Thread: Forex for a living? A beginner is going live...

Hi,

I have started live trading at the beginning of this year and set up a trading journal on my http://.bplaced.net/wordpress/. I have traded for some month on demo with achievement, gained some confidence and started trading live using a 400EUR account. I use only price action to make my decisions. My first 69 transactions are documentated and obviously I have any issues, since my account balance is downtrending. I would be very happy, if you leave a few comments in my transactions and can help me to improve my trading.

I shall update this thread anytime when I make a new commerce.

Thanks Beforehand.

sentinel

Originally Posted by ;

First of all my utmost respect for posting your live results in public.
It is hard to say you had a reduction due to this and since there is no
right approach to exchange. 1 thing that grabbed my attention is your stoploss is always pretty tight rather than put at a price level where it proofs your trade wrong. It appears that you set your Profit Goal and lessen your risk to receive 1:2 or 1:3 risk reward at all cost. It is obvious your winrate will diminish with higher RR. I would recommend you to operate a little...

thanks, this really is some thing I can begin with. The problem is, that alpari uses standard lot size, and the minimum lot I can exchange is 0.01, that is 10 cent/pip. I am aware that ibfx has miniature lots of 10000 Units, so , that 1pip=1$ at 1 miniature lot. However, is the reputation of ibfx that poor as claimed in many testimonials? I am trading only H4 and above, so would I have some problems to change to ibfx? Using a smaller lot, I can keep my risk per trade consistently same (on alpari have sometimes to risk more than 1-2% each commerce due to the standard lot size).

Originally Posted by ;

thanks, this really is some thing I can begin with. The issue is, that alpari employs standard lot dimensions, along with the minimum lot I can exchange is 0.01, which is 10 cent/pip. I am aware that ibfx has miniature lots of 10000 Components, so , that 1pip# 1$ at 1 miniature lot. But is the standing of ibfx that poor as claimed in many reviews? I am trading only H4 and above, so wouldn't have any issues to change to ibfx? Using a smaller lot, I could keep my risk per trade always same (on alpari have sometimes to risk greater than 1-2% per trade because of the standard lot size)....

You can even exchange 0.01 Minilots at which 1 Pip is 0.01 USD on EUR/USD.
If your account balance doesn't allow decent money managment I would definately change the broker. I can personally vouch for IBFX. I'm having a live account together for years and they never played any tricks on me and sometimes I do some scalp transactions with tight SLs that ought to be just like a large red bullseye if you belive all that stop searching crap.

98 percent of negative broker reviews are from people just to dumb to exchange. Particularly when your trading higher timeframes it is extremely difficult for the broker to screw you.

Hey folks,

I have started a new attempt with trading. Since I have found my trading fashion, I'm trying to improve myself with the help of my trading blog and highly appreciated comments for different viewpoints.

Sothe series can go on

sentinel

Price is coming my trendline. There is also strong resistance at 132.00. I will be selling the third touch.
Sell limit @ 132.00
Quit @ 132.50 (R = 50 pips = 0,4percent ) possibly 30 pips are enough, but added some excess buffer for the circumstance,
that price wants to touch the higher downsloping trendline.
Use profit @ 127.00 (500 pips = 10R) Price based a valid downtrend. If it continues, price will earn a new low.





Update
Moved SL into 132.30 following being 1R in profit.
Update 08.11.2010
SL now at breakeven (something is wrong with the pricedata of Alpari)

CADJPY failed to make a new low and broke the downtrend. I think, after a retest of that trendline, price may establish a new uptrend with the initial little high (before retrace) in 82.00.
Buy limitation @ 80.80
Quit @ 80.50 (R = 30 pips = 0,4%)
Use profit @ 82.00 (120 pips = 4R)


Update
Moved SL to 80.60 (current day non, at which price touched my trendline).

Originally Posted by ;

CADJPY failed to earn a new low and also broke the downtrend. I.. .

Update 09.11.2010
Stopped out with -20 pips.

Originally Posted by ;

Price is coming my trendline. There's also strong resistance at 132.00. I'll be selling the next touch.
Sell limit @ 132.00
Quit @ 132.50 (R = 50 pips = 0,4%) possibly 30 pips are sufficient, but included some excess buffer for the circumstance,
that price wants to touch the greater downsloping trendline.
Take profit @ 127.00...

Update 10.11.2010
Price found support at 130.00 and flipped around making a 250 pips day range bar. I did not place my SL down, because of high volatility. Now I think, I had to place my SL slighlty above 131.00, because it had been a turning zone and since the bar of 09.11.2010 had a weak closure (for bearish sentiment). But nowout at BE.

Price reached previous swing high and surpassed it by just 5 pips. Additionally, the average daily range is surpassed (16.11.2010). If resistance retains and price turns out, I'll sell at:
Sell stop @ 0.9950
Cease @ 0.9980 (R = 30 pips = 0,4%)
Take profit @ 0.9770 (180 pips = 6R)






Update 17.11.2010
Moved SL to BE after being almost 50 pips in profit (SL = 0.9945).

Originally Posted by ;

Price attained previous swing high and exceeded it by only 5 pips. Additionally, the average daily range is exceeded (16.11.2010). If resistance holds and price ends up, I'll sell at:
Sell stop @ 0.9950
Stop @ 0.9980 (R = 30 pips = 0,4%)
Take profit @ 0.9770 (180 pips = 6R)






Update 17.11.2010
Moved SL to BE after being nearly 50 pips in profit (SL = 0.9945).

Update 18.11.2010
Price broke H4 trend channel, so I moved my SL only above the previous retrace-high (also resistance) following TL fracture (0.9930).
Obtained stopped out later.
There seems to be a significant pivot zone (marked blue).





Result: 20 pips ( 0.6R)