Slight winner at Hamburgerstakes poker starting at nanopips with a pipdream

Hi all

Like the title says…Am soon 33yrs working fulltime in government agency. I have a wife and soon 3 kids so life is busy. But I like playing games…that include profit in the long term. I am no gambler and run a tight BR management in poker too. I am a winning player in Hamburgerstakes aka micros and has yet to move up to smallstakes. I mainly play NL25 cash and was playing in NL50 before black friday. aka the fall of FullTilt poker and DoJ FBI freezing accounts. Cashed out all my winnings aseuroplayers were still able to do so. Spent a nice summer with my family. This august started with $50 and have run it up to $500 so far. BUT…

Poker for me is in a low motivation atm. And I do like to have some spread on my manies. Thus for a new challenge and a learning experience i have decide to go for FX. Found this site and am learning and absorbing as much as possible from the exellent school thing you have setup here and forums. Also been reading whatever i have had time to read online from several other sources and I am truly thrilled of all the stuff on much have to understand to succeed in good ROI.

Opened an account in what seems to be the partypoker of FX eToro. Looks newbish friendly and has that FB generation feel to it with ok looking stats tools to work for you. Did some loltrades with the playmoney part but as it is i treat that like i treat playmoney games in poker. When there is no real money involved its just lulz. The stakes you have to use there are far bigger than in real money so the only thing its good for is testing the parameters and tools setup for one to go with in the realmoney side. And no i am not being ****y about this but there is no thrill in the playmoney. I willl rather win $0.6 in real money that 2k playmoney.

Plan. Made a nano deposit am ready to sacrifice. Will be looking to start making some trading next week. And studying all weekend long as much as irl gives time. I have been reading a lot already and I think I will start with using technical analysis to open and close my trades. Will be using 15minutes candlestick charts with EMA setup 10,20,50 (some say 200 but dunno its not even showing on the graphs i tested this setup with or ima just a newb who dont know where to look :smiley: ). Along with this will have RSI view on another window to not to push buttons when you shouldn´t. This setup seems rather informative for a newb and not cluttering myself with info i dont get really.

I will try and use a rather risky BR management and high RoR because I feel thats what i must do in the nanostakes i will enter the trading in. This money is the “tuition monye” I am willing to bust…but in the longrun will be robusto. Though i doubt i will bust out before i make another deposit. As the plan is to fund this “recreational” trading hobby with some extra I earn from poker and can put aside for this project. So each month I am putting in some moneys to boost my roll to a size where its sensible to drop down risk and still ableto make some pipstacks.

Stuff i consider my pros
-Tilt control:years of poker have taught me all about variance. Loosing few hundred in few minutes sucks but its usually variance that crashes you down like that and I have learned to control myself and walk away when first signs of monkeyrage tilt emerge. Same applies here. Money can be lost but I will not put more money into bigger leverages and looking for bigger profits in order to compensate. FX is a marathon like poker. slong as you make more EV+ moves they will pay off in the longrun even if you get sucked out occationally.

As in poker the biggest mistake newbs make is they are result oriented. They count how many $$ the won and lost. FX to me seems like poker. In the beginning on must concentrate to avoid as many bad moves and make as many good moves as possible. Results in $$ are something you should not look into but the fact you must try make more EV+ moves than EV-

Willingness to learn and drive for success:
Theres a picture of me in the dictionary under this. The low morale in poker is driving me to learn FX.

Longterm plan:
Playing more with RoR now but in the long run will settle down to tight BR management. Understanding its a marathon not a get rich in few minutes deal

-Need tolearn more
-Only have trading experience in moving moneys between fundmarkets
-Need to learn more maths
-Need more time to study news
-Need more time to study more about graphs and value inputs that matter
-Needs to understand what matters
-Nanostakes can be frustrating (but it is in poker too and I have lived through the twice already so i know what to expect)
-The fact I will be making more risky moves even though i have decided to make it a longterm thing :smiley:
-Oh did I mention am a newb and need a mirrion of work on studying everything to achieve the longterm goals…and shorterm goals :smiley:

Well thanks if you read through it.Feel free to comment on my plans and whatnot. And how does my setup of EMA and RSI sound like (newb friendly?)

