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How am I doing for a beginner?

Discussion in 'Beginners Bootcamp' started by Protacio, May 2, 2010.

  1. Protacio

    Protacio Recruit

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    I started trading live about 1 month ago with very little experience and investment (1-2 months with a demo and $255 investment).

    I profit anywhere between $3-$25 per trade and I like to buy a currency and hold onto it until I profit, sometimes I'll hold onto a currency for 20 minutes or it could be 4-5 hours.

    What is the best strategy to use and how do people gain 50-100 pips a day is this bull or is this realistic even for a newbie like me? I like to keep things simple so I don't tend to get to technical with forex I buy and hold until I profit that's all I do.

    How do I know which currency to buy and when?

    Thanks for the help, any tips are appreciated!
     
  2. Pharaoh

    Pharaoh Colonel

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    Be careful hanging onto losing trades waiting for them to turn around. Do this too often and you can get a margin call.

    Read this for info on how to avoid having Mr. Margin ring you:

    http://www.forexpeacearmy.com/forex...2272-how-manage-risk-while-forex-trading.html

    The best goal at the beginning isn't a certain number of pips. It's finding a system where you make at least a little more than you lose each day.
     
  3. Protacio

    Protacio Recruit

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    Thanks just one question regarding trading the daily signals am I supposed to place a trade on that date or am I supposed to trade immediately upon receiveing the signal?
     
  4. Pharaoh

    Pharaoh Colonel

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    Whether to place a trade or not depends on whether there is a significant deviation or not. Unless your Forex Magic 8 Ball (TM, Pat. Pending) works better than mine, it's best to wait until you know what the news is.

    This explains 3 methods to trade the news:

    http://www.forexpeacearmy.com/forex...w-trade-fpas-forex-daily-trading-signals.html

    There's also another method - be a technical trader and try not to have any positions open during the really big news releases.
     
  5. dkami

    dkami Sergeant

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    hi
    i was doing the same thing as you are doing now when i first started trading currency and am still new to the game now only 6,7 monthes under my belt now i had a live account $3500.00 trading only AUD/USD it went up to $10000.00 doing what you are doing now the market went against me and was down to about $4000.00 i got scared and sold them all and was left with $4000.00 doing the same thing as you are doing now it soon went down to $2500.00 i have since learnt how to trade correctly but still learning and are making a good living on it now on about 40 pips a day consistantly my advice for what its worth is to get a book or some one to teach you the correct way ways to trade before going to a live account consistancy and a lot of paitence luck doesnt last forever in this game as i found out the hard way

    just my 2c worth hope it helps;)

    regards dkami
     
  6. Protacio

    Protacio Recruit

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    Dkami would you be willing to teach me your method? I'm currently just playing with all the demo accounts on each broker.
     
  7. dkami

    dkami Sergeant

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    Felix would be the one to ask if you have any ? he has a thread Felix secrets of a successfull forex trader i will be looking for some tip of his thread too
     
  8. dkami

    dkami Sergeant

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    if you would like to give me your e-mail adress i can send you one of the trades i do its a range trade and it will explain how to determin a range where to get in SL,TP i only do this trade on a 1h chart but you can do it on any time frame:)
     
  9. Protacio

    Protacio Recruit

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  10. Danny boy

    Danny boy Recruit

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    Hi Protacio,

    If i were you i would concentrate on a few pairs with a tight spread so eur/usd or usd/jpy that way you can concentrate on how these two pairs behave and you wont have to pay a wild spread,

    hope this helps
     

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