PMT Forum
How do you want to make money today?

Newbie Guide to Forex Trading

Archangel · 834 · 195974

WannaBe

  • Forum Tambay 150
  • ***
    • Posts: 153
    • Likes Received: +0/-0
Reply #15 on: Jul 12, 2008, 01:58 PM
Archangel,

Scalping for 3 hours a day trying to get as many little pips(8,10,12) that i can, tapos tntry ko rin magpigil and doing a long term positioning open a certain position and set a target profit of about 50 to 60 pips pero kadalasan nattempt ako iclose at mid pa lang.. Hehe pero i will learn to do that slowly.. :) You are really a discipline trader.. Oks yan, babypips and Pro traders also suggest to do a 2 to 3 months demo before going live..


Archangel

  • Probie
  • **
    • Posts: 15
    • Likes Received: +0/-0
Reply #16 on: Jul 12, 2008, 02:17 PM
WannaBe,

Ang ganda ng trading style mo. May mababasa ka sa net na hindi daw maganda ang scalping. Pero kong icocompare mo sa other market like stocks, ilang pips lang naman ang movement per day ng mga yun, pero maraming nagtratrade dun.

Gusto kong mapag-aralan ang high probability trading. I think scalping is one of it. What if you can create a high accuracy trading model targetting only small pips? Let's say 10 pips. If you have confidence on it and if it is really highly accurate, the next step is to increase the size of your lots. For example: 1 trade with 1 lot and a profit of 50 pips would be equal to 1 trade with 5 lots and profit objective of only 10 pips.
« Last Edit: Jul 12, 2008, 02:19 PM by Archangel »


WannaBe

  • Forum Tambay 150
  • ***
    • Posts: 153
    • Likes Received: +0/-0
Reply #17 on: Jul 12, 2008, 04:20 PM
Archangel,

Hindi naman din ganun kaganda, basta mameet ko lang 50 pips a day stop na ko, its risky kasi 4 to 5 times ko inexpose sarili ko sa risk versus sa 1 time 50 pips movement na target.. Actually tinotolerate naman ng ibang broker ang scalping pero may minimum time allowed bago mo dapat iclose, sa marketiva dapat atleast 5 mins open yung position mo bago mo sya close, para nde sya mabilang sa count ng scalping.. 0:01 to 4:59 - scalping, 5:00 - up - not scalping.. Sa rules nila pag naka 5 scalping trades ka within 4 hours, suspended account mo ng 1 week..

Actually ganun gngwa ko, nilalakihan ko qty ng trade ko, pero malaki rin risk involved pag nag breakout against sa position mo.. Kaya hinihintay ko talaga na mag ranging yung market para sakay lang ako sa support and resistance..


Archangel

  • Probie
  • **
    • Posts: 15
    • Likes Received: +0/-0
Reply #18 on: Jul 12, 2008, 05:01 PM
WannaBe,

Yun ang isang weakness of trading breakouts, ung mga false breakout. Kaya dapat gumamit ng filters.


WannaBe

  • Forum Tambay 150
  • ***
    • Posts: 153
    • Likes Received: +0/-0
Reply #19 on: Jul 12, 2008, 06:08 PM
Archangel,

Ano yung filters?


Archangel

  • Probie
  • **
    • Posts: 15
    • Likes Received: +0/-0
Reply #20 on: Jul 12, 2008, 06:39 PM
WannaBe,

In order to get a higher probability that the breakout (or current move) will not reverse (false breakout) you can use a technical indicator, or observe the candlestick pattern or the price action.
« Last Edit: Jul 12, 2008, 06:40 PM by Archangel »


beast_master

  • Guest
Reply #21 on: Jul 12, 2008, 08:32 PM



What possible paths can you take to become a successful trader?



Hi guys,

Sali ako sa discussion nyo ha.  I just wanted to share a simple advice that I always tell my fellow traders for old ones and new ones.  It is this:


Make 1000 trades on your demo using the indicators or the method you prefer over and over again.


It does'nt matter if you make pips on your demo trades, just trade.  The purpose of which is to train your eyes on how the price action takes place. Trade on any setups.  You will know what I mean once you have seen enough of the price movements. Spend a lot of time looking at the charts.  It's the only way to understand all the theories, application, indicators and patterns discussed in so many sites available here in the internet.


Good luck on your trading!


