Time to spot for EJ buy entry.
Open long position at 115.82
TP 118.40 (median range of bollinger band).

@dreams achiever
i'll give u some pointers here.. refer to small-jeff's post .. he mentioned about yen STRENGTHENING against other majors.. which means EJ is going down.. the G7 hasn't announced aynthing to stop it from strengthening..

---

Added on October 27, 2008, 9:45 pmexit EU +5 pips.. whew

This post has been edited by kelvin_tan: Oct 27 2008, 09:45 PM

sigh...Just closed my position as it has reached my SL at 115.50 -> loss at 32pips
Me such bad trader.
Technically, i should wait until G7 announce the measures first then can start long on EJ.
No patience when trade resulting in loss.
Need more time to practise my skills first before open real account. Perhaps another 3-6months more..

good thinking on practicing before going on a live account dreams_achiever.. i suggest SMALLER LOTS sizes but BIGG
ER stop loss.. personally my stop loss is 95 pips and take profit is at 150 pips.. because sometimes u have to take into account the timing of entry may not be right.. assume u r following the trend to go downwards.. but the trend decides to go up a bit before going down.. if ur SL is too tight, u will be stopped before it goes your way. Especially since ur trading on the EJ pair... any XXX/JPY pair is very very volatile. 32 pips <-- u'll get stopped out within 5 minutes..

Most important, Have patience when trading.. u rush to enter a trade i think chances are better at genting =)

This post has been edited by kelvin_tan: Oct 27 2008, 09:50 PM

can you tell me where to sign up a demo account? How long can I use the demo account for? and demo account means to test only?

visit the respective broker's website to get a demo account... demo account validity depends on each broker.. Oanda for instants has unlimited demo period which means u can use it as long as u want. Demo accounts works the same as real live trading accounts.. the currency fluctuations and everything is exactly the same as live trading accounts. The only difference between live and demo is that in demo u are using virtual money.. thats all

@kelvin_tan
U r right. In 15mins, it has triggered my SL. Now it rebounced back to 116.33. Virtually will gain 50pips
Next time will set SL larger to avoid whipsaws. Maybe set 100:300 -> 1:3.

However ur risks ratio is at 95:150 -> 1:1.58, it kinda small profits ratio.
Means 2 losses can't cover back 1 profit. Need to be very accurate when entering every trade.

@dreams_achiever
in order to be a sucessful trader, ur good trades have to outnumber ur bad trades... u cant rely on having 1 good trade n have 2 bad trades.. with my risk reward ratio its fair. Some traders go 1:1 =).. practice to have good trade ratio rather then having good returns per trade but ur % of good trades is less then 50%

This post has been edited by kelvin_tan: Oct 27 2008, 10:09 PM

since u all can earn so much pips per trade why dun increase ur lot size .. just imagine 100pips is 100usd liaw

Try google for mt4 (meta trader 4). Download mt4 software and open demo account with them.
This software provide good charting. Im currently using this mt4 first for few months before opening account with oanda.
If my future strategy tested fine, maybe will open in Jan next year.

Demo account u use until the demo money finish. the demo account help u to be more familiar with the trading platform. It is based on the real forex market. so play it like a real account. Practice makes perfect. . .
U no need sign up online for demo account. jus download the platform. and u can open an account in the metatrader platform.

Noted. haha...
I'm too rush in collecting pips.
I admit that i'm quite rush ppl. little patience..
Perhaps good trade ratio is the key to learn patience. With good trades ratio, money will follow us.

@whoopa..
haha bigger lots will also kill ur account.. having 10 bad trades in a row is common in crazy forex markets... should that happen to u .. u can kiss ur account good bye..

personally my account started with USD 564..
my account from 564 > 600 > 589 > 610 > 622 > 580 > 600 > 620 > 655 > 590 > 540 > 610

Every > is a week.. u try using bigger lots this account cannot stand it..

---

Added on October 27, 2008, 10:18 pm@dreams achiever
forex isn't divided into good or bad trades only for me.. mine is divided into good trades bad trades and +1 pip trades. Once my trade is about +30 pips for EU, GU or +50 pips for EJ i set my SL to +1 pip.. that way if the trend reverses against me.. i will not lose at all.. i'll gain +1 pip at the minimum.. that way u preserve ur capital =)

This post has been edited by kelvin_tan: Oct 27 2008, 10:18 PM

thanks for the tips.
Will always remind myself to be patience.
=> patience in waiting for signal. develop own strategy. and stick to it.

oh i see .. lol mebbe u guys aim to much pips .. my fren aims less pips but higher lots

thanks a lot bro, i am currently downloading mt4 now, I want to learn how to trade in forex, currently i am gathering my capital in 3 months, for the time being I am in my semester break, so i should learn and practice first

I hope you guys will guide me thanks a lot~

Every ppl have own way of trading. Its depends on how you trade, the most important part is you feel comfort with it.

Dont look small on 1pip 10cent. It can burns you up to few hundred USD in last week.

Trade small If you still new, no point risking so much. Ya, trade big, reward big, but loss?

You guys have your own trading method, so I wouldn't say much.

In trading, money management is more important compare to TA FA. Every ppl have their own way.

agree focus is not to go for maximum winning trade, you shld focus more on having high risk / reward ratio. if you have go for high risk /reward trade , even if you have only 30-40% winning trade, you will still have quite good profit

Ok, I am watching the MT4 now. How do I buy, I check my Account History, there got 5000000.

Go to "help" in mt4. It kinda hard to explain it here. Trading platform, you should go over and try it slowly.