Ah yes, thanks for clarifying. You are right in that I misunderstood it exactly the way you described. 
This is the worst part. But Iām such a small trader perhaps I can ride along? Idk.
Perhaps next year! I should set a date and just do it with no excuses!
Eventually, Iād like to get into options also. Have you ever looked into that?
No, only when trading EUR/USD last year: I started using the CMEās Options Heatmap for EUR/USD fx as it showed client order flow strength for calls and puts around the EUR/USD price points, which I thought would help me see where support/resistance may be based on clusters of big orders waiting at certain price.levels. However it was a bit random in the end, so it did not really strike me as a reliable.tool to try predicting EUR/USDās reaction at various price levels.
Were you thinking about currency/fx options?
I also wanted to ask: do you have money to trade or are you putting some aside for it, little by little?
More equity options really. What Iād like is to be a bit more well-versed in fx so I can appreciate/know more about macroeconomics or maybe even just global news you know? It keeps you in the loop of whatās going on in the worldā¦because you have a trade on 
Iām putting aside money for it little by little, itās just something I want to kind of keep as a mini hobby if that makes sense.
Yes,it makes perfect senseā¦
We all find time for things that add value to our lives: trading can add value as something that opens our eyes to world economics, and/or as a purely money-making tool.
I went through the phase of using trading - having trades open - to motivate myself to study lots of areas of economics/finance previously unknown to me, but I then subsequently found myself realising that no amount of study of wider economics should become a substitute for bad profits, namely that we should not accept losses in the name of āpersonal enrichmentā or āappreciating economicsā and view trading for what it is, namely preserving capital and making money.
So I am now at the stage that after years (seven, exactly this month) since starting my forex journey I have used hundreds of hours on what was never initially going to be.more than, as you say, a mini-hobby: slowly I realised that this could not be justified in the long-term, because I started valuing my time with family and friends more than time spent pursuing a hobby that involved a lot of hours spent alone and losing real or virtual money overall.
Now I have reduced forex sim trading back down to where it belongs, a mini-hobby, just like you said: but it takes time and effort to not let it dominate many of your waking hours, especially at the start when you are high on enthusiasm and on the possibility of making some money out of money. Now I am much happier because I have found that balance between simplicity of approach to my trading and time spent on it, making it very low-maintenance and allowing me not to give to it more of my precious time.
What do you think about this, @ponponwei ?
The pair (EUR/TRY) is making excellent progress, moving away from the 200-day M.A.: it is now on the fourth straight day of downtrending, having travelled about 1300 pips south.
The last three days on the MSCI Turkey ETF have all been bullish (buying volume increasing each day while prices were rising):
It seems that there is a strong enough move forming to break out of a seventeen-day deadlock since the pair broke below the 200-day M.A. on 03/09.
Hello traders!
Quick update: since opening the last demo account to trade EurTry at the start of July I have done well, growing it by 14.5% in just under four months.
I took some larger profits when EurTry was moving faster then let a carry trade continue (so far it has collected about Ā£450 in interest alone); I have taken intra-day long positions too, and with the recent large moves in EurUsd I added some short-term profits from that pair (it is the only other pair on my screen), because it is cheap to leverage it up for shorter targets.
I am now just keeping an almost hands-off attitude, given how well I have done. I would like this time round to make it to one year not only with an account that is intact but also in good profit, i.e. protect profits made in the early stages and just tie my hands if I have to!
HELLO TRADERSā¦
Six-month update: account up by 18.9% (balance) or 17.5% (equity, inclusive of current floating P/L).
20% of balance increase was made of interest/rollover.
Together with holding EurTry short I also traded short-term EurTry longs, and both longs and shorts on EurUsd - which has been quite the mover recently.
Very happy and now aiming to preserve these gains in the remaining six months, thus closing my first year in profit since I started learning about trading in September 2012.
Merry Christmas and a happy new year!!
