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Name me one indicator that isn't lagging, calculated with historical prices. Even the "current" price is lagging.

:D We shall see. Trailing stop of 15 pips begins after 30 pips in my favour. 1 pip = $1 change in gold price = $6. Leveraged 4:1 i.e 6 ounces of gold. Actually, that's in my micro account so I guess that is 35:1. 6*1750/300 = 35. By the way, 1830 is likely a probably closing price...

.. this week! I have a limit set at 1850. I don't expect it to stay there, but I do expect a brief spike up to that level and then down a little again this week. That's $600 profit if it goes my way. Time will tell. Still NoDjii made a good point. I can't really afford these swing...

Thanks. I have been debating this same issue in my own mind, and frankly agree with you. I am simply struggling to learn how to correctly read prices only. Wish me luck on Gold today. Market opens in 2 hours. Went long at 1750 on Friday.

HateTheRisk, I am actively trading in a $300 micro account. I just started shifting $3000 over to a mini account. Next task is to convince FXCM to put the two accounts together under one login so I can transfer money between the two. Many trades are better done in the micro account. I...

Great analysis. Thanks. Actually, it was the candles within the greater context of the overall direction of the USdollar that caught my attention. Two up days within an overall downward trend, follwed by two down days which suggested to be that downward trend wanted to continue. I...

That was the first time I trade that CFD. I find that more often than not the US dollar does respond to news events in the way you'd expect given its reserve currecncy status. So I speculated, set a price I was willing to lose, and traded accordingly. I respect your experience, but that is...

I haven't had much succes either with the trailing stop on the individual trade. I was suggesting more a trailing stop on your daily/weekly/monthly profits.

I find the psychology of stating that number interesting - how each and every one of you have responded. Why has every single one of you made the assumption that I would stop at $150? To me, if you are going to set a stop loss in your plan, it is also reasonable to also have a profit limit...

Lot's of assumptions. Actually, the loss was no greater that what was planned. I entered, set a stop, and exited the trade accordingly. My interpretation of the news event ( US job numbers ) was incorrect. I considered that number less than brilliant and expected the job numbers to drive...

My point is simply that if you know you are trading something that is prone to high volatility, why are you risking you entire account? I see this King of the Micro constest going on with FXCM and observe some of their trades. On one trade they risk their entire balance. Yes, in the event...

Sarcasm noted. :D

Reread the part about, ".... if you understand it." :D If you are cleaned out by a "black swan" event then you don't understand how leverage works. How do you avoid a black swan? Use a micro account where there is no chance of losing more than your deposit. Deposit enough to cover...

The size of your risk is dependant upon how many trades you are willing to make to achieve your goal. If you make only one trade you must expose yourself to substantially more risk than you do if you average out your losses with your wins on several trades. Thanks for your thoughts...

Actually, I am a coder. I have several years of work experience as a computer programmer. I just have to get my wife's website finished, then I want to explore FXCMs Stragegy Trader which allows you to code in your strategies with C#, I think, if I am remembering correctly. I looked at...

Neither does the world in general. Should we therefore avoid setting goals for ourselves. You will never achieve anything in life unless you set and make every effort to achieve reasonable goals in life. A goal requires a plan and an understanding of how you are going to implement that plan...

Yes, it cuts both ways. Fortunately, with FXCM, I can only lose the easily replaceable $3000.

Thanks for the vote of confidence! Leverage, if you understand it, is a beautiful thing!

Thanks for your answer, Jack. I come from a background working for a Swifttrade wanabe where the initial training required $2000 profit in a month, $300/month stop, $50/day stop, on $10,000 of capital. In addition, I was required to give them two thirds of my profit. I quickly walked away...

We all see arguments about how you need large amounts of capital to really generate a living from trading. What if my goal is $150/day? Is this an unrealistic goal? I trade with FXCM. I like to trade CFDs. http://www.fxcm.co.uk/cfd-product-details.jsp 1. I start with $3000. 2...