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Thread: Exiting the Rat Race

  1. #11
    I have had all now winning transactions, that commerce combined with my scalps so far has me upward 330 pips for the afternoon. I scalped the breakout of the range on the Euro long after which put a short about the retrace a small over T1 and rode down it for 70 or so (2 shorts).

  2. #12
    Quote Originally Posted by ;
    Waiting for a rest of 1.4084 to put another brief, 1.4310 to get a long. It needs to break from this range in order to establish a more thorough direction.
    Rejection of 1.4310. Market remains undecided but if the current fib holds on the 1 minute chart and it breaks 1.4310 that time, then we may have quite the trip long. Maybe all the way to 1.4666 or so (with bumps on the method of course) that the T1 of this longer time frame fib.

    Hovering round the .50 fib about the 1 minute currently.

  3. #13
    Still cant upload charts, so I'll clarify. Traded breakout of tight range resting on 0.382 degree. Placed long above range and brief below (I expected it to go long, but the brief was a scam). It went and another swing shaped within the initial one. Closed trade at T1 of moment fib (4 pips greater than T1 of initial one) to get a pleasant 50 pips.

    Currently negative 38 pips on GBP/JPY trade. Placed long above range, broke out, but retraced. No momentum. I shall leave this one and see what happens. I based it off the one hour chart.

  4. #14
    1. Stay in the rat race. . (maintain ur full time joB)
    2. Work double difficult, in ur new venture trading FX. (read, learn,gain expereince)
    3. Till the steady income from it.
    4. Exit t rat race...


  5. #15
    Quote Originally Posted by ;
    1.Stay in the rat race. . (keep ur full time joB)
    2. Work double hard, in ur new enterprise trading FX. (read, learn,gain expereince)
    3. Till the income.
    4. Exit t rat race...

    I don't currently have a full time job, I do seasonal work, and the season is over, so that I can do total time forex .

    If I fail, then do seasonal work again.

    My plan is to start out trading little positions, as I gain more experience and confidence trade larger positions until the income is such that I can live from it (never over leveraged however).

  6. #16
    Ended up hedging GBP/JPY trade. Closed hedge at -240 if market seemed to go and was at fib level. It did, so I closed the long when it touched 240 so that I broke even on that transaction.

    I had too large of a position on it that I didn't end up scaling.

    Made a couple of pips scalping Euro now, don't know how many exactly. I utilized my Oanda account rather than FXCM and it's harder to calculate pips. FXCM had a spread on Euro today. Usually it's comparable to Oanda, but maybe not now. But, all said and done, I made money again. Used fibs in conjunction with breakouts of tight ranges around the 1 minute chart for entrances and fib 138.2 for exits.

  7. #17
    So what is your commerce up to now?

    How much profit in percent did you earn?

  8. #18
    At this point in my Foreign Exchange business I'm not calculating profit %. I'm trading using lots and my goal for my first month in the business is to be consistently profitable. I have no monetary goal in the beginning. I'm risking an insanely small amount of my funds. As time progresses and I am profitable, I'll improve my position size and start calculating daily % as well as % increase from beginning capital.

    That I don't have any need to risk more capital now, I've enough to get me by without Foreign Exchange, so there is no need. I don't need to make this year for that thing , cash this month, to pay the bills, so why risk it at this stage? I'm taking a careful and egic approach. I'm treating it as a business, not a hobby or get rich quick scheme.

  9. #19
    Hi Jared, nice to see you are doing a good trading!

    I have just a question (interested), from how much time do you trade?

  10. #20
    Quote Originally Posted by ;
    Hello , nice to see you're doing a good trading!

    I've only a question (interested), from how long do you exchange?
    Are you referring to period every day? Depends. As much as possible. Hours every day. The wonderful thing about trading is I will do other things while my transactions are being monitored by me, so it's not boring really