Forex Day Trader's Thread

Well, I tried to sell my mercedes today and get a new one, but apparently banks don't give loans to people with bad credit anymore..

OH COME ON! What's the worst that could happen? :LOL:

I still don't like the USD short term folks.. Ninja broke major support this morning and the only reason it didn't continue to tank was some good equity strength.. had we had a negative or flat day ninja would have TANKED and 1.46 option would be struck.. I like 1.4615 for an hourly trade, but I really think we need to test those highs in Euro .. I think at 1.471.. I have -$100,000 in the 1.46s and -$300,000 at 1.471
 
Pippy5000 said:
Well, I tried to sell my mercedes today and get a new one, but apparently banks don't give loans to people with bad credit anymore..

OH COME ON! What's the worst that could happen? :LOL:

I still don't like the USD short term folks.. Ninja broke major support this morning and the only reason it didn't continue to tank was some good equity strength.. had we had a negative or flat day ninja would have TANKED and 1.46 option would be struck.. I like 1.4615 for an hourly trade, but I really think we need to test those highs in Euro .. I think at 1.471.. I have -$100,000 in the 1.46s and -$300,000 at 1.471
Click to expand...

When you say 300,000 is it mean the risk or the size?
 
Pippy5000 said:
normal trades are $10 per pip..
Click to expand...

Interesting..

I trade basicaly at the same size.. My main strategy is to get tight entries and use lots of leverage./

I`m increasing my size in this stage but I feel unconfortable.. I got a $1.200.000 short at 92.20 but I couldnt handle the pressure and closed it to soon... And lost some money in another trade ..

How did you guys manage the transition?
 
Vinny, rule of thumb, for each trade you don't want to risk (read: stop lost) more than 2% of your capital. So if you have 50K in your account, each trade you want to have (assume you go long)

(entry price - stop lost) x number of lots <= 2% of 50 K , which is $1,000

In general, if you have 50K, I recommend you trade no more than 3-5 lots per trade and the risk should adhere to the above formula
 
$1,200,000 is more than I've ever used in 4 years of doing this full time.. there are times when a big trade makes sense but 92.2 short is a run of the mill trade..

You'll die.. I've seen so many traders with a bright future blow it by thinking they're Superman.. $1.2 million is ridiculous
 
That means if you increase your stop lost, then you have to reduce your number of lots, let say from max of 3-5 lots to 1-2 lots, depend on how far your stop lost is.

I myself never risk more than 1% each trade
 
Thanks CP!! I really need to get into money management.. Especially when I move to thai..

Is the money man.. sometimes I`m a greed *******.. Last week I made a good money and feels so good..

I have a excel doc which Wasp sent to me and is very impressive.. It shows that with a good management and making few pips a day you could realist make a million in not so long time..
 
Pippy5000 said:
You should use $10,000 every single time for several years..
Click to expand...

$10.000 Pippy? It is £ ~ 0.6! That is to small mate.. The biggest trade I have done was a $500/point in the Dow Jones.. 20 points stop.. :cheesy::cheesy:
 
Pippy5000 said:
$1,200,000 is more than I've ever used in 4 years of doing this full time.. there are times when a big trade makes sense but 92.2 short is a run of the mill trade..

You'll die.. I've seen so many traders with a bright future blow it by thinking they're Superman.. $1.2 million is ridiculous
Click to expand...

I`m telling you.. Strategy is tight stop.. Look at my entry and then look at you chart.. Beauty!.
 
A real strategy is realizing that you are young and that being a good trader means that you have made it past the phase where you think $500/pip is a good trade..

Use $1 or one pound per pip for a few more years.. I've seen it so many times man.. New hot shot traders have initial success and keep coming up with more and more ridiculous trades.. They don't seem to realize that the market changes from year to year and season to season.. My personal favorite is the guy who is so arrogant that he'll take a big loss and then DOUBLE his trade in order to reduce his weekly loss.. I'm telling you man, and you don't want to listen, but what you are doing is very ordinary and that you will find yourself asking your parents for more money to get "one more chance" .. the market is a living beast which changes constantly and you do not have the experience to keep up with it.. This game is about wisdom, not intelligence. Wasp has been staring at tickers for years.. you haven't.
 
Pippy has very good point. No matter how good the set up is, if you trade 12 lots and stop lost is -20 pips, which is a small stop lost, then your risk is

20 pips x 12 lots x $10 (per pip) = $2,400

just for that trade. Your account must be well over 100K to withstand that kind of draw back, or it'll be wipe out soon...
 
Thanks Pippy.. I appreciate it!

I agree it was a crazy trade but not bad..

I`m taking these 2-3 weeks off and going to read more about money management and psychology..

Hum.. By the way.. I`m going to thailand and probably wont have acess to much books.. Any good ones you guys recomend? It doesnt mean just trading books..

Thank you and thanks CP
 
I've read a ton but they're worthless.. I do like "Forex Patterns and Probabilities for Range-Bound and Trending Markets" because it has real world examples from an actual trader.. the others are too nerdy or too generic..


Just hang in there Vinny and make a little money while you're learning.. Make enough to live.. Becoming instantly rich doesn't happen.. it's impossible
 
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