Newbie looking for some friendly advice, please!!

Quote from insaneinvestor:

That sounds dangerous...
What if the power goes out and you are really close to your stop point and can't get in to cxl the order?

-Assuming you are trading online of course but still, even if you call it in - what do you do when the line is busy or you have to hold?

PS the arbitrary number comes from the chart, no?
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power rarely goes out, if it does i could lose money, but thats the cost of doing business. thank god for wireless internet as well, so yes i do have a back up.

i could set stops if i wanted about 8 or 9 pips below the entrance point, but its not worth the effort because if it was a bad trade i'm usually out of it with a 2 or 4 pip loss.
 
Quote from lindq:

The odds of you making consistent profits - or any profits for that matter - as a retail short term trader in Forex are between none and less than none. With less than none being the more likely.

Either move to a much longer timeframe or a different market.
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Nice encouragement:confused:

Something tells me you've never traded the Forex market or have been burned by it.
 
I think forex may be a very good place to learn trading. You can open up an account for a few hundred dollars and trade 1000 at a time and pick up invaluable experience for a tiny fraction of what it would cost you in stocks or futures and from what I can see they behave very similiar to the futures market. No doubt you will take the worst of it from your broker but youre still talking a small amount of money. I just think the live trading is better than papertrading.
 
Quote from flyingiguana:

power rarely goes out, if it does i could lose money, but thats the cost of doing business. thank god for wireless internet as well, so yes i do have a back up.

i could set stops if i wanted about 8 or 9 pips below the entrance point, but its not worth the effort because if it was a bad trade i'm usually out of it with a 2 or 4 pip loss.
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Still, stuff happens.

Anyway, 2 - 4 pips and you get out? What do you trade? That happens in about 3 seconds. If I set a stop at 2-4 (real or mental) I would just be paying commissions and selling for less than I buy.

I like to use 8-11 pips and even then I get stopped out too much. (Hence, I am here... :)

Seriously, I don't believe you do this. That means you pick the absolute bottom of every trade. - If I can't do that, nobody can! hahahah

Tell me your secrete please.
 
Quote from insaneinvestor:

Still, stuff happens.

Anyway, 2 - 4 pips and you get out? What do you trade? That happens in about 3 seconds. If I set a stop at 2-4 (real or mental) I would just be paying commissions and selling for less than I buy.

I like to use 8-11 pips and even then I get stopped out too much. (Hence, I am here... :)

Seriously, I don't believe you do this. That means you pick the absolute bottom of every trade. - If I can't do that, nobody can! hahahah

Tell me your secrete please.
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thats a strategy based on a 1 min chart with confirmation on the trend from longer charts. i'm usually looking for 5-10 pip gains.

i'm still working on other things tho without using the stomach churning 1 min charts.
 
Quote from flyingiguana:

thats a strategy based on a 1 min chart with confirmation on the trend from longer charts. i'm usually looking for 5-10 pip gains.

i'm still working on other things tho without using the stomach churning 1 min charts.
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Sounds like we may have a lot in common but still you need more room than that. The way I see it is with said strategy it is fair to risk 8-10 pips to capture the same amount.

Nonetheless, I do basically the same thing so feel free to pm if you would like to have a more in depth convo.
 
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