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TheRumpledOne
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Postby TheRumpledOne » Fri Jan 02, 2009 7:50 pm

I found a free DIBS indicator here: http://www.singaporeforexforum.com/show ... #post11279
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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TheRumpledOne
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Postby TheRumpledOne » Fri Jan 02, 2009 8:00 pm

IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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MightyOne
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Postby MightyOne » Fri Jan 02, 2009 8:08 pm

PeterD wrote:Hi MightyOne,

Good question regarding the starting Capital, I am planning to start with $5K in a couple a of months (hopefully)...

...$400 doesn't look like enough to me, considering that I could be losing 15x in a row at the beginning (less likely but still possible though)...


...This is just my beginning of Forex trading, I have never traded forex before...


Peter.


If you think that you can lose 15x in a row then that is all the more reason to start with $400.
I don't know what your goals are but for the majority of traders it would be some thing like getting to the $1,000 - $2,000 per pip range and making your parents yearly income in 1 day.

MBTrading has lot sizes down to 1,000 currency or 10 cents per pip so it is doubtful that you will blow up unless you didn't know what you were doing in the first place.

If you think that $400 is too little to retire on then that is simply not the case. Even a 1% gain per day will get in you to a $1,000,000 in ~3 years.

You have to ask your self weather you want to SAVE UP $5,000 again if you blow it up.

How would you feel if you lost 50% of your account and were sitting with $2,500?

The point is that when you consider that there are micro lots available and that within 1-3 years of consistent returns you are likely to reach your cap of $1,000 - $2,000 per pip then it becomes quite clear that there is no reason for any trader to start with more than $1,000.

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TheRumpledOne
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Postby TheRumpledOne » Fri Jan 02, 2009 8:43 pm

Image

Bounce!
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby PeterD » Fri Jan 02, 2009 8:54 pm

MightyOne wrote:
PeterD wrote:Hi MightyOne,

Good question regarding the starting Capital, I am planning to start with $5K in a couple a of months (hopefully)...

...$400 doesn't look like enough to me, considering that I could be losing 15x in a row at the beginning (less likely but still possible though)...


...This is just my beginning of Forex trading, I have never traded forex before...


Peter.


If you think that you can lose 15x in a row then that is all the more reason to start with $400.
I don't know what your goals are but for the majority of traders it would be some thing like getting to the $1,000 - $2,000 per pip range and making your parents yearly income in 1 day.

MBTrading has lot sizes down to 1,000 currency or 10 cents per pip so it is doubtful that you will blow up unless you didn't know what you were doing in the first place.

If you think that $400 is too little to retire on then that is simply not the case. Even a 1% gain per day will get in you to a $1,000,000 in ~3 years.

You have to ask your self weather you want to SAVE UP $5,000 again if you blow it up.

How would you feel if you lost 50% of your account and were sitting with $2,500?

The point is that when you consider that there are micro lots available and that within 1-3 years of consistent returns you are likely to reach your cap of $1,000 - $2,000 per pip then it becomes quite clear that there is no reason for any trader to start with more than $1,000.


Wow, great insight MightyOne, honestly, my financial life has been very tight right now, I am expecting if my company would give me some kind of bonus in a couple of months, without that money, then I won't have extra money to be invested, that's why I hope there would be some kind of money I am willing to lose for forex trading.

I don't even have $400 that I could afford to lose right now, so whatever figure that comes up in a couple of months is the amount I am going to put into trading.
I totally agree with you, not that I have specific goals, like you said 1% a day would probably make me really happy.

I have a question for you, I am currently experimenting to trade into bigger timeframe right now (15M), I just entered a trade for EURUSD at 1.3845, like I said I am watching 15M timeframe to prevent me from overtrading, I entered the trade from 1M chart, and of course the 1M and 5M chart have waves as different traders have different timeframes, so I saw swings of myprofit ups and downs, from +15 pips to -5 pips, I will try to hold on tight, I noticed the previous low was 1.3825.
The direction of the trade is still on my favor but now I started thinking, would this be the right way as I could probably gain more profit from the lower timeframe swings?
I am currently up +3pips with MAE of around +15pips.
By doing this I was hoping I would not miss a big move if there is any.
Please give me some insights...

Thanks,
Peter

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TheRumpledOne
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Postby TheRumpledOne » Fri Jan 02, 2009 9:23 pm

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I like it when new things pay off!!
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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prochargedmopar
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Postby prochargedmopar » Sat Jan 03, 2009 2:19 am

"knowing when to bail out when the trade doesn't go in your direction"

That's been tough for me. I'm 2 days into trading live. My practice was 9 live trades with .1 lot over a 4 day period.
2 days ago I went on a binge and traded 45 times for a total of +93 pips. 62.2% of trades in profit.
Today didn't go so well.
I switched to .2 lots ($2 pip) It's seems like I got behind the price and couldn't catch up. 15 trades from 7a-2p. 10 of 15 (66%) in profit but those five losses were a kicker. (16, 20,ect) I tried to trade just the 1H candle as TRO suggested. It made the day slow and I couldn't resist scalping a couple 1m charts for quick 2's and 4's. I was also trading 3 different currencies which he said somewhere to stick to one until your profitable.
Ended up being down -15pips on the day.
Time to regroup again. This may be simple but it ain't easy, YET.
Pro

BTW,
TRO I listed you as my IB for an MBtrading demo. I've never demoed an account but thought it might be in my best interest being some people seem to be having difficulties with their platform. I also see they are going to have MT4 available soon. Will it be any good to use with an ECN?
#1BODY in direction of profit #2INCREASE lot size Obsessively
My Losses cause me Great Laughter!
Trading Bible here> therumpledone/the-ideas-that-i-trade-by-t3256/page1670

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TheRumpledOne
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Postby TheRumpledOne » Sat Jan 03, 2009 2:22 am

I would just use MT4 for charting and execute my trades with the MBT Navigator.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

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TheRumpledOne
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Postby TheRumpledOne » Sat Jan 03, 2009 2:32 am

IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



Please do NOT PM me with trading or coding questions, post them in a thread.

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MightyOne
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Postby MightyOne » Sat Jan 03, 2009 4:00 am

prochargedmopar wrote:"knowing when to bail out when the trade doesn't go in your direction"

That's been tough for me. I'm 2 days into trading live. My practice was 9 live trades with .1 lot over a 4 day period.
2 days ago I went on a binge and traded 45 times for a total of +93 pips. 62.2% of trades in profit.
Today didn't go so well.
I switched to .2 lots ($2 pip) It's seems like I got behind the price and couldn't catch up. 15 trades from 7a-2p. 10 of 15 (66%) in profit but those five losses were a kicker. (16, 20,ect) I tried to trade just the 1H candle as TRO suggested. It made the day slow and I couldn't resist scalping a couple 1m charts for quick 2's and 4's. I was also trading 3 different currencies which he said somewhere to stick to one until your profitable.
Ended up being down -15pips on the day.
Time to regroup again. This may be simple but it ain't easy, YET.
Pro

BTW,
TRO I listed you as my IB for an MBtrading demo. I've never demoed an account but thought it might be in my best interest being some people seem to be having difficulties with their platform. I also see they are going to have MT4 available soon. Will it be any good to use with an ECN?


Whoh buddy, calm down a bit on the trading :wink:

45 trades for an average 2 pips per trade is just suicidal...suicidal!

Say to your self 'Alright, I am going to make 0.5-1 to 1 this hour and wait for the next.'

I owe my success as a long term trader to making 1 or 2 trades and then waiting for the next daily bar to open.

As a day trader you will rarely catch me making 3 trades in the same hour.

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