BUY FXO Forum Shares
1316
Shares in the BANK:
We BuyWe Sell
$1.8526$1.9099

View Poll Results: Has this post helped you?

Voters
2. You may not vote on this poll
  • Yup

    1 50.00%
  • not really!

    1 50.00%
Page 1 of 3 123 LastLast
Results 1 to 15 of 42

Thread: Newbe trader journal -as green as it gets-

  1. #1
    In Profit Psymon's Avatar
    Join Date
    Oct 2008
    Posts
    189
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default Newbe trader journal -as green as it gets-

    Hey all, so i've been trading for about 3 months (demo) and found a system that seems to work for me, i have in place money and risk management, and am generally following the guidelines that everyone seems to suggest as good form.

    however, and he lies the "rub" i think that from the last two weeks trading (live) i have managed to do some serious damage to my account balance, I started this thread to find out where people set there sl & tp when placing orders.

    One of the things that i have noticed is that i get the direction correct but cant get the timing right and seem to get thrown out of the trade before it matures.

    although i seem to take short term trade, 5 to 10 min on average I do also seem to miss the highs of the trades and always end the trade too late or too early!!!

    any tips, suggestions, welcome but in the end i guess that experience in trading is just going to cost as much as another collage education! demo is helpful but just dosnt quite hit the emotional buttons of live trading!

    has anyone read Forex Patterns and Probabilities by Ed Ponzi?

    thanks

    -edit- does anyone know what "rep power" and the green square at the top right of posts means?? lol and why do i have 36 of them???
    Last edited by Psymon; 01-05-2009 at 03:33 PM.
    Psymon Peers

  2. #2
    In Profit Psymon's Avatar
    Join Date
    Oct 2008
    Posts
    189
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    another day another dollar, well another aussie at least.

    having spent some time last night reading through other newbe threds i think that i have fallen into the trap of under capitation!

    I have been trading .1 lots on gbp/usd and i was aming for 30-40 pip gains, by following the 10pip sl & tp i could never realise the profits i was aming for, due to reconciliation i would get cut out around the 10 pip mark!

    i am confident in my system but my timing seems to be out, and that is making me doubt the trades?

    as ever any suggestions welcome...

    "dont let the Bastards grind you down"
    Psymon Peers

  3. #3
    Director of FXOpen Aus FXOjafar's Avatar
    Join Date
    Apr 2007
    Location
    Sydney
    Posts
    3,482
    FXO Shares
    50
    FXO Bonus
    1.463
    Thanks
    2
    Thanked 80 Times in 52 Posts

    Default

    Psymon

    When placing your stop, place it 30 pips or so above recent resistance or 30 pips or so below recent support levels. You can see these on the charts as areas where the price sticks. These levels are often the same over long periods of time. You can also use previous high or low to set your stop loss. Don't be afraid to set your stop loss further away from your entry and adjust your money management to suit. The idea is that a stop loss is a worst case scenario. You don't actually want a stop loss to hit do you? So, don't put it where it will be likely to get taken out!

    As for undercapitalisation, I suggest minimum $1000 on a standard account, or $10 on a Micro. This gives you some room to move with regards to managing risk to reward ratios.

    Good luck in your trades.
    Jafar Calley - Director
    FXOpen AU Pty Ltd
    Level 26 • 1 Bligh Street
    Sydney NSW 2000
    Australia
    AFSL:412871 ABN:61 143 678 719
    http://www.fxopenaus.com

  4. #4
    In Profit Psymon's Avatar
    Join Date
    Oct 2008
    Posts
    189
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    well today saw me tank the remainder of my account! granted there wasnt a lot left but it is still a horrid feeling to see that end of day report!

    I'm going back to demo trading for another month or so, before i re-invest some more money. i am sorry but, er $10 min on a micro account? er can you go into a little more detail about how thats enough to trade with????

    thank you for the replies people
    Psymon Peers

  5. #5
    In Profit Psymon's Avatar
    Join Date
    Oct 2008
    Posts
    189
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    I have just finished reading "techinal analyis of the currency market" by boris schlosberg, and have found it a very good read, highly recomended to all...
    Psymon Peers

  6. #6
    In Profit Psymon's Avatar
    Join Date
    Oct 2008
    Posts
    189
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    here it is, its still early but i think i am getting better, my account (demo) has doubled in total $, in only 5 days, but i dont know if it is possable to maintain this level, i will introduce money management tonight and see if i can get regular gains that dont risk more than 6% of my capital on any one trade,

    keep smiling people its only money ! !
    Psymon Peers

  7. #7
    In Profit Psymon's Avatar
    Join Date
    Oct 2008
    Posts
    189
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    the last couple of days have been a bit rough, I havent traded much, i dont trade when if i dont see anything in the charts, but the trades i have taken on are going the wrong way, i guess that for every great week you gota pay for it with a bad week, just trying to keep the losses small.

    gained about 300 pips this week, lost just about as many ++

    luck to all
    Psymon Peers

  8. #8
    In Profit Psymon's Avatar
    Join Date
    Oct 2008
    Posts
    189
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    its time to gather some knowlage, i am sure that if i sat down for a couple of days i could work this out, but while i'm doing that i want to put this question out there...