PipMeHappy
just my opinionā¦ trading to Turkish Lira is really really gamblingā¦ thats allā¦ i donāt think any indicator, any PA technique or any thing else can guess or define what the hell is going on in Turkish market and Turkish economyā¦ in any time, the whole values, USDTRY, EURTRY or economic indicators can blown upā¦
Couldnāt that be said @tilden_katz of any currency?
Can anyone really say what EurUsd is going to do on a month by month basis or day to day?
How can the direction and momentum of this ten-year EurTry trend (2008-2018) seem unclear to anyone with eyes?
Hi @PipMeHappy
sure it can be said but not much as Turkish Liraā¦
why??
Goverment exist of one men, the president, so heās deciding everything with zero knowledge of economyā¦ Letās say, tomorrow, national bank of Turkey will decide the ratesā¦ if the president says that āgive lower rates because i need citizenās sympathy even the most banks or investors needs high ratesā than the National bank gives lower ratesā¦ Becaouse every one is afraid of himā¦
apart of that, whole Turkish economy is depends of building industryā¦ They are always building large buildings, so many homes and always doing some big bridge or tunnel projecst which are actuaally done by foreign companiesā¦ so Turkey is not producing or selling any thing,ā¦ Govermentās income source is only taxes and foreign investigtors whose coming to high ratesā¦
as you follow, dollar was about 7.000 turkish liras once, when goverment arrested an American Priestā¦ With that simple example, you can see how sensitive economy isā¦ Now, nobody knows how Dolar is still about 5.500-6.00 Liras becaouse all economic values are badā¦ Even itās forbidden, Economi President takes money of Central Bank and giving into the market by goverment oriented banks so they are keeping Turkish lira in 5.500-6.00 band but this is so obviosly not the real numbersā¦
ofcourse, you can not know where eurusd is going to, but you can guessā¦ But for Turkish Lira, you can notā¦ One morning, president can wake up with anger and he can deside, close all banks and takes the money for goverment in order to make some trade and earn money for Turkeyā¦
itās all up to himā¦
Hi @PipMeHappy may be you can follow this channel in order to understand whatās going on in Turkeyā¦
on youtube, search: real turkey channel
Atilla Yesilada, an economist is driving this channelā¦
Hello all!
As per.today, the account is up by 21.05%.
The net unrealized (floating) P/L is -1.1% of the account.
The use of CME futures volume for EUR/USD and of MSCi index.ETF volume for EUR/TRY continues to be a useful support in making decisions on spot fx trades on these two pairs.
EurTry shooting up, backed by strong MSCI-Turkey selling volume, breaching 6.64.
I have gone long with Ā£1.50/pip (Ā£119k position). Target: 6.69.
PS: keeping short position for carry (current accrued interest is Ā£1,167).
Following along! I mean Watching!
Account now up by 38.85%ā¦
Do you worry about geopolitical issues when trading this pair? Big news over the last week with Turkey and Syrian conflict. I imagine that could affect fear and economy. Your thoughts?
@dudebro Finished closing all my short exposure to EurTry today as I was interested in buying.Liras to.fuel a carry trade. This worked as EurTry downtrended from Sep.2018 to Christmas but 2019 was a mixed bag and more.recently we have seen a resumption of the previous ten-year uptrend in EurTry. I.had accrued about 1100 Pounds in carry interest but the P/L from pip movement was negative by quite a lot.
I am not.interested in buying EurTry as it is very expensive: it only made sense.to.me as a.short trade given the high interest paid by.buying Liras.
I have been using EurUsd more and more.as it.has had some decent moves and.it is much cheaper.
So in answer to your question: the Turkish central bank has made its effective rate negative (,once.you.account for.inflation) so that investors in Lira have been selling.off,.seeking returns in other emerging economies.
The technical setup is that EurTry has broken back up above a significant, multi-month resistance/roof and looks untroubled in regaining its ascent to the all-time highs of August 2018ā¦ I may be buying EurTry if EurUsd goes flat but at the moment I feel no.need to.
What about you?
