Im still learning about trading and yesterday i did my first chart trend analisis, i dont understand it very well yet but practice makes perfect i guess, i made a trend and thought it would go up due to it touching this weeks support or what i think is this weeks support(am i right?), turned out i was right and it did go up, so many of you are asking your self, if he got it right why is he here nagging about it? well the thing is i dont understand why i got it right, it could have just continued going down and not bounce up, couldnt it?
Is there a way to know if it was going to continue going down or bounce back up or the way i did it is right?
Can any one explain the candle stick reading please? i read about it in the school but i dont really get how it works, how by looking at the first candle or the second they can know whats going to happen
Here is the chart, please tell me if i did anything wrong and how can i improve my reading
Draw on a Fib and you will soon see why your trade was looking the way that it did. I haven’t seen the rest of the chart and how it progressed, but i would imagine that price continued to increase further by looking at the bounce.
i sold at the end of the last drown trend, thats what im talking about, there is what my reading led me, to it going up because it touched the weekly support(brown line) i dont know today, the markets a bit awkward today, im losing on a short i have right now on eurd/usd
yes, i meant fibonacci
it does seem like it is breaching off the 50% level, or though I am guessing as I don’t have the actual chart to hand. It’s always difficult talking about a past trade without the use of real time charts in front of you. Your also realise that there is no correct answer as to if you were doing the correct thing or not. As long as you were not loosing then thats what matters. Making small winners into bigger winners is the next stage…making losers into small winners is usually the difficult stage prior to this.
this time i was wrong, i lost today, i thought it was a sell because of the trend it self, i saw the dollar touch resistance and go down to a new support and thought it would bounce( by now) but it didnt, where was i wrong? this is very complicated T.T im back to the school- technical analisys
Yep, its a long road, but well worth the hard work and effort to get to the end. Although, saying that, there really is no end to this road of learning. It’s a constant approach that each and every one of us has to take with respect. Unfortunately, mistakes in this game cost you money, and there is no trying to cover it up. Get it right, and your soon start to realise that all the hard work is quite literally paying off.
I’m assuming that you are very new to the area of trading, so go and continue with your demo account until you are confident and happy that you understand enough. I’ve been researching and learning for just over two years now, and still only just know enough to keep my head above water. It’s a great way to make money, or even an income, and the personal goals are great, so try and stick with it. It will take you time, but your in good company, especially here at Baby Pips. Some of the people here do indeed know ALLOT of useful information, so try and make the most of this and dont be afraid to ask questions. Just provide as much detail as you can
Piece of advice: don’t try to force a trade ie don’t look at a chart and force yourself to trade. Follow a set of rules, stick by them and be patient. Don’t try to understand every movement. Good luck
thanks both, i ended winning, i was right, the market is bouncing, slowly but bouncing, i just sold and ended up winning 28 USD(100 dolar account) its my first trading day on a real account so thats quite an encouragement.
I read all over this about set your rules and your trading system, what do you mean by setting my rules and my trading system? i dont really understand what that means
And, i think there is a way to always win, but with very small trades( 1 pip) since it doesnt cost to open or close a trade( just the difference from buying to selling) is it possible to always win just by setting limits in 1 pip? (we wont be winning a lot but hey, 200 trades a day might make quite a quantity after some time)
I don’t want to discourage you, but just to clarify some points you mentioned…
Did you make 28$ profit on a 100$ account? If so, I believe that you are risking too much and though you were lucky today, could easily blow out that account in one or two trades. Also, I would like to recommend that you read NakitaFX’s “Price Action for Dummies” thread, as it is very good… best of luck to you! Congratulations on your winning trade on a live account
Take a look, also have a good read up on money management, and risk vs. reward.
I can imagine you traded $1.00 per point, caught about +30pips, less 2pips for spread and ended up booking +$28.00.
Just like Ramah said, this does seem rather high for a $100 dollar account, making +28% on a single trade is however possible, and since you have not told us how much you traded per pip and the total risk element to your trade, we can only anticipate what nay have been.
From personal experience, a $100 account size should be encountering a win or loss amount of between $2.00 and $5.00…this is so far off from you $28.00 win…hence why we want you to last more than a week in the game of trading!
Set of rules: include a good reason why you are entering a trade, how much you are prepared to lose, where your stop loss and take profit positions are and why
Trading system: applies the rules if they are repeatable eg price goes above last week’s high, then enter, 25 pips stop loss, 50 pips take profit … a most basic system (that is not profitable, doesn’t look at time frames, price action etc)
I dont know if any of you are still around this forum, but you guys helped me a lot that day, and a wipe out helped me even more!.
Ever since, i have been reading and wiped out that 100 bucks plus another 500, yet, today, i live off trading, and its all thanks to the " read about money management".
I risk 0.5-2% per trade on an average 30-40 pip stop loss( I look for target entries where the stop loss fits above a resistance/support), i look for 1:1 up to 1:3 R/R. Trade pure price action, force close before major news events, 3 losing trades per day as a maximum, not more than 3% risk on a pair per day, not more than 4% loss per day.
Just wanted to thank you guys, i had totally forgotten about this thread and my first trade, when i came back to it and remembered how i actually started learning about this world, i had to stop and say thank you!
[QUOTE=“Nabilromeo;701969”]Ha, the good old days. I dont know if any of you are still around this forum, but you guys helped me a lot that day, and a wipe out helped me even more!. Ever since, i have been reading and wiped out that 100 bucks plus another 500, yet, today, i live off trading, and its all thanks to the " read about money management". I risk 0.5-2% per trade on an average 30-40 pip stop loss( I look for target entries where the stop loss fits above a resistance/support), i look for 1:1 up to 1:3 R/R. Trade pure price action, force close before major news events, 3 losing trades per day as a maximum, not more than 3% risk on a pair per day, not more than 4% loss per day. Just wanted to thank you guys, i had totally forgotten about this thread and my first trade, when i came back to it and remembered how i actually started learning about this world, i had to stop and say thank you! Hope you are all doing great and green! Br,[/QUOTE] What do you average per week in pips if you do not mind me asking?
I never though of an average, my monthly statements are in $, but i would say a good week is around 100-200 pips, an average maybe 100 or so. I will check if i can see the pips. Currently im holding 3 shorts on Eur/Usd at 30-20 pip range between them. And 1 at -12
You’ve come a long way from your $100 account, kudos to you.
30 lots on one trade is a hell of a big transaction, something I only dream of.
Has your general strategy changed much over the years?
Not really, keep it simple, abuse the winners, accept the losers. I risk a lot more now(generally 0.5-4% per single trade at first, then just keep adding to it) as i have a stable portfolio on the side. I trade forex, withdraw gains every quarter leave 10-20% of these gains to compound and invest the rest in a stable and safe portfolio. Rinse and repeat.
Congrats, really encouraged to see how you’ve progressed over the last few years. I look forward to the day when I am trading a full lot. Just goes to show that it can be done and done well. I appreciate you posting your FXbook stats, lots of successful people keep a low profile, which is understandable, but its also great when straight up, honest folk show their info without trying to sell anything. Once again congrats!
Wow its really very motive and encouraging for all of us to get started with this highly potential trading business. And i really like your frankness in accepting the intial failure which paved way for the learning process.
