BBPI_FXTrader
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scholfield
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delicious thread/charts
ChocolateDigestive
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Benj1981
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rathcoole_exile
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yes but most new traders would have bottled it after the 3rd blue candle
(which probably would hit your SL anyway as you'da brought your SL to B/E asap)
and then sat there greetin while they watched price carry on back down
(hint: a re-entry is only a commission/spread away)
rathcoole_exile
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and what was the justification for the exit ?
cos there was a similar set-up a few bars before, which I bet a newbie woulda taken
Dinos
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Friendly word of caution.
I went down the road you intend some 15 years ago, full of eagerness and invincibility, just how hard could it really be I asked myself. Its a piece of cake and off I went to make make my millions.
To cut as long long story short I lost my first pot, re-grouped and off I went again, blew my second pot, nearly £30K down the swanny. I had the sense though to keep working whilst I started as I had a young family at the time.
By this time, I'd learnt the errors of my ways, and moved on positively, eventually succeeding in trading full time as my sole income.
It can be done, but it won't be as easy as you think, I have seen many a similiar thread on here, needless to say, their not around any more, and that's not because they have made their millions.
Keep your job, develop your trading plan and strategy and trade a micro account for 3 months at 10p a pip with a view to see how you get on, before trading for a living, take an honest review of what happened before cutting of your income stream and entering the lions den.
I went down the road you intend some 15 years ago, full of eagerness and invincibility, just how hard could it really be I asked myself. Its a piece of cake and off I went to make make my millions.
To cut as long long story short I lost my first pot, re-grouped and off I went again, blew my second pot, nearly £30K down the swanny. I had the sense though to keep working whilst I started as I had a young family at the time.
By this time, I'd learnt the errors of my ways, and moved on positively, eventually succeeding in trading full time as my sole income.
It can be done, but it won't be as easy as you think, I have seen many a similiar thread on here, needless to say, their not around any more, and that's not because they have made their millions.
Keep your job, develop your trading plan and strategy and trade a micro account for 3 months at 10p a pip with a view to see how you get on, before trading for a living, take an honest review of what happened before cutting of your income stream and entering the lions den.
scholfield
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For what it's worth, that's exactly what i'm doing now (not started a journal yet but intend to)
Funded an account with £1800 6 months ago trading between 10p per point and 30p per point. It is now stands a little over £3000. Been working full time the whole time.
Would LOVE to quit my job, but I know that ive a long way to go
rathcoole_exile
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again, what was the criteria, apart from making things up as you go along, for the exit ?
without seeing the prices on the side, it looks like you exited somewhere in the red rectangle shown.
which would have been a shame, as price shot off like a rocket shortly thereafter
but it will always be like that when you trade without a plan ......
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Dinos
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For what it's worth, that's exactly what i'm doing now (not started a journal yet but intend to)
Funded an account with £1800 6 months ago trading between 10p per point and 30p per point. It is now stands a little over £3000. Been working full time the whole time.
Would LOVE to quit my job, but I know that ive a long way to go
Excellent, well done, keep up the good work
wallstreetwarrior87
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Ok, Benj. When you take an entry like this what is your reasoning that there will not be pullback traders entering at the purple star?
If they were to enter you will be stopped out. Yes I know it is part of the plan, but to compound your account, you need a very high S/R. So the result of these set ups you see in front of you will vary tremendously depending on background information. (Dare I say it: which can be seen on a chart
)So whether or not this is just another lulz is up to you.
Can your target be met in 2 years? Yes of course it can. Can you do it; well that is down to you, it does not matter what anyone else says.
It can only be done with a very high S/R and low draw down. To do this you really need to know your onions.
G/L
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jungerns
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Benj
Why dont you introduce yourself to trading by taking a slightly more sedate pace and trade the Major Indices.......??
I haven't managed to Master Forex I'd be the first to admit (as I have on this forum previously) and am into my 6th year....
You can still see decent movements over a day....??
Have a look at the FTSE Cac and Dax...
Why dont you introduce yourself to trading by taking a slightly more sedate pace and trade the Major Indices.......??
I haven't managed to Master Forex I'd be the first to admit (as I have on this forum previously) and am into my 6th year....
You can still see decent movements over a day....??
Have a look at the FTSE Cac and Dax...
kimo'sabby
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This is what can happen when you're dedicated, focused and have a PMA, and belief in yourself:
Phil Taylors fourth perfect game - another 9 Darter - YouTube
Excellent! I have it on good authority that Phil Taylor, is quite an extraordinary forex trader. 180 pips per trade, with a very unique 'edge' that he implements.
He apparently uses a special sound effect, so that when his profit target is met....180!!!! He knows he's up another 180 pips. Marvellous.
jungerns
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I don't think that's right to be honest...??
counter_violent
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For what it's worth, that's exactly what i'm doing now (not started a journal yet but intend to)
Funded an account with £1800 6 months ago trading between 10p per point and 30p per point. It is now stands a little over £3000. Been working full time the whole time.
Would LOVE to quit my job, but I know that ive a long way to go
Very good, well done, if you can continue down this road and maintain discipline, you might very well make it to the end of the initial learning curve.
wallstreetwarrior87
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This is interesting. If we are assuming that Benji is a chart based trader, why would it make a difference what the instrument is?
From your experience what would you list as the 5 biggest differences between the characteristics of an index futures chart versus any forex chart?
Thanks
barjon
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Before you write off all us failed grumpy git traders, pippy, I should get a few years under your belt. I dare say you used to say the same to those silly old fools who warned you not to run out into a busy road when you'd managed to emerge unscathed a couple of times. Ambition and confidence are to be applauded, but not the arrogance that the experienced are talking out of their hats.
Good luck .
jon
new_trader
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Not barjon. He is sat at the computer because his Zimmer frame isn't back from repair yet.
BBPI_FXTrader
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the guys who think this is doable, you need to understand something.
trading with $100 is totally different than trading with $300k (for example).
Being -$10 in a couple of minutes feels like nothing, but being -$10k in a couple of minutes, I assure you (all those who think that turning $1k or whatever small amount in hundreds of thousand of dollars is easy and doable in 2 years) you will s*it your pants when you're losing that much money in a couple of minutes.
and let me tell you why.
you all start with $100 or $1k. Maybe it means a little something to you emotionally, maybe not. You trade, your account grows, everything is fine. To make it to hundreds of thousand of dollars in less than 5 years means NOT withdrawing money from your account.
And at one point you will have more money in your account than you make in a couple of years perhaps at your job. To make such gains, a lot of risk needs to be taken.
yes, you can risk $25/trade (for example) right now, but in 2 years, can you risk $5k / trade ? if you lose 5 trades in a row(can easily happen), how will you feel psychologically losing $25k ? And if you tell me it will be ok, YOU HAVE ABSOLUTELY NO IDEA WHAT YOU ARE TALKING ABOUT !!!!!!!!! you have ever been in that situation ? how the f*ck can you tell me you'll be ok ? And $25k will be probably the money you make in a year at your day job(hypothetically speaking). Are you really going to be ok ? I can bet you any amount you will not. Because you care about that money. You don't care about $25 with your day job today, but you will care about $25k.
And pippyboy, respect the elder traders, they want to help, they have been where you probably will never get to, because you will be sooner out of this game than you think.
It amazes me when experienced traders try to help the newbies out, and the newbies act as if they know it all, and talk in that manner to their more wise trading colleagues, who have years of experience under their belt.
Kids, lose your money, f*ck if I care.
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