Directions please? :what ive been doing
1 2 3 ...

thread: Directions please? :what ive been doing

  1. #1

    Directions please? :what ive been doing

    Hello,
    Ive been studying forum forums because I started demo trading three months ago. I tried a lot of different systems, and tried a ton of indiors, learned all about the way they had been calculated and everything. I spend alot of time trying to soak up all understanding on trading I could, as I could see alot of potential in it. (sorry im not sure which forum to post this in, however as I consider myself a beginner asking for help that this seemd logical)

    After I settle in I found fx5_macd_divergence indior about the mql4 website, which looked quite promising. Simply long when pink crosses towards the top, and brief when the line crosses above. I traded this system. My demo went from 1000 $, to 85 $, to 90 $ to 3000 $.
    Basically Im somewhat discouraged.

    My buddy who got me into this said that it is totally possible that (once you know how to actually read a chart) it isn't out the realm of possibility to get like 1000 pips in a day based on price action/etc.

    Frankly my objectives are a lot more modest, an extremely consistent 100 pips a week and you'd pretty much be set in life in my own mind.

    Some things ive learnt/am reflecting on:
    -at first I really bet on all 16 charts availiable to me once, but minimum miniature lots. I learned alot about the differences between them, and often my gains on some charts would help conquer losses . For some time I was convinced that something such as gdp/jpy was the best because it moves so much, while eur/usd was but Ive come 180. Much superior to bet lots on fewer charts, and also a chart that goes less, more predictably and frequently is far more easy to trade with.
    -I will see once you actually know whats going on you can say probablistically were good entry points are, but figuring out exit egies has just been torture for me. Ive been stops at atr, and monitoring by atr.
    -I dont even have the patience to verify a chart 5 times per day, maybe a few times maximum. My macd system only ever really worked (except because of its debilitating bottoming out draw down) on 4h, but id much rather find some dependable daily program.
    -Ive have come to accept there is not any holy grail, but for discovering something that works more than 60 percent of the time, and sticking with it-with a assumption that on average you may make money. This was a difficult one to learn: reduction has to be factored in, nothing is perfect.
    -by the exact same span money management is a key (that my bottoming out educated me)- 1 percent risk is about perfect.
    -I still dont receive news trading, I still dont get the big deal about elliot wave, I still have no real idea how draw your personal trendlines and also how to use them, and Ive had a sneaking feeling that Im not drawing my fibs right.

    My perfect system is tendencies I think, but ive yet to find a good approach to follow them. Great being a system which does not bottom out me.

    Ive read the big forum name posts, and several of the lower ones, ive been playing aroudn and thinking about forex nonstop for the past couple of months.
    -So my question finally is comparable to what the majority of people ask when they encounter here: based on what ive said where if I go from here?
    What else could I learn and also where can I learn it?

    Is it really possible to earn my 100 pips a week?

    Is this really worth it? Im getting fed up and burnt out with forex. Im beginning to wonder if its gambling and guessing. I suppose drawdown will do this. (when I was up 300% I was feeling super large ).

    Thank you for your time and thoughts

  2. #2
    Hi there, I am just a newbie about to go live, so don't take my opinion as the absolute true...

    I tried a ton of indiors, heard all about the way they were computed and everything, and tried a lot of different systems.

    After I listen I discovered fx5_macd_divergence indior on the mql4 website, which looked really promising. Just when pink crosses to the top, and brief once the line crosses above. I exchanged this system. My demo went to 90 $, to 3000 $, from 1000 $, to 85 $, to 300 $.
    Basically Im somewhat discouraged.
    I am about to begin live trading and, like You, I have analyzed every system/indior/approach that I could find here in FF. I really don't think it works like that I mean every time [add indior title here] works from green to red you buy, and every time [add indior title here ] turns to green you sell. . .that doesn't work for me, and I honestly feel that doesn't actually work in any way. I am not saying that indiors doesn't work, I am saying they are indiors, they simply give you the price in another way allowing you to have a clearer idea about what's going on. MACD is an indior and it's not a strategy, it might be part of a system, but not the machine itself. If you take indiors literally (you buy/sell every time you find that a MA crossover, You buy/sell every time stochastic reaches oversold/overbought, You buy/sell every time you see divergence), then You'll get frued very quickly (at least that is my experience) when you notice all indiors lag.

