My trading journal : From 5 to 1000

[RahmanSL]

That's the spirit my friend! Never give up hope! Just pick up where you started and sod on! : )

I got some rebates (usd3.27) from last month's trading and I internal transferred usd3 from another account. With total us6.27, I started trading that micro account (some scalping & hold positions) and it is now up to usd20.44.... I traded almost exclusively on EUR/USD and GBP/USD, but did 1 short 0.1 position on Gold which I am kindda stuck right now after entering at 1667.55
But my Free Margin is still ok.
Well, if I keep trading this conservatively, I believe I can still achieve that usd1k in due time.

That AUDCHF is 10 pips difference on my broker's platform and so rather high to trade. But nonetheless, I have placed a long 0.10 trade on it to see what happens tomorrow. I do believe that the CHF should be a strong currency and so should bounce back up soon.

Alright, all the best in your trading!

 

[along]

My view

good luck Rahman,

CHF still look strong, the price keep moving up despite an attempt to bring the price down by the Swiss. same like yen. well for the Audchf, I will look forward for further down by 200 and 300 pips, around 0.7800 should be better, before the price start to retrace back, but I still believe this is the right time to go long for this pair as it look oversold in the daily and monthly time frame. It's just a matter of time. same goes to Audusd.

Strong support for Gbpaud at the moment, and I believe the fair price for this should be around 1.600 to 1.700 level. Will wait for the price to go up further before enter short with this pair as this is my favourite stock too.

I'm still waiting for the right time to enter the market, but this time will use big deposit as this will go for a very long time investment. Right now I'm still practising for a good setup with proper money management to ensure everything goes smoothly as planning.

I hope to join you continue with this thread later trade with 5 deposit. But I need to learn to be passion this time. that's the problem when I trade with small amount because I don't care if I'm losing. I will start again soon, right now I'm just need some rest to focus on other accounts.

have a nice trading day

 

[RahmanSL]

Being unable to watch and keep up with world economic events (from Bloomberg, CNNT, etc) it's very difficult for me to make probable direction of currencies.

To compensate for lack of updated news, I simply trade small lot sizes based on what's in front of my computer screen. I trade 3 live accounts concurrently and these past week, I have been able to make some significant gains even though I could trade for long period of time.

That micro account with usd6.27 (usd3.27 + usd3.00) which I mentioned earlier on in the week is up by 383.77% gain and is now usd32.70...all I need is to trade steadily and increase that by another 14,309.13% and that account will have usd1k : )

Yup, yours & my trading style requires a fairly large account size to sustain expected losses.
As a matter of interest, that micro account has lost over usd4.7k in the course of 8 months.
So, maybe I can recover some of that losses if I continue to trade steadily??? : )

Alright, catch you later and have a fantastic week.

 

[kays]

Hello Ramahnsl and Along,

Thanks a lot for the explanation and the site on choosing a forex broker.That indeed was a good read.was a little bit overewhelming at first but got used to the navigation of the site.I want to ask both of u a question:

Can U 'hold' my hand and teach me how to be a forex trader?I need some serious coaching to be able to perfect the passion that i have for this opportunity.Any help that could be offered would be very much appreciated.Please let me know what U think.

Thanks.

 

[RahmanSL]

"...Can U 'hold' my hand and teach me how to be a forex trader?..."

To be perfectly honest, I am not the "hold" hand type....but, you are welcome to tag "along" in this thread and ask whatever questions you want.

I think Pharaoh here at the FPA is more the "hold" hand type for Newbies such as yourself. He sort of "held" my hand too when I first started out in forex some two years ago....Come to think of it, along here is my senior by one year and so should be more "hold" hand material than me.

Alright Kays, first off, where are you located and how long have you been in forex?

 

[along]

Aussie is getting hit badly, audchf already touch 0.745 lowest today, and I think it is the right time to do some collections on this pair for a long ride. look badly sold on daily TF and monthly TF due to panic selling and over reactions on the news. well just my opinion.

Kay, trust me, if u really love forex u have to do it the hard way. you have to do it by yourself. you can use demo acc to practise. practise a lot make u perfect. I'm also still in the learning process. Now I try to control big price movements such as 1000 to 2000 pips by using small amount of money. If I can master this, I personally can compete with bank who control the market, and this is a very long ride, it can take months or a year to accomplish.

