Can I make it as a trader?

[MrGecko]

Belize, do you live in Belize?

 

[pboyles]

here's what the trade looks like post roll over.

If we close around here or a bit higher you'll have a long daily PIN bar so it should push higher. That's unless it sells off in the next couple of hours of course.

 

[belize]

Belize, do you live in Belize?

No, but I have had some great times there. Maybe in a few years time, if I get trading sorted, I will spend more time there.

 

[belize]

If we close around here or a bit higher you'll have a long daily PIN bar so it should push higher. That's unless it sells off in the next couple of hours of course.

Yeah, I am probably off to bed soon. If Asia has another night like last night I will wake up with 0 pips. Might move my stop to where the trade opened just to be on the safe side. Of course half my brain is screaming just take your profit. I believe in the long run its better to hang in there and go for more profit, plus its going up so steeply I'm sure its worth a few more pips. Lets put it this way if my trade was the other way round and I had a stoploss at 1.2410 my brain would be telling me too move it up, and I know from experience if you do that you still get stopped out and lose more. So I think I am deciding to hold on a bit longer.

Do you normally trade just using the candles? on the longer time frames?

 

[sinimini]

Mate take your profit. The fundamentals are all pointing down.

 

[jumpingjackcider]

I think you can make it as a trader but you will need to work with people that can show you what to do with out breaking the bank. I like the free stuff so I search on the web for free information of stuff that offers great value. You can make money from having a spread bet account but you would have to work with people that have a live trading room or trade via spreadbet. This is tricky but there are people out that can teach you for next to nothing. I would stay away from the big companies because they charge way too much. I think the best place to start are from books and taking out free trials

Hi all,

I am writting this journal for one main reason, I want to be a full time trader. I have a scientific background, a family and recently tried to train for a career as a secondary school teacher. I discovered that I am not cut out to be a teacher within the current system. I have been interested in economics for as long as I can remember and have been part time trading demo accounts etc. on and off for about 5 years. Many of these accounts blew up, and I have backtested hundreds of trading systems only to find they don't pay off. Recently my trading has to evolved and my confidence has risen my last demo account I traded for 6 months and was 151.2% up. Although I use some technical analysis, I have been trusting my intution more and it appears to be profitable.

My next step is to trade with some real money and I am hoping you guys will give me some feedback, in return I will explain my methodology and if it carries on being profitable feel free to use it. I am going to record every trade here as openly as I can.

I am using a spread betting account
I have scrapped together all the money that I can (afford to lose right now) £605.
I am going to trade 10% of this account for each trade. High for some I know but its win it or bin it attitude for me. I don't have the time to take the long slow but safe process of trading 1-2%.
I will be trading EUR/USD. It has the lowest spread cost to daily volatility with my broker.
Average daily range for the last four weeks of 211 pips and average spread of 2. I treat this a like the house edge in a casino and always look for the lowest possible.
For the same reason I will looking for 100 pip plus trades to keep my trading costs to a minium. In the past I have found this makes a huge difference to the chance of success of any trading statergy. ie if you go for 20pips profit but have to pay 2pips spread its like the house edge being 10% where as if you target 100 pips with 2pips spread its 2%.
With these sort of pip targets I will be primarily a swing trader trades lasting 1 to 5 days. My broker does charge for the daily rollover usally about 1pip and there are payments calaculated on the underlying interest. Therefore I will keep most of my trades to less than 24h unless there is a good reason for letting it roll over.

I will try and workout how to take screen shots form my chart program to illustrate the trades.

bye for now

 

[wackypete2]

Mate take your profit. The fundamentals are all pointing down.

Good advice.
Belize, your account is to small to try for homeruns. Take the smaller gains and build yourself up first. Plenty of good advice here from traders who have all gone through this.

Peter

 

[belize]

Good advice.
Belize, your account is to small to try for homeruns. Take the smaller gains and build yourself up first. Plenty of good advice here from traders who have all gone through this.

Peter

Thanks guys, I very pleased I started this thread its great to get so much advice. Much better than scratching my **** trying to work things out on my own.

Currently sweating over the trade above. Overnight the 120 odd pip profit has been reduced to 40pips and I have been watching closely, thinking about closing it. However I notice that the markets mood is generally positive for other currencies and indexs so I am going to hang in there. For now anyway.

I note that the low euro is boosting exports to USA so more euros demand, I guess this is more long term and won't show up just yet.

 

[rathcoole_exile]

the markets mood is generally positive for other currencies and indexs so I am going to hang in there.

i'm no expert on the correlation between various forex pairs, but surely a positive mood for other currencies could actually indicate a negative view of the Euro ?

 

[belize]

Have any one else been watching the euro this morning? All that negative news from Spain and France, but there is still buying everytime it drops a bit. If I was'nt already 10% in I would be buying right now. (Of course within 10secs of me posting this, all the buyers will run away and it will probably hit the floor)

 

[pboyles]

There was a short PIN on the 4hr chart overnight, sold off nearly 50 pips afterwards.

 

[meanreversion]

The Europeans are covertly buying the euro, they don't want to see it below 1.2 in the short term. I have zero evidence to back this up, but I bet I'm right!

 

[Black Swan]

Yep I mean 5% across 5 pairs (1% per pair) check out mataf.net for the correlation table I've posted up a few times. IMO you should only trade the 5 most liquid/traded pairs, plenty out there on the t'interweb as to which ones, why, and the best times etc...nice work on the trade btw...now you have the pleasure of the taking profits issue...

hmmm...as we all know entries are a doddle, profitable exits are a lifetime of learning. I hope you're a genuine poster and have learned from this trade...You must always take some off, lock in profits, that doesn't mean moving the trade to b/e at the first opportunity, which can very often be counter productive...You had a target of 100 pips, it blasted past it and you neither locked some in, or closed the trade...odd....

 

[Black Swan]

i'm no expert on the correlation between various forex pairs, but surely a positive mood for other currencies could actually indicate a negative view of the Euro ?

USD/CHF is off a touch, but no fireworks...

 

[pboyles]

Interesting and informative post as always pssonice, I think we should all go over to your thread and post similarly useful words of wisdom.

 

[meanreversion]

is the username meant to be '**** on ice'? can't work it out

 

[meanreversion]

Is someone removing all of his posts?

 

[pboyles]

Yes

 

[JRP2891]

Mate take your profit. The fundamentals are all pointing down.

Belize, remember 99.9% of members on internet trading forums are not consistently profitable, so whatever decisions you make, they should be yours and only yours.

 

[Black Swan]

Belize, remember 99.9% of members on internet trading forums are not consistently profitable, so whatever decisions you make, they should be yours and only yours.

Really? Never knew it was as high as that, you any proof, a survey...or stats to back that up? In relation to the other half of your post if he didn't want help with his decisions he wouldn't be asking for help/advice on a forum....