    My friend who got me into this said it is totally possible that (after you know how to actually read a chart) it isn't out the realm of chance to get like 1000 pips in a day based on price action/etc.

    Truthfully my goals are far more small, a very consistent 100 pips a week and you'd pretty much be put in life in my mind.
    I have mentioned here in FF that many profitable/real traders do not speak about pips per day/week/month/, they speak about their profits in terms of%. I believe that pips gained per day/week/month is simply one factor of a trading egy aspects such as money management rules, account size and risk profile will play a major role in regards to decide whether a trader is successful or not.
    I think your friend went a bit too far saying you can get 1000 pips a day, that would be similar to 24000 pips a month. . .that's more than the fake results that”systems sellers” reveal You to convince you of buying their superb system that will turn you into a millionaire in no time for just $99 if you buy it within another 10 minutes!!! He he
    Even if it's likely to make 1000 pips a day (that I do not think it is), you definitely don't need that sort of amount to achieve success. I believe that 100 pips a week is a reasonable goal but, as I mentioned, there are many different things that you need to consider.
    -I dont receive news trading, I dont get the big deal about elliot wave, I have no real idea how draw your own trendlines and also how to use themand Ive had a sneaking feeling that Im not drawing my own fibs right.
    I really don't see what's the big deal about the Elliot Waves possibly:...I know the fundamentals but I am not interested in that specific approach. And I really don't like Fibs. . .but I guess that is okay because there are many theories/studies/indiors/egies and I do not think I have to use all them.
    Hi,
    Ive been reading forum forums because I started demo trading three months past...
    . . .Is this worth it? Im getting kind of fed up and burnt out with forex. Im imagining and beginning to wonder if its gambling. I suppose drawdown that is painful will do that to anyone. (when I was up 300% I had been feeling super high).
    I do not think three months is sufficient time to understand this. Like me, You have not begun to exchange on a true account yet, therefore I'd say that in the event you've just done demo, you've walked through just 10 percent of the way to call yourself a”currency trader”.
    Anyhow, I am just a”new guy” like You and I just thought I must share my experience with you because I have been trough that stage when you're searching for”the ultimate indior that will provide you x pips a day” and it is hard get over that (I believe that is where many people give up on forex). If you haven't read the posts in the beginners forum then stop right there!! You're missing some valuable advice!! .
    Hope that this helps You, fantastic luck.

  3. #3
    Junior Member Alexyeah's Avatar
    15
    I'm a noob also and did the Demo item for a short time. The fire wasn't until I moved 9, there.

    I just use micro/nano lots. . .like .01 to 1.00 a pip. So, I can't lose much. I am actually profit right now, although it's small.

    I am still testing systems out. This makes you more awake and wanting when you're live instead of demo to learn. I did a lot better on demonstration also...I made like 800 bucks in two days....lol. I really don't know how they rig those demo's but somethings.

  4. #4
    I really don't see what is the big deal about the Elliot Waves possibly:...I know the basics but I am not interested in that particular approach. And I really don't like Fibs. . .but I guess that is ok because there are /egies and that I don't think I must use all them.
    Yep, its not I haven't studied them up, its just that I dont see how they may be used to forward commerce. Never actually clicked.

    Thanks for your input signal. Id love to be at least profitable on demo trading before I go live. Ive been thinking that I tend to perform better once I care about whats going on less. Does this make any sense?
    So demo trading might be more successful simply because you literally aren't invested in it? Its like it leaves you not overly eager, and not overcautious. Emotional space helps my trading. More logic less emotion.

