A Newbies First Attempt
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Thread: A Newbies First Attempt

  1. #1
    I am a Forex Newbie and this is my very first live account. After about a year of practising with a demo account I am taking the plunge with a little account.

    I have been trading with it a short time, opened it in ealry January. I began with #300, becoming that up to #330 by early February but I made a few mistakes (breaking my SL/TP rules) and gave most of that profit back. I am applying money management skills and wish to document my progress on here so that I can get any suggestions or pointers on the way.

    My Risk/Reward is 1:2 and my method is quite easy for now. I am going to use RSI when the market is sideways and Bollinger Bands, MACD and Stochastics for when it is trending. I always look at Support and Resistance when calculating my odds too because this worked for me when I was only a mid - long term commodity trader.

    So far the account equity is #305.12, my risk is between 1% and 2% per trade. This varies based on time period and how certain I am of each opportunity. In my head I think there's less than a 60% chance of something playing out I do not make a trade. After I've made up my mind I put the trade and log out to ensure my emotions cannot get the best of me and make me move my SL or TP (which caused me to lose all that profit I said before.

    I have 1 trade open at the moment.

    - Short USD/JPY at 93.504 with a SL at 93.660 and a TP at 93.384

  2. #2
    Went long USD/JPY in 93.504 using a SL of 50 pips and TP of 100 Pips earliertoday. Thus far so great.

    I am taking a look at the trend and watch a change coming in the next couple of weeks as a potential cup and manage playout might occur. This may be my last long trade for a little while if it does strike resistance at just over my TP range.

  3. #3
    Got stopped from that trade.

    Account Equity: -66.1 Pips

    Went Short USD/JPY in 93.098 using a 25 Pip SL and 50 Pip TP. 2% risk also.

  4. #4
    Well first trade was a loss. Gonna take a break for today and re-examine things tomorrow.

    Pip Loss/Profit: - 16.1

  5. #5
    Went Long EUR/USD since I see the RSI is close the 30 range adn the MCD is signalling a possible rally up.

    Entry at 1.32065 using a 50 Pip SL and 100 Pip TP.

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