Silver and Gold trading

[RahmanSL]

Hi maarnio,

Just a quick check on facts as I am still not that familiar with forex record statement : )

Am I correct that you deposited: USD500 + 250 + 750 + 1,600=USD3,000 ?
Your Account Balance (as of 2010.09.23): USD15,384.16 ?

Is your trading account a Standard or an ECN account? I don't see that in your record.

Once again, thank you for sharing and all the best!

 

[maarnio]

Found the article

<a href="http://www.fxclub.com/company-news/review603/"target="_blank">From $300 to $240,000 in one month</A>

Let me know if you know how he is doing currently?

It is a good idea to have several accounts with different risk profiles. One for 10% profit for month strategy and one for more aggressive trading. Even 10% per month can be difficult to get on some months.

I suggest that you start trading with micro slots. I think $500 is a good amount to start with.

You target 10% profits per month? Doesn't sound too difficult : ), but 50% per day is just being overtly ambitious and extremely risky. But that China Teacher did managed to turn his USD300 deposit into USD247,210 in just under a month, which is 61,595% return on his investment : ). So, maybe greed is good at times;yah?

But what would be a good amount of money deposit to start with, and with what type of account (Std or ECN)?

I am asking this as I would like to emulate your trading strategy as you obviously am much2 more experienced than I am.

Thank you for that advice on how to create my trading report.

All the best!

 

[maarnio]

You are correct with your calculations. The balance tells how much you have made with your closed trades. I have many open trades still so the true balance is the Equity.

I have a Mini Account with micro slots.

Hi maarnio,

Just a quick check on facts as I am still not that familiar with forex record statement : )

Am I correct that you deposited: USD500 + 250 + 750 + 1,600=USD3,000 ?
Your Account Balance (as of 2010.09.23): USD15,384.16 ?

Is your trading account a Standard or an ECN account? I don't see that in your record.

Once again, thank you for sharing and all the best!

 

[maarnio]

I have again updated the results <a href="http://www.9pmest.com/forex/DetailedStatement.htm"target="_blank">View my forex results</A>

We will get a NFP release on next Friday. In the past it has been a good buying point for gold and silver.

 

[RahmanSL]

No, I have not been able to locate any follow-up on that “from $300 to $240k in one month” report. It would be interesting to have some follow-up news on that. However, I suspect that guy just traded what’s in front of his chart and has absolutely no idea of the fundamentals of forex trading which experienced traders are so concern about. You still remember when you first started trading on Dem account? I do and it was fun and hugely profitable. It seems that the more I know about forex trading, the less I know how to trade profitably.

I have Micro, STD, and ECN accounts and have blown away over usd2.8k and it's hurting just a little bit. But I have learned that I should be using the 1M, 5M, and H4 chart together with the D1, W1, and even the MN charts.
I got burned by the EUR/USD and AUD/USD by going "Short" as I was relying on the 1M, 5M, and H4 charts. When I finally referred to the D1 and W1 charts, I was horrified to see that there is still a long way for the roof. I made another mistakes by not cutting my losses (yes, I should set ST) and got stopped out when I was not attending to my open trades….plus I was trading 1 lot size. It was 100% stupid and armaturistic trading strategy.

Well, I am not going to get that be a deterrent as I still have 3 other accounts which are quite healthy, but I will have to refund the 3 which I have near burned with just over usd260 left.

I have a look at your account and I notice that even some of your 0.05 lot trades can racked up over -usd600 loss…..Hmmmm, and here I am trading minimum 0.1 lot size….guess I better emulate you in my trades.

Soon as I have some decent account to show, I will post them here for you.

All the best and cheers!

 

[RahmanSL]

Maarnio,

Looking through your account, I noticed that you have placed many long term trades which have contributed significantly towards your profits. But those still opened long term positions are suffering heavy losses and I also noticed that you opened some of those positions on “Short” when the market was at mid range.

