This will be my first post and I'll just be introducing myself. My name is Robin Laviña a.k.a Robee and have been studying how to trade for just a few months. I've tried trading a small amount of real money but was still afraid to lose so I decided to train using virtual money. I've tried training with spot and binary options and I like them both. However, I'm still testing both styles and will see what will be my chosen path. I'm currently working full-time and that will be the source of my capital for trading. Really working hard to reach my goal of trading full-time. I'm starting a journal so I can record my progress and to meet some fellow traders alike here. I've also thought of giving my opinion or predictions on where the markets will move. Maybe providing some screenshots and studies with it. I'm so new in Elite Trader and wish you can help me out. Can you guys help me out on where to find the article to read the forum rules on posting? I can't seem to find it.
A few weeks ago I have tried trading with real money in retail trading with Binary Options. Gladly in the first two trades I made was winning but the third winning trade was a loss. So, the lesson that I've learned from that loss was always make 2 winning trades over 1 lost trade. Hence the 2:1 winning ratio. It's because on that trade...I made a bet of $1 and for every winning trade it's a 80% profit. In my account, I got around $1.6 ($0.80 for every $1 trade won) and because I lost 1 trade...the profit left was $0.60. After that I've made a conclusion to study some more about Forex and have a much higher winning percentage than before. As of now I haven't made a trade yet because I'm still concentrating on my full-time job working at Convergys as a Technical Support. I'm doing trading as a part-time income as of the moment. Studying so hard to make it to full-time. Also, I'll try making some records of my trades and upload them to my YouTube account. The main goal is to document my progress through journals and videos and to be able to share my knowledge to other retail traders. I'll be more active here in Elite Trader and it's because this is the best place to publish a trading journal and of the active traders around. I've been reading others journals and glad that I could learn from them. The next posts in this thread will feature more photos and studies along the way. I'll be ready for that.
Thank you guys for welcoming me here. I will be glad to share my progress to everyone here in ET and wishing to learn from others too. Basically, there are still many terms that I will need to learn and adapt. Here is my chart on studying for the EUR/USD pair and I know it is amateurish. Noticed that currently that it is in a bearish trend and it's been breaking through my applied resistance levels and will have to wait if it reaches to the floor resistance that I had in my chart. Basically, my studies are based of only on Technical Studies as I have a hard time looking at fundamentals and working at a full-time job as a Technical Support at the same time. Won't make a trade as of now but just monitor that market movements.
Robbee, can I ask, what made you choose the Forex market as your trading market ? Not the easiest market for a novice in my 'umble opinion.
Probably because it has much more income potential than any other trading market that I can tap on. I've tried stocks but had no capital and profits are low that's when I found retail forex trading to be compatible to my trading needs. I like forex since it is 24/5 and I can trade flexibly it's also because I work in a call center in Philippines which I have a night shift.
Robee, the only advice I would offer is to trade small, maybe smaller than you think is reasonable, small enough so that an unexpected loss does not take you out of the game. Priorities, in order of importance, should be: 1 Preservation of capital. 2 Consistent profitability. 3 Superior returns. Good luck with yout trading.
Thank you. I'll definitely take notes of your recommendation. Back to tracking the movement of EUR/USD, I've noticed that it was moving on a bearish trend. So I waited for a confirmation if where the trend will definitely go. Watched for the Parabolic SAR to converge with the price. Once it converges, it will actually do to an opposite trend but I won't know if how long will that trend last. A day after and I was really correct on the price movement of the EUR/USD pair to go down. The price was at 1.3468 then down to 1.3430. When the market opens up again, I will try my best to look for the best entry point from the starting trend this Monday. Hopefully I will win a trade and make a profit. As of now, I'm not really trying to make too much money but learn from real money trading experience.
It's been a long time since I've made a post on this thread. I'll be resuming on this activity. As of the present date, I've quit my job to pursue trading career and I know that it is a gamble but it is worth it to learn. I won't really be going full throttle as a full-time forex trader but working part-time job and part-time forex trader to make life sustainable until I can go full-time trader. I've developed my own strategy when it comes to Binary Options trading at demo account and for me it works. Will also try applying this strategy to my forex trading in the Spot Market. I don't know though how it will work out there so a demo account would be the answer to have it experimented. I'll go with that strategy and will be putting on tweaks on it when I encounter some obstacle of the future trades to come. I've also started uploading my Trading videos at my YouTube channel and I will sharing them here in my Journal. It is much easier to explain showing you rather than typing it here. I have my own trading jargons that I use myself as I'm not an expert in this field. I use them to remember the methods that I will use in trading. By next week when the market re-opens, trading in the spot market in demo account for about a week will be my training before I jump into the real money trades to make a living. By then I will also start to record my Spot Market trading and progress to be shared by everyone. I still have a very long way to go and my strategy is not perfect. If you feel like copying my strategy then go for it and find a way to improve and share it to everyone.