'Evening, all.
This is my first post at forexfactory.com. I'm here, like most folk, to look for advice and offer it, assuming my opinion is worth anything. Lured from stocks with the massive leverage & 24 hour market in Forex, I started off with a 200:1 broker, and a $300 live account and a $10,000 demo account. I tried a few things out with the live account, partly to learn the platform, but mostly to "lose my virginity" regarding doing it with real money. Because you have to do that, or you won't be able to pull the trigger when the time comes. My $300 account rapidly became $200. Money well spent.
Meanwhile I tested a system in the demo account based on a 2-line EMA crossover overlaying the price curve, with oscillators and price penetrating the EMA's as confirmation signals. I went fulltime with the live account, and turned the $200 into $940. This was mostly at the end of last year with that big runup in EUR/USD. I of course ran into the downside of that leverage - I lost about $100 in the chop at the beginning of 2009 in USD/CHF. Wide-ranging days, not much else. And of course I was overexposed due to the size of the account & the lot size. So at this stage I've grown my account by just under 200% since I began, but I'm hitting the limitations of my primitive setup. I'm frustrated. I need to break out.
So I stopped trading in order to not waste my winnings, and am hunting around for a micro lot broker, which is priority two, but priority one is to refine my system so I can trade based on daily charts (I don't have time to watch intraday regularly) without overexposing myself. Once my system works reliably (it's "mostly" reliable now) I can funnel real money into it above & beyond a thousand bucks. I'm reading Forexfactory every day now to look for hints & ideas, and to see what kind of issues other "new" traders run into.
I should mention that I watch the charts at least daily, watch the news daily, and keep a trading diary & trading logbook religiously. I'm quite familiar with money management, and need to bring the exposure per trade down to <3% of my stake so I'm not hanging it out as far. That's Vegas right there, and I don't do Vegas.
Nice forums you have here, BTW. Nicely modded & well run.
Toryu.
This is my first post at forexfactory.com. I'm here, like most folk, to look for advice and offer it, assuming my opinion is worth anything. Lured from stocks with the massive leverage & 24 hour market in Forex, I started off with a 200:1 broker, and a $300 live account and a $10,000 demo account. I tried a few things out with the live account, partly to learn the platform, but mostly to "lose my virginity" regarding doing it with real money. Because you have to do that, or you won't be able to pull the trigger when the time comes. My $300 account rapidly became $200. Money well spent.
Meanwhile I tested a system in the demo account based on a 2-line EMA crossover overlaying the price curve, with oscillators and price penetrating the EMA's as confirmation signals. I went fulltime with the live account, and turned the $200 into $940. This was mostly at the end of last year with that big runup in EUR/USD. I of course ran into the downside of that leverage - I lost about $100 in the chop at the beginning of 2009 in USD/CHF. Wide-ranging days, not much else. And of course I was overexposed due to the size of the account & the lot size. So at this stage I've grown my account by just under 200% since I began, but I'm hitting the limitations of my primitive setup. I'm frustrated. I need to break out.
So I stopped trading in order to not waste my winnings, and am hunting around for a micro lot broker, which is priority two, but priority one is to refine my system so I can trade based on daily charts (I don't have time to watch intraday regularly) without overexposing myself. Once my system works reliably (it's "mostly" reliable now) I can funnel real money into it above & beyond a thousand bucks. I'm reading Forexfactory every day now to look for hints & ideas, and to see what kind of issues other "new" traders run into.
I should mention that I watch the charts at least daily, watch the news daily, and keep a trading diary & trading logbook religiously. I'm quite familiar with money management, and need to bring the exposure per trade down to <3% of my stake so I'm not hanging it out as far. That's Vegas right there, and I don't do Vegas.
Nice forums you have here, BTW. Nicely modded & well run.
Toryu.