You should go with demo first. you also can use cent account with small deposit to have feel with the market . DO NOT USE BIG DEPOSIT, learn using bigger TF important. you can scalp if u want fast money, but you have to be carefull not to get stuck with it, or it's just a waste of time. so good luck

http://au.pfinance.yahoo.com/our-experts/david-koch/article/-/10004370/financial-meltdown/

 

[along]

aussie

Wow, they really screw up audchf. lowest today at 0.7155. let see if this pair can go down further and touch the lowest in 13 years on my mt4.
1500 pips already gone in a week. panic selling !!!

It's a big size selling and I believe from big player, sometimes panic really can cost a lot.
even a pro or institutional traders is losing. selling big size at the lowest, now the price is come back to 0.7450 level, and it's a 300 pips
gaps. those buying at the lowest is the winner today.

If looking at a big TF(month), below 0.8000 is a buying level and above 0.9000 is a selling level. refer to the past time frame,
the price can easily touch 0.9500 which is good to go short with this pair, just a matter of time.
let's see what would happen next....cause I believe the price can easily retrace back to 0.800 level.

 

[kays]

In answer to your question Rahman I sit on the equator as it were,specifically located in Ghana and have been into Forex barely a month.Started reading on the subject like in July and that is what is has been reading,reading,reading.Sometimes gets so overwhelming i really wanna quit.But I think that is where Along statement of learning forex the hard way really comes into play.Granted looks like most of the stuff would have to be learnt by myself.But am sure i could use some guidance from experience traders, right?

I am trying to understand the basics for now and then move onto learning some few indicators and trading systems.so again any recommendation or suggestion could be appreciated.

By the way who is Pharoah? and to both Along Rahman how long did it take for you to finally find your own pace or feel comfortable with forex trading?

What was it that finally made U finally get the sense of Forex trading?

 

[RahmanSL]

Along, I am still sitting on 3 “Buy” positions on the AUD/CHF and it doesn’t look too good at the moment since the currencies pair is moving sideways all morning 10/Aug/2011. But I think it will move up eventually and so will ride out the losses until then.

I have been trading Gold & Silver yesterday…and it was quite profitable trading going in "long" on Gold advances and "Short" on Silver dip.
I have not yet decided what to trade today 10-Aug-2011, but looks likely to be EUR/USD and maybe on Silver and Gold too.

Sometime ago, I have decided to trade on currencies pair or metal which is most likely to be profitable for the day and leave out the rest. It seems to be working so far!

========================================

You don’t know who the Great Mighty Pharaoh is??? He is all over the FPA site and is truly wise as they come!

Keys, no one can teach you how to trade…in time (no time frame) you will develop your own trading style which suits you best and which you are most comfortable with.

For now, you are in the “learning process”, and that means reading, reading, and more reading. Go to top of this page at Education & Forums” and then “Forex Military School” and read and learn what’s written there. Also read “Shoulders of Giants” which is also in that section.

As along said, there is no short cuts to being a forex trader as we ALL have to travel that long hard road to enlightenment. Many have, and will continue, to fall by the wayside, but many have made it too.

I am in a bit of a rush now and will get back here later.

 

[along]

yup Rahman, I think it will maintain at this level for now after the big selling pressure, before the pair find it's strength and start to move up again.
hopefully you can hold on to it until it came back and make money.

kays
Just want to share with you. I only use 3 indicators and have been trying to master it for so long. I'm very comfortable and not going to change it to something else. beside that I use candle stick pattern and price actions itself. the 3 indicators are

1. MACD
2. Bollinger bands
3. Heiken Ashi

The reason I use MACD, it give me info about the strength of the buyers and sellers in current market. It give me the size and the volume and a confirmation of a trend
For Bolliger bands I use it during the range bound market. setting it to 2 and 3 deviations, only to enter when the deviation 3 get hit.
I use Heiken ashi because it is better compare to the standard candle stick pattern.

I don't use indicator to enter a trade, I will use candle stick pattern to enter combine with the info from the indicators. when I start learning Indicators, I always go to this site :

Forex indicators | Forex Indicators Guide

very usefull info, hope you like it