    Lets say that i'm trading eur/usd, with $500, and a leverage of 500:1, If i want to buy 1 lot how much will it cost? and what effect will it have on my margin?

    does anyone have the formula to work out percentage of whole??

    thanks everyone

    ps
    Psymon Peers

  9. #9
    In Profit Psymon's Avatar
    Join Date
    Oct 2008
    Posts
    189
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    Thanks )
    Psymon Peers

  10. #10
    FXOpen Customers Support FXSupporter's Avatar
    Join Date
    Jun 2008
    Posts
    689
    FXO Shares
    0
    FXO Bonus
    7.340
    Thanks
    1
    Thanked 254 Times in 104 Posts

    Lightbulb Margin Fromula

    Quote Originally Posted by Psymon View Post
    its time to gather some knowlage, i am sure that if i sat down for a couple of days i could work this out, but while i'm doing that i want to put this question out there...

    Lets say that i'm trading eur/usd, with $500, and a leverage of 500:1, If i want to buy 1 lot how much will it cost? and what effect will it have on my margin?

    does anyone have the formula to work out percentage of whole??

    thanks everyone

    ps
    Hello Psymon!

    Finidinwa was right. If you trade with 500:1 leverage, 1 standard lot of eur/usd will cost you about $250.

    You can use this formula to figure out how much margin each order will require - (Price x volume) / leverage=$Margin

    Let's take your eur/usd pair for example. (1.2925x100, 000)/500 =$ 258.5 (if you trade 1 standard lot, you multiply the price by 100,000; if you trade 0.1 standard lot - by 10,000; 0.2 lots - by 20,000 and so on, this figure will chage depending on the lot size).
    Japanese Yen pairs require a slightly different formula, because their price has 2 decimal points, not 4 -

    (Pricex100)/leverage=$Margin For example...
    1 lot of gbp/jpy at 1:500 leverage

    (123.80x1000)/500=$247.6

    Good luck with your trades!
    Last edited by FXSupporter; 01-21-2009 at 12:38 PM.

  11. #11
    FXOpen Customers Support FXSupporter's Avatar
    Join Date
    Jun 2008
    Posts
    689
    FXO Shares
    0
    FXO Bonus
    7.340
    Thanks
    1
    Thanked 254 Times in 104 Posts

    Exclamation Micro Account

    Quote Originally Posted by Psymon View Post

    I'm going back to demo trading for another month or so, before i re-invest some more money. i am sorry but, er $10 min on a micro account? er can you go into a little more detail about how thats enough to trade with????

    thank you for the replies people
    On how to trade with $10 on a micro account, please, check out http://www.fxopen.com/ContractsSpecifications.aspx . To make it short, micro (cents) account is times 100 smaller than a standard one, the ballance in MT4 will be displayed in cents, the min deposit required - $1, welcome bonus - $1,micro spreads are the same as standard, and the leverage choice is from 1:1 up to 1:500.

  12. #12
    In Profit Psymon's Avatar
    Join Date
    Oct 2008
    Posts
    189
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    ahh i think i have a mini account, because i got a $25 bonus?

    everything was going very well until just a min ago when the demo server had a fit and wiped out my account?!?! after several seconds of panic whilst waiting to log back into my real account, it seems that it is a problem only affecting the demo, although releived its 3 weeks work down the pan!

    but losing 3000 pips in less than 5 seconds must be some kind of record?
    Psymon Peers

  13. #13
    Bullish
    Join Date
    Oct 2007
    Posts
    52
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    I to had a small demo account which was wiped out,almost got a heart attack coz i thought i was still on my real acc.LOL!!!
    what was that any way ?do i have to open a new demo acc or will things get back to normal?

  14. #14
    In Profit Psymon's Avatar
    Join Date
    Oct 2008
    Posts
    189
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    ha, same here, apparently it was just "a demo glitch" i've been told to look for threads about it...
    Psymon Peers

  15. #15
    In Profit Psymon's Avatar
    Join Date
    Oct 2008
    Posts
    189
    FXO Shares
    0
    FXO Bonus
    0.000
    Thanks
    0
    Thanked 0 Times in 0 Posts

    Default

    a couple of rules of thum,

    3 bad trades in an hour, walk away for a day.
    count to 10 before closing a trade.
    dont add to a losing trade (really experianced traders need not apply).
    jump on a trend as soon as you see it.
    dont get greedy, remember its not like your digging holes in the road.

    keep up the corners of your mouth
    Psymon Peers

Page 1 of 3 123 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Disclaimer
2005-2016 © FXOpen All rights reserved. Various trademarks held by their respective owners.

Risk Warning:: Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgment as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.

FXOpen Markets Limited, a company duly registered in Nevis under the company No. C 42235. FXOpen is a member of The Financial Commission.

FXOpen AU Pty Ltd., a company authorised and regulated by the Australian Securities & Investments Commission (ASIC). AFSL 412871ABN 61 143 678 719.

FXOpen Ltd. a company registered in England and Wales under company number 07273392 and is authorised and regulated by the Financial Conduct Authority (previously, the Financial Services Authority) under FCA firm reference number 579202.

FXOpen does not provide services for United States residents.

Join us