The Active Forex Traders Discussion

[CarrieW]

holy crap!


what size account did you have? 100K?
do you know what the leverage was?
and how many pips was it?

 

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[PEERless]

$50,000 In a series of about 6 auto-trades... Ha. I wasn't paying attention at all!

 

[rayudu]

Hi Carrie and others on this thread,

I will be actively watching this thread.
I use OANDA - currently I am not trading cuz Im out of the country and do not have stable internet access. I am so glad that I found this forum- it seems packed with info and networking contacts.

I am trying to trade the GBP/JPY which is the most volatile.

My last attempt at demo trading netted my 7% in one month- which is not bad - but I would like alot more pips.

Rayudu

 

[RAiMA]

Starting paper trading the forex. Getting good positive results. Still working commodities tho.

 

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[CarrieW]

hi raima and rayudu,

Looking forward to hearing about your trading experiences!

I just opened my paper account a few days ago. havent been trading yet. Ive just been watching the eurusd to get a feel for it. I am trying to decide between the eurusd or the usdjpy pairs. I am only going to start with one for now so I can really get to understand it. then after I am comfortable I may branch out to others.

maybe on monday I will start entering trades. I am still in the process of making myself a notebook with all the things I need to remember from the strategies I want to use so I dont have to keep on looking stuff up in the books. even tho Ive read them like 10 times theres so much info in them its hard to keep straight.

do either of you have a certian strategy you are using?

theres a few resources avail(with strategies) in this thread in case your interested.
http://www.thefastlanetomillions.com/showthread.php?t=8565

good luck and many pips!

 

[RAiMA]

Paper trading 4 currencies atm. Haven't touched on trading on non us currency vs another non yet. About $6000 profit vs $2000 loss, so total profit is about $4,000 atm or 80% R.O.I. based on two weeks of paper trades.

Just started trading commodities live and I'm loving it. Starting off small with two contracts and just started a third on Friday. The first two are averaging 150% R.O.I. for the duration of 3 weeks and the third is sitting on 14%

Fastlane here I come!

 

[CarrieW]

heres a screen shot of my first demo account. It wasnt set at the right parameters so I just had it reset to the $250 I will be starting with. I got back what I lost the first few days and actually made a profit. I was only trading .05 lots at 200:1 leverage.

it took a few days to understand the platform. the first few trades were just to get in and out so those are negatives. the next couple are just guessing lol. the last 4 were done with the strategy I am using.

So now I have the 250 dollar demo account and will start again.

hows everyone else doing??

 

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[RAiMA]

Still Paper trading. Moved from 4 to 6 currencies. Last update the 2 new currencies were still at 0. The other 4 currencies totalled in about $13k profit and $3k loss, so real paper trading profit after loss about $10k up.

Commodities doing great. Exceeded my expectations and loving it

 

[CarrieW]

what account size is your demo? 100K 50k?

 

[RAiMA]

what account size is your demo? 100K 50k?

Don't actually have a demo account at the site. Pretty much leveraging $10k. I'd prolly start live currency with $20k once I'm happy with paper trading. Get the money from commodities profits lols

 

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[CarrieW]

you said you were paper trading? thats what I mean by the demo. the paper (fake) trading.

 

[hakrjak]

I hate to be debbie downer here... But this Forex hysteria going on out there just looks like another easy way to lose a boatload of money to me.

Even more complex than option trading, it looks like....

I'll stick to Baccarat -- Atleast there I know my odds of winning are around 49%

- Hakrjak

 

[CarrieW]

I had no idea hysteria was out and about!

yes it is very complicated. it takes a long time to learn the game. I have no clue about option trading so I cant compare that for you.

You can lose a boatload of money if your reckless.

if you feel more comfy sticking to baccarat great. go play it.
I dont know how to play baccarat. I do know how to trade forex. so in my head my odds of winning at forex are greater then me winning at baccarat

thanks for your thoughts. I think I will stick with forex!

 

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[Edge]

Even more complex than option trading, it looks like....

