Making FOREX work for me
Page 1 of 733 123 LastLast
Results 1 to 10 of 326

Thread: Making FOREX work for me

  1. #1
    Oxitedm3
    Guest
    As the New Year approaches I recently decided it is time to place my what I have learned into action. I've been staring at charts like a sad case and demonion trading for more than a year so that it's time to see if I could make it work with actual cash.

    I've run the usual course of wanting to create 100% each day from indiors about the 1m to the realisation that I am not going to give up my day job anytime soon.

    So that lead me to the question; How do I make trading work for me?

    My plan is to trade and make monthly deposits for another ten years. I've started with a balance of 1000. When I've made 20% on this, I will start adding #200 monthly to the account as extra funds.

    My goal is to earn 5% per month and compound monthly. I will be doing this by taking'common sense' price action predied transactions over the daily interval. The majority of it will be predied on what I have discovered in the fantastic PA threads onforexsoutheast.asia(J16 particularly). I will risk 2.5percent per trade. Profit according to circumstance, but I will be searching for at least 2.5% back per commerce.

    Is just two correct trades per month really THAT difficult?

    I am 31 now. A million before 40 would be nice

    I realise that there are a lot of threads like this. I will be posting my transactions / progress in here for people to test out, but more than anything, I would appreciate any info from any old timers here

    Cheers!

  2. #2
    Oxitedm3
    Guest
    I did finance the account a few weeks back, and had increased it a few percent before I got caught with an open position when a 100pip gap moved on one of the yen pairs past weekend. I was up on the deposit however. So my equilibrium at the start of the official job start is:

    DEC 2012
    Total Deposits: #1000
    Balance: #1015
    Profit: #15

  3. #3
    vicpkrm.uceca
    Guest
    Which Currency pairs are you going on Trading?

    I am interested in understanding your trading egy

  4. #4
    Oxitedm3
    Guest
    Hi Shryne,

    I Am trading USD/GBP/JPY/CHF/CAD/AUD/NZD. All pairs involving these.

    My gey is simply price action, support, resistance, trend lines, fibs - all of the conventional stuff. I will explain more later, but basically it is largely the same as:

    https://www.forexsoutheast.asia/cryp...ll-orders.html

    I am just searching for fine pin pubs / engulfing pubs in fine areas with sufficient room to provide me a great risk to reward. I sometimes take touch transactions if there is a lot of confluence, but this is uncommon.

    These are my two potential trades tonight: USD/JPY and EUR/GBP

    taking a look at the EUR/GBP - I can see a nice BEOB in a previous resistance level. Sounds great for a brief, but it is not too far to the trouble area. Think it's a pass.

    The USD/JPY has a very great pin bar, and a very clear run below with the bonus of a previous unfilled gap. I'll wait to see what price this opens at before deciding wether to take it....


  5. #5
    Oxitedm3
    Guest
    So USDJPY gapped down. I was hoping it might open higher and I'd have got straight in using a market. As it happens, we finally have a gap south and north.

    I've put a sell order in at 85.95. Hopefully will get stuffed and then go south.

  6. #6
    vicpkrm.uceca
    Guest
    Thanks for the Upgrade.

    Wishing you lots of success. I mainly exchange EUR/USD, trading off the Daily and at times the H4 Charts. I use support and resistance, Fibs and Candlestick patterns such as Engulfing, Doji's and Harami.

    In the moment I'm not trading, due to the thin trading due to the festive period, and waiting to use how the fiscal cliffe situation plans out.

  7. #7
    Oxitedm3
    Guest
    Quote Originally Posted by ;
    Thank You for the update.

    Wishing you lots of success. I mostly exchange EUR/USD, trading off the Daily and at times the H4 Charts. I use support and resistance, Fibs and Candlestick patterns like Engulfing, Doji's and Harami.

    In the moment I'm not trading, as a result of thin trading due to the festive season, and waiting to use the way the financial cliffe scenario plans out.
    Thank you for the well wishes Shryne, I am think of the thread very much as a master while I earn process , and would be eager to hear off anyone trading PA on the longer timeframes. Can I ask, how many set ups you generally get off a single pair in a month? In my demo testing (the last 6 weeks ), I had been lucky to find one commerce in a month on a single pair!

  8. #8
    vicpkrm.uceca
    Guest
    On Typical I might find 1-3 setups a month from just trading the 1 pair, trading the more time frames. Once I get fully comfortable and profitable trading just from the 1 pair, I shall add a couple of others. The Fantastic thing about Trading longer time frames is once the trade is executed I do not need to spend much screen time, and the trades can go to get a few days a few weeks, and this is perfect as I'm currently work a full time job

  9. #9
    Oxitedm3
    Guest
    Quote Originally Posted by ;
    On Average I might find 1-3 installments a month out of only trading the 1 pair, trading that the more time frames. Once I get completely comfortable and profitable trading only in the 1 pair, I shall add a couple of others. The good thing about Trading longer time frames is once the trade is implemented I do not have to spend much time, and also the trades can go on for a couple of days even a few weeks, and this can be ideal as I am currently work a complete time job
    Yeah you are in precisely the same boat as me. I have spent countless hours producing systems on the reduced timeframes just to be frued from the realisation I do not have enough time to trade them!

  10. #10
    Oxitedm3
    Guest
    Well my first trade was a loser. From my two potential setups, I definitely picked the wrong one. It was likely a mistake trading over the christmas break. I have noticed a higher proportion of my losing transactions happen on Monday and following gaps. Something I need to address.

    To make things worse, the pair gapped up and due to my minimal lot size, I actually lost 3% on this trade! Which leaves me with this to the start of the month:

    Deposits: #1000
    Profit/Loss: #-15
    Complete: #985

    I'm not searching for anything tonight as I need to assess my previous difference day transactions.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
This website uses cookies
We use cookies to store session information to facilitate remembering your login information, to allow you to save website preferences, to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners.