At least you have not lose a single cent yet...for me, the main reason is overtrading... with no stop loss. To be a day trader is the hardest... keep your demo spirit alive until you start to profit

Hey ppl, i'm also new to forex. been trading using demo account for a month now. played with small risk 1-2% of my account. had made profits and loss at the same time... the losses happen due to my own stupid greedy decisions. I know that i have to be discipline and patient to be successful in forex. i now trade with a $ 1000 demo account. when i start trading with real money, its gonna be a lot lesser than that. Better to discipline yourself, only go for nice setups, else risk bursting the account.

Guys, I've been reading abt todays FOMC news, it seems that its a warning of market volatility from all fx sites.

What gives?

its possible lah anything is possible in FX. losing all capital in 1 day also possible. not only in one day, 1 hour...1 minutes also possible lah.

look, eveyday pips up n down is ±200 pips (GBP/USD). let say it move straight down 100, then straight up 100. to gain 250, u need to place an order of $1.25. at the end...violla!!! $250. BUT...keep in mind, once an order is placed, there are risk the pips not moving into ur favor, HENCE, u r playing with fire here. any sudden shift the other way around, u r losing ur capital. would you take the risk? your choice my fren. may god bless u.

This post has been edited by Invince_Z: Apr 30 2010, 07:42 PM

Hey all,
anyone here took the short on gbpusd at around 1.5350?

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Added on April 30, 2010, 10:56 pmGood idea, start small dont be greedy

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Added on April 30, 2010, 11:43 pmGood job bro.

This post has been edited by luqmanz: Apr 30 2010, 11:43 PM

Various hedge funds can do that for you. 30% returns in a year is not unheard of. you will need huge capital.

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Added on May 1, 2010, 2:01 amDukascopy have apps for the Iphone. try it out and tell us the results.

This post has been edited by marvinben: May 1 2010, 02:01 AM

How's trading for April, guys? Quite a good month for me. Had 50% returns last month. Hoping for another good month.

Cheers.

April was a good month for me also. Made 3822 pips in total. My aim is to break 5000 pips/month sometime this year. 8 more chances ahead

Tbh I have noidea which part you are saying.

IMO, it is best to reduce exposed risk, as these guys can turn the table upside down easily. Try to read whats in their mind and their plans is insanity.

was just 18% after that.. didnt trade for 2 weeks.. dang.. normal people hate monday... but not for us! yeehaa monday!

Yeszaaa ... every trader loves Monday ... yeehaaa
In fact we love every working days ....

Anyone still holding the Cable shorts from Friday ... ?


Attached thumbnail(s)

Holding mine since monday last week

Tokyo and London on holiday today .... nothing much to be expected lol ....
Lets wait for NY market ....

me not doing well in April. Had a loss of - 10.26 (Micro Acc)
Had analised and my main mistake is due to holding on to loosing positon and NOT cutting-lost, hoping for a reversal. This is a definate No, NO! These 4 position cost me 1,890. A good lesson learned.

May, am off to a better start. More lessons learned. My account is still not busted and am still within my goal of NOT busting my account in 6 months (3 more months to go) Still having a healthy balance of 25,285.99 out of 30,000.00 (micro account, if real account already kaya!)

Good luck to every one. Happy Pipping!

Oh .... sorry to hear that. You didnt use stop loss ?

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Added on May 3, 2010, 3:41 pmBy the way ... Cable is at 1.5220 ... almost reaching the TP 1.5200 .... Gonna tighten my stops now ....

This post has been edited by luqmanz: May 3 2010, 03:41 PM

Hi everyone.. I'm new to forex but I'm really determined to do this right. I've been reading forex books for about 2 months and last week I opened my demo account.

I wanna ask, what are your common trade pairs? And how much is the best amount of pips to target in a day?

Most commonly traded pairs are the EURUSD, GBPUSD, and USDJPY.

I don't set target pips for the day. But usually can "harvest" up to 40 pips on a good day. While sometime losing 20 pips on a bad day. Got to have good MM. Good luck on your demo trading

I trade mostly GU, GY, EU, EY, AU, AY. My target is to get on average 100-200 pips per day (very achievable now) and to further improve it to 250-300 pips per day.

Last month I did 73 trades, all profitable (3822 pips) giving an average pips/trade of 52.36, which I intend to improve to 70+ hopefully this year

This post has been edited by z2forex: May 3 2010, 09:35 PM

I trade GBPUSD ... there are also EURUSD and USDJPY ..

I suggest you learn using support, resistance and trendline ... buy on dips sell on rally and 1-2-3 reversal pattern.
That should be enough to start making pips ...

I have no daily target pips ... I hold position for 2-3 days ...

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Added on May 3, 2010, 11:19 pmMy short on GU since Friday got stopped out just now ... with 11% profit only ...

This post has been edited by luqmanz: May 3 2010, 11:19 PM