Welcome to ilearn2t's chatroom

[ilearn2t]

Hello RahmanSL

Best about this thread we can post, say anything or share our thoughts (within rules) and we don't step on anyones toes.

Sometimes in life we lose touch with the world in our own greed to survive, all mankind does it, some don't know they do it, but others do. Business has a funny way of showing some "don't knows" from the "others do" gang.

In Forex your only root to success is less greed, but in business to succeed you need greed.

Liz

[RahmanSL]

No, I do not agree on "greed' being the ingredient to being successful in the business world.
A certain degree of integrity and the ability to deliver as agreed makes quite a lot of difference between successes and failures in the business world. In business, you need to be able to trust (to a certain degree) your business partner, clients, and associates.

But, of course, if you are out to make a one time quick buck deal, then greed over rule all good business concept and practices.

From my perspective, in forex a certain degree of greed is good (and in fact essential) when you see certain trading situation and condition where you have to make split second decision to capitalize on to make a killing or else that window of opportunity will be gone in matter of seconds. In such cases, indecision and fear of making that decision can cost thousands in potential profits.

As I have mentioned time and again, I really don't see where is the problem in making money (and real good money too) in trading the forex.
Again, in my personal opinion, the essential ingredients for making money are:

1) An adequately well funded trading account since most account wipe out happened due to over expectation of profits that can be derived from the available capital. For example, if you want to make usd500 per day, then fund at least usd5k in the trading account. Don't fund your account with usd1k and expect to make usd500 daily profits from that trading capital.
Admittedly, getting usd500 from a usd1k account is possible (I have achieved that 50% to over100% daily profits many times) but the problem starts when you expect to achieve that every day and account wipe out will then becomes inevitable.

2) Trade lot sizes which are comfortable to your account size. Don't go placing 1.0 lot trades on a usd1k account as that will kill the account in a great hurry. Instead, limit yourself to 0.01 to 0.02 lot size trades until you have doubled that account. Then you may increase trade size to 0.01 to 0.03 and so forth as the account grows. If market condition is not conducive for trading due to thin volume, simply don't trade and go fly a kite or something. Don't sit in front of your computer as eventually you are bound to make trades out of boredom or trade for the sake of trading. This is not good trading as market behaves very differently during thin trading.
So this second essential ingredient can be classified as "discipline & patience".

Ok my friend, I can go on writing what I have observed and learned since embarking on this forex journey more than 2 years ago, but it will be too long & winded

I am quite sure you remembered my days as a rookie who doesn't even know how to open a micro trading account and ended with you transferring, and losing, usd5 into an ECN account which I have wrongly registered for.
Was I dumb or what in those early days!!

And Liz, my friend, thank you very much for being such a patience and wonderful mentor to me;yah!...and also, most of all, becoming my friend

[RahmanSL]

Ok, maybe not dumb, but most certainly naive.
And I had a great compulsion to trade anything that moves...placing trades on just about every pair of currencies and metals. Boy, did I get burned!....and I still don't know how much money I have lost trading the forex as I burned quite a lot of accounts...I know it's more than ten accounts and I am not sure of that either.

As I matured in trading the forex, I realized all I have to do is to trade just a couple of pairs to be profitable, and it works like a charm.
My primary trading pair is the AUD/USD as its pretty much predictable for me, and I trade the EUR/USD on the rise as we all know the sorry state of the Euro and that these days it doesn't rally much and will come down on the same day.

I take some gold & silver positions when I see a trend, and that's about all I do in my daily trading.

I am still waiting for FxOpen Australia to open for business as I want to open an ECN account as my second main account.
At the moment, I only have a live micro account with FxOpen which I have kept alive on-and-off for over a year. When it got burned, I would not fund it and wait for some monthly rebates to be deposited into the account.

For last Jan 2012, I received usd99.43 in rebates and I transferred another usd17.95 rebates money from some other account bringing the total account balanced to usd117.38.
I traded on & off since 1/Feb/2012 and am pleasantly surprised that today the account balance is usd690.61...equity stood at usd636.58 at time of this post!

So, relax trading with no great hurry seems to be the necessary ingredients to being profitable in trading the forex.

All the best!

[Q-Funds]

Subscribing to this thread. I am sure I can learn a lot here. =)

[FXOpen Manager]

All I know is to stay away from USD/JPY and USD/CHF

[ilearn2t]

Hello Q-Funds

Yes! this thread is setup so members can talk & sometimes post useless things on it, at might otherwise spoil the appearance of another member's good topic on the main forum boards.

We try not to talk about the forex market on this thread, as most pairs are fully covered by members in the main boards.

RahmanSL & myself believe the Manager is to busy posting and guarding the main forum, so we won't see him around our thread.



Good luck
ilearn2t

[Q-Funds]

So, this chatroom of yours is kinda a FREE FOR ALL type of posts? =0

Cool!

[Q-Funds]

All I know is to stay away from USD/JPY and USD/CHF

Thanks!

I think JPY pairs are too volatile?


I prefer to watch EURUSD, then AUDUSD and sometimes GBPUSD

[ilearn2t]

Hello Q-Funds

Yes! We can talk about anything, I use a demo platform to setup up different trading methods and indicators, this way I can watch any pair I choose and if I spot a possible chance of profit I apply it to my trading platform, that way my trading platform is not loaded with charts open everywhere full of indicators and trendlines.

Safe trading
ilearn2t

[cafedeart]

hay man, congrats for that great news, you now THE moderator of our loving fxopen's official forum. YAaaaaaaaa
and here the celebration dance by me for your honor.
(tried to put some dancing gif but somehow its not working here, well, no problem, good news is good news)
ENJOY it my friend.

[ilearn2t]

Hello cafedeart

Thanks! partner, this thread started life so we could post in it and not annoy the staff, plus help keep the main boards a bit cleaner, now its full of staff, don't think Lime goes to well with my "Wee Bear" think I change it from Lime to "Red" one day.

But don't let the boss know I'm after his job.


Good luck on your promotion.
ilern2t

[ilearn2t]

Hello RahmanSL

Hope my friend is having a nice quiet day. My thoughts and best wishes go to you and you're family.

From your wee "blue" friend turned "Green"

Good luck
Liz

[RahmanSL]

Hi Liz, thanks for your thoughts and wishes!....and the same goes to you & yours too

Are you enjoying & (most importantly) having fun in your new role as a forum Moderator?

Looks like you are doing a good job (as always) in solving all these newbies questions.

hmmmmm, turning green;yah!...how about your blue teddy (which i still remember you were so trilled to bits when you first got that)

Ok, Liz, I can't think of much to write....plus I am also trading 3 live accounts at the same time as I post here and elsewhere....and replying e-mails from some business clients/vendors, and also a couple of friends.

Take care and all the best!

[ilearn2t]

Hello RahmanSL

I love my "blue" teddy, its my username that doesn't suit lime "green" but again "red" would look nice.

Moderator no different, I'll still treat everyone the same, and get a chance to delete and edit any of my wee chicks that get to big for the Coop.

Talk soon.
Liz

[vikoko]

pls instruct me on how to attach files,in line with the rules and regulations