Its too bad that my LB trade imploded by missing a sell order by a few pips, I made a few profitable trades outside it but the lb.chf trades are getting smoked.
My short eu.jpy netted about 130 pips, long aud.cd netted over 50 pips but the lb trade smoked all that gain and more in the short term.
Its too bad that my LB trade imploded by missing a sell order by a few pips, I made a few profitable trades outside it but the lb.chf trades are getting smoked.
My short eu.jpy netted about 130 pips, long aud.cd netted over 50 pips but the lb trade smoked all that gain and more in the short term.
rick, i like that... a good way to focus on a select few pairs while you're trading!
wall, why don't you trade the major ones like eur/usd? it seems to me like those are the most predictable and have less volatility. other crosses to me seem to be erratic at times, which i guess you can use to your advantage... all depends on trading style i suppose.
also, have you tried any custom indicators for MT4 (if you're still using it). i've been testing out this 'squeeze' indicator the past week and have been doing fairly well with it. basically it is supposed to show you the direction of a breakout after a period of consolidation or range trading. when i combine it with MACD on 15min charts, i've had about 10 winning trades (worth 20-80 pips) vs 3 losing ones (20pips stop loss on each) during hours of 7pm-midnight. i'd say it gives about 4-5 trade signals a day per pair. its not perfect, but if you combine it with other indicators it works most of the time. read about this setup in john murphy's book (he sells it for $500, but someone made an almost identical version for MT4). i also really like the daily pivot point indicator which plots the daily pivot point and 3 support and resistance lines on your chart. to me, these levels seem to be more significant than the fib levels
rick, i like that... a good way to focus on a select few pairs while you're trading!
wall, why don't you trade the major ones like eur/usd? it seems to me like those are the most predictable and have less volatility. other crosses to me seem to be erratic at times, which i guess you can use to your advantage... all depends on trading style i suppose.
also, have you tried any custom indicators for MT4 (if you're still using it). i've been testing out this 'squeeze' indicator the past week and have been doing fairly well with it. basically it is supposed to show you the direction of a breakout after a period of consolidation or range trading. when i combine it with MACD on 15min charts, i've had about 10 winning trades (worth 20-80 pips) vs 3 losing ones (20pips stop loss on each) during hours of 7pm-midnight. i'd say it gives about 4-5 trade signals a day per pair. its not perfect, but if you combine it with other indicators it works most of the time. read about this setup in john murphy's book (he sells it for $500, but someone made an almost identical version for MT4). i also really like the daily pivot point indicator which plots the daily pivot point and 3 support and resistance lines on your chart. to me, these levels seem to be more significant than the fib levels
Well I added a contract and this system doesnt allow an update of contract size, so I cancelled it and was going to recalculate and just didnt do it...my fault.
pop...Ive heard that manipulation is crazy in those major pairs and I really dont want to try and out guess all the other traders since most hit the majors..just a gut feel about how I want to trade. I havent used those indicators you mentioned, I should look more closely since there are a TON of them available..Ive just stuck with RSI and the DMI/ADX..I am not into Gann or Elliot Wave..too complicated and too many reasons for failure to be explained..
Quote Originally Posted by sjewell29:
Just a bad feeling, or what made you cancel them?
Well I added a contract and this system doesnt allow an update of contract size, so I cancelled it and was going to recalculate and just didnt do it...my fault.
pop...Ive heard that manipulation is crazy in those major pairs and I really dont want to try and out guess all the other traders since most hit the majors..just a gut feel about how I want to trade. I havent used those indicators you mentioned, I should look more closely since there are a TON of them available..Ive just stuck with RSI and the DMI/ADX..I am not into Gann or Elliot Wave..too complicated and too many reasons for failure to be explained..
Got out of that very stubborn chf.yen trade for 60 pips last night, still working with this lb.chf trade, when it turns I will finally realize about 5 other profitable trades made while waiting on this one.
