Forex - made 29 pips today

You are right about that, emotions are my greatest enemy, I had tried forex some time back but I let greed get in the way, I lost the whole account. But that was a good lesson. These days I ensure I have my stop lost, and do not hope it to hit the peak, i take 30 pips and place trailing lost, Ieould take minimum 15 pips then. But overall my target is 20pips.

andreas I think many have and many more will, however it is not as though they never recovered and got better, that is the whole point of investing. It is to learn and get better, to a point that it becomes part of you.

Wow, I guess most of successful traders out there have to experience busting their account once or twice before they truly learn their lessons. It is a start, I am also currently taking as much as experience as I can, still losing though. Best of luck for our trades then :D

Thanks it is a good start I hope to do better in the future. I concentrate on eur/usd mostly. For me when I enter a trade I would have decided what is the exit point either to take point or stop lose. I do not stay around and wait for things to happen. It is too tiring I will burn out from trading. I usually set a target of 30 pips and if I am still around to adjust the trade at about 30ps, I set trailing stop. That way I am assured of a 15pips. Usually I set my trade and go about do my things, that way I would not be affected by emotions or over trading .

That is why my style of trading suits me, so I would not get too involved emotionally. There are some people who would stay with their screen to monitor their trade, that would not work for me.

very true, and there is alot of traders out there who never succeed in Forex because their emotions take over once the trade goes against them...

hi iwrite. your figures show the potential of forex trading. no doubt that it is a good industry to go into.

I totally agreed, I did mention it is still early days and I hope to be able to get consistent earning and even if I get $4000 each month, it is still very little on the market. It is worth 3 trillion dollar each day, which is more than 60 trillion each month.

I really need to learn , yes once your consistent you will make some money at the end of the day . You are already on the right track and way advance over people like me .Have a good day

silverfox, 29 pips is actually very little, you have to understand the market is worth more then 3 trillion dollars each day, so there would be moment of about 300 billion pips of standard lot, my 29 pips is really nothing but at the end of the day I am consistent I should be able to make some decent money.

I am not sure, you did mentioned you are interested to learn forex right? What is your progress on your learning of forex trading?

Haha, I am not good enough to teach but if you like to learn together, that should not be an issue. I think I rather no depend on luck but on the system and discipline. That way I would ensure after loses I would still be able to make profit. So far on demo account, it seem to be working that is why I start with a small account.

I am still testing the system, I do not want to get your hopes too high yet micha, but I can pass it to you but do not jump straight into real account. I have done some test that is why I am doing a small account now.

Hi iwrite, what system are you using? I like to try it.

Well don't trust my instinct, trust the system. I am pretty new at this, my instinct have not develop yet, I have follow the system on demo, seem to work well. So now try a little slow, I think i can give update every few days. I hope to be able to trade regularly.

Well perhaps I would be too busy trading then, haha.

thanks elmoko, However it is nothing great, it is just if I am able to maintain this kind of winning then I think I would be able to make decent income. And I do not have to do a lot

SiZidini I am using MT4 platform, I am learning too but if you do not start doing something about it, then all the learning would be wasted. My broker allows me to earn trading credits when I participant in their forum, therefore I do not need to use my own money to trade. Have faith you can make money in forex, but you need to have the discipline, risk management and money management.

That is provide I trade a standard lot. However I am starting small and trading micro lots, so might not sound as impressive that I only made $3, but it is a start for me, I think if I can consistently hit 20-30 pips daily I should be happy.

My concern when you mentioned rally, i believe as long as there is movement you are able to take profit. Remember you can short your trade, and you can still profit from it. You are right greed is our enemy, so is fear, some people do not hold long enough, other hold too long. My take is always have the end point before you start trade. So you need to know what is your exit point, once you enter the trade.

Yes with all that sometimes you get taken by surprise and it happens within seconds..So you need to be alert and be monitoring continuously.It is like stock market,very much news driven..

I am enjoying reading both your post. It just means that one can definitely make money with forex. This motivates me. I'm not really worried about the risk because I am not greedy (well most of the time). If you can consistently earn from forex, even though it is small amount, that's good enough. Even if you lose a bit, it's ok too, it is just part of the learning process. Can you both teach me your methods of earning with forex?

You are right, forex is no easy. From the demo account, I have seen some consistency, that is why I upgraded to trading with real money. But I am starting small. I know it is no big deal given the current situation, however I trying to guard myself against greed. I know I could have got more but I trade with a system and I am happy to get 20 pips per day for half an hour of work. Cheers thanks for the reminder about the dangers of forex, got to keep myself grounded.

Aries1973 are you on some kind of boot camp? it sound a little weird but I would welcome you back when you are done.

bdfreelancer, I am not sure what you mean by the forex dealers would stop you from making money? I usually do at most 3 trades and each trade should not take more than 30 mins of study. each trade is not more that 5% of my account.

Perksshsahni, What you mentioned is true, all forex broker would give you a certain amount of leverage, but it is a double edge sword, if you are a discipline trade then it would benefit you, but if you are not then it could spell trouble, losing more money in the process.