I would suggest that for long term “Short” trading you have to have patience and wait until the market is way up there before placing them. Last week at market closing, Silver would have been an excellent long term “Short” position as it is way up there. AUD/USD too is excellent for long term “Short” positions. I couldn’t take on these positions as my margin funds could not sustained any more losses as I went into the market too early and is stuck with two still opened positions for Silver and two for EUR/GBP.
The EUR/GBP was a major mistake on my part as I didn’t cross check the D1 & W1 charts and entered the trades based on the M1 to H4 charts Now I am stuck with these positions and am forced either to cut further losses or ride it out (i.e. assuming my Margin Level does not stopped me out first).

Still, you did pretty okay in your trades and certainly fare much2 better than me.

All the best in your trading!

 

[maarnio]

Thanks for the contribution.

I agree with you Rahman. This Chinese Teacher had no memory of losses.

Are you following Sive Morten's Analysis? I have found them useful.

No, I have not been able to locate any follow-up on that “from $300 to $240k in one month” report. It would be interesting to have some follow-up news on that. However, I suspect that guy just traded what’s in front of his chart and has absolutely no idea of the fundamentals of forex trading which experienced traders are so concern about. You still remember when you first started trading on Dem account? I do and it was fun and hugely profitable. It seems that the more I know about forex trading, the less I know how to trade profitably.

I have Micro, STD, and ECN accounts and have blown away over usd2.8k and it's hurting just a little bit. But I have learned that I should be using the 1M, 5M, and H4 chart together with the D1, W1, and even the MN charts.
I got burned by the EUR/USD and AUD/USD by going "Short" as I was relying on the 1M, 5M, and H4 charts. When I finally referred to the D1 and W1 charts, I was horrified to see that there is still a long way for the roof. I made another mistakes by not cutting my losses (yes, I should set ST) and got stopped out when I was not attending to my open trades….plus I was trading 1 lot size. It was 100% stupid and armaturistic trading strategy.

Well, I am not going to get that be a deterrent as I still have 3 other accounts which are quite healthy, but I will have to refund the 3 which I have near burned with just over usd260 left.

I have a look at your account and I notice that even some of your 0.05 lot trades can racked up over -usd600 loss…..Hmmmm, and here I am trading minimum 0.1 lot size….guess I better emulate you in my trades.

Soon as I have some decent account to show, I will post them here for you.

All the best and cheers!

 

[maarnio]

Many of the open long term trades are opened after the May crash to protect the account. It is not unusual for me to open opposite positions after my initial positions turn out to be losers.

I think that AUD/USD short will work before the year end, but it can go above parity before that. EUR/GBP can top around 0.89-0.91. Silver is in long term bull market but there will be some bull backs along the way.

Thanks Rahman and good luck!

Maarnio,

Looking through your account, I noticed that you have placed many long term trades which have contributed significantly towards your profits. But those still opened long term positions are suffering heavy losses and I also noticed that you opened some of those positions on “Short” when the market was at mid range.

I would suggest that for long term “Short” trading you have to have patience and wait until the market is way up there before placing them. Last week at market closing, Silver would have been an excellent long term “Short” position as it is way up there. AUD/USD too is excellent for long term “Short” positions. I couldn’t take on these positions as my margin funds could not sustained any more losses as I went into the market too early and is stuck with two still opened positions for Silver and two for EUR/GBP.
The EUR/GBP was a major mistake on my part as I didn’t cross check the D1 & W1 charts and entered the trades based on the M1 to H4 charts Now I am stuck with these positions and am forced either to cut further losses or ride it out (i.e. assuming my Margin Level does not stopped me out first).

Still, you did pretty okay in your trades and certainly fare much2 better than me.

All the best in your trading!

 

[maarnio]

We might get a bull back in silver and gold next Friday with the options expiry.

<a href="http://www.9pmest.com/forex/DetailedStatement.htm"target="_blank">View my forex results</A>

 

[maarnio]

Next Comex options expire in silver at 28th of October. Look for possible pullback around 27-28th of October.

<a href="http://www.9pmest.com/forex/DetailedStatement.htm"target="_blank">View my forex results</A>