Hi to everyone,
My name is Paul im a divorced Dad bringing up my two young daughters, due to the penalties for being a male in divorce situations, 'i was taken to the cleaners' I had to move back to my parents house, (39 years old and back at my Mams!! OH NO!!) Anyway not long after, both my daughters joined me.
Im a landscape gardener by trade, i found it more and more difficult to be there for the girls and run a business, needless to say something had to give. I also had a planned knee operation looming and knew I would be out of action for 3months+. Am i a jinx or what!!??
I found Marc's site a couple of months before xmas and joined. I had never come across this before and thought the 4x must be something to do with lager!! I bought the LMT and up until 3weeks ago traded on demo.
I was getting low on cash and thought it best to open a micro account.
My initial deposit was a piddly small amount. Ive made lots of trades and have had great results overall, well i think so , and in three weeks ive increased my account 150%
I love this forex stuff and cant keep away from it im completly hooked, ive found that trading small lots has worked for me emotionally.
I always follow Marcs advice, I have my screen split with his daily updates and my metatrader running, all i do is simply match my screen to Marcs and write little notes on sceen for the possible entries etc, its a fair bit of playing and pausing but well worth it.
My main aim is to earn enough money so that I can buy a home for myself and the girls, although im a decent way off I should get there in the not too distant future, compounding is the way!!
Marc, I cant thank you enough!!!!! and thanks to all the members, I try and read this forum as much as possible its a great help, right take care all, im back to the candles.
Hi Paul,
Reading your post gave me flash backs. I am a single dad for the last 12 years and my youngest is now 22 and in his last year of school. He will graduate in May 2010 with his MBA. As you know being a single parent is a lot of hard work but I would do it all over again. The rewards are priceless.
If it was not for me learning forex I would not have been able to do the things I could have done with my 2 sons. I hope everything works out for you.
Good Luck!!!
RickY
Hi Ricky,
Many thanks for the post, im still 'green' at forex and its good to know that its worked for you. It sounds as though you have done a great job bringing up your sons, like you say it is hard work and for me can be very lonely, I just want to provide my girls with the good things life has to offer and it seems logical to me that forex is the answer. I had my butt kicked a little last week on certain trades but i'll put that down to experience, the markets do remind me of my ex wife... very volatile!! Tee Hee!! How long have you been trading Ricky?
Kind regards
Paul
Hi,
You say you had your butt kicked a little last week on certain trades but i'll put that down to experience. Get use to this. The only way I know not to have a trade go aginst you is not to trade. Go back look at the trades, find out what and why the trade went wrong. I have never heard of a person in Forex who has never had a bad trade. The trick is get out of the trade with very little pip loss. Mark has some very good info on the web page on the basics. The best thing for a person to do is read, read, read, and read some more. Know this information like the back of your hand.
RickY
Hi RickY,
Thanks for the advice and the video is good too. yeh my main problem was not setting my stops far enough away. The trades went my way eventually but only after i'd been tapped out on the stops.
Kind regards,
Paul
Larvo, it is also possible the problem is not the stop but the entry. I have found myself entering too early (or too late) when doing entry at market. The best trades happen to have limit/stop entries located at key areas. It happens I do this even when using LMT signals and missing entry by several pips or when a signal bar is bit too large to my taste and I anticipate a small pull back within a projected stop-loss before a trade close with a profit. I am a beginner as well, and having same issues. I force myself not to jump into trade immediately and use limit/stop entries and also forcing myself to document the trade before jumping in. A small amount of trades might be lost due to an additional delay, but a significant number losing trades opened in haste to "catch a wave" also avoided.
Best of luck. Alex
Just like in the videos Mark has posted. If price goes down to a tend line hits it and then starts to come back up again and you take the trade the best place for the stop is the other side of the trend line. If you are in a channel and price goes up to the upper trend line hits it and then starts to go down to the lower channel trend line you take the trade going short and put your stop just on the other side of the tend line. You don't wait until the candles are half way down the channel and then take the trade. You also don't take a trade before the candle hits the trend line trying to get in the the trade early. Just because price hits a trend line does NOT mean that it will turn and then go the other direction. Just like Mark says in the videos, at some point in time as price keeps hitting a trend line it will break it. Sometimes on breakouts candles will just plow right thru a trend line and if you do not have a trading plan in place it can cost you some big pips. Plan the trade and trade the plan. Nothing worse than to loose 40,60,80, or 100 pips on a break out because of a stupid mistake. A stupid mistake is not having a trading plan. A person should never ever be going over all the different pairs and suddenly see a set up or a big move and jump in. Like Mark says plan the trade and trade the plan wait for price to come to you. Like I said in the earlier post, read, read ,read and watch the videos, watch the videos, and watch the videos. Learn this info like the back of your hand. Come up with a trading plan that you like and stick to it. If a few bad trades happen look at your plan tear it apart change it and move on. We are all no different than the Dukascopy January trader of the month. If something is not working in his trading plan he checks it out, makes changes if they need made and move on with his trading.
RickY
Hi Alex,
Yeh I agree the entries have been a problem too, I too log every trade down, then at the weekend pick over them to see what / if any patterns are emerging with my trading plan. The thing that is becoming clear is what Marc has already explained ; that not one stratergy will work all the time, and then sometimes its just better to sit it out and wait for the market to come to you, protecting my account is the priority but sometimes I cant resist the odd punt!!
I like to trade the 15min charts I find I can get a better feel for where price is going (sometimes!) I fully understand that losses are just a part of forex, there is only one way for me to gain the experience that I lack and thats by being in the thick of it until one day it will become second nature, i spend hours in front of the screen and am pleased to say that my wins still heavily out weigh my losses and my account is growing slowly but surley, I am learning to take the losses on the chin and move on.
All the best to you Alex,
Kind regards
Paul
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from landscaping to forex??
, and in three weeks ive increased my account 150%
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