Forex for Dummies

[AbundantIncome]

What size lots are you trading? Generally i'm trading 10k to 30k lots on the major pairs. If you are trading a few 100k lots or more then you'll see some moves allright!

CanOz

not sure i use the Interbank Forex, what is their standard demo size ???? not sure where to tell, no choices only lot 1,2,3 etc ....

still learning the platform, second day using it so far ...

 

[kam75]

Hi Page

Thanks for the information.

I just look at the demo account. I just lost whopping 2400k within two days ... wowwwwwwwwwwwwwwwwwwwww

Scary scary ...

Well I'm not doing a lot better. Been testing the 3 Duck system and overall I've taken a couple of 5k demo accounts down to 3-4k. I'm using a stoploss ranging from 20-30 pips on the 5m chart, placed just above previous swing hi/lows. The thing is, I rarely make more than that in my trades. So unless I have a system that has a high probability of winning, I just keep bouncing like a goddamn yoyo.

 

[Stormin_Norman]

dont complicate things.

look for trends. go with them. be patient.

think like a surfer. wait for the wave, duck under 20 waiting for 'the' big one.

 

[CanOz]

Well I'm not doing a lot better. Been testing the 3 Duck system and overall I've taken a couple of 5k demo accounts down to 3-4k. I'm using a stoploss ranging from 20-30 pips on the 5m chart, placed just above previous swing hi/lows. The thing is, I rarely make more than that in my trades. So unless I have a system that has a high probability of winning, I just keep bouncing like a goddamn yoyo.

Sounds like my live account Kam, from 8927.25 to 7053.30 in 5 days!

More stats coming.

CanOz

 

[Stormin_Norman]

Sounds like my live account Kam, from 8927.25 to 7053.30 in 5 days!

More stats coming.

CanOz

even with all the trends around?!

id post my results. but that gets me in trouble.

 

[CanOz]

even with all the trends around?!

id post my results. but that gets me in trouble.

Yup,

Kudos to Kam for using a demo.....well done mate.

CanOz

 

[BentRod]

id post my results. but that gets me in trouble.

A screen shot of your account or trades will silence the doubters mate.

I believe Ya .
Some great moves in Skip and cable lately, pyramiding positions would have done very well.

 

[wayneL]

id post my results. but that gets me in trouble.

A screen shot of your account or trades will silence the doubters mate.

Yes that is fine (just block out info you don't want others to see).

The reason is that so many post BS unverifiable results on forums with a covert agenda, that it's impossible to believe anyone anymore.

Anyone can post results, as long as it's verifiable.

Cheers

 

[CanOz]

Ok, last weeks results:

37 trades
27 losers
10 winners

27% win rate

Avg Win 73.06
Avg.Loss -45.08

Biggest win 122.0
Biggest loss 96.0

See you later 3 ducks.

CanOz

 

[CanOz]

Yes that is fine (just block out info you don't want others to see).

The reason is that so many post BS unverifiable results on forums with a covert agenda, that it's impossible to believe anyone anymore.

Anyone can post results, as long as it's verifiable.

Cheers

You want me to verify my losses Wayne?

CanOz

 

[BentRod]

You want me to verify my losses Wayne?

CanOz

LOL



Cannie...what is the exit for this system?

EDIT: Sorry....I'll go read the 3 Duck Thread.

 

[lesm]

You want me to verify my losses Wayne?

CanOz

Why not, you may just be looking for sympathy or trying to make kam and abundant feel good :

Check your email.

Cheers.

 

[CanOz]

LOL



Cannie...what is the exit for this system?

EDIT: Sorry....I'll go read the 3 Duck Thread.

Exit?????? Ahhhhhh Haaaaaaa!

Just kidding...its says its descretionary, but you can use the MA.

CanOz

 

[CanOz]

Why not, you may just be looking for sympathy or trying to make kam and abundant feel good :

Check your email.

Cheers.

Thanks Les. I feel better already!

CanOz

 

[kam75]

Why not, you may just be looking for sympathy or trying to make kam and abundant feel good :

Check your email.

Cheers.

The only thing that'll make me feel good is learning Forex.

Stormin_Norman, if you can post some charts of your trades that would be of much help. When you say just look for the trends, do you read this solely off the 5M charts or do you use multiple timeframes?

 

[BentRod]

The only thing that'll make me feel good is learning Forex.

Stormin_Norman, if you can post some charts of your trades that would be of much help. When you say just look for the trends, do you read this solely off the 5M charts or do you use multiple timeframes?

Kam,
Have you tried trading in your own way?

Why do you want to follow a system?

Have a go on Demo(trading your own method) with a realistic bankroll and see how you fair.
If that works maybe open a small account to introduce emotion.

I can't see what the problem is if you have been trading profitably for so many years on stocks??

 

[kam75]

Kam,
Have you tried trading in your own way?

Why do you want to follow a system?

Have a go on Demo(trading your own method) with a realistic bankroll and see how you fair.
If that works maybe open a small account to introduce emotion.

I can't see what the problem is if you have been trading profitably for so many years on stocks??

Hi BentRod

My problem is simple - in Forex, I have no Volume and OBV to gauge the market. The FX charts are too messy, trends appear uncertain and erratic. Who's in charge - the bulls or bears? It's like I'm blindfolded, guessing and hoping my trade will work out.

What I have yet to see is some kind of consistency, either more wins than losses or at least larger amounts won vs lost.

I think a system of rules to trade by is most important. Without it, you stand no chance because you have no way of telling if you're on the right track, especially when losing streaks occur. The 3 Duck System I've been trading does sometimes appear to work, but I find it too inconsistent in terms of profitable trades and amount made.
So looking for a system to trade that

1. accurately defines current trend and trades with it
2. has precise rules for entry
3. cuts losses fast
4. lets profits run
5. has precise rules for exits

 

[BentRod]

Maybe you think Volume gives more of an edge than it does??

Why not try the same patterns without volume?

Just a suggestion mate, not telling you how to suck eggs!!

 

[wayneL]

Hi BentRod

My problem is simple - in Forex, I have no Volume and OBV to gauge the market. The FX charts are too messy, trends appear uncertain and erratic. Who's in charge - the bulls or bears? It's like I'm blindfolded, guessing and hoping my trade will work out.

What I have yet to see is some kind of consistency, either more wins than losses or at least larger amounts won vs lost.

I think a system of rules to trade by is most important. Without it, you stand no chance because you have no way of telling if you're on the right track, especially when losing streaks occur. The 3 Duck System I've been trading does sometimes appear to work, but I find it too inconsistent in terms of profitable trades and amount made.
So looking for a system to trade that

1. accurately defines current trend and trades with it
2. has precise rules for entry
3. cuts losses fast
4. lets profits run
5. has precise rules for exits

Futures.

Though volume won't be a perfect guide because of the open outcry hours etc. the volume is there and it's real.

FWIW

 

[BentRod]

Thanks for the chart Wayne.

Do you trade the Futs using Volume?
I don't so have no idea how good it works.

I've always wondered if it is worthwhile following the futures Volume but haven't tried it as from my understanding Futures follow Spot?

Anyway....I'll be long on breach of the second red Candle on the left with stops underneath the latest green one: