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Forex Junction

closed for the week. made abt 600+ pips this week. all from gbp pairs. my average trade per pair is 20 stds lots. do the maths bro tabby... best of all, not taxable....

 

cashiertan ,

i suppose u are right .... was just looking at the postings in that forum .... felt a bit overwhelmed by all the 'giants' and their trading systems .... felt like i just swam into 'uncharted territory' ... with many unfamiliars ... got a bit scared .... hahaha !


thanks for 'pulling back' me in the right direction ... :  )


btw doing paper trading on gbpusd from 4.10pm today from 1.9722 ... ...now at 1.9777 ...testing on parabolic

:  )

 

 

baseer,

 

i would sugges you practise what u have before you get distracted and confused by so many things posted on the forum..

 

This is a taboo for newbies in forex,... betta master your system before looking at others..

 

 

yawns... 

 

tabby. taking profit for my gbpusd and gbpjpy with 100+ profits each. see if can squeeze more pips for the next few hours.. 

my tnt parabolic system works well so far ... hows ur side?

 

All must buy Baseer a teh tarek, bandoong or susu gosong... hehehe...

Because that passage alone is worth $4,000 at least in value !!!  ...

 

....just thought as useful reminder for all .... :  )


from http://www.forexfactory.com/showthread.php?t=40582


Money Management & Trading habits:
Maximum 2% risk per pair. What that means is when you calculate your stop losses your stop loss amount has to be within 2% of your account .If the trade goes against you, the maximum you will loose is 2% of your account. This way it also prevents you from getting panic attacks when the trade retrace against you resulting you close the trade pre maturely. If your desired stop losses do not come within 2% of your account don’t take that trade. As I always say, you may miss one trade but there are millions more to come.
You always have to calculate your risk every time before you enter your trades.
Your risk to profit ratio has to be minimum 1:1. That means if you are taking a 2% risk on a trade make sure your profit target would be at least 2%.
Always have realistic targets. My aim is 300 % capital growth per year. The lesser your target is lesser the risk of losing your own money. Even if you have 50% capital growth per year you are doing better than 90% of the worlds biggest hedge funds.
More trades you take the more you expose your account for losses. No trader in this world can profit from every single market move.
Patience plays a big part in trading. Take the trades only if you are at least 90% sure of profiting from it. If you are not sure stay away from the trade. Staying on the sideline is as good as winning.
Never trade against the trend. Specially with a high volatile pair like GBP/JPY. It may give you couple of winning trades. But it’s going to get you in the long run.
Always have a trading strategy ... make a habit to stick to it doesn’t matter how desperate you are. Always trust your strategy but not bloomberg or some statement from citibank. Don’t go with your gut feeling because 95% of the time your gut feeling is wrong.
Your charts are your forex bible. Everything what you need to know about forex is on your charts. You will learn something new everyday from you charts.
Specialize in one or two pairs. Every single pair has it’s own characteristics. No two pairs are the same. Don’t trade all the pairs your broker can offer. If you specialize in one or two pairs very soon you will be able to read the pair like a road map .
Stay away from the ranging markets. There will be enough of trend break outs on this pair than you ever want. Why take any extra risks trying to chase 20 pips on a ranging markets when you can grab 200 pips on a break out.
As Monarc mentioned traders are a greedy bunch. Less greedy once are the most successful once.
Don’t try to chase every single pip or market movement. Have a realistic weekly or monthly target as a percentage of your account . Not the number of pips. If you have already achieved that target stay away from the market. As I mentioned before.. the more you trade there is more risk of losing your money.
The losses are part of the game. Do not try to cover all your previous losses from your next trade. First your trading plan has to include at least 50% of losing trades. Then you can cut down on the number of losing trades while you gain experience and confidence.
When you start you must demo trade at least for the first 3 months to build a trading strategy. Then for the next 3 months trade on a demo account or a micro account and test your strategy coupled with a good money management strategy. When you are fully confident then trade with your real account.
Use minimum account leverage. Don’t abuse it. My recommendation for new traders is maximum one mini lot for every $2500 or one full lot for every $25000.
At last ... remember there is no easy way to become a good consistently profitable trader. No one can become a profitable trader overnight. As everything else in life it takes time, patience lots of sacrifices and learning. Don’t be afraid of mistakes.
It took me 8 months to make my first consistent $100 per week. Since then making money is like a walk in the park.
 

 

was just browsing/exploring forexfactory .... what's ur opinion of their forum pages ?  ... anyone care to share  ... ?

: )

 

 

for gbpjpy, i got in at 20755, got out at 211. 40. gbpusd i got in 1.9547 got out at 1.9613

 

yeah for the gbp pair they are volatile.

 

ok notedd for usdchf. 

 

Thanks Cashier, I've got almost 200pips on GBP/USD. Your parabolic and TNT strategies.

However, I've got less than 100pips on GBP/JPY, but its still a good trade.

Now waiting for a crossover to the upside (GBP/JPY). Parabolic is turning green soon.

Also, Cashier, please look out for USD/CHF. Big moves to the upside coming.

Cheers

cashiertan      ( Date: 17-Jun-2008 18:53) Posted: well now laughing to bank now with this week big move by GBP pairs. GBPJPY and GBPUSD. Huat big big for those that follow my system. Tabbykat hope u got in based on the strategy i shared with you.

 

 

well now laughing to bank now with this week big move by GBP pairs. GBPJPY and GBPUSD. Huat big big for those that follow my system. Tabbykat hope u got in based on the strategy i shared with you.

