Thank you marvinben, z2forex, luqmanz for the advice...

I think I am gonna start by closing with small pips gain 1st.. then gradually increase my target. I wonder... why I have never found out about forex before.. I see if I can aim to earn USD$20 a day, it will already add to my monthly salary by a lot

Don't close on a small pip gain. That should be left for your losing trade. Let your profit runs! Cut losses short.

Use the demo platform to first find out what kind of a trader you are, be it day-trader, swing-trader, or long-term. Figure out a trading plan, only then set pip target according to your trading plan. Welcome to the trading world!

hi, i'm new in forex...been demo for 2 mths with no consistent profit. Mind to share what is your strategy? thanks!

@J-slade
You are assuming you win every single trade and earn USD20 a day. Dont forget each loss offsets one of ur profits. So if u win 4 times a week and lose ones.. = net profit 3 days only.. and this is assuming u have an 80% winning streak.. think again

hi to all sifu.
i very NEW in this world.(forex)
i`m interested to invest my money into the forex.
which company is the great deals rite now ???

btw, is it forex same with normal investment such as ASB .??

by the time.is it MIG bank good to invest.???

sori.very newbie here.

This post has been edited by buffallo_soldier: May 4 2010, 03:05 PM

If you wanna just invest, u need to find a good fund manager to invest (trade) your money.

if you wanna trade it yourself, then you have to study trading methods and strategies.

Which one are you interested in ?

i`m interested to find a fund manager.mayb can get some experience...

Cable just touched the 1.5200 level ... game on.

I'm waiting for the price action. Expecting to see a good long signal. Or maybe I will get a short signal. Let's see what market has in store for us.

Never predict. Just take whatever market throws at you.

I am still shorting the cable. Should I close?

Anyone still shorting EUR/USD?

If I have short .. I would've close it at 5200

Why at 1.52? Care to share?

Nice bear for G/J... waited for so long. Anyone still shorting?

[quote=luqmanz,May 3 2010, 03:24 PM]Oh .... sorry to hear that. You didnt use stop loss ?

---

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 ....

[/quote]

Ha ha , Yes, i sure did, as with new and non-decipline trader (me , i keep changing the SL, hopping (now this is a bad move) that it'll reverse. Anyway, lesson learned.

Today sold GBPUSD too early @ 1,5243 6.30 AM, then took a draw down till 1.5264 (9.30 am & 1.30pm), finally it went down and i cutoff too early @ 1.5239 about 2.30 as i need to go away for a while. I just took a very small profit (was prepare to have a small lost) as i was thinking that i could be in the wrong trend today.

Should had rode on till 1.5168 (5.50 pm), that would had made a handsome 72 pips. Anyway, this is Forex . A profit (even though small) is better than a lost.

Shall trade again tomorrow...



i`m interested to find a fund manager.mayb can get some experience...
[/quote] Don't think fund manager shall teach you, haha
Note to all Newbies, this is not a get rich quick forum and Forex is definately NOT a shortcut to riches. I had been here since December last year, during my demos, now into Micro Acc and am still loosing $. You'll need to do plenty "Homework", lots of reading, lots of testing and also go thru' certain "Roads" to learn. It's a very L-O-N-G and winding road. Luckyly the good people here are willing to share and to guide me. Most of all, the support and the cheering offered, so as to to give up.

Thank you guys.

All Newbies, just jump on in (with Demos Acc). You've nothing to loose!

This post has been edited by Raymondetc: May 4 2010, 05:39 PM

Its a strong support on Daily charts ... take a look at it

Oh yes, luqmanz, you think it'll slide further? Say 15135?

I dont know ... but I'm looking for a price action to develop sufficiently around 5200 ... I'm looking for long signal ... but a short signal is not impossible ..
Dont assume anything .. just wait till the market tells you the next direction. This is the time to wait.


This post has been edited by luqmanz: May 4 2010, 05:58 PM

1.5135 . Calling it a day.....

probably end of this week we can see gbp/usd touching 1.5000. currently at critical .5110-.5120 range.

EUR/USD below 1.3000. Whoa! Long now?

Last night Cable tanked down to 1.5100 ....

I'm long on Cable now (Long @ 1.5150) .... and Tokyo is still on holiday. I'm gonna buy a small position at 1.5150.

Just to share a little bit of my thoughts ...

I usually take 4% risk per trade. But this morning, Tokyo is not open. It's kinda risky so I took only 2% risk trade this morning.

Why?
I believe the retail traders are still crazy about shorting (thus jeopardizing my long position) while the smart-money (big players) are not working this morning.

Retail traders are not big enough to move market, but since the volume is thin (due to the absence of the big players), market may move.

To take or not take the long position?
The rules are telling me to go long. I'm a trader and taking risk is my job, hence the 2% position I have just taken.


Hope this helps for new traders.



This post has been edited by luqmanz: May 5 2010, 08:32 AM