I'll stick to Baccarat -- Atleast there I know my odds of winning are around 49%

- Hakrjak

Why? Because it is complex? Your Baccarat example is basically a 1:1 risk:reward with a 50% chance of success. You can structure the same type of trade with options (1:1 risk:reward with 50% chance of success) that 50% chance of success is what the market is pricing it at.

The difference is you can take that 1:1 risk:reward and improve your 50% chance of success by using technical analysis, fundamental analysis, volatility indicators, or any other probability indicators you choose . That's your EDGE with options. What is your edge at the Baccarat table? I think Baccarat is more complex.

 

[CarrieW]

it is complex to someone who doesnt know anything about it. My dh wanted me to show him last night what I do when I trade. LOL>

Lets just say that even answering all his questions and explaining to him how it worked all he could say was its too complicated its giving me a headache lol.

I guess this means he isnt going to be trading anytime soon!

he like hakrjak thinks roulette or baccarat would be easier, easier maybe but not better!

personally I like to feel like I have more control over whats going on. with those gambling games you only have so much control. in forex I can do many many things to increase my odds of winning. gambleing not so much.

 

[CarrieW]

just to get this thread back on track.

I have moved from 1 currency pair to 2. I am concentrating on eur/usd and usd/jpy watching the nzd/usd pair also.

one pair was just too slow for me lol.

 

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[CarrieW]

i posted a few things ive learned in the my little forex thread.

heres another

dont forget to close your trades at the close of the week(today at 4pm) becasue your posting to fltm!

I am stuck in 2 trades untill sunday afternoon because I missed the closeout time lol.

 

[RAiMA]

Open positions to date

 

[CarrieW]

what kind of account is this? I see currencies on it but its not forex is it?

the abbreviations arent right for forex.

In my account(and all the accounts in spot forex Ive seen) the currencies always go in pairs. usd/jpy eur/usd ect.

 

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[RAiMA]

what kind of account is this? I see currencies on it but its not forex is it?

the abbreviations arent right for forex.

In my account(and all the accounts in spot forex Ive seen) the currencies always go in pairs. usd/jpy eur/usd ect.

It's USD vs the currencies listed.

 

[CarrieW]

so it is a spot forex account?

I cant trade the peso in mine I wonder why?

on my screen thing it calls them symbols not commodities, it also says size not contract. and its always 2 together. the jpy is usd/jpy or euro is eur/usd. and all brokers typically use the same symbols. the first 2 letters meaning the country and the last is the first letter of what the currency is called.

which broker do you use?

there are a few different ways to trade forex. your screenie doesnt appear to me to be a spot forex account. I could be wrong tho lol its happened before.

are you for sure its spot forex and not forex futures?

 

[CarrieW]

http://www.migfx.ch/forex/spot-currency-futures-trading.html

with the symbols you show it matches the futures symbols. theres a chart at the bottom of this page.

so your trading futures and not spot forex.

I dont know anything about futures yet except that its different then spot forex.

 

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[CarrieW]

next week instead of (or maybe in addition to)using the intraday strategy I am going to try my hand at scalping!

considering I am still in 2 intraday trades that should continue to go my way when the market opens(barring some event over the weekend) I will likely keep them open while I try to scalp for some quick profits.

will update when I close out on monday some time.

 

[CarrieW]

well I was doing good for awhile lol.

my account is down by 50%. trading closes soon for the weekend

I have to reread my strategy to see what I am doing wrong and hopefully fix it!

hows everyone else doing?

 

[MJ DeMarco]

Carrie, where is your demo account?

 

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[CarrieW]

interbank fx

 

[CarrieW]

first account bites the dust lol.

restarted a new demo at $250.

try try again!

 

[CarrieW]

doing well for the last few days. heres a screenshot.

Hopefully I can keep this up!

 

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[CarrieW]

easy come easy go lol.

see this is why I am not trading with real money yet, I just blew up another account since being up to 632 yesterday!

try try again

anyone else still around?

 

[AlwaysCurious]

Yea, but still suffering from lack of self discipline in demo trading...