he he he ... it was -100pips for me... now -60...

dont cry bro :-)
that -60 pips is still fine if i'm at your place ...for that , i will find suitable fractal to countertrade on those related pairs in -ve

HINT : bullish movement on EJ GJ and i'm still waiting for next candle to penetrate

bro, i've started to short EU hard hard d, on the daily chart it showed head n shoulder and weekly chart already doji.

u're still holding the long ?

yup still hold it

perhaps it is my mistakes during trading ,as i'm focusing at monthly chart which is still bullish movement for me .

will close the trade once it reach my TP

currently i'm on EJ GJ . ..

Hi all.. Just want to introduce myself..

Been demoing for more than 2 months and just started live trading one week ago. Been doing OK I guess.

I am concentrating on EUR/USD pair ONLY at the moment, and my trading style is short-term, and my main chart is the EU 5 min chart. I rarely keep any position open more than 2 hours, usually I close after 4 or 5 candles (I want to be able to sleep at night). The main techniques I use is trendline and candle patterns, usually getting profits from retracement of big moves.

I am not 100% comfortable with my technique, still learning.. My primary qualm about how I trade is that my risk is bigger than my gain for each trade. I get most of the trades right, but when I'm right I gain little profit, but when I'm wrong I lose lots of pips.

Hopefully by following this thread I can improve my trading. Looking forward to sharing with you guys.

Here is how I fared in my first week:

Hey man what platform you are using?

fxcm trading station.

Looking at your results, I observed that you have erratic quantum of performance - ie. Sometimes a profit/loss of less than USD 1, sometimes in the region of USD40++, sometimes somewhere in between. There seemed that there is no consistency.

It may suggest that your system has not defined the entry/exit points.
Alternatively the issue may be in execution, ie the slippages.

In addition, it is worth noting the MFE and MAE - Maximum Favorable/Adverse Excursion - or the maximum paper profit/loss per position which is not shown nor tracked by system. This can be used as basis to adjust your trading system.

Your statement of - I get most of the trades right, but when I'm right I gain little profit, but when I'm wrong I lose lots of pips - is not good.
It would mean you have high accuracy but very low risk reward ratios.
This is not sustainable in the long run.
It is quite easy to put together a system which has high accuracy but low risk reward - the problem is that it is not sustainable.

My suggestion is to go back to the drawing block. Of course, it is merely one man's opinion. May not be right

Thank you for taking the time to give your opinion.

You are right. When I enter a trade, I only define the stop-loss position i.e risk. Then I will continuously monitor the chart and will exit when I think the move is over. I don't use target price.


During the demo period I tried many techniques, and this is the one that I am most comfortable with where I can see my equity slowly building up over time. I hope it is sustainable, and I think it is, as long as I don't make unnecessary risky trades. Unfortunately, today I screwed up and made two bad trades, losing many pips.

A courteous fellow, very rare these days!

Part discretionary trader - another rare quality!

The key now I think then it is about probability of reward. If you can somehow incorporate the probability of that into your trading system, then its all set and go!
By probability I mean, cherry pick. Cherry pick the patterns/signal based on your study of your signals. Segregate them into categories like:
1. High probability of big run
2. Medium chance of big run
3. Yes, it ll go that direction but risky ie anytime may reverse.

Good Luck and Happy Trading!

any1 trade with forex.com? any comment?

Yes I think you are right. I have been cherry picking, but only the risk side. I don't enter trades where the stop-loss is too high.

I guess now I have to cherry pick potential rewards too.

It is so difficult to be patient though. Emotionally I always want to be in on the action. Scared of missing the boat, etc.

Hello ... Are you a daytrader ? Which style are u ?

Hi.. Yes I'm a daytrader. My style? I don't know what it is called.

EU just bounced back up off the R1 pivot. Didn't go in when had the chance.. sigh..

Same here .. good then. keep it up hehe

long term AU GU AND EU looks like is on the south side.....begin to whack big lots on AU

Not a good day for me today, that pop up @ 2-3pm eat away my pips, lucky I re-shorted for profit 46pips, otherwise I will be -60
. Still -14 overall.

---

Added on February 16, 2011, 7:23 pmIMO, EU is better to short than AU. Euro debt issue = bearish love.

Aussy central bank has been hawkish about the inflation, which signal rate hike.

To be honest I never like shorting AU at these days. That pair seems to be not going below 9800 at all.

This post has been edited by billytong: Feb 16 2011, 07:23 PM

yea....i kept shorting it but just grabbed little pips.....you know what happens when it goes sideway on weekly chart for a while, when the move comes it's extremely big moves

No worries, once you ve had enough of entering too early because of the fear of missing the boat, you ll have more patience.
Hmm, now that I put it that way, it doesnt sound too good, does it?
Well, think of it this way, at least this is how I look at it.

How we trade is actually reflective of our nature of our true self.
As one trades better, it helps the process to become a better person.
As one becomes a better person, he/she trades better.
Kind of like a never ending cycle.

Enjoy the ride

ha ha ha .... i am doomed... again........ stupid of me