GL all…CU in the markets (and forums)

Is that copy a trader thing any good in eToro…i mean that feels silly. You dont learn much using that?? or is that a “safe” way to have your funds work in “autopilot” and make some profits while you study everything and maybe have a side bankroll to do your own trading?

oh noes…could not post a threadsaver picture as I need 5 posts to do it :smiley:

the amount of welcome to the forums op replies :stuck_out_tongue:

Anyways did some planning for next week while studying pipsology, watched ICT’s videos and read many threads in here. For starter my plan for next week is to concentrate on just making few short term trades using only EMA and RSI as the indicators. Also did go through all the main currency pairs (or what ever fancy word is used, gotta learn the lingo). Is it common that towards the end of the week the charts all kinda flatten markets slow down)?

So plan is to monitor few currencies with 15min charts and if the EMA/RSI indicators look good i will proceed to buy in. Will be usind a minimum buy-in with 100x leverage, setting the stoploss to 2% of my bankroll. As i am looking for practise i will try and find few buy positions per day scouting through different pairs. Is this stretching it or EV+ or should i just concentrate on single pair? Eur/usd looks really swongy and due our euro econ all bonkers is it too high variance pair to parctice due current situation? For entry and exitpoint an just gonna use what seems to be the simplets of things. Ema crossovers with widening range between ema charts and exit in the otherend crossover or tad earlier. Also will try and monitor rsi being below 80 whe entering. This correct? main goal is to stay profitable through the week between 6-20 pips.

So ladies and gentlemen. Does this sound like a good plan for a newb to begin the fx training?

Thanks for any opinions you have. Hopefully this is not going to be a blank thread…

forgot to ask this. Does anyone know how to open more than one charts in etoro? If i switch curreency pairs or timelines i always have to do the ema setting over again. Ok its only few clicks but would be nicer to view few currencies with 15min and 1h charts side by side…

I’m just starting out myself but you might want to call them at 1-888-993-8676. Is this a demo or live account?

All things are difficult before they are easy.

tried demo once but its just not worth it. Cannot treat playmoney like real. Sos did a small depo am willing to even loose but i doubt i could fail like that as i will do br management and tight stop loss but with wide profit ability. Gotta try the live chat with them as its free. But its obv a lacking feature. Prolly not too bothersome in the beginning but in the future it will be a con. Just like poker it easy to start playin 1 table but i do regularly play between 4-10 tables at a time. But yea i will be just cincentrating on trying follow my plan tighly and maybe within a year i have learned enuff to determine what to do in the future. That MT4 platform seems kinda nice with options and easy visualization. But thats future problemå must survive a day then a week and then a month to a year…just still kinda hoping some feedback to my strategy.

Most of your knowledge from poker are transferrable to FX and trading in general, so I think you are ahead of the curve already. Your tilt control will be extremely useful when you encounter a horror run of losses.

I’ve only been trading for 3 months. I’ve tried using moving average cross-overs during my first month but found them problematic when prices start ranging, causing everything to criss-cross like tangled yarn. You’ll see what I mean. :slight_smile: My best results have been found using price action and chart patterns SO FAR. But every trader has their own style. You may be able to get EMAs to work for you. I thoroughly recommend backtesting whatever you use.

But I think your plan is very good. You’ve realised that going busto is the price of education, and you’ve determined to minimise this by only trading small.

thanks for your input? Especially since you are kinda just tad ahead and freshly know where i am going to bump my account into. Well yes i am going to use real money through the education. I just cannot grasp myself into bothering and planning and having any patience to wait for the right moment. Woth real money even if just nanostakes its the real deal thus will put more thought and planning to strategies. Poker is a boring ass game folding 80% dealt cards so patience i feel is another pro in this project. Ok i will look into your idea too…something i havent studied so well worth looking into. Payed my tuition in poker and am willing to do it in here. Luckily i have nice and dumb enough opponent in poker to fund my fx project and when i start showing any profit i will pump pokermanies to fx account enough to have it to a level where whe profitable its starting to show profit moneywise. Reason i would wanna monitor multible charts at the time so i would be able to attack currencies showing trends instead minizigzag. You ppl recon gbp/usd easier to start with vs. The eurodisaster/usd? But am really jus looking to play it smart no matter the currency. Gold/oil/silver are too big investments and swongy but if nailed good profit and when failed busto :stuck_out_tongue: so thus sticking with currencies.