Got out of that very stubborn chf.yen trade for 60 pips last night, still working with this lb.chf trade, when it turns I will finally realize about 5 other profitable trades made while waiting on this one.
think I am going live, either middle of next week or maybe Ill hold off til the following week.
tax check is comming in,
starting off w/ 30:1 leverage and see how it goes
3 bucks a pip aint gonna kill me or give me an early retirement, but I have decided that it is what I can afford, and continue without being broken on a single trade, as long as I set my limits and stops I should be able to make a decent profit on a 55% sucess ratio, I have been absolutely slaying with short term swing trades. and getting better at my longer term trades too.
today I have ridding usd/jpy upand down for a good profit, about 50 pips long and 35 short could have been a bit more if I didnt have to run over to another office to drop off some paperwork, it would be more like 45-55 short ,
eh oh well Its fake money
Pretty excited to start the new account
think I am going live, either middle of next week or maybe Ill hold off til the following week.
tax check is comming in,
starting off w/ 30:1 leverage and see how it goes
3 bucks a pip aint gonna kill me or give me an early retirement, but I have decided that it is what I can afford, and continue without being broken on a single trade, as long as I set my limits and stops I should be able to make a decent profit on a 55% sucess ratio, I have been absolutely slaying with short term swing trades. and getting better at my longer term trades too.
today I have ridding usd/jpy upand down for a good profit, about 50 pips long and 35 short could have been a bit more if I didnt have to run over to another office to drop off some paperwork, it would be more like 45-55 short ,
For me when the time comes I will go MINI versus MICRO, it will take you a year to get any traction with a micro account, I would rather be more cautious and trade fewer contracts and go MINI..
rick,
So are you going MICRO?
For me when the time comes I will go MINI versus MICRO, it will take you a year to get any traction with a micro account, I would rather be more cautious and trade fewer contracts and go MINI..
Those sunday opens can be a HUGE opportunity on those big reversal opens.
That EU.USD had a monster 5 minute dump 60 pips worth and a 80 pip move back up afterwords, 4 hr chart is still bearish with lower lows and lower highs.
rick,
Those sunday opens can be a HUGE opportunity on those big reversal opens.
That EU.USD had a monster 5 minute dump 60 pips worth and a 80 pip move back up afterwords, 4 hr chart is still bearish with lower lows and lower highs.
yeah, I have seen a lot of movement on sundays, and If i can get a beat on the market im definatly going to take it, but I think my strategy is going to be light until wed, get a grip of the data that has been laid out, establish a range weekly and trade within it.
I will most certaintly be doing some trading other than I have planned on but the key right now for me is to get that discipline that is hard for a gambler to find.
definatly want to make this a lasting hobby, and hopefully get a little extra income when I quit work to go back to school.
yeah, I have seen a lot of movement on sundays, and If i can get a beat on the market im definatly going to take it, but I think my strategy is going to be light until wed, get a grip of the data that has been laid out, establish a range weekly and trade within it.
I will most certaintly be doing some trading other than I have planned on but the key right now for me is to get that discipline that is hard for a gambler to find.
definatly want to make this a lasting hobby, and hopefully get a little extra income when I quit work to go back to school.
rick, that seems like a lot start with. basically that is three lots on a mini account. i would trade one or two, but it's definitely up to you and whatever you feel comfortable with. as a general rule of thumb i would say to have $800-1000 deposited per mini lot you want to trade.
leverage is 100/margin percent. i think you mean 0.25% margin (could be wrong though) meaning that for every mini lot ($10000) you want to trade you need $25 and every regular lot ($100000)you want to trade you need $250. this would be 400:1 leverage
rick, that seems like a lot start with. basically that is three lots on a mini account. i would trade one or two, but it's definitely up to you and whatever you feel comfortable with. as a general rule of thumb i would say to have $800-1000 deposited per mini lot you want to trade.
leverage is 100/margin percent. i think you mean 0.25% margin (could be wrong though) meaning that for every mini lot ($10000) you want to trade you need $25 and every regular lot ($100000)you want to trade you need $250. this would be 400:1 leverage
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