My First Trade

thread: My First Trade

  1. #1

    My First Trade

    I've decided to concentrate my attention about the AUD/USD. While I study Technical Analysis I shall trade with fundamentals. At this point my trading plan is being developed by me so that I am just testing the waters and seeing just how I proceed.


    Trade Buy AUD/USD

    Timing: 13/04/06 1:47 GMT

    Price: 0.7293

    Stop Loss: 0.7270

    Take Profit: 0.7315

    Number of Lots: 4

    Profit loss per pip: USD $40

    Max potential loss: USD $920

    Max Possible Gain: USD $880


    I presume I Have to take a serious look at my risk reward ratio. The reason that my baldness is higher then my potential profit is that I really don't won't my position to get stopped out by market volatility.


    I spent four lots as I'm really convinced that AUD will value given high commodity prices along with the widespread idea among analysts of a 25 basis point interest rate hike next time the reserve bank matches. I think the dollar is under priced. Purchasing four lots was probably excessive given I possess USD $5000 in my demo account.

  2. #2
    ,Is a purely technical model you're using?

    It's extremely difficult to say. I will be sitting back to get a look. There's a lot of data coming out in another couple of days as normal you can expect volatility around nowadays.

    Http://au.biz.yahoo.com/060602/36/qmdv.html
    I feel the two statements which will have the most effect will be CAD and GDP data. I can not find the AUD with fantastic buying opportunities in the following week from a fundamental point of view. If there's further reduction in commodity prices which will pressure. This is off course only my view and is meant for eduional purposes only.

    Notice: EST describes Australian Eastern Standard Time
    Loe Table Attached:

    https://www.cliqforex.com/attachment...1434269492.doc

  3. #3
    Here shows the 15 minute chart at the time that I opened my place:

  4. #4
    I closed out my position as I do not think that it could accomplish my take profit ahead of US market opened. Profit USD $320 8 pips. Parting thoughts: A rather good entry, money management and poor exit. Risk degree of trade. It is a learning experience. Below picture of closed position:

  5. #5
    It turns out that I made the right choice to shut out my commerce to get an 8 pip profit as you can see in the chart below I would have been stopped out at roughly to get a total loss of $920. A bullet lesson learned. Start off trading one lot. Chart below:


  6. #6
    Junior Member vicdock's Avatar
    14
    I have decided to focus my attention about the AUD/USD. While I study Technical Analysis I will trade with largely fundamentals. At this point my trading plan is being developed by me so I am just testing the waters and seeing I proceed.


    Trade Buy AUD/USD

    Timing: 13/04/06 1:47 GMT

    Price: 0.7293

    Stop reduction: 0.7270

    Take Profit: 0.7315

    Number of Lots: 4

    Profit loss per pip: USD $40

    Max potential loss: USD $920

    Max Possible Profit: USD $880


    I presume I Have to take a serious look at my risk reward ratio. The main reason that my baldness is greater then my potential profit is I really don't won't my position to get stopped out by market volatility.


    I spent four lots as I'm really convinced that AUD will appreciate given high commodity prices along with the widespread thought among analysts of a 25 basis point interest rate hike next time the book bank meets. I believe the dollar is under priced. Investing four lots was excessive given I just possess USD in my demo account.
    Hi,

    You haven't posted another trade for Some Time? I could not help to notice that your risk/reward ratio is backward. I hope you haven't lost too much and thats why your not posting any more trades.I such as the way your thinking however, the potential reward has to be at least the same as the maximum loss. Making risk reward.

    This can help ....if the trade moves 10 pips on your favor and return to your own entrance get out quickly. Or mabe give it 3-5 under entrance befor pulling on it. But never let it reach your s/l. Use that as protection against lag join. Failer ext.... And do not leave a huge position heavely leveraged unatended. Sit.
    I trade 400:1 leverage and 5-10 lot size. I am able to place 50% account size to the market. So in the event that you need any help. Ask me. Befor you lose it all.


    Dave

  7. #7
    As I post to my site 16, I haven't submitted a trade for some time. I didn't actually understand the purpose in posting to my site and submitting tocliqforex(I am still in the match ).Wow it seems like years past since I posted my first trades. Dave you are correct on all counts. At the time I posted this a stop loss' idea was foreign to me. I have come a very long way since this informative article (still a long, long way to go). I have read Trading for a LivingForex the Sport. Depending on volatility I utilize a 10-20 pip trailing stop loss or a hard stop at my break even point. I believed that the important thing was getting my entries and exits , today I understand the most important thing is money management, when I started to look at trading. Thanks for your service Dave you are an asset to thecliqforexcommunity. What currency pairs/time zone do you trade? At the moment I am focusing on a egy which involves using fundamental data specifically using DNT alternative's data as a channel combined with aspects.

  8. #8
    Our model seems to be indiing the prospect of a solid upwards move on AUD/USD over the upcoming week or 2. Does this appear to make sense in terms of fundamentals?

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