Archangel

  • Probie
  • **
    • Posts: 15
    • Likes Received: +0/-0
Reply #22 on: Jul 12, 2008, 09:14 PM
beast_master,

Thank you for that insightful advice. I hope that you would lend us a bit of your time to participate in our discussion and give us more of those priceless advice.

I would assume that you demo traded first before you started trading live. What would be a practical gauge to know when you are ready to trade with a real account?


beast_master

  • Guest
Reply #23 on: Jul 12, 2008, 09:30 PM

beast_master,

Thank you for that insightful advice. I hope that you would lend us a bit of your time to participate in our discussion and give us more of those priceless advice.

I would assume that you demo traded first before you started trading live. What would be a practical gauge to know when you are ready to trade with a real account?



Yup I did demo trade, and gasgas na gasgas yung demo account ko. Somebody wise enough and profitable enough once told that to me.  And it is probably the best advice I could also share with aspiring traders.

To tell you honestly, I dont have any idea how to know if you will really be a profitable trader after your demo trading period.  I know of somebody who was really good with demo trading but failed miserably with live trading.  Sad to say he never traded again.  I know of someone who dont even know how a MACD worked and sucked with demo trading. But after a  few months of trying, he's doing ok now. We'll never know actually.

I did good with my demo trades before, and yet I got margin called with my account on my first month.  So when you think you are ready, just go ahead. Make those trades. Make mistakes but keep your mistakes "affordable".  Stick to your method and you will do fine.


rael

  • Forum Expert 600
  • ****
    • Posts: 621
    • Likes Received: +0/-0
Reply #24 on: Jul 13, 2008, 11:13 PM
« Last Edit: Jul 13, 2008, 11:15 PM by rael »


Archangel

  • Probie
  • **
    • Posts: 15
    • Likes Received: +0/-0
Reply #25 on: Jul 14, 2008, 08:36 PM
To beast_master and rael, thank you for the great advice. I hope that the aspiring traders such as myself who will visit this thread would take your advice and benefit from them.

To those aspiring traders, feel free to post your ideas and questions in this thread since it seems that we have wise traders regularly joining in the discussion.

Talking about mistakes and emotions. Which do you guys think are the biggest mistakes that traders can make that can keep them from being successful. Or can you share such things that you are experiencing now?

For me it seems that I doubt my decisions which keeps me out of profitable trades. That's why beast_master's advice is valuable to me.
« Last Edit: Jul 14, 2008, 11:24 PM by Archangel »


ferrariEverest

  • VIP 5500
  • *****
    • Posts: 5,593
    • Likes Received: +4/-0
Reply #26 on: Jul 14, 2008, 11:58 PM
As i think it's relevant, i copied this(my post) from another thread:
www.pinoymoneytalk.com/forum/index.php?topic=13694.new#new (All About Trading Psychology)

i hope newbies will learn a lot & be sure to take these insights into consideration

-----------------
At the top of my head, andami ko naiisip sabihin. But i'm currently in a trade, so maybe a few points would suffice for now.....Please note that these are my personal thoughts & experiences..

--Forex trading is risky, whatever/whichever way we look at it. I believe only a few handful of people are really destined to survive & succeed trading. This is primarily because of personality & psychology -- the main topic of this thread. Having said that, in general, ANYTHING that involves risk can be worked around, minimized, or even controlled, by way of having some essential traits necessary, like FOCUS, DISCIPLINE, PERSEVARANCE, DETERMINATION, PASSION, & HAVING A PLAN.

--In FX trading, PERSONALITY & (Personal & MASS) PSYCHOLOGY are VERY VERY important & influential. The way you & i trade tells huge sums of info about how we think & what's in our mind, conscious & subconscious. It's no different from playing Cashflow (a financial literacy/accounting board game somewhat similar to Monopoly, to those unfamiliar with it) or picking a college course or set of friends ("friends of the same feather flock together").

-- SOME people thrive WELL in the midst risk &/or fear (opposite of risk-averse/fearful people w/c should avoid trading OR AT LEAST take time to practice). Some people, like me, have an aggressive & adventurous personality, & it works for me MOST --not ALL-- of the time.

