Hi
Im completely new to trading in general, and forex trading.
I read about forex trading for the first time about a year ago. I opened a demo account and tried it out. Got bored, and stopped. About 6 mouths ago I decided to give it anoter try and I opened a real trading minimum account with eToro as my broker. I had 60$. Tried it out for a bit, went from 80-20, and ended up with 40$.I realized I knew nothing, and there where simply too much to read/learn, so I put it on hold.
The summer went by without a thought about trading at all, I recently (25 sep, (2012) decided to try this for real (digg into it this time) and I got driven by the motivation to help my familys poor economy, with a lot of credit debt. I started to read a lot, and decided that I'll never give up this time. I made a deposit to my account so i had 120$. I kept on reeding about forex-trading and everything about it, and still do.
The first week: from 1 oct, I ended up with 525$ in my account! I thought I had figured out how this works, I clearly did not, because the next week I lost it all.
Week 2: I got so frustrated when I started to loose money that I made really bad desicions during this week, and more bad trades based purely on emotions and lack of knowledge.
I belive that my motivation to help my family has kept me from given up, and the fact that I now find this very interesting, almost like an addiction 😉.
The third week, I was all out and had to wait for my salary, so I kept on
reading.I have been (trading for real and digging in to the forex market) for 5 weeks now.
The fourth week: I made a new deposit of 120$. I made some good trades, and some bad ones, ending up with 117$. Kept on reading.
The fifht week:(NOW, today) I have kept on reading, learning, trying to find a good strategy etc.
I now understand what I have been doing wrong: Emotions, greed, lack of money managment and knowledge. Im still a work in progress, but i understand these a bit better now.
I used TF: M1-M5-M15 my first 3 weeks. I now belive that these TF's are way too stressfull and should not be used by beginners like myself.
I now (week 4-5 --->) only trade with the daily and the 4h TF.
I'll show you my chart of what will be my next trade on (GBP/USD) and my thought of it. Pls comment, and give me your thoughts of it, either good or bad. You make mistakes, and then progress from it. 🙂
This is a verry MESSY chart with a lot of MA's etc, I not really shore why I got all of them, as I said, Im in progress.
My intention it to go LONG, but I'll go SHORT if the market tells me to 🙂
Sign 1: The 200 SMA is below the current price. 60,89 are above, a bit confusing,
doesent tell me much.
Sign 2: The Fibonacci supportlevel at 23,6%.
Sign 3: Inside the third darkpink circle (current price), a Bullish Doji Star.
Sign 4: MACD, the macd doesent tell me much at the moment, it can go both up and
down.
Sign 5: Trend breakout?
This is how I'm going to set up my BUY trade.
I'll wait for 1-3 more bars to decide if I'll BUY or SELL.
I belive the the bulls will win this race, so..
If BUY
CURRENT PRICE: 1.6020
OPEN: 1.6030? depends on what happens.
SL: 1.6006 beneath the Bullish Doji Star,
TP: 1.6076 Target 1 (Fib.38.2%). 1.6166 Target 2. (Fib. 61.8%)
If SELL
CURRENT PRICE: 1.6020
OPEN: 1.6030? depends on what happens.
SL: 1.6028? depends on what happens.
TP:1.5930 (Fib. 0%)
Tank you for reading! 🙂
Im completely new to trading in general, and forex trading.
I read about forex trading for the first time about a year ago. I opened a demo account and tried it out. Got bored, and stopped. About 6 mouths ago I decided to give it anoter try and I opened a real trading minimum account with eToro as my broker. I had 60$. Tried it out for a bit, went from 80-20, and ended up with 40$.I realized I knew nothing, and there where simply too much to read/learn, so I put it on hold.
The summer went by without a thought about trading at all, I recently (25 sep, (2012) decided to try this for real (digg into it this time) and I got driven by the motivation to help my familys poor economy, with a lot of credit debt. I started to read a lot, and decided that I'll never give up this time. I made a deposit to my account so i had 120$. I kept on reeding about forex-trading and everything about it, and still do.
The first week: from 1 oct, I ended up with 525$ in my account! I thought I had figured out how this works, I clearly did not, because the next week I lost it all.
Week 2: I got so frustrated when I started to loose money that I made really bad desicions during this week, and more bad trades based purely on emotions and lack of knowledge.
I belive that my motivation to help my family has kept me from given up, and the fact that I now find this very interesting, almost like an addiction 😉.
The third week, I was all out and had to wait for my salary, so I kept on
reading.I have been (trading for real and digging in to the forex market) for 5 weeks now.
The fourth week: I made a new deposit of 120$. I made some good trades, and some bad ones, ending up with 117$. Kept on reading.
The fifht week:(NOW, today) I have kept on reading, learning, trying to find a good strategy etc.
I now understand what I have been doing wrong: Emotions, greed, lack of money managment and knowledge. Im still a work in progress, but i understand these a bit better now.
I used TF: M1-M5-M15 my first 3 weeks. I now belive that these TF's are way too stressfull and should not be used by beginners like myself.
I now (week 4-5 --->) only trade with the daily and the 4h TF.
I'll show you my chart of what will be my next trade on (GBP/USD) and my thought of it. Pls comment, and give me your thoughts of it, either good or bad. You make mistakes, and then progress from it. 🙂
This is a verry MESSY chart with a lot of MA's etc, I not really shore why I got all of them, as I said, Im in progress.
My intention it to go LONG, but I'll go SHORT if the market tells me to 🙂
Sign 1: The 200 SMA is below the current price. 60,89 are above, a bit confusing,
doesent tell me much.
Sign 2: The Fibonacci supportlevel at 23,6%.
Sign 3: Inside the third darkpink circle (current price), a Bullish Doji Star.
Sign 4: MACD, the macd doesent tell me much at the moment, it can go both up and
down.
Sign 5: Trend breakout?
This is how I'm going to set up my BUY trade.
I'll wait for 1-3 more bars to decide if I'll BUY or SELL.
I belive the the bulls will win this race, so..
If BUY
CURRENT PRICE: 1.6020
OPEN: 1.6030? depends on what happens.
SL: 1.6006 beneath the Bullish Doji Star,
TP: 1.6076 Target 1 (Fib.38.2%). 1.6166 Target 2. (Fib. 61.8%)
If SELL
CURRENT PRICE: 1.6020
OPEN: 1.6030? depends on what happens.
SL: 1.6028? depends on what happens.
TP:1.5930 (Fib. 0%)
Tank you for reading! 🙂
