Jay helping out newbies
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Thread: Jay helping out newbies

  1. #1
    With this thread, I will answer to the best of my skills questions from newcomers and seasoned traders alike.

    No, I don't always get it right. However, I get it.

    I have gone through the highs, the lows, the nail chewing moments and while it has not happened, once came really close for a margin call. I got the scars and bruises. I get roughed up sometimes.

    Enjoy your portfolio and I will give yours just as much Tender Loving Care as possible.

  2. #2
    91212Hey Jay, have you got some reccomendations on where I could learn more as a new person in the Currency Market world? Im young, but eager to learn. Any books, sites, or some other items that assisted you, or you think would help me become a better trader?

    Thank you with this thread too.

  3. #3
    91212
    Quote Originally Posted by ;
    Hey Jay, do you have some personal reccomendations on which I could find out more as a new individual from the Foreign Exchange market? Im young, but im willing to learn. Any books, sites, or some other things that assisted you, or you believe might help me become a better trader?

    Thank you for this thread too.
    Buy a replica of two books.

    Currency trading for dummies. Sounds weird that I urge a for dummies book but that I have a copy and that I still refer to it.

    The other one is Trading in the Zone by Mark Douglas. It speaks a lot about the plogy of trading.

    Babypips.com has and still is helping. I lurk there but do not participate to the discussion board.

    Also look up dailypfennig.com and sign around Chuck Butler's complimentary newsletter.

  4. #4
    91212
    Quote Originally Posted by ;
    miss on a few pips because it's a later entrance. But it's also a safer entrance.
    Thanks for this thread.
    With Daily TF, what precisely you look for, in confirmation of change of trend. Is now is worthy of your attention. I am curious of these methodologies used by you. If too specialized It is possible to ignore.

  5. #5
    91212
    Quote Originally Posted by ;
    Thanks for this thread.
    With Daily TF, what exactly you search for, in affirmation of change of trend. Is today is worthy of your attention. I am curious of the methodologies used by you. If overly technical It is possible to ignore.
    Simply put, no, it is not worthy of my attention today.

    Http://img820.imageshack.us/img820/8...21111at101.png

    Because of why, the image here is today's EURJPY chart on the Daily TF. The stuff there is an Ichimoku study.

    Tenkan-Sen = Blue Line

    Kijun-Sen = Red Line

    Chikou Span = Cyan

    And also to simplify the matter, the cloud or Kumo (which coincidentally, is Japanese for cloud).

    There's 2 ways this trade could be entered.

    1- On November 6th when the Tenkan-Sen and Kijun-Sen crossed. Was a candle on such day.

    2- Wait until the Chikou Span goes under the kumo.

    The first option has more pips however potentially riskier to have the trade move against you. The second option is potentially safer but offers less money. That's when it will become a personal decision on what you are familiar with.

  6. #6
    91212
    Quote Originally Posted by ;
    The primary choice has more pips but possibly riskier to have the transaction move . The second solution is possibly safer but offers less money. That's when it will become a decision on which you are familiar with.
    Thanks for comprehensive reply.
    Can you ever refer to reduced TFs such as H4 to fine tune your own entries?

  7. #7
    91212
    Quote Originally Posted by ;
    Thank you for detailed reply.
    Do you ever refer to reduced TFs like H4 to fine tune your entries?
    Sometimes yes. However, I spend large amounts of time away from the pc and I do not, if I do not have enough time. I wish that I could.

    One thing that I forgot to mention, EURUSD is a fantastic example of a short entry that I did. There was a cross and that I went short but required just half of the place waiting to be under the kumo before adding into the place.

    Http://img440.imageshack.us/img440/1...21111at110.png

    Soon, if all goes as planned, I will be adding to this place.

  8. #8
    91212
    Quote Originally Posted by ;
    Hi Suraj. Sorry about your account.

    What type of system do you wish to develop? What trading style are you comfortable with? Do you want do you want to be trading long term?

    Additionally, a $100 account is not a lot of cash. Are you currently using this only to learn? Have you ever considered investing in a demo account rather?

    What systems interest you and is something I would really need to know to assist you better.
    Thanks for your answer,

    I wish to practice first instead of a demo account that I would like to start a'penny' account with a broker which will convert my $10 to as though I am trading $1000.

    I would like to kindof day trade, but trade lasting 1-2 times will also do.
    I dont need to perform scalping and trade in very compact timeframe nor I will have the ability to await a trade which runs for 2-3 weeks so somewhere in between.

    Like each trade with 40-60pips profit target and stoploss 20-30.

    Actually I found stochastic to be an excellent thing but can you indicate evn more good indiors.

    Please supply some key points or key components of my trading plan.

    thanks!

    A system

  9. #9
    91212
    Quote Originally Posted by ;
    thanks for your reply,

    I wish to practice first so instead of a demo account I wish to start a'penny' account with a broker which will convert my $10 to like I am trading $1000.

    I would like to kindof day trade, but trade lasting 1-2 days can also perform.
    I dont need to perform scalping and trade in very small timeframe nor I'll be able to await a trade which runs for 2-3 weeks so somewhere in between.

    Like every trade with 40-60pips profit target and stoploss 20-30.

    Really I discovered stochastic to be an excellent thing but can you indicate evn...
    My transactions do operate for months at a time. Maybe I'm not the individual to answer that question.

    I would still suggest a demo account for your first couple of months so that you may experiment with stochastic as well as other indiors. I mentioned that I use that too as Ichimoku.

  10. #10
    91212
    Quote Originally Posted by ;
    My transactions do run for months at a time. Maybe I'm not the person to answer that query.

    I'd still suggest a demo account for the first couple of months so you can experiment with stochastic as well as some other indiors. I already mentioned that I use that too as Ichimoku.
    Thanks to assistance I will update about my account to you if I get sum successs using it.

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