--IT's a must that you know yourself well, your personality, your Learning curve, trade strategy/-ies, trade goals etc. Like i said, not everyone is fit to be a Trader (Forex, stocks, options, etc..). If we all were, then wala nang empleyado at lahat puro milyonaryo na dba?  hihi

--Turn a CRISIS into an OPPORTUNITY -- learn to take something negative & turn it into a POSITIVE. This applies to LIFE IN GENERAL as well. I am one of those who had a money in the early forex scams of this decade. Primarily, i succumbed to it because of lack of due diligence (i was about 21/22y.o. then, young, confident,VERY aggressive, VERY idealistic, & IGNORANT of what adult/real estate people call as DUE DILIGENCE, a term i learned about months afterwards). The money was my MOM's. Since Forex is electronic & our GOV'T AGENCIES SUCKS, i know the money is EXTREMELY UNRECOVERABLE. But GUESS WHAT?Confused FOR SURE ALL U FOLKS WOULD BE VEYR VERY SURPRISED that I AM NOT OH-SO UNHAPPY & REGRETFUL, because I KNOW, if i LEARN ENOUGH, PRACTICE & FOCUS HARD, DO NOT QUIT, & eventually succeed in FX Trading, i KNOW & DAMN SURE that i can PAY My mom (I have treated the "LOSS" money as my UTANG to my Mom) in the Future & still earn more than what i loss. I turned this CRISIS into AN OPPORTUNITY, A MOTIVATION for me to STRIVE HARDER, DO better in Trading, & never quit UNTIL i SUCCEED.
I shared my story so beginning traders won't make the same mistake.

--Depending on your learning curve & available time (some trade part-time, have a job, etc), demo trade for 3-6months OR until you are confident enough to trade real money.

--FEAR & GREED are two sets of "crowds" that sometimes/many times frequent the markets. Let us take advantage of them & NOT BE part of them. Mahirap maging kabarkada si FEAR & GREED, delikado: it's either you LOSE A LOT or u PROFIT LESS because of fear/greed.

--Scared money never wins. AS MUCH AS POSSIBLE, Trade only with Money THAT U CAN Afford to LOSE. Don't trade w/ your daughter's College tuition fund, money for your mortgage, etc... Mahirap magtrade pag ang ginagamit mong pera ay pangkain mo or budget mo pala for the family for this/next month..   hihi

--Prepare yourself for LOSSES in the way. They are part of trading.Be sure to manage your losses. If u are having a string of trade losses, TAKE A BREAK. Avoid REVENGE TRADES -- trades wherein u try to "make BAWI" of your recent losses. hahahaha =)

--IF there's a will, there's a way
--Try  try until u succeed.
--Never QUIT. QUITTERS & WHINERS never win. SUCCESS is the only thing that awaits a person who never quits. Pano ka nga naman matatalo kung dka hihinto sa ginagawa mo??!

Bear these in mind, please, all those starting their own Forex journey & to those who are already on their way....  Applause


ajik

  • Forum Expert 500
  • ****
    • Posts: 531
    • Likes Received: +0/-0
Reply #27 on: Aug 21, 2008, 07:47 PM
It's always wise to learn from the experiences of others. Ika nga e, papunta pa lang kami, pabalik na kayo!

Maraming Salamat ferrariEverest for the re-post. I may not have gone through all the other threads. Matindi ang epekto ng Forex Trading sa emotions. hehe ;p

(disclaimer: Newbie experience post)

Earlier at 4:20pm (Manila) the GBP/USD had an outrageous one-time 18 pip increase! I was there at etoro practice account, earned me a lot! split seconds! I had an inkling already, followed that & closed the trade (etoro marathon by the way). It was a HIGH!

BUT the inexperienced myself invited the deceiver GREED. Within split seconds also after closing, fueled by GREED to grab a supposed opportunity (to make up for the past losses), frenziedly opened another trade (Ambilis ng reflexes ko!) only to find out, it was on its way down! in seconds, profits all gone.

What abnormally went up, abnormally went down as well.
1.) Bad reEntry (frenzied), 2.) lack of discipline (knowing when to stop & be satisfied), 3.) it was luck, but could've been reinforced by willful thinking! sayang. I was at a LOW for a few minutes.
It was a total downer.

I finally decided not to cry over spilled milk. Shook it off and stepped up. Guess I'm back to being small time (as if I had really been big time). Baby steps ulit ako. Which could be wiser in many ways.

I have only been Forex demo for 1 1/2 weeks. Im reading babypips, kinder pa lang ata ako. but i practice trade at the same time, read tips, and look at charts, take dips into the trade from time to time, nakakaadik e.

etoro dangerously makes it look like a video game. The interface is user-friendly esp for newbies like me. I want to read up first, learn & learn more before I officially use my IBFx Trader 4 demo account. I want to take practice accounts seriously, as if it were my own money, so I will not trade in reckless abandon (that would make it gambling, not trading). (Napansin ko din kasi, andami kong nasasayang sa market spread! asar! sa history tab pa naman ndi pinapakita yung losses due to spread).

