Disliked$2,000 starting account balance
2% every week
do this for 10 years = $51 million and some change...
skip
Sorry - just did it on a spreadsheet, its 59 million......or 98,000 USD after taxes.
ClockworkIgnored
![](https://resources.faireconomy.media/images/emojis/64/1f923.png?v=15.1)
Which FX Trading Course/System is Good for newbies? 41 replies
Help for Newbies. What can you learn on Forex Factory? 42 replies
No Help for newbies at Forex-tsd :C 8 replies
Price Action for Newbies HELP WANTED! 2 replies
HELP THE NEWBIES!!!!! 2 replies
Disliked$2,000 starting account balance
2% every week
do this for 10 years = $51 million and some change...
skip
Sorry - just did it on a spreadsheet, its 59 million......or 98,000 USD after taxes.
ClockworkIgnored
Dislikedafter one year of profitable trading, i think i can offer some insights to people who are starting out. These are the steps I have taken last year to come out with my system
1. When creating a system, work from a top down approach. Look at the monthly chart down to daily chart. OPEN YOUR EYES. What do you see??
2. focus on trading concepts that we all know to be true. Buy low sell high, S&R, fear and greed. You'd be surprised what you will find out how these relate to price action
3. do not be overly detailed. Allow your system to be have some degrees of freedom. This will enable your system to handle most market conditions
4. Don't worry about how big your s/l's are. Instead focus on price action and let that decide whre to put a stop loss. 200 pip s/l is sometimes better than a 50 s/l if it supported by price action. And don't forget to use money management!
5. Breakeven is your best friend!
6. Preserve capital BEFORE increasing capital
7. Just as compounding is good on your account, adding positions has the same effect
8. Price action! it is king of all technical analysis. Learn it!
9. Learn to trade as a business owner. Take losses with dignity and treat winners with humility
10. There's ALWAYS another trade...Ignored
New EZ Federal Withholding
Line 1. How much did you make this year?
Line 2. Send it in.
DislikedThe IRS has been sensitive to our need for a simpler tax form and they came up with this:
New EZ Federal Withholding
Line 1. How much did you make this year?
Line 2. Send it in.
Ignored
DislikedHi Peter,
You've got a very nice thread for newbies to learn. The problem with most newbies (including me) for the first month is "to sit at the computer for hours trying to catch every move fearing to even missed one" which indeed "the whole exercise is tiresome, and, at times, frustrating".(in brackets are your quote that I borrowed). Hence sometimes even skip our lunch or even dinner and stayed until midnight to catch "GREEN PIPS" which usually got burnt instead. Newbies usually forgot "There's ALWAYS another trade...quoted by Hilmy83)".
I would recommend all newbies to read through your thread to better equipped ourselves. I wish to learn to trade on a longer frames and would like come to your for advice....if you don't mind.
Keep up the good work and your dedication to this thread.Ignored
DislikedHi Peter,
I started trading in June and all this while only exposed to technical indicators only. I don't have any fundamental background at all. And being a noobs in this respect, I wish to ask you how the rise or fall of GBP/JPY will affect both Great Britain and Japan. I don't think both Goverments & Bankers will tolerate GJ @ 350 level and neither is GJ@150 level. What levels do you think will benefit both countries?Ignored
DislikedHi everyone,
I'm currently working on my trading plan and my biggest issue would seem to be my exit strategy. My trading is based on price action and following the trend, I normally look to hold positions for days rather than hours and in my demoing I’m can make decent gains (let the winners run) but am then having problems getting out of the trade with out letting them run too far back and either going back to break even, a loss or smaller profits. It sounds mad when I read it back… how can you make a decent profit turn into a loss but I’m trying to work on the principles of trend following where you’re going for the big wins to offset the small losses.
I’m thinking now of setting 'take profits' at twice the stop, so my stops are never more than 1% of my risk capitol so setting my 'take profit' at 2%
really struggling on this aspect, any tips?
BTW, great posts both here an on PeterFM original post!Ignored
Dislikedthanks for the input... I guess its all down to finding a way of filtering out what is just the general noise and what is a reversal of a trend.
Do you ever use rsi to base exits on?Ignored
DislikedHi everyone,
I'm currently working on my trading plan and my biggest issue would seem to be my exit strategy. My trading is based on price action and following the trend, I normally look to hold positions for days rather than hours and in my demoing I’m can make decent gains (let the winners run) but am then having problems getting out of the trade with out letting them run too far back and either going back to break even, a loss or smaller profits. It sounds mad when I read it back… how can you make a decent profit turn into a loss but I’m trying to work on the principles of trend following where you’re going for the big wins to offset the small losses.
I’m thinking now of setting 'take profits' at twice the stop, so my stops are never more than 1% of my risk capitol so setting my 'take profit' at 2%
really struggling on this aspect, any tips?
BTW, great posts both here an on PeterFM original post!Ignored
DislikedHelp for Newbies. What can you learn on Forex Factory? I'm creating this thread to give Forex newbies an insight into how they can either start making their accounts grow steadily, or, hopefully, recover from earlier disasters in their first forays into live trading. This thread is based on my 18 months’ experience, and tells how my journey has been. Others' experiences will have been different. All the thoughts outlined here are the culmination of information absorbed from this Forum, from people for whom I have developed a great respect.
As I will keep the main thread closed while I finish each new post, please post your comments here.
Thank youIgnored
DislikedPeter, finally i found you here. are you hiding from your journal on the main forum?Ignored
QuoteDislikedfirst, thank you for your time that you invested in all this. you definitely improved your karma by doing it, i will tell them when i am up there, promise.
QuoteDislikedsecond, i posted a question in your journal and repeating it here, just in case. do you have any interesting observations regarding correlations of different currencies? i've seen on one of your screens all 3: eur/gbp, eur/usd, and gbp/usd, which may suggest that you are using all three. the behavior of eur/gbp definitely gives some clues to the behavior of its majors, i just cannot figure out how to read them. clockwork suggested some solution, but i think we can go further than that.
QuoteDisliked.........after reading all your posts, now i am even more interested to know your opinion on that topic. you seam to have a very, i don't know, generic? or unique way of looking at things, so you may figure something unusual out.
QuoteDislikedi am planning some exercises to improve my chart reading skills with crosses and their majors. just waiting until i finish reading all pf materials for the second time, and start working on them. hadn’t I found your journal i would have finished already. now i have to finish running through your trades and go and read jacko thread, coz too many of you are referring to it.
QuoteDislikedthird, you never really explained your trading rules. i looked at your trades and tried to recreate them. will do it for some more time.
i guess what you are doing is you are using major ppz, major trendlines, and drawing 38 and 62% fibos on all the major and minor moves inside of a clearly defined byweekly areas s/r, as it was suggested by clockwork. when you have a confluence of fibos you are putting sell/buy limits. you are using fibo extension tool for targets. You also monitor your trades, the part that i cannot and don’t want to do.
QuoteDislikedexact place of your limits is more of an art and your hard work, there is no strict rule there. it is pretty much in line with what mark (raczekfx) is doing, i think, he just more in tune with /jpy related pairs.
QuoteDislikedwhen you were trading without stops, did you use hedge or critical stop far back , or you were just constantly monitoring your trades, not allowing them to go against you for too much?
QuoteDislikedwhat am I missing in your current rules?
thanks.