Hi everyone, good morning. I'm new here, as you can see from my post count, haha.

I've been following this post for the past weeks. I really want to be a successful trader, so I got a live account last week. I've been practising for almost 3 weeks before opening my live account.

And man, now I know what some people meant by trading forex is not easy. It's quite challenging, but it just makes me all jolly happy when I win some pips. That's when it starts to get ugly, I became greedy. I started putting in larger lots everytime, went against my exit strategy, then I lost. Every start of the day I will win, then at the end of the day, I will be in negative.

Currently I've lost more than 90% of my starting capital, which at first I was quite emotional about. But then I realize that I need to get back my capital. I'm still very pumped up on trading, I won't give up.

So, I've thought of some strategies. Currently, I'm trading short term, with only MACD and Bollinger Band as my guide, and also observing the price action. I also do draw lines to see where the graph is heading, mind you, I've been only using 1minute time frame. I do occasionally view 5m,15m time frame to see a bigger picture, but mainly I will use the 1m frame. I think my current strategy might have contributed to my loss.

I was thinking now, maybe I should move towards trading longer term. Longer term in my definition would be from 1-4 hours max. I like control over my trades, so I would be wary if I want to go longer. I also like to trade on a naked chart as I believe that too many indicators will only confuse and slow down my entry and exit point.

I would love to hear some advice from everyone here on a long term trade strategy. How long do you normally hold your trades? What is the average number of pips you collect before exiting? What indicators would be best to use and how to use it the best? What time frames would be best?

I hope to hear on your experience.

Thank you for the advice FxPlayboy and poks. I'm now focusing on TF of 30mins and above. It does feels more relax this way, in regards that I don't constantly see the graph making new candle sticks and going up and down too often.

I've also always come upon articles mentioning about finding your own trading style, and comments from both of you, a real trader, just made it more concrete. I will find my trading style, and I might have just found it

I am now analyzing my chart, taking advantage of the drawing of support and resistance line based on past graphs. As I am typing this, I've made some healthy 57 pips on my account shorting Eur/Usd. yay! I will however not rest on my laurels.

I have this one question though, if you guys trade based on a large timeframe, perhaps more than 30minutes, how often do you check back on your trades? Do you leave it for an hour, or do you just leave the computer on and check every minute? Or is there a specific time range that one should check on his trades? Maybe very often before a news is announced we should check, no?

Thank you very much!

Got that! I'm practising with tp/sl now. Sure gets me more free time doing this. haha!

yeah, even if I have the whole day to trade, it'll be really tiring and the fatigue will distract my trades.

Poks, I am also now checking price quotes on mobile. haha, so much for mobility. I can only view the price though, taking action will require some time to get to my computer.

I will keep this in mind. Thank you bulkbiz.

I would enjoy a 10 hour ride on the road with a convertible. haha. But I suppose, the more frequent you check, like for example every 5 or 10 minutes, maybe you're more prone to going against your long term target that you have set earlier. The Market does change direction pretty quickly within the short time range, but then it eventually goes back to the longer time range direction. I guess this what happened to me, thinking the graph is changing course only to find that it got back to the long term direction.





The audusd, I think it could very well go downwards in longer term from the 30m graph. Perhaps going upwards in shorter term, but could, once breaking that 1.0205 level, goes rallying downwards. Just my view.


Anyway, thank you all for the advices. I'm honing my long term trading skills now, while deciding to check every 3 or 4 hours, checking on my mobile to be precise. haha.

Is it just me or is there a similar relationship on both this graph of AuD and EuD? The graph just seem so closely related.


p.s. : AuD is rallying upwards alright.

Wah, again, very similar pattern of AuD and EuD graph.


I hope Mr. Rime gets to lock in his profit.


I have a question, do you guys take advantage of retracement? Or do you purely take on trend?

hmm... since I see that AuD & EuD is quite similar.. and looking that EuD already going down quite a number of pips, AuD is still up there, turning it's way downwards.

Does this mean that AuD is lagging somehow, so from the graph of EuD(on a downward graph), we could take advantage of it and use it on AuD(shorting AuD)? What do you guys think? better, lets see the result later.

This post has been edited by dillmac: Nov 3 2011, 09:11 PM

Alright. I'm still observing and studying the graphs' relationship. I've got the same movement/result on both graph as what I've posted previously. AuD did retrace downwards following EuD. However, like you said, do not use it as an indication, perhaps not just yet.

And what do you mean by denominator? is it resistance?

Ah, thank you for the tips poks. I've just seen UsCad graph. it does have a similar movement to EuD & AuD. It's just that as UsCad goes up, the other 2 will go down, since the pairing itself is the opposite. haha. great!

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wah!! that was some nice rally Mr. Rime. Everyone must be trading hard, haha.

ah, I was shorting with EuD. Now waiting for it to break the 1.3480 level before going long.

This post has been edited by dillmac: Nov 16 2011, 07:58 PM

Looks like graph reversing downwards for EuD. Suppose it will be the same for AuD?

I believe there might be a small upwards rally today for EuD, perhaps until the 1.34xx before another decline. Just my view. I'm still going to wait however, can't seem to find concrete direction at this hour.

I have a question for you guys, how is trading day like in December? Will it be the same, as in the volatility and execution speed? Should we be extremely careful during the holiday season?

I find that trading on a friday is quite slow. That was when I was trading with a 1m timeframe. But looking at past fridays' daily frame, the low to high candle bar height is quite decent, almost as equal as other days if not better.

This post has been edited by dillmac: Nov 24 2011, 07:21 AM

Perhaps it will still be bear. Maybe these few days will be correction? I will trade with caution though.

I'm wondering, how much of your capital do you guys put to trade at any one moment?

Everyone, I have a question! How much "Forex learning fees" you guys had to pay/spend before having made a consistent return?

I'm almost reaching the limit of my capital funding. I've learned a lot. Especially patience..... Patience is really important, and I've been really impatient and went in very aggressively. And now it's really painful, but I also learn to not let emotion get control, so this pain I take in as an important lesson.

I'm willing to put in my final capital and trade really carefully and patiently. I just need to know, how much money did you guys 'spend/pay' and perhaps how long did you guys trade before reaching the positive.

Thank you for your kind advice =D

Great Mr. Rime!!! I dont know why, but I'm all smiling =D haha. Must be excited with your profit run. I'm back to demo now, test my new strategy.

True, I was totally lost yesterday. My trade was all over the place and I went against my principle. Like I said, I'm almost reaching my capital budget for now, so I want to make sure that my latest strategy that I have refined works before continuing on real account.

Thank you for that advice Mr. Rime. I seem to always jump in again after a profit run. Not so healthy move. Practising discipline on demo now, sure does take a long time to be very discipline.

Amy, maybe you would like to trade small lots first to get your rhythm. Have you practised beforehand? maybe you can have a read at babypips.com so you can learn patterns of graph and candlestick and so on.

This post has been edited by dillmac: Dec 2 2011, 01:31 AM

Check if the broker you're using accept debit card. Sometimes, companies that accept credit card also accept debit card. Else, use a bank wire.