 

Just a prompt on the USDJPY pair - if it cannot close above 108.23 today, there is likely to be a retracement soon.

 

 

i get mt4 for charting but trade with ecn platform or IB platform. 0-3 pips spread for all pairs with o.5pips comm. however i get rebate if i hit certain volume hence my cost usually 0.5pip-2pips per trade. Btw my account is in euro dollars and interest paid to me for unused margins. my leverage is only 50:1 or less. as u get bigger coffers, ur leverage will go down....


 noobies can start with FXCM, IBFX, NorthFinance, ONanda etc . try to get mt4 platform broker for start. u will surely move to ecn/IB when u turned pro. U know u are good when Banks/IB/Brokers invite you to open account with them and offer u good rates. maybe i am conservatives but some aggresive ones still use 100 or 200 (hardly) leverage with account size like mine. some of traders i know uses 1:1.. u can quess how rich they are..


week in week out consitent profits is what counts in forex.

why earning only "kachang puteh"  (which someone said) from forex is becoz made "only" 200-300 pips per week with average 10 std lots per trade which is ard 2000-3000 usd per week. good weeks i can get about 3000 to 5000usd per week.

revent weeks has been making 100+ pips per week due to some lost trades and non trendy market environment . 


exceptional weeks can get 10,000usd to 30,000usd per week.  i am trading on 10 std lots becoz it is the smallest allowed lots per trade for my trading platform. should be moving to 15 std lots per trade soon.
 

expose not more than 5% of your capital at any time. 3000 capital means ur stop lost will not cost u to lose not  more than 150 if triggered.
 

 

tabbykat Member

Posted: 05-Jun-2008 10:51

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Cashier, Basheer, Here comes GBP/JPY again. It has retraced to the 20500 area. If world equity goes green, I am going in for a target of 200 plus pips at 20850. Cashier, see if you could offer any Parabolic SAR advice on this pair. tabbykat      ( Date: 30-May-2008 11:03) Posted: Baseer. Cashier, GBP/JPY 20500-20850 350pips gain since last posting. For paper trade only. Now looking at CAD/JPY. Try to catch the entry point for a substantial long trade. Cheers

based on my (not my creation) parbolic system. The trade is long with s/l at below 209.980 . however the meat may not be much as resistance near by witin 50 pips in the upside as of now 7.37pm spore time

 

elfinchilde Elite

Others   /   Forex Junction   /   Posted: 04-Jun-2008 21:58      4Go to Message

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yes, forex is based on margin. what's considered safe? it's about prudent money management, really. never risk more than you can afford. what i've learnt is this: it's entirely possible to make a daily, stable income with forex, but you need a lot of patience, and discipline. You can't keep entering trades (overplaying) or betting. That's just gambling. And technical skills is a must. not all charts will work for all pairs. so you need to know your pair very well. And key your technicals. Keep an open mind and learn from everyone; there are some good people here on this forum. :) Have just started out in forex myself, but have been in equities for abt 10 years. All in all, i'm finding that i like forex better, because i'm a techie by nature; and forex works better with charts: less liable to BB manipulation than stocks. Especially because the Spore market is currently on low volume, so it's not good for retail players; too susceptible to BB swings. cashiertan and tabbykat could probably advise you on which platform to use. FXCM and metatrader seem to be popular with the crowd here. i use a different one tho.   oh, and remember the KISS rule above all: Keep It Simple, Stupid. elfie only plays the UJ pair. ;)

 

 

 

I feel very safe with elfinchide coz i know she is areadi in advanced level of forex trading, she just late more experience to make her complete. Kudos. she understand what i am warning and teaching about and what she does is 90% what i am telling ppl all this while. Keep it up Elf! soon cyah as Full time forex trader.

 

 

 

Cashier, Basheer,

Here comes GBP/JPY again. It has retraced to the 20500 area.

If world equity goes green, I am going in for a target of 200 plus pips at 20850.

Cashier, see if you could offer any Parabolic SAR advice on this pair.

tabbykat      ( Date: 30-May-2008 11:03) Posted: Baseer. Cashier, GBP/JPY 20500-20850 350pips gain since last posting. For paper trade only. Now looking at CAD/JPY. Try to catch the entry point for a substantial long trade. Cheers

 

Currency play is a also a game of probabilty...


The simple fundamental rule is, as long as one is right more times than wrong, and if one ensures one makes more with each win and lose less with each bad trade, it is sure to work out profitable in the long run.

Besides that, of course experience will tend to help create less and less bad trades...  

 

Thank you, Baseer... :)

I am but learning what I can, since learning is a life-long process, one can be thankful for
all that one has learned in the past to date.

The good that is learned should not be unlearned, whereas undesireable aspects should be recognised and reflected upon.

When I was actively trading commodities some 20 years ago, I concentrated all my attention on the softs like Soya Beans, Raw Silk, Cocoon and Azuki Red Beans, etc. and I did not pay attention at all to currrency trading, although it is also a commodity. Those days used to be filled with charting, charting, indicators and more indicators (with Metastock plus John Murphy, Edward Magee, etc) and researching the fundamentals too. Much enthusiastic and dedicated midnight oil was expended.... looking back, that was valuable.

At least  I can  now do what Elfin suggested so beautifully,  to keep things  simple...

 

iPunter  :  )

thank you very much for sharing your experience :  ) 

whatever the method .. the important thing is that the kitty is in the bag ... glad that u made it ! 

Good Luck to u !

 :  )