Day Traders - Forex Market

[TriniVdub]

did so much reading and research on this eh MG, now its just to take that initial step to actually start trading using real money instead.

[MG Man]

yup
MTI has one thing spot on.........learning to trade without emotion is the hardest thing to do
Especially when you enter a trade and it takes off in your favour
I set my goal at 20 pips a day
Sometimes I enter a trade almost sure it will rally well over that.............and fighting the temptation to stay in a trade is the hardest thing...........
And when you are in a losing trade, sometimes the hardest thing is to fight the urge to chase the market emotionally to make it back.................

[TriniVdub]

quite true, at the beginning when I first started using the demo account and the trade wasn't going in my favor I left it overnight hoping it would rally again. Soon learned thats not always the case.

Learned a lot from just demo trading but I still feel i have a bit more to learn rather than rushing into the trading thinking "easy money," then end up having to come home by you to wash car in order to recover my finances

[SMc]

Just read the entire thread..good read and excellent work MG!!

I was looking to do somthing (home/web-based) to suppliment my sheit wage and will look into this a bit further.

Oh one other question (MG might know)..the MTI charts etc, was that included in the package or is there a subscription for them. I looked at the UK website for MTI and the info is not that great .

[Skanky]

yup
learning to trade without emotion is the hardest thing to do

Quite true.It makes no sense sitting there and watching something you cannot control so it's best to just leave it to play out.
One good way to trade without emotions is to develop a trading plan and stick to it which is like a routine checklist of things which must be ticked off before you enter a trade including your stop and limit.Once your criteria are met you enter the trade then just walk away and let the market do it's thing and either you get stopped out or your limit is hit and there is no emotional involvement.

[MG Man]

correct
plan your trade, trade your plan

[Apollo Trinidad]

how is this going for you MG?

[TriniVdub]

^^^^d man jus buy ah 120y so yuh done know he bankin

[SNIPER 3000]

...........................

[MG Man]

how is this going for you MG?

good so far
been hitting my daily target consistently
honestly, the hardest part is to quit while you're ahead
the temptation to stay in a trade is the worst
took a while to get over that

[Redman]

^^^^d man jus buy ah 120y so yuh done know he bankin

Allyuh killing me yes.

MG has taken this thing to the hilt-he seems(based on his posting) to have the discipline and drive to do this Long Term.
Very few people do.
Kudos to him

Its important to remember why you are doing this-money is a tool to get what you want or where you want to be.
The markets are not a printing machine that youve discovered Its a zero sum game and at some point you will take a hit - EVERYBODY DOES.
Take money out along the way- make a down payment on a house,a 120y what ever is important to you.
Its not what you make-its what you keep.

Later

[MG Man]

as usual, great insight Redman

[Skanky]

MG what's your win rate like and how often/(on average) how many trades do you make per week?
You seem to be doing pretty well so I am wondering what your stats are like.

[MG Man]

PM sent
keep in mind I dont expect to spend anything till maybe middle of next year
right now I just accumulating capital and a personal goal of a year's salary before I start spending money

[eyephone]

So much stuff to learn bout all this. Are the MTI videos any good? A co-worker thinking bout getting them.

[MG Man]

if you totally clueless like I was (and still mostly am), I would say yeah
For me personally, they gave me the best introduction to forex and got me started
I looked at youtube vids etc but unless you have some background info, they not overly useful
Plus MTI givin free workshops once a month to clients, which is good imo

[SMc]

no info for me?

[MG Man]

sorry man
the charting software is on a subscription basis
u ger 2 months of it free when u buy the education so u can start demo trading

[SMc]

cool...I was wonderin because across her its about £3000 for the home traing module and £150/month for the charting software subscription. and if thats the case I would have have to think twice about doing it

[MG Man]

thing is, US$150 is nothing to pay when u sytart trading
BUT....................

IS EVERYBODY LISTENING???????????????????

I recently opened a trading account with a broker called FXCM out of the UK
And their trading platform has very similar charts to MIT's charts, and it's FREE
It's integrated into their trading software
All you guys who serious about it should check it out

[eyephone]

if you totally clueless like I was (and still mostly am), I would say yeah
For me personally, they gave me the best introduction to forex and got me started
I looked at youtube vids etc but unless you have some background info, they not overly useful
Plus MTI givin free workshops once a month to clients, which is good imo

Sweet. Thanks. You're my hero.

[MG Man]

lol no scene
once we have a lil community going here, we can all grow
esp with Redman's wisdom

[Redman]

Mg you gunning for the 40000 prize?

Since nobody following GOLD is hitting new highs and life is good

And the juniors are running













of course Im getting meh arse handed to me on the short market position -that will expire worthless.
mudddacnunt




Later

[MG Man]

lol
I know I can trade precious metals and crude but I want to focus on forex a lil bit more before I start to diversify
I know some of the MTI fellas already doin it, but they have a few years on me

[Redman]

Same game MG just different triggers if you will.

Diversify-someday the forex market might become hard to trade-and you will have to adapt.
Paper trade from now-you might see correlations that help in the forex.

Later

[MG Man]

thanks
I will take your advice and start to demo

[MG Man]

btw guys: this is what I looking for in the London session tonight: waiting for the AUD, EURO and NZD to rally, possibly the CAD as well, as it retraces on the 4 hour chart..............
It's a good bet that the AUD, EURO and NZD will all move together, with maybe a 30-60 min lag in between.............either way, 3-4-1 special
Just make sure and wait for a CLEAR entry signal on the 4 hour charts b4 drilling down to the shorter time frames............NZD looks like it scored a strong point over the previous high on the 4 hour........waiting if it will bounce on past resistance and rally again...........

Any of you guys wanna share your analysis?

[Team Loco]

agreed^^

the aud/usd seems to be a continuous bullish trend, if you are a long term trader.

my stratergy this week- the cash register. opening a demo account right now with FXCM. going back to the basics

[MG Man]

if any of you guys awake, there is a fundamental at 8:15
if it gives a strong US market indicator, expect the euro, AUD and NZD, maybe GBP to fall
euro and aud already giving sell signals
check it out

[MG Man]

ok that's it..................I out for the week
market making no sense whatsoever
took a hit last night on the GBP on a trade that should have worked out
So I think I gonna sit out the week till after nonfarm payroll is released on friday