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Thread: Bags first steps

  1. #11
    I am hoping to post here details of my transactions and hopefully snapshots of my charts to support the choices. Any feedback is welcome.

    All transactions will be submitted, the good the bad and the ugly. I intend to ioncrease the frequency of transactions as I gain understanding.

  2. #12
    So I tried a new system. Bagovino's. 5 and 12 EMA with 21 RSI. Saw a beautiful cross of the EMAs going down tried to buy. The pips were moving fast and the system kept asking for a requote. I could see the pips running away from me. Thought I'd take a few easy pips. Could not enter in the price I wanted and thought about messages I read concerning slippage (is that the ideal term?) Also remembered Phil's comments about not entering movement. Sat on both sides before it bottomed out, or I thought that it bottomed out. So I entered long looking for the bounce. I didn't loe the bounce until 10 this afternoon.

    Went to bed with a tp put 4 pips above my entrance. No stop reduction. Watched the pips drop another 40. Went to bed with calculations moving in my thoughts. Figured out my money direction should spare me losing my shirt. I am a lucky guy as I closed with 4 pips up
    So I have learned:
    Obtain a system and stick to it.
    Quit acting like a newbie
    Maintain the MM app (possibly elite it down to 4% risk (5 percent at present)

    There's a part of me that really wants to get rid of a trade because I need to get used to losing in addition to winning. But if I lose I need it to be for a fantastic reason, not because I was dumb.

    Trade 2:
    EU
    Buy 1.5472
    TP 1.5476

  3. #13

  4. #14
    Have made a few live trades, but not actually . All completed positive, but that's out of luck rather than my ability. I needed to get comfy with margin percents and see the numbers rise and fall to guage the significance of MM. I have sorted out. Also wished to learn the rhythm of the market, and that I need an incentive. Trades certainly give you an incentive. However, I keep lots very small. So there is a reduction less than a bus fare home. Produced 20% profit . (a good percentage of some small amount remains a small quantity!)

    Spotted a nice TC signal on EURUSD and turned out I was right. Didn't take the trade when I should have done, watched it rise and guessed it should retrace. So I entered brief. No signal and no reason to do so. I was impatient. So I and I want it to go south. It's turned into a small, but this might be the conclusion of my trading for a while.... Let you know in 10 days or so?

    Learn from my errors... Be patient, follow the trend, place stop losses(?) .

  5. #15
    Committed to the MACD 4 hr system.

    Have to select a suitable shorter timeframe system.

  6. #16
    EURUSD in the ideal direction for me so took a profit of 40 pips roughly. I can concentrate on MACD TC signals. On holiday tomorrow for a few weeks so no postings for a while. (up 25% since June 2nd That is well worth a smiley face.)

  7. #17
    I've been able to take a few trades here and there between spending time with my family. I need to put aside a while for trading, and quality time to your family, and squeeze into trying to find a living somehow. A new pattern is necessary.
    I'm quite pleased with my trading todate. Up 50 percent on first investment since beginning of June. I've taken this week off from trading because of NFP tomorrow so that I think 50% is respectable.
    The trades I've taken have been conservative but an excellent success rate. It has been bothersome though watching 300 pip waves that I might have ridden.

    Recommendations for anyone beginning new at this.
    1. Proceed as soon as possible.
    2. Risk a tiny percentage of capital to get a feel for the margin risk. Win or lose pennies to start off you. Run a demo account at same time
    3. If you anticipate the market to move 30 pips, take profit after 15. in the profit. Grow your confidence.
    4. Slowly increase the lot size as your funding grows
    5. Be sensible with your time commnts. It can be accomplished. I don't see any tv but for the business news and kids shows (with my kids). The charts are far more interesting.
    6. Get a feel for the rhythm of the market. Watch how it reacts to the news.
    7. Keep an eye on the news constantly.

    I believe I am prepared to stretch out my pip targets, so we'll see how it goes.

    System used so far. MACD 4hr, but not many trades taken using it. So have connected a zig zag and fib tool. Seeing the market rhythm and getting a feel for things. Enter in the direction of the trend but wait for retracement. Time consuming but superb success rate.

  8. #18
    Patiently waiting to analyse this circumstance. I've a feeling that I am over thinking this. Taking a Look at the EU about the Four hour. Looks just like a sHs forming that would indie that a rise coming up. I need to wait for the neckline to be broken and that would confirm a sHs and a TC on the upside. That's around 1.4800. This also happens to be resistance to the 00:00 candle of this 20/08.

    If we see 1.4650 and below again I will be on the lookout for shorts to the downside and take them to determine if we can access to 1.43 (probably take profit at 1.45 and watch it go whichever way.

    (Update: climbed my beginning amount, added to my investment therefore have increased lot sizes. Still trading with 5% risk, which I'd like to decrerase soon. Took a reduction recently of 35 pips or so, which taught me lots, I still close my transactions too early. Must get better at exits. )
    Trading plan is coming together will print all my rules soon to help me have more subject.

  9. #19
    Now up 50 percent from total investment. I was up 80 percent but took a big reduction since my stupidity. How could anyone make a loss with a verified downtrend worth 1900 pips. Thought I'd steal a few pips on a retracement. Fine it all looked good but led to a loss of 150 pips. No stop loss and abandoned the commerce unchecked for a long time. Very poor analysis on my part. Did not follow my plan. I am still attached to the money I've lost or made so lots to learn. But surprisingly not as much as before (I guess because it was outside of profits rather than my initial amount ).

    Still taking profit too soon, and I am letting my losses run awaiting this pull back. It is amazing I've my account still undamaged.

    The more I transaction though the more in tune I will get with market reactions to news and the way that price moves around. I am starting to look at the longer duration.

    I do need to trade daily, because I enjoy it much. That is precisely what I need to fix. Plan my transactions better, and trade my plan.

    When I made the major loss I spent hours searching for advice in the forum and found great articles by Trader888. I'm going to research interest rate predictions. I also need to restrain my losses .

  10. #20
    Now 150% profit since I began, thanks to patience and a better understanding of market reactions. Trading much less and making many more pips. Not thinking so much about the cash, but just how many pips I can make. A sign I'm getting there.

    In the start I was scratching around like a chicken pecking off for several pips and there, today I'm looking long term. Identifying the long-term trend as I see it and putting a trade. It appears I receive the short term trend wrong as I frequently have watched that the trade go against me to turn around, finally.

    1. Get much better entrances (utilize s 5 minutes egy?)
    2. Plan the trade better
    3. Get quicker at putting my mental stop declines
    4. WRITE MY TRADING PLAN DOWN

    finally have a daily regimen, but have to concentrate more in my official job.

    (level 34)

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