Forex Day Trader's Thread

good plan Suhaib.. and don't worry I would have ignored the advice not to trade as well.. now you just need to demo trade for a few months and read a few books, then try again with real money but never with more than 1 minilot until you can consistently make money for a few months..
 
Pippy5000 said:
good plan Suhaib.. and don't worry I would have ignored the advice not to trade as well.. now you just need to demo trade for a few months and read a few books, then try again with real money but never with more than 1 minilot until you can consistently make money for a few months..
Click to expand...

why would you advise a mini lot, they are to highly leverged for beginers, its the 400:1 that does you, i will start with probably trading forex on cfds so i can choose the number of currencie i want and save myself from roll overs
 
1.514 is support and is the gateway to the downside.. the bias is still up as long as it can stay above 1.514 .. so now that it is here I am essentially betting that it will hold again..

You have to be aware of where support and resistance is .. Your broker should provide that information and if they don't .. get another broker or find a forex info site .. I like dailyfx.com and use their members only area to get info on support and resistance ..

Also, the leverage ratio doesn't make any difference .. just don't use more than one 10,000 GBP lot..
 
ok pippy, i will take 10,000 on cfds, i prefer them over spot forex, its alot easier and you dnt have to deal with unrealized P/L,

anyway what do you have to say about this, i went short on the euro/usd at the red line, thats the support and resistance i made, what do you think of it, as im in a healthy profit right now and expecting it to go to 1.34

supportandresistanceandheadandshoul.jpg
 
held again.. up 30 pips .. stop trailed to 0 .. now I can go watch TV without worrying..
 
Euro is trying to find a bottom .. you drew the line on your chart incorrectly as well.. You need to get a beginner's book and it will teach you how to draw lines on a chart and what different candlesticks mean..
 
stopped out +10 pips on GBP/USD .. Euro and GBP might tank.. third time it's tried to break support..
 
yeah but if you don't know what you're doing then it is just luck.. You can only do two things with forex (buy or sell) and one of them is right ;)

I'm 34
 
no, but you're definitely too young to lose 1,000 pounds .. I could only dream about having 1,000 pounds when I was in college..
 
well at least you saw the writing on the wall.. I see you're down 17,000 GBP on your demo account as well..
 
Pippy5000 said:
well at least you saw the writing on the wall.. I see you're down 17,000 GBP on your demo account as well..
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17,000 :cry: were did you get that figure from. im not down anything on my demo, infact i made a handsome profit from the eur/usd trade
im happy i lost the 1000 i learnt alot from it,
 
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