The correlation between the gbp/usd and eur/usd is strong - around 0.9 if I remember correctly, so you may want to stick to one currency to make things simple. But it’s really up to you. eur/usd offers cheaper spread and is my preference.

Did a AUD/USD trade today as the EMA seemed promising. kind hoped for it to rise but was able to exit in ok area. 16pips ->36% gain. It peaked to 60% but got greedy and the WMA still looked good at that point. Traded some gold and oil for lulz but they ended up BE though they are looking good again…hmmmm

Hi! I’ve been trading for about a year now, and I just wanted to say welcome and good luck. As a previous poster said, I have found price action to be the most helpful thing in learning trading, and there will be losses and it is very much like paying tuition at University! If you learn from them that is…if you keep making the same mistakes over and over, well you should change your major, lol… Anyway, personally, I don’t use any indicators at all. Just trendlines (if there is a trend), and support/resistance levels, and learning to read the candlesticks. But there are a million ways to trade! Sometimes I think that is why it is fun and challenging. So, you have to find your own way…

Hi Ramah21

Thanks for your good luck wishes. Yes I am waiting on the tuition fees to hit me…but so far I have been doing ok using the 15min charts with EMA settings on 10/18/40. As soon as the short period punctures or when it is looking strong to turn to blast through the medium and long I will open. I have taken some losses but only due to experiencing with oil and gold and stx500…those would be awesome to hit well but so far they stank pretty much…but today saw a EV+ trend coming through the EMAs and voilá

Buy USD/CHF $20.00 0.9467 0.9512 1.27 20.19 17/01/12 12:35 17/01/12 14:14 0.9512 0.9444 (gain 100,95%)

Trade was closed by Take profit limit while i was heading home from work and it maxed out at 0.9522 so I think I had set my targets rather well with. So that coverd my losses and am up 6.09% of my initial bankroll deposit…and I got a 25% depobonus so with that am up 31% :smiley: Now that is a nice starting week through first 2 days of trading on live account.

As I suspected all the f****ing around with the stupid playmoney was just like its in pokers…waste of time. As soon as theres money involved a lot more planning goes into things. Even with the nano amount of experience and knowledge of the whole business. So now I just continue studying and reading and watching over my charts waiting on a proper entrypoint :smiley: But with the “stakes” I invest this last trade now allows me easily to loose some as my stop losses are low as possible and i tweak them to smaller and smaller if the trades start stacking EV++ makign them even less risky.

I really have enjoyed studying the pipsology and the school thing is really very well made!!! So kudos to those who put effort to give nOObs so good info for free!! Great to see some feedback. And even though I am happy with the current way I “analyze” (as i cannot really say I am like super knowing about this but atleast i think i have gotten somewhat the idea about EMAs) the entrypoints and exitpoints, I am really looking to study other things and ways to do this.

Thanks again for well wishes. I am happy to see atleast some interest on this thread. I guess the title is kinda annoying to some as i have read some angry responses about poker being totally different to trading…well obv it is but there are some similarities. Making money is possible when doing as little bad moves vs. good moves. Variance is a bitacchh and sucking out when everything looks good is annoying. You can tilt in FX just as you can tilt in pokers and try and compensate with more risky moves and whatever causing the deathspiral towards busto. So the mental stress is the same. and that is imo so far the most important thing if you want to keep your manies.

Cheers and GL spotting the golden entrypoints!

Also you guys have any tips on using the sell button. Which analyzing methods you have found best. So far to me charts going up are the only way to have manies…but might wanna start trying to click the sell button and get some deals closed by selling too when charts go down like cows tail??

Havent gotten that far in pipsology yet obviously. After the great day for me i think its time to hit the books at school of pipsology…

must learn moar :smiley:

Hi PIPstack. Which broker are you currently using?

You’re never a loser until you quit trying.