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Thread: Starting to Trade

  1. #1

    Starting to Trade

    After testing platform, learning to trade and moving to a trading course (OTA in London) the last 4 months it is time to take the step and start to exchange for the real $$. I set up the account here so that I can learn even more and discuss my measures, ideas and trades. I hope to learn more and to check what I did wrong or right.

    What I've learned so far is to select a good pair and find out about it. Make this your pair to trade. I will trade EURUSD. In my trading plan I set the following principles to exchange a 30 pip profit by entering at the ideal time (looking at support, resistance, pair history, pivot...) and never risk more then the 1/3 risk reward ratio. After 4 minutes I need to be in profit, otherwise it was a lousy trade and I'll be outside before the 10 pips risk is filled.

    This will not be the only way I use, however in the time the most important one. After the support and resistance is clear enough and the indiions for the trade are looking good I might require a longer trade and trail it.

    I will also look in the EURGBP. I will use this pair when I can't find a good entrance for the EURUSD on the afternoon I'm trading.

    That I will try to exchange on Technicals. Will look at the fundamentals but when mayor news proves will not be trading to prevent a huge movement and loss in case the news could activate a huge movement (from another direction)

    that I am likely to trade with the SAXO bank trading platform.

    Thanks for looking here in my first article. Looking forwards hearing from all of you on the board.

  2. #2
    Good luck and I look forward to following your diary. Make sure that you keep this up.

    Jeremy

  3. #3
    Quote Originally Posted by ;
    I am going to trade using the SAXO bank trading platform.
    Well, Saxo Bank did not work out. Looking at another platform right now. Hope this one works out. Therefore I did not add anything in this diary yet!

  4. #4
    Hello 999ghosts,
    happy new year and good luck!

  5. #5
    Looks like it is difficult to go live. Wanted to visit Dukascopy (I enjoy the platform a lot) but want $50.000 to start using (corparate account). No green light to get that and no response from Dukscopy to a smaller account... Need to start from scratch... Any excellent platforms I should look at. The requirement to have A charts, multi screens and fast execution. Looked at Meta4, Tradestation, Saxo, Dukascopy and Lots of others already...

    Fruion as I hoped I would be trading by today

  6. #6
    Hi there,

    You said above that it didn't work out to you with Saxo Bank. May I ask why?

    That I have recently started trading with Saxo Bank. They're not the best out there but they're good enough for me for the time being. I am 10% in profit since I start the account with Saxo Bank.

    I have been looking into Ducascopy as well, I enjoy the fact that if you have above $100k you are able to trade via a letter of credit. Also they have very narrow spreads. My long term goal is to move my trading with Ducascopy.

    Also note that a couple weeks ago they started offering retail a/c with minimal deposit of $5.000.

    I trust this helps.

    Regards

  7. #7
    Quote Originally Posted by ;
    Hi there,

    You said above that it didn't work out to you with Saxo Bank. May I ask why?
    All of the paperwork was ready when Saxo asked for another signature. This because we are a firm. While we tried to describe that the provider is owned by one person and this person has the sole legal right to sign for anything they didn't want to accept this.

    I'd love to use Ducascopy, but as a business that you'll need $50.000 to start with. Not something we want to do in the start of this adventure.

    I already looked in a lot of platforms and tested them also. Ducascopy being my favortie so far (besides Tradestation). I am hoping to find a new platform soon.

    Don't like Meta4 Whatsoever. I have seen great reviews, but for some reason I can not appear to get a fantastic grip on their charts. Looked at a whole lot of other people, but again, no fantastic charts compared to Ducascopy and Tradestation.

  8. #8
    It has been a while but my account was set up. I'll be trading in their Meta4 platform. Should be ready to go as of next week...

  9. #9
    Test trade EUR/USD

    First trade was a test trade on this platform. While I did check and attempt to find the correct info prior to the trade I did get in to the incorrect time and it went a bit to much for my own liking. Though I should be outside on a defense I didn't put one as I had been (and am) convinced that the EUR/USD will go down even more. (I see a nice 1,25 to perform to now ) I understand some people (most folks, including me) would state that putting a trade without protection isn't right.

    As this was a test (and I got in a bit to late during the day) I put it to 1,31317 using a 0,5 lot coming from 1,31464. I was planning to enter 1.31600 but as it had been the first time around the live platform missed it and took it to late. Should have waited until it return to it, but thought it would not turn again.

    Profit with this is $73,50 for under 15 pips (in 0,5 lots)
    If I'd have put the trade on 1.31600 it'd have been under 30 pips profit.

    I'm still trying to determine to the MT4 platform how to receive my trade observable following the done. Now they are gone after I'm from this transaction. I want to do so so I will learn and keep an eye on my transactions. Help is welcome

    I want to force myself to do some more cautious trades with 0,10 lots prior to taking complete lots.

    Below is the 5 minute chart to show entry and exit. I looked in the 1 hour for entry (I missed) and depart I set. Looked for Support and resistance there and also some of the background. In addition, I have the 30m and the daily set up. I didn't have a 1m open once I set the transaction.
    Obtained myself the Moving Average set up on the 1 hour (200, 50, 25 and 10)



  10. #10
    Another trade today:

    Input at 1.29660 out at 1.29366 to get 29 pips. 0,50 contract for $147

    Just as info. No picture with this one.

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