Trading Forex

[expiated]

My calculations suggest the pair could climb as high as 108.37, or fall as low as 106.83.

Comparing what actually happened with the forecast I made yesterday...

 

[322170]

Going long was a good move from my point of view. The signposts I'm looking at suggest to me that USDJPY switched from a bearish to bullish intraday tend a little over six hours ago.

you stated going long was a good move ( see your quote above ) but if you would have done what you suggested you would have lost money because the USD-JPY pair moved down not up and now your trying to pat yourself on the back and take credit for calling the low of the day. Expiated you must be an ex-floor trader because they're all talk and no profit.

 

[padutrader]

A losing day or a few losses in a row are inevitable, it is all about you handle the losing trades and the they losses made.

i figured out why i lost.....
it was because i was not trading the way i usually did....which was hit and run...with huge volumes....

for some reason i was holding trades longer.....and that was not my strategy

that was not what made me successful.

i also did few trades.....in the long run GS will take my ass and have dinner at the same time....

 

[padutrader]

Comparing what actually happened with the forecast I made yesterday...

View attachment 204826

anybody can forecast the market....it is management of the trade that makes money.. not forecasting....

a five year old boy can tell you the direction...but ask him to trade he will lose money....as happens to 95 % of traders....they know direction they do not know management

 

[GrowleyMonster]

Hey Padu, you started really really small, I think I remember you saying. I was doing some reading on Forex and it looks to me like you have to trade in lots of 1000 or 10,000 or more. How did you manage that? And weren't gains painfully small? I am kinda interested in FX right now. I should be fully funded in my stock trading account pretty soon but right now I am still playing with a USD10k account, and I like how flexible a FX trading schedule can be.

 

[expiated]

...if you would have done what you suggested you would have lost money because the USD-JPY pair moved down not up and now your trying to pat yourself on the back and take credit for calling the low of the day.

Going long was a good move from my point of view. The signposts I'm looking at suggest to me that USDJPY switched from a bearish to bullish intraday trend a little over six hours ago.

I see USDJPY as having been falling ever since June 19th, and this hasn't changed, so yes, though it theoretically could, I wouldn't expect to see the pair push past 107.65 as well. In fact, if the asset does not climb back up above 107.44, I'd say it has already resumed its southbound trajectory. But as long as the intraday trend was headed north, one might as well have taken what was offered, if a day trader, and switch back to a short position once the pair turned south once again. As for swing trading, that would be a different story.

 

[padutrader]

Hey Padu, you started really really small, I think I remember you saying. I was doing some reading on Forex and it looks to me like you have to trade in lots of 1000 or 10,000 or more. How did you manage that? And weren't gains painfully small? I am kinda interested in FX right now. I should be fully funded in my stock trading account pretty soon but right now I am still playing with a USD10k account, and I like how flexible a FX trading schedule can be.

if you trade forex in the same manner that you trade stocks... GS will have your ass while having lunch....

however with forex there is one advantage....since you may trade with as little as 5 usd....the learning is not expensive.
also the leverage is large .....much larger than stocks.....so the lot size is misleading.

FX is good
the trading schedule is misleading.since it trades for 24 hours, it does not remain active all 24.....so though theoretically you can trade any time that is not true....it is liquid only at certain times.....and not necessarily at the same time every day...you can hardly expect market to follow a time table.

it is also an unregulated market-there is no central exchange- so GS and cronies may do as they like.....
the only way you can beat them is,because in the long run, they have the edge,hit and run and i do it with huge volumes so i can get a, lot by doing little.

to do that, you have have very precise entries and exits and that means you need excellent market knowledge and a good instinct to boot.

it is definitely more difficult than shares so think whether you can commit.

but because of it's difficulty the reward far exceeds that of shares if you get the hang of it

EDIT: beware FX is attractive and dangerous

 

[padutrader]

Comparing what actually happened with the forecast I made yesterday...

View attachment 204826

do not use my journal to show off

start a thread 'forcasting forex by a great .......'

what ever you are you may fill up the blank

 

[GrowleyMonster]

if you trade forex in the same manner that you trade stocks... GS will have your ass while having lunch....

however with forex there is one advantage....since you may trade with as little as 5 usd....the learning is not expensive.
also the leverage is large .....much larger than stocks.....so the lot size is misleading.

FX is good
the trading schedule is misleading.since it trades for 24 hours, it does not remain active all 24.....so though theoretically you can trade any time that is not true....it is liquid only at certain times.....and not necessarily at the same time every day...you can hardly expect market to follow a time table.

it is also an unregulated market-there is no central exchange- so GS and cronies may do as they like.....
the only way you can beat them is,because in the long run, they have the edge,hit and run and i do it with huge volumes so i can get a, lot by doing little.

to do that, you have have very precise entries and exits and that means you need excellent market knowledge and a good instinct to boot.

it is definitely more difficult than shares so think whether you can commit.

but because of it's difficulty the reward far exceeds that of shares if you get the hang of it

EDIT: beware FX is attractive and dangerous

So how do you enter with only $5? A nano lot is 1000.

 

[padutrader]

So how do you enter with only $5? A nano lot is 1000.

i get 500 :1 leverage i suppose that is why...i am not good at math

if you check my other journal 'rewind back 15 years' you will see many charts where the balance is below 20 usd .......
usually initial deposit is 200 usd but you can top up with 5

some like fbs give 3000 times....