Forex Day Trader's Thread

the dollar gain is not important. % reward for % risk is far more important. in fact im not going to even look at my account balance when i go live, maybe once a month, ill just know if my stop gets hit i've lost 2 %

yeh i could go in and get lucky, turn 250 into 300 in one trade, but in doing so risking 100%. like dante turning 40 odd quid into 2k or so, he said himself it wasn't that great, he risked 100% of his account on his first trade . any body can go in and take a punt and get lucky.

2% of 50k is $1000.

pitiful leverage, by that do you mean 1:10 ? pitiful, imbecile.

leverage beyond 20:1 is INSANE.

think about it , a currency gaps down 1%, it's a 10% hit to the 10:1 guy, 100:1 , well he's screwed init
pfft, nasa scientist doesn't respect/understand leverage.
 
Last edited:
in fact im not going to even look at my account balance when i go live, maybe once a month, ill just know if my stop gets hit i've lost 2 %
Click to expand...

then stop telling us the results of your demo trades on a daily basis..
 
I'm done for the week..it was a pretty lame week for me, but at least positive.. A lot of others weren't so fortunate.
 
Regarding gold, as I said the other day I was expecting this (although not today because I didn't do my homework). This is due to 100,000 long contracts opened on the December comex(futures), while the comex inventories hold enough gold to satisfy 20,000 of those contracts if the holders demanded delivery of the physical gold. Today is the last day that such holders sell their contracts if they don't want a delivery. The cartel tried to trip as more stops as they can and to scare investors.
Monday is what is known as "first notice day," which means that anyone long a gold contact (or silver) can be tagged with a delivery notice. In other words, after the fall, a lots of investors were happy to buy at the discount price and they want it physical. Very bullish.
Now, the contracts can be tendered for cash instead of gold, and someone holding a contract can sell it after 1st notice day. But, anyone holding after Friday must have an account fully funded to accept delivery because, in theory, every single long position on Monday could be tagged with a delivery notice.
With the open interest at 100k right now, we can expect that the number of contracts that potentially stand for delivery will far exceed the amount of gold available for delivery. In other words, the comex has a delivery problem. The price could go parabolic.
I'm not familiar with all the rules, but if there is a possibility to shake out more investors next week or even month, they will try so. In that scenario I expect a big takedown in equity markets and the USD bounce.
 
My background is in computer science not finance. I was doing marketing for eBay France and eBay Germany and got paid in Euros so I checked the exchange rate constantly to see how much money I was making in commission in USD. I started to fantasize about investing large amounts of USD into Euros because it seemed that the Euro was becoming stronger and stronger. When I found out that you could trade with 200 to 1 leverage I opened a live account. That was 5 years ago yesterday.
 
I was never much of a gambler/risk taker with money but had general interest in stock market just flicking through the paper every now and then to look at share prices and talk about stocks with my dad (as he was into stocks.) It all really started when I had my first taste of fast, easy money playing blackjack online taking advantage of casinos and making what seemed like a large sum to me in a short amount of time. That helped me build a dis-regard for money.

I made some reasonable money from playing blackjack/roulette but knew i'd run out of casinos & I couldn't use my own money as I knew i'd eventually lose and I was just cheating the odds. So I started looking at other things and I was into poker but only just getting into it and my connection wasn't good enough and I didn't have the time to get addicted. So I looked at ftse100/ftse250 and looked for some stocks that moved. I found one which looked fairly good and put my first trade on. It went well and I cashed it out, bought more, used some student loan and bought more stock. Then I learnt about spread betting and how you can bet on other things instead of just buying/selling shares and that's really the short version.
 
I was 30 years old before the financial numbers on the 5 o'clock news ever meant anything to me. I wish I would have started to learn when I was younger.

I was 35 when I surpassed Mask on the T2W arcade winners list. It was the greatest accomplishment of my life.
 
Last edited:
BTW twerp, I forgot to mention that I lost $5,000 within a few weeks ($1,000 at a time) and an additional $1,000 after a few months. However, I'm currently up approx 21,000% on my original investment of $1,000. That's because I learned to trade and use real leverage while simultaneously learning from actual traders rather than arguing with them in regards to my lame technique. I'm sure you will disregard this, but I thought I'd try one more time to teach you something ;)
 
hmm what will the god of trading do this week
Click to expand...

I haven't decided yet.. oh, and that's very flattering, but call me Pippy ok?

Win one of these, i've tried, it's frustrating
Click to expand...

I'm champeen of 12 compared to Mask's woeful 9

Also, I am renaming the thread "Forex Day Trader's Thread" so be sure to update your bookmarks
 
You must log in or register to reply here.

Similar threads

N
FX Spot Traders everywhere
2
Replies
24
Views
9K
josbarr
J
A
General day traders thread
Replies
4
Views
6K
dpate
D
F
F's "Devil in the Detail" Intraday FX Trading Journal 2015
2 3 4
Replies
67
Views
20K
Forexmospherian
F
wasp
Overdoing it
Replies
13
Views
3K
TheBramble
T
F
Question to T2W Staff or Moderators
Replies
11
Views
3K
Forexmospherian
F
Top