Baruch's Forex System Journal

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Quote from Guardian Angel:

Baruch,

i have heard that the 4 hour chart is a composite of world markets consisting of U.S. Japan Europe and Asia.
as the saying goes it is supposed to represent when each one of these enters into the market in thier respective time zones, if you look at the 4 hr chart it will show you a break down of sentiment during the respective time zones and lead to what is said to be semitry between supply and demand.

don't get me wrong- im no pip pimp and i know that i only trade a mini forex account so that i might learn how to trade this market but i do see some of the relationships within the 24 hr timespan.
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Guardian Angel,

OK - nice to know. I didn't knew that. But I suppose you must really trade long-term with a 4 hour chart? How do you use it to trade?
 
Hello all,

I am a complete novice to the forex market. I have started trading a live account but i tend to let a lot of pips slip past me by closing the position pre-maturely.
Meaning i pull out after 10 or 15 pips profit. Is this a very bad way of trading?
Am I going to lose out more money than i make by trading this way?

Please HELP me!

Thank you,
 
Quote from SteveL91:

I really need to learn to start trusting myself. I let another 100-200 pips (at least... GBP/CHF had a huge spike this morning) slip away just on EUR/USD, GBP/CHF and USD/JPY. Ah well. I know I'll get there eventually.
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Steve,

Yes - the most important for a trader: CONFIDENCE.
 
Quote from Chaw:

Hello all,

I am a complete novice to the forex market. I have started trading a live account but i tend to let a lot of pips slip past me by closing the position pre-maturely.
Meaning i pull out after 10 or 15 pips profit. Is this a very bad way of trading?
Am I going to lose out more money than i make by trading this way?

Please HELP me!

Thank you,
More...

Hi Chaw,

Welcome to "the crazy gang".

1. Yes. You need to let your profits run.
2. Yes. If you take big losses.

But maybe you are a scalper?
 
Quote from Baruch:

Hi Chaw,

Welcome to "the crazy gang".

1. Yes. You need to let your profits run.
2. Yes. If you take big losses.

But maybe you are a scalper?
More...

Baruch,

Thanks for your reply, Maybe i am a scalper i dont know, but is it bad to be a scalper? I just thought that by doing it this way i will minimize my losses, (i understand my profits will be smaller too!
 
Quote from Chaw:

Baruch,

Thanks for your reply, Maybe i am a scalper i dont know, but is it bad to be a scalper? I just thought that by doing it this way i will minimize my losses, (i understand my profits will be smaller too!
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How big is your average stop loss? I find with forex with the movement being quite large a lot of the time 10-15pips is within a normal flux range, unless you can keep your stops < 10pips including spread (and not get taken out by normal price flux) then your going to have a hard time making profit over time.
 
Quote from Chaw:

Baruch,

Thanks for your reply, Maybe i am a scalper i dont know, but is it bad to be a scalper? I just thought that by doing it this way i will minimize my losses, (i understand my profits will be smaller too!
More...

Hi Chaw,

We all have to find our own trading style, and if scalping suits you, it's OK. But I think it's much better to take large profits - and small losses. EUR/USD has a 100 pips range nearly every day, so it's not so difficult to target larger profits.
 
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