New to Forex trading

Quote from DarkProtoman:

I can read a chart. I look for head and shoulder patterns, triple bottoms, and etc. I just use indicators to figure out EXACTLY where to enter.
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if "you can read a chart" and are using indicators to "figure out EXACTLY where to enter" then you cannot read a chart
 
Quote from DarkProtoman:

Hi! I'm new to forex trading; I just started in a $25 FXCM micro account. Let me tell you my experience.

First, I went up to $30
Then, I lost $15
Now, I've developed a strategy, and I have been making consistent profits, though I'm still not back up to my original $25, but I'm very close.

My strategy is to use the MACD and TSI to determine the precise time to enter and exit the trade. I'm currently trading the EUR/USD, and the AUD/USD, and occasionally the GBP/USD.

I'm going to deposit $600, so I can trade carry trades (since I will have enough cushion to survive daily fluctuations), and trade 10 micro lots instead of 1.

My goal is to make at least $10/day. I'm trying to save up for an $800 down payment for a Yamaha V Star 250 by my next birthday.

My lesson: Trading on the bare minimum is idiotic.

I also think I need to use the 5 min charts, instead of the 1 minute ones.

Any advice you can give? Like on my strategy, and stuff.

Thanks!
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Somehow, it seems you started a few other clueless threads like this recently.
 
Quote from TheMan:

if "you can read a chart" and are using indicators to "figure out EXACTLY where to enter" then you cannot read a chart
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x2

Throw the indicators out and just do what the chart is telling you.

If forex money was that easy, everyone would be doing it.
 
Quote from DarkProtoman:

5 pips trailing stop. If I can figure out how to set trailing stops on FXCM.
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Yeah, not knowing how to drive the platform could be a wee bit of a problem.....

5 pips stop, hmmm, bit wide, can't you tighten that up a bit?
 
Quote from TheMan:

if "you can read a chart" and are using indicators to "figure out EXACTLY where to enter" then you cannot read a chart
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... my thoughts exactly ...
 
Just a few more pips.......

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