Finally, From this profound experience of 4-5minutes, I learned a lot about myself. Practice pa lang yun ah, pano kaya kung tunay na pera na? The pressure will be entirely different, and probably, FEAR would pose as "bestfriend" this time. The practice is giving me a tempering experience on personal discipline (reading up, learning, having a strategy, hedging techniques, etc.), patience (self-control, ibang klase ang bugso ng damdamin), and good judgement (patterns, trends, entering & exiting).

NO plans of quitting sir. I like this already, kahit ba sabihin na 5% lang ang nagtatagumpay sa tunay na buhay. The meaning of success varies from person to person. Well, at the end of the day, you win some, you lose some, guess that's how life works. Forex seems chaotic, very unpredictable at times, but it doesn't mean it doesn't have a pattern from time to time, after all, your little 5-min to an hour trades are part of a bigger picture. There is a way then, to cut losses, to maximize profits and to win a lot. that's a nice thought.

« Last Edit: Aug 21, 2008, 07:53 PM by ajik »


rael

  • Forum Expert 600
  • ****
    • Posts: 621
    • Likes Received: +0/-0
Reply #28 on: Aug 23, 2008, 12:59 AM
@ajik, you're taking the lessons well... marami pa yan...

there will come a time that you'd think you've found the holy grail, that you can outsmart the market all the time, only to find yourself being humbled by it... again.

the question is, when you've reached the stage when you've found your style and a consistent system, do you still have the money to play this game or is your account blown? :watchuthink:


Swingerswagger

  • Guest
Reply #29 on: Aug 25, 2008, 10:19 AM
Guys what I recommend if you are starting out forex is to open a micro account. The risks are a lot smaller coz 10pips is only equals 1 dollar. You can put big stops in all your positions and risking very little. You can trade a lot more lots on in if you want to simulate a mini account.  :boxing:


 