  5. #5
    Stategybuilderfx only enables you to exchange 0.01 lots (10cent) quantity as a minimum. Ive been assuming that trading doesn't possess minimums. Id see it way smarter to maintain it to 1 penny / 0.001 lots for like the first few months of live trading. Like you guys said- difference when emotional involvement.

  6. #6
    stategybuilderfx only enables you to trade 0.01 lots (10cent) quantity for a minimum. Ive been assuming that dwell trading does not possess such minimums. Id see it being way smarter to maintain it to 1 penny / 0.001 lots for like the first month or two of trading. Just like you guys said- difference when emotional participation.
    You are able to trade with 0.01 lots (micro lots) in Oanda, IBFX, FXsol, Alpari UK...I believe those are the most popular brokers offering micro lots. The two Oanda and Alpari UK offer unlimited demos (Your account will not perish provided that You create an exchange every once in a while), so You can play around for as long as you want.

  7. #7
    You understand ive been reflecting alot about my errors and one significant thing stuck out. As soon as I got tired of no good set ups, and now being out of the market I took transactions that were kind of idiotic, or doubled my volume on wining trades simply to have them reverse on me personally and severely drain me.

    At its base forex does not need alot of energy, more patience.

    Recently im just reading through alot of trade journals, attempting to observe how other men and women read charts to see if I could view what they see.

    --One thing im discovering is that even the most severe newb talks just like a know it . Perhaps myself included? ... I mean understand crime possibly: generally its a warm and supportive environment . But Its becoming increasingly more difficult to weigh the new info I understand: to tell who knows what they are referring to.
    Can you burden it by quantity of replies? Viewpoints? star rating? idk. Im beginning to take everything everybody says value a grain of salt, but every now and . It makes you wonder if you are learning. Wish they had like forex 101 course at my school so id know my info comes from a scholarly source.

  8. #8
    I give the exact same advice to new traders: before digging whatnot and indiors, study what a healthy trend appears like. Spotting trends that are solid is CRUCIAL to trading success. If I had been you, I'd stop trading and quit searching into systems/indiors and start to study just TRENDS, what they mean, what they look like in the chart, what would be the elements they're made of, why would they really occur, when do they conclude, why do they conclude, etc..

    You won't be consistant on your trading before you really understand trends, as simple as that.

  9. #9
    --One thing im discovering is that the most acute newb talks just like a know it all here. Maybe myself included? ... I mean know crime possibly: generally its a warm and supportive environment here. But Its becoming increasingly more challenging to weigh the new advice I learn: to inform who knows what they're talking about.
    Can you burden it by quantity of responses? Viewpoints? star rating? idk. Starting to take everything everybody says value a grain of salt, however every now and again. It makes you wonder if you are learning correctly. Wish they had like forex 101 course at my school so identification know my advice comes from a source that is scholarly.
    Once you've been here for a little while, reading and reading and reading the forum you begin to get an idea about who will be the men you need to listen to. I think that I know who will be the actual traders and the people that provides the most valuable advices. . .anyway the 1KT system makes it easier, just look under the username, should you find the 1KT sign You should pay attention. (though not all traders are going to be in the 1KT group, since 1000 trades is a tricky number to reach if you are a swing trader I guess...).

  10. #10
    Thanks ricardo, I never really noticed that 1kt thing before, but now I wonder how I did detect it

    Come to think about it I prefer the notion of trading trends, but always thought that they were something out in the ether. Ive never been able to tell the diff between a retracement plus a total change of this trend. I dont have the internalized logic of trend trading clicked in my head than elliot wave.

    Ive been using big -such as 365 sma to determine what the big picture is, but hasn't been very beneficial.

    Ive got some studying to do then, any good sources for studying the nature of tendencies you guys can point me towards? --though inevitably probley come across some stuff on my own.

    Thanks everyone

  •