Before July 8th 2009, I didn't know what fx was.
I opened two accounts (me and wife) for the bonus money offer from zecco-forex. Which gave me $200 per account to work with. I had to open the account with some $ and did so with 20K each, not knowing what I was doing.
I tried a demo for about 5 minutes, pushing the buttons back and forth to get the idea of what fx was about.
Then I began to live trade. My goal was to make the requirement to get the bonus, which was simply to make a trade, but I didn't want to lose $5 or so on the spread quickly buying then selling, so I tried to make a buck instead of quickly lose one (or 5 in this case).
The first trade won about 6 bucks, then the other account won about 11 bucks, and so on untill both accounts profit were 34K in about 3 weeks. All the while, I never drewdown the account beyond the profit that had accumulated thus far for both account's profits total.
Then I lossed about 15K (leaving 19K profit) because I never used stop losses...I thought I would just ride out the loss until the price rebounded then get a profit. The loss wasn't very emotional for me, as I kind of knew this money could be taken away at any moment.
I paused before resuming and after seeking advice from family members (Dad, Wife, and my Kids), I was advised to withdraw about 16K (leaving 3K for both accounts...1.5K per account)), and trade with the 3K left still not using stop losses and not knowing any system or method or what the heck I was doing.
The 3K ran up to 4.3K after a week, then I had another big loss down to 1K for both accounts combined. Now I'm down to 1K (not including the 16K profit I pulled out already...that is no longer available in my book to trade).
So I pulled the 1K out, and am looking for a different broker other than zecco-forex.
My goal now, is learn how to do this properly. So I'm reading the dailist beginner thread and James16 thread, saving the graphs, etc. and have decided to demo 1st using daily charts on an mt4 app downloaded from metaquotes per dialist's suggestion. Trying different brokers (on demo) like IBfx and Oanda in the meantime.
Leverage, I plan to use 1% leverage to start so I can get ready for a live account. I'm planning on using nano lots like what is described in the newbie introduction threads.
Stop Loss: of course I'm going to use it now...probably set to 50-60 pips...but again, I'm clueless here.
Trend: Trade with the trend, not against it.
Try to categorize my trades into A, B, C, etc. and don't trade unless I go with only A trades.
Loss: don't be afraid to lose, it is part of the business.
Business: treat this as a business, and take the time to learn and practice.
Demo: until I have 3 consecutive months profit...but I could make one very small trade and have a profit for the month...how do I know how much to trade...say I have 6 lots to use...do I use all 6 on one trade, or 2, then 2 more if the price goes against me...or the second 2 if the price goes in my favor, until all 6 are used?
System/Method: I have no idea what this is...as I'm reading the many threads here, I have no idea on how to develop this...I feel like I have no starting point. This is where I am lost and could use any kind of direction to get me started. I feel like I am all readyto start demoing, but since (via advice on the forums) I don't have a plan or system to try out, cuz I don't know what they are, I can't start. So I'm chomping at the bit, ready to trade, but keeping myself from it until I have a place...but how to a make a plan. I won't alllow myself to start doing random trading. I want to have some plan/system/method and try to develop this, while I learn more systems.
I'm an indepentant computer animation contractor, so I have lots to time each day to watch whatever trading hours, etc. I can take time off to learn fx for a while before have to jump back on a project, but even then, can watch markets and make trades, etc., throughout the day. I don't want to spend all my time trading, just the amount I feel is good...like 7am PST to 2pm PST, and maybe an hour or so at night, or check the charts a few minutes at night. I work from home, so I can watch the fx all the time, except during sleeping hours, 9pm-4:30am roughly.
Can someone please help with a direction for a first plan/system? Even if it is your own, something will help me get started.
An example, is the pin bar method. I understand what they are, I'm not good at them and realize I don't know what do to, but at least I feel they are a starting point for me...I think....but how do I enter a trade with them, and how much position size, how much profit, how much stop loss...you see any kind of nudge in any direction will help me feel like I'm going in a direction. Right now I feel like I'm absorbing info but can't do anything with it. Thanks for all who respond, and have written the newbie help threads...I will be reading those.