PMT Shoutbox

Refresh History
  • Post only questions or comments here. Advertisements NOT ALLOWED.
  • edzlpdac: goood day po sa lahat!
    Oct 12, 2019, 03:37 PM
  • bpc85: ask lng sana ako kung may makukuha ba kami ng Mama ko at ako or mga kapatid ko sa benepisyo ng aming Ama bilang membro ng AFPSLAI. thank you po.
    Sep 27, 2019, 12:52 PM
  • bpc85: Hi guys, im new here,.
    Sep 27, 2019, 12:52 PM
  • Anaperdi: Hi just want to know if meron dito who is into boundary hulog ng motorcycle? For mga riders ng courier. Pwede ba magpashare how it works? Naisip ko lang baka pwede ko ibusiness, meron na pala mga posts online pero di pa clear ang system sa akin. thank  you sa makakapansin
    Sep 21, 2019, 11:32 AM
  • Anaperdi: Hi newbie here..
    Sep 21, 2019, 11:19 AM
  • jprios: May contact ba kayo kung sakali?
    Sep 18, 2019, 06:11 PM
  • jprios: Sino pwedeng mahiraman dito?
    Sep 18, 2019, 06:09 PM
  • kfg52: Present!
    Sep 15, 2019, 07:26 PM
  • juju31: san po ba may nag papahiram dito
    Sep 14, 2019, 07:18 PM
  • juju31: hello
    Sep 14, 2019, 07:18 PM
  • FutureGizmo: Thanks julz! Medyo ganun nga trabaho namin ngayon, to monitor spam posts kasi ang daming spam bots. But thanks for reporting. Auto-ban agad ang spammers sa amin haha
    Sep 07, 2019, 12:17 PM
  • julz: @FutureGizmo si @nikkikv18 just posted more than 10 posts about porn sites. hay, spam.
    Sep 03, 2019, 01:05 PM
  • Cid_brent: sino po dyan pwede magbigay send ng paypal funds and I will pay you using gcash?
    Aug 25, 2019, 08:58 PM
  • Meghan91811: Sino po may alam about Rice Farming...
    Aug 25, 2019, 07:44 AM
  • roselove: hello po sa inyo... newbie here
    Aug 06, 2019, 03:31 PM
  • Niel Jhacoubs: Sino palaging active dito?
    Jul 30, 2019, 04:15 PM
  • dagocjasonrey: Anong update dito?
    Jul 22, 2019, 08:49 PM
  • mark_Lee: anong bago dito
    Jun 28, 2019, 01:03 AM
  • mark_Lee: balita
    Jun 28, 2019, 01:03 AM
  • Lovelyprincess72: hi everyone , I'm newbie here
    Jun 27, 2019, 02:36 PM
  • Niel Jhacoubs: Musta?
    Jun 26, 2019, 01:43 PM
  • Forexanalysis: Hello
    Jun 25, 2019, 06:33 PM
  • Niel Jhacoubs: Hello sa mga online jan! :)
    Jun 15, 2019, 02:58 PM
  • oragon: :applause:
    May 20, 2019, 03:53 PM
  • FutureGizmo: Thank you for reporting those spam posts, oragon! Spam posts now deleted.
    May 20, 2019, 01:59 PM
  • oragon: Admin kindly monitor some peps! posting and sharing inappropriate nude photos and website links
    May 20, 2019, 01:52 PM
  • @culinary10: Hello I am new here! Regarding sa bdo life insurance for 8 years, pwede pa kaya ma refund yung binayad ko na 50k last year? Gusto ko sana icancel kasi lack of financial na, last may 15 2018 po un nag start ako ng life insurance, pinili ko annually kaso etong may 15 2019 wala nako ma ipay so gusto ko sana icash out, may alam ba kayo kung pano marerefund?
    May 17, 2019, 07:56 PM
  • FutureGizmo: Hi Sonny, the posting issue is now resolved. Thanks for informing us! We're currently testing a new, mobile-ready theme so let us us know kung may problema pa sa Forum. :)
    Apr 04, 2019, 10:40 AM
  • sonny.wapak: Nakaka receive din ba kayo nito pag gawa ng new post? "Please try again. If you come back to this error screen, report the error to an administrator."
    Apr 03, 2019, 10:56 PM
  • leonine_zafiro: what product nun?
    Apr 01, 2019, 10:25 PM
  • dhondiex27: hi
    Mar 30, 2019, 10:55 PM
  • lusart: jayrob i agree 200%. hulog ng langit organico. legit na legit
    Mar 29, 2019, 09:08 AM
  • palemelch: Hi
    Mar 28, 2019, 04:08 PM
  • O.C.W._AK: Magandang Araw sa Lahat! Blessings! (",)
    Mar 28, 2019, 08:42 AM
  • thor15: hello everyone, newbie here
    Mar 25, 2019, 01:47 AM
  • captjaylo: present newbie here
    Mar 22, 2019, 10:06 AM
  • balboagilbert26: hello Guys .. Newbie here
    Mar 21, 2019, 10:55 PM
  • businesswoman2019: @jefsanity nag inquire na po ako pero di sila nagdidisclose. Yung branch po kasi na target ko, currently building pa.
    Mar 21, 2019, 04:27 PM
  • jefsanity: @businesswoman2019, much better inquire ka na lang sa admin nila.
    Mar 21, 2019, 01:51 PM
  • businesswoman2019: Hello! Any idea how much ang stall sa waltermart. 2m x 2m
    Mar 21, 2019, 08:28 AM
  • John Neil: Looking for an accredited iron foundry
    Mar 17, 2019, 03:19 PM
  • jayrob: Mark_Lee ung organico legit po yan..  Member din AQ..
    Mar 17, 2019, 12:57 AM
  • perlymelad: Hello po! Need advice, why my new MLM leaders failing?
    Mar 14, 2019, 08:51 PM
  • perlymelad: Present
    Mar 12, 2019, 07:53 PM
  • kennethmauricio: Hi saan po dito pwede mag post ng for sale properties?
    Mar 11, 2019, 07:58 PM
  • jefsanity: @mark_lee isipin mo anu passion mo at skills mo...
    Mar 11, 2019, 06:52 PM
  • sniperaj09: BAGO LANG
    Mar 10, 2019, 11:16 AM
  • mark_Lee: magandang investnent ngayon sa 30k suggest naman keo mga boss
    Mar 10, 2019, 03:07 AM
  • perlymelad: E-BOOK PO SIR @JEFSANITY
    Mar 09, 2019, 05:40 PM
  • perlymelad: @jefsanity Good Morning Po
    Mar 09, 2019, 05:39 PM