# Trade Friend



## FX Trade Friend (11 September 2017)

Hi,
I have been trading Forex number of years on and off, found it too difficult while working.
Have started trading again pretty much full time but don't depend on for income.
I am not wanting to sell anything OR purchase anything, have pretty good trade information that I use.
Would like to chat with other traders about how they trade.
Gets a bit frustrating sometimes as you are extremely isolated, just nice to speak with someone in same situation.


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## cynic (11 September 2017)

FX Trade Friend said:


> Hi,
> I have been trading Forex number of years on and off, found it too difficult while working.
> Have started trading again pretty much full time but don't depend on for income.
> I am not wanting to sell anything OR purchase anything, have pretty good trade information that I use.
> ...



Welcome to the ASF community.

There is a diverse spectrum of traders here, many of whom are all too willing to share their experienced opinions on a variety of methodologies across a broad range of trading instruments.

Personally, I prefer index futures to Forex, so my experience of currency pair behaviours might limit the extent to which I am able to contribute.

P.s. Just out of curiosity, I note that you are located in Queensland. You wouldn't perchance be residing anywhere near the Gold Coast would you?


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## Gringotts Bank (11 September 2017)

cynic said:


> anywhere near the Gold Coast would you?



What like Noosa?

Give him another shot.  It's the fair thing to do. We all make mistakes.

FXTF, if you want to throw some charts up, you'll get some help I'm sure.


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## FX Trade Friend (11 September 2017)

cynic said:


> Welcome to the ASF community.
> 
> There is a diverse spectrum of traders here, many of whom are all too willing to share their experienced opinions on a variety of methodologies across a broad range of trading instruments.
> 
> ...




Thanks for reply, used to trade Index Options years ago. I did live Gold Coast but now just travelling Australia.
I have my own information that I use, plus a trading method, of entry exit etc, just managing the trade is my problem, I break my rules too often by exiting trades early, costs me plenty (not in losses though)
Just like to chat with other traders and how they manage their trading, guess I tend to watch open trade too much


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## cynic (11 September 2017)

FX Trade Friend said:


> Thanks for reply, used to trade Index Options years ago. I did live Gold Coast but now just travelling Australia.
> I have my own information that I use, plus a trading method, of entry exit etc, just managing the trade is my problem, I break my rules too often by exiting trades early, costs me plenty (not in losses though)
> Just like to chat with other traders and how they manage their trading, guess I tend to watch open trade too much



Generally I attribute the breaking of trading rules to an incompatibility between either the market's, or the trader's characteristics.
From my understanding of what you have said, you are closing profitable trades early.

Which leads to the question: what is happening with your unprofitable trades?

Are the accumulated losses overshadowing your premature profits?


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## FX Trade Friend (11 September 2017)

cynic said:


> Generally I attribute the breaking of trading rules to an incompatibility between either the market's, or the trader's characteristics.
> From my understanding of what you have said, you are closing profitable trades early.
> 
> Which leads to the question: what is happening with your unprofitable trades?
> ...




No I let my stops take care when in loss situation & I really don't get that many losses, but get trade going right direction and tend to close before hitting my limits, although you will never go broke taking a profit
I was over the barrel back in 2009 with naked index options, lost a lot of confidence + $$


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## cynic (11 September 2017)

FX Trade Friend said:


> No I let my stops take care when in loss situation & I really don't get that many losses, but get trade going right direction and tend to close before hitting my limits, although you will never go broke taking a profit
> I was over the barrel back in 2009 with naked index options, lost a lot of confidence + $$



Sounds like you're scared of the possibility of the market taking back the profits prior to fruition. Not uncommon. Some try to counter this by tightening their trailing stop. But if it's tightened too much, the result can sometimes end up being worse than dumping at market. Still, by no means the worst problem to have.

From the way you are posting, it sounds like you are having a cruisy time.

Out of interest, which pair or pairs or you currently trading?


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## FX Trade Friend (11 September 2017)

cynic said:


> Sounds like you're scared of the possibility of the market taking back the profits prior to fruition. Not uncommon. Some try to counter this by tightening their trailing stop. But if it's tightened too much, the result can sometimes end up being worse than dumping at market. Still, by no means the worst problem to have.
> 
> From the way you are posting, it sounds like you are having a cruisy time.
> 
> Out of interest, which pair or pairs or you currently trading?


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## FX Trade Friend (11 September 2017)

At the moment I trade 11 pairs 

from my information I get an estimated high & low for the day, Green is High red is Low
have a couple of indicators which determines long or short
Pink line is 10 pips within high or low and this is where I put entry orders, I have built in strategy that I attach with entry order
If it crosses the black line (which is 25 pips from high or low line) before entry activated, the entry order is deleted
once entry activated (I normally have 3 x 10 trades) 1 trade will close at 40 pips, stops will automatically move to break even
1 trade with limit at the high or low (depend if long or short)
1 trade left open to catch further increase
So essentially I can put my entries on in the morning and not look at it till next day, I wish!!!


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## cynic (11 September 2017)

FX Trade Friend said:


> At the moment I trade 11 pairs
> 
> from my information I get an estimated high & low for the day, Green is High red is Low
> have a couple of indicators which determines long or short
> ...



Yes many do wish they could do that. 

I typically recommend continuous monitoring whenever trading OTC derivatives, even moreso on account of my past experience with the Fx broker that you appear to be using.


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## History Repeats (11 September 2017)

i watch euro, pond and yen against dollar only. Trade on more longer timeframe.


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