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Discussion in 'Beginners Bootcamp' started by RahmanSL, May 23, 2010.

  1. RahmanSL

    RahmanSL Major

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    Before I go "gang-ho" and adopt this as my long life trading strategy, I would most welcome seasoned and experienced Traders comments, advise, and brutal honesty in one of my sample Demo account.
    I have others like it and much more impressive over 2 weeks, but alas, due to greed and impatience, I have wiped out the accounts with some very bad trades.

    Thank you all who takes the time and effort.
     
    #1 RahmanSL, May 23, 2010
    Last edited: Nov 3, 2011
  2. jeremylocnguyen

    jeremylocnguyen Banned for spamming an invitation to join a pyrami

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    jeremylocnguyen@gmail.com

    Hi RahmanSL,

    Could you tell me what signal service were you using? Please email me at jeremylocnguyen@gmail.com
     
  3. RahmanSL

    RahmanSL Major

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    Hi jeremylocnguyen,

    I guess you must be a Newbie just like me; yah?? : )

    I am not using any signals from anybody. I just use 1M, 5M, M15, M30, and M30 Charts and observe market movements before making trades either Sell or Buy. Sometimes, I just set “Pending orders” together with “Take Profits” if I think the market is going in certain directions but not immediately. I do this when I don’t have the time to observe and trade the market physically.

    But of course, knowing the political situation, like Britain’s for example, helps to predict direction of their currencies.
     
  4. paulo30

    paulo30 Recruit

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    It looks like you are trading the range, or riding the trend down from counter moves.. this can work, nothing wrong with it.

    However, I would test out your trading strategy and psychology over about a month, not just a few days like in your lists.

    This strategy tends to work well when markets are trending or steady in a range like CHF has been doing lately, but you get hammered when they whipsaw or spike due to news etc.
     
  5. RahmanSL

    RahmanSL Major

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    Hi paulo30,

    Oh, is that what my trading is!...i.e. trading the range.

    Yes, I have to trade that Demo account seriously for at least 1 month to see how I come out with usd5k account.
    And I know you are very correct that I can get hammered when the currencies pair I am trading whiplash or spike due to news, as has happened to some of my past Demo accounts.

    I sure appreciate very much your taking the time to comment and to advice. Thank you.
     
  6. Eric Alyea

    Eric Alyea Master Sergeant

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    That's what demo is for

    It’s called “Gung-ho”
    U.S. Marine Raiders - Official Web Site Pacific Marine Raiders WWII

    I did the same thing and started “Fiddle F**king” with lot size and being impressed with myself. I learned my lesson but that is what demo is for. Just to get in the flow, I will do demo before switching to live. Lose a few pips but in the long run better off.
    I like playing the technical, but read the news, it is part of the discipline of winning.
    I tell you my horror story from earlier this month later .
     
  7. RahmanSL

    RahmanSL Major

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    I stand corrected for that misspelled word! : )
    Your comments and advices are very much appreciated.

    Yes, I agree fully that discipline in trading is a vital part for success. All it take is a few bad trades, and the unwillingness to cut losses, to wipe out an account.
     
  8. Ricex

    Ricex Sergeant

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    Sorry RahmanSL but to give advice traders would have to know what your strategy is.

    It's like asking what do you think of my driving by just looking at how many miles you've done.

    If your blowing demo accounts regularly then that is unlikely to change in the real world. A clear understanding of money management practices is what you need, but I fear from reading your posts that you would rather not do this and your very keen on getting rich quick.

    If this is still true then your not going to make it I'm afraid. You did ask for an opinion.
     
  9. cowmadagan

    cowmadagan Sergeant

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    Ricex, true dat.
     
  10. RahmanSL

    RahmanSL Major

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    Ricex, thank you for taking the time to give your honest opinion. Believe me, I do welcome such opinions as it’s part of my learning process. My trading strategy?? I just use the M1, 5, 15, 30, H1, H4, and D1 with W1 & MN for cross reference to see the high & low….plus reading reviews and signals from Crazy Cat and anybody else who have such free advises.

    Blowing those many Demo accounts have a story to tell, but boils down to impatience and…yes, that horrible word..GREED! I hope I can get control of that terrible emotion and impulse when I go live…which won’t be too long now, but as soon as I get my wife to change one of our accepted utility bills to my name. I have already got 2 live accounts with a broker which needed only an accepted utility bill in my name for verification. And to be on the safe side, I think I should start with usd1k on each of the accounts and see where my “greedy trading style” takes me. : )

    Cowmadagan, I was expecting a real ‘chewing’ down from you…but your 3 words comment is close! : )
    Thanks for taking the time to read my post and taking the time to type in those 3 words; yah!
     

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