nop.. usual i do swing trade.. jus dat, jus now i trade bigger contract size.. dats y i scalp..lol

Ic, bt to swing trade to achieve that amount is extraordinary, do u put alot of risk on a swing trade as well?

i guess d answer is yes n no? XD

it depends on d chart itself. so it varies...

basically, my risk definition is different from others. longer in d market = higher risk . dats y im d swinger guy XD

Great!
swing master = lowyat 82
position master = bulkbiz
scalp master = skywalker

is the list correct? XD

I always failed to make money by scalping. The profit that i get doesn't make up for the losses that's why i stop scalping already. Now i trade using H1 or H4 chart. I always try to limit my sl between 50-60 pips, and set tp higher than that so that the profits more than losses. Of course it takes more patience to achieve that goal, but so far have more success trading this way.

Any recommended trading site for forex newbie to start real trading?

currently doing demo trading wit meta trade4.

This post has been edited by Iron Man85: Nov 19 2010, 12:59 PM

trading site as in? education?

education = www.babypips.com

real trading = oanda.com (as in low capital n low leverage trading)

mind to share some of your techniques? i, too, has been in the state of losing in scalping, either i entered too late or closed too early...

I can't help much since i have been trading forex for about a year & half only, i consider myself as newbie as well. And of course i trade in demo, but sometimes i trade real as well. Maybe it's better for u to ask other pros here.

Some advise i can give is do not depend too much on indicators. It's better for u to analyse the chart careful by observing the candlesticks (or bars) whether it's trending or not, of course it takes some time to practice and build up ur experience.

My strategy, I use H1 & H4 chart side by side tile vertically. Indicators on H1: Pivot_AllLevels and floor pivot weekly. On H4:same as H1 with addition of ema 24 and stochastic (5,3,3).

I use H4 to detect trend, H1 as entry by drawing fibonacci retracement. Try to learn fibo, search on Google. Usually for uptrend, draw fibo line from up to down, downtrend the other way around. When price retrace to 61.8, 50, 38.2, or 23.6 % level, try to look for reverse candlestick pattern, such as doji, hammer, etc. If there is any, it provide a good sign for ur entry. For take profit try set at 161.8, but it depends on how u draw the fibo line, or u can try take on the next support or resistance. Stop loss try 50-60 pips from ur open price, but it depends the pair volatility, for high volatility pair such as eurjpy it might not enough, try to set accordingly based on experience. Try practice some time on demo to familiarize with this strategy. Every trade might need to wait about 1 to 2 days before it reach tp, or it reach sl earlier.

Always remember to only open trades that have potential to take profit more than the stop loss.

Money management is the most important in forex, other than to control ur emotion when trading.

If u r trading real, start trading with smallest lot size that ur broker allowed.

Anyway, good luck on ur trading.

shud i say this is call double screenin? hehehe


IMHO, wat works in higher TF shud work in lower as well. d different will b d TP n SL


edited:
my experience tells me emotion control is more important than anything. well, dats for me

dats y i contribute 10% of profit i transfered bc , to church as my appreciation towards God for helpin me to control my emotions


This post has been edited by low yat 82: Nov 19 2010, 04:59 PM

Yea. I should say emotion is the no 1 factor that cause most trader lose money. If u let emotion gets u, then u will start making ridiculous trades.

The act of contributing some profit for charity or donation to the public whatsoever is indeed a good attitude. You deserve profit.
I also donated some to the charity foundation although just some small money. Hopefully can get some big profit so I can contribute more.

That is a good practice..

This post has been edited by Volatile369: Nov 19 2010, 07:12 PM

Is that mean do charity is also an investment? jk jk

Good luck on all your manual trades...

I just joined the forum today. Anyway, when it comes to forex, I'm not a newbie.... been losing in the past but nowadays I least can win some back. I agree emotion actually plays a part. But one thing everyone into forex should remember, don't treat it as a "cari makan" or "do or die" agenda or else, it will get into your head.

Who have the website where you could log into online based charting software?
No installation required

I remember one of the member posted it, but I forgot where is it.

good advise from exp..

Anybody uses ECN brokers?
What is the lowest minimum deposit amount you've encountered?
How is the commission calculation?
What are the limitation in putting in orders as opposed to dealing desk brokers?

mph old fren... still trade a? lol....

oanda mayb? not sure la..lol.. MT4 nowadays some company had blocked it..