New to Forex trading

Discussion in 'Forex' started by DarkProtoman, Nov 13, 2009.

  1. Hi! I'm new to forex trading; I just started in a $25 FXCM micro account. Let me tell you my experience.

    First, I went up to $30
    Then, I lost $15
    Now, I've developed a strategy, and I have been making consistent profits, though I'm still not back up to my original $25, but I'm very close.

    My strategy is to use the MACD and TSI to determine the precise time to enter and exit the trade. I'm currently trading the EUR/USD, and the AUD/USD, and occasionally the GBP/USD.

    I'm going to deposit $600, so I can trade carry trades (since I will have enough cushion to survive daily fluctuations), and trade 10 micro lots instead of 1.

    My goal is to make at least $10/day. I'm trying to save up for an $800 down payment for a Yamaha V Star 250 by my next birthday.

    My lesson: Trading on the bare minimum is idiotic.

    I also think I need to use the 5 min charts, instead of the 1 minute ones.

    Any advice you can give? Like on my strategy, and stuff.


  2. Really? Not a Rebel?

    ....but anyway, strategy, what's your stop loss (risk) per trade if you're planning on trading 10k on a $600 account?
  3. TheMan


    i am not sure this is a serious post?

    is it?

    you want to take 600 to 800 so you can buy something via trading?

    take your 600 and buy some weed and then sell the weed
  4. tqk101


    I think I would get 200 weed smoke it then spend 400 in Vegas playing poker, you have a better chance to earn 800 back this way and at least you got to enjoy it.
  5. AyeYo


    So you need ~200 pips by your next birthday? Go long AUD/USD or EUR/USD, or short CAD/USD, on the next pull back and hold until you're up $200. :p

    Seriously though... indicators are liars. I'd think twice before using a strategy that relies on them solely.
  6. 5 pips trailing stop. If I can figure out how to set trailing stops on FXCM.
  7. No, I plan on making 5 pips/$10,000 trade/day, trading 5x/day. That's $25/day. That $750/month.
  8. You need to seek out Increasenow, he'll take you where you want to go, and with a Bang!

    Unless, of course, you are Increasenow, and you're just messing with us.
  9. TheMan


    at least its only 600 bucks, because this is going to end in a train wreck

    i could get into the whole speech of what you should do and what you should look at etc etc, but it is not worth it bec no one ever listens anyway

    here is a hint that will save you 5 years of running around in a circle chasing your own ass

    dont use indicators

    learn to read a chart

    trade demo until you see an edge
  10. I can read a chart. I look for head and shoulder patterns, triple bottoms, and etc. I just use indicators to figure out EXACTLY where to enter.
    #10     Nov 14, 2009