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Mysticforex
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Everything posted by Mysticforex
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One lucky dog.........
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First decide what you want to risk... 1%, 2%, 10%? For the sake of argument let's say you will risk 2%. You mentioned your acct was $200. So, 2% of $200 is $4 Now you say you are trading "Micro" lots which I am assuming is 10 cents a pip. to risk 2%, or $4 Dollars, your stop should be 40 pips. I would be remiss if I did not say don't just assume a 2% risk on every trade. As in let's say, "I don't want to lose more than $4 so I will place my stop 40 pips below. Your stop must be dictated by the chart, a level on the chart where if price goes beyond, you know the trade is not working out the way you had hoped. IMHO I would switch to a broker like Oanda. You can scale your position size to match your risk tolerance, ie: 1 cent a pip, 8 cents a pip $3000 a pip. Since you are just getting your feet wet you would not have to pass on a trade because it exceeds your risk level, just scale your position size to accommodate your risk Hope that made sense. And don't be afraid to ask questions.
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Agree... however, NFP could be a factor, so standing aside for now.
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Bob Green is holding a free webinar today on taxes for traders. You can register here - https://www1.gotomeeting.com/register/297783912 It's late notice but definitely worth the time to stop in an ask a question if you are getting your 2011 taxes ready.
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Holding short till 10480... Monthly Pivot.
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just a quick message with some great free stuff about trading - My friend, Rob just wrapped up the first 23 episodes of The Trader's Podcast and there are some amazing episodes - totally free - ready for you. We talk about: Lust And Trading Being a short-term chart freak Automated trading dangers A movie every trader should watch now And so much more. You can listen here: http://www.traderspodcast.com If the site crashes, here's an alternate link where you can subscribe on iTunes: http://itunes.apple.com/us/podcast/traders-podcast-rob-booker/id490891487
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Learn FX Trading -> Your Forex Work Station.
Mysticforex replied to asiaforexmentor's topic in Forex
Agree with both the above... I am in EST ( GMT -5 ), but get up to trade at 2AM. The rest of the house is sleeping, no distractions. -
Hi Raztom, This could be an interesting thread. I will trade any time frame where I see what I think is a high probability opportunity. This could be 4 hour TF to 30 sec TF. I look at the Weekly and Daily charts, for overall bias, But I don't recall ever having actually taken a trade off them. Edit: Probably should mention I trade only Spot Forex.
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Bloomberg has some interesting tutorials posted: http://www.bloomberg.com/video/forex-trading/
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Gold is a top Australian export and its elevated price means that the total value of exports has risen accordingly. http://http://finance.yahoo.com/news/australian-dollar-strongly-correlated-gold-160000119.html
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@ Onesmith The example Obsidian uses is a good one. I don't know what time frame he is on, but it is the Euro - Swiss Frank, spot forex market. Oanda is the broker, tight spread ( 1.9 pips as I type this ) and no commission. As you can see he is using no indicators. The pair is range bound, He is selling at the top of the range, and buying at the bottom. This is a skill that requires a great deal of time and practice.
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If we break 10596 today, I would be willing to take a short on bounce to 10625. with a S/L @ 10652, and a TP @ 10530 This is based on price action. On the Fundamental side, a lot has to do with bad news rumors, murmers, rumbling about China growth slowing down, and what the RBA is going to do at the next interest rate meeting.
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COSTELLO: I want to talk about the unemployment rate in America. ABBOTT: Good Subject. Terrible Times. It’s 9%. COSTELLO: That many people are out of work? ABBOTT: No, that’s 16%. COSTELLO: You just said 9%. ABBOTT: 9% Unemployed. COSTELLO: Right 9% out of work. ABBOTT: No, that’s 16%. COSTELLO: Okay, so it’s 16% unemployed. ABBOTT: No, that’s 9%… COSTELLO: WAIT A MINUTE. Is it 9% or 16%? ABBOTT: 9% are unemployed. 16% are out of work. COSTELLO: IF you are out of work you are unemployed. ABBOTT: No, you can’t count the “Out of Work” as the unemployed. You have to look for work to be unemployed. COSTELLO: BUT THEY ARE OUT OF WORK!!! ABBOTT: No, you miss my point. COSTELLO: What point? ABBOTT: Someone who doesn’t look for work, can’t be counted with those who look for work. It wouldn’t be fair. COSTELLO: To who? ABBOTT: The unemployed. COSTELLO: But they are ALL out of work. ABBOTT: No, the unemployed are actively looking for work… Those who are out of work stopped looking. They gave up. And, if you give up, you are no longer in the ranks of the unemployed. COSTELLO: So if you’re off the unemployment roles, that would count as less unemployment? ABBOTT: Unemployment would go down. Absolutely! COSTELLO: The unemployment just goes down because you don’t look for work? ABBOTT: Absolutely it goes down. That’s how you get to 9%. Otherwise, it would be 16%. You don’t want to read about 16% unemployment do ya? COSTELLO: That would be frightening. ABBOTT: Absolutely. COSTELLO: Wait, I got a question for you. That means they’re two ways to bring down the unemployment number? ABBOTT: Two ways is correct. COSTELLO: Unemployment can go down if someone gets a job? ABBOTT: Correct. COSTELLO: And unemployment can also go down if you stop looking for a job? ABBOTT: Bingo. COSTELLO: So there are two ways to bring unemployment down, and the easier of the two is to just stop looking for work. ABBOTT: Now you’re thinking like an economist. COSTELLO: I don’t even know what the hell I just said! And now you know why Obama’s unemployment figures are improving! Reply With Quote
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Looks like markoda has fallen by the wayside.
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Ideas for Building Your Personal Trading Journal
Mysticforex replied to TimRacette's topic in Trading
Great entry Tim, I would also like to add, inadequate Capitalization. -
Great Piece Tim. Thanks.
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Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Welcome to Traderslaboratory Marty! You will find many helpful folks here, don't hesitate to ask questions. BTW...What do you trade ? -
I think the contest will have started by the next update, therefore I will not be able to validate you in time.... I Think, am not sure.
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05/31/2011 06:57 EDT: http://img848.imageshack.us/img848/4425/o31.png' alt='o31.png'> Uploaded with ImageShack.us[/img]
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Checked just this moment, don't see you: ' alt='73334404.png]'> Uploaded with ImageShack.us[/img]
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Final results for May Contest: http://img862.imageshack.us/img862/1516/531.png' alt='531.png'> Uploaded with ImageShack.us[/img] Congratulations to Optiontimer !! There have been no additional entries for the June contest other than Optiontimer and myself, so, I guess there is no interest.
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Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Welcome Qdiddy, The best way is to jump right in. -
Introduce Yourself Here - Don't Be Shy!!
Mysticforex replied to trading4life's topic in Beginners Forum
Welcome to Traderslaboratory Chartist Lion !!! -
05/28/2011 06:22 EDT: http://img641.imageshack.us/img641/3300/c28.png' alt='c28.png'> Uploaded with ImageShack.us[/img]
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05/27/2011 07:10 EDT: http://img849.imageshack.us/img849/3613/o27.png' alt='o27.png'> Uploaded with ImageShack.us[/img]