I opened two accounts (me and wife) for the bonus money offer from zecco-forex. Which gave me $200 per account to work with. I had to open the account with some $ and did so with 20K each, not knowing what I was doing.
I tried a demo for about 5 minutes, pushing the buttons back and forth to get the idea of what fx was about.
Then I began to live trade. My goal was to make the requirement to get the bonus, which was simply to make a trade, but I didn't want to lose $5 or so on the spread quickly buying then selling, so I tried to make a buck instead of quickly lose one (or 5 in this case).
The first trade won about 6 bucks, then the other account won about 11 bucks, and so on untill both accounts profit were 34K in about 3 weeks. All the while, I never drewdown the account beyond the profit that had accumulated thus far for both account's profits total.
Then I lossed about 15K (leaving 19K profit) because I never used stop losses...I thought I would just ride out the loss until the price rebounded then get a profit. The loss wasn't very emotional for me, as I kind of knew this money could be taken away at any moment.
I paused before resuming and after seeking advice from family members (Dad, Wife, and my Kids), I was advised to withdraw about 16K (leaving 3K for both accounts...1.5K per account)), and trade with the 3K left still not using stop losses and not knowing any system or method or what the heck I was doing.
The 3K ran up to 4.3K after a week, then I had another big loss down to 1K for both accounts combined. Now I'm down to 1K (not including the 16K profit I pulled out already...that is no longer available in my book to trade).
So I pulled the 1K out, and am looking for a different broker other than zecco-forex.
My goal now, is learn how to do this properly. So I'm reading the dailist beginner thread and James16 thread, saving the graphs, etc. and have decided to demo 1st using daily charts on an mt4 app downloaded from metaquotes per dialist's suggestion. Trying different brokers (on demo) like IBfx and Oanda in the meantime.
Leverage, I plan to use 1% leverage to start so I can get ready for a live account. I'm planning on using nano lots like what is described in the newbie introduction threads.
Stop Loss: of course I'm going to use it now...probably set to 50-60 pips...but again, I'm clueless here.
Trend: Trade with the trend, not against it.
Try to categorize my trades into A, B, C, etc. and don't trade unless I go with only A trades.
Loss: don't be afraid to lose, it is part of the business.
Business: treat this as a business, and take the time to learn and practice.
Demo: until I have 3 consecutive months profit...but I could make one very small trade and have a profit for the month...how do I know how much to trade...say I have 6 lots to use...do I use all 6 on one trade, or 2, then 2 more if the price goes against me...or the second 2 if the price goes in my favor, until all 6 are used?
System/Method: I have no idea what this is...as I'm reading the many threads here, I have no idea on how to develop this...I feel like I have no starting point. This is where I am lost and could use any kind of direction to get me started. I feel like I am all readyto start demoing, but since (via advice on the forums) I don't have a plan or system to try out, cuz I don't know what they are, I can't start. So I'm chomping at the bit, ready to trade, but keeping myself from it until I have a place...but how to a make a plan. I won't alllow myself to start doing random trading. I want to have some plan/system/method and try to develop this, while I learn more systems.
I'm an indepentant computer animation contractor, so I have lots to time each day to watch whatever trading hours, etc. I can take time off to learn fx for a while before have to jump back on a project, but even then, can watch markets and make trades, etc., throughout the day. I don't want to spend all my time trading, just the amount I feel is good...like 7am PST to 2pm PST, and maybe an hour or so at night, or check the charts a few minutes at night. I work from home, so I can watch the fx all the time, except during sleeping hours, 9pm-4:30am roughly.
Can someone please help with a direction for a first plan/system? Even if it is your own, something will help me get started.
An example, is the pin bar method. I understand what they are, I'm not good at them and realize I don't know what do to, but at least I feel they are a starting point for me...I think....but how do I enter a trade with them, and how much position size, how much profit, how much stop loss...you see any kind of nudge in any direction will help me feel like I'm going in a direction. Right now I feel like I'm absorbing info but can't do anything with it. Thanks for all who respond, and have written the newbie help threads...I will be reading those.