ZenMachine

Thanks Forrest! Glad you enjoyed it! -zen

You would think, right? But what you didn't know is that I actually had moved my stop down to what I had thought was a strong R line - Prior day's high. I got stopped out before the price moved down again to hit my 1st Target...:crap: (Sorry, I wasn't trying to hide it. Just forgot to upload it because I was too busy hitting myself) Hopefully I've learned not to mess with initial stop positions casually.

Wow.... this is a bit painful (going head to head against a 9 yr old girl!), but hopefully someone may find it entertaining. I was playing USDJPY last night too, though in lower time frame (5min/1min). I didn't find this setup until the price was falling through prior day's high. That's why the entry point is a little off. I don't know if I would've entered at Thales' daughter's entry point, because (this is all post thought) I thought that it was too close to prior day's high (95.36). Thales, your daughter's setup looks much better than mine! I have a lot to learn from her

Does that mean that 50% line is often considered legitimate enough to be used as an entry? If so, it sounds to me that it may be a good place to place stops too. (I am a little confused....) So true!! I definitely make this mistake when I'm too worried about losing. Thanks for your insight!

Thanks for asking. No, it's just my attempt to protect the profit. I have a horrible habit of turning paper profits into actual losses, and am working on fixing it... I've read, though, that some people use numbers like 50% or 20% as a guideline to place stops on profitable positions. I myself never felt that this is a valid S/R point in my brief trading career.

Entered long with a buy stop, anticipating this is going up slow and steady. Got stopped out after 15 minutes... There isn't much liquidity... shouldn't have entered.

... Or maybe not. It stalled and I decided to exit for now for 5 point loss. As soon as I moved my stop to just below the current price (-5 from entry), price shot down and I was stopped out for -12p ... :doh: I think I should take a break now...

Reviewing it in 1 min chart, I think I moved stop up too tight too quickly. :crap: Thought it was still going up and entered again.

Stop hit. Well, that was fast, but not a bad start.

First target hit, moved up stop to halfway point.

Hi folks, I've been following this thread and so inspired! I really appreciate how much you folks are sharing, and decided to take part in it! I've been trading for about three months mostly with small money, but the trades you will see are demo trades since I'm still learning new tools and strategies. Here's my chart, right after long entry -

Thanks for more inputs. I've decided to NOT decide on one instrument, and keep an open mind. There are things I need to learn (i.e. the big picture) before deciding what I'll be trading in at this point. Again, thanks all.

Thanks for more inputs. I've decided to NOT decide on one instrument, and keep an open mind. There are things I need to learn (i.e. the big picture) before deciding what I'll be trading in at this point. Again, thanks all.

Thanks a lot for your replies. I'll consider it carefully... -zm

Does anyone have any experience with Japanese forex brokers? Some of them seem to very low cost - low spread and NO commision (depending on the volume). On top of it, their minimum starting account is $50 to $100, with leverage of 200x to 500x.

Hello board! I'm a total newbie who just starting learning about trading. I'm thinking to focus on the YM first and study how the market behaves and the business of trading, as the YM (from what I understand) is one of easier markets for beginning traders. But once I get comfortable with it, I'd like to venture out to forex markets, possibly JPY/GBP or JPY/EUR. Here's my question. Are futures and forex markets similar enough so leaning in one and moving to another makes sense? Or are they so different that learning in one and changeing to another is a waste of time, and I should rather start and stick in one area? Thanks for your input.

Slightly changing the topic and now I'm asking about Forex - IB charges minimum of $2.50 per order. They treat modified orders as cancel/new orders so each modified order costs the same. Whereas in Japan, some brokers seem to charge NO commision. On top of it, their spread seem to be very small, maximum leverage is 200-500x, and minimum starting account is abou $50 - $100. I haven't really looked into these brokers, but it seems that it's a lot easier in Japan to start forex trading and keep the cost low. Does anyone have any experience with these brokers? I wonder if they allow overseas traders to have accounts with them?

Ceel, Would you mind sharing how? I thought IB would charge around $4.30 for futures for ex.