option to merge weekend data. The trading station doesn’t work on my computer. Standard account starts from $2000 on fxcm . Will take an other look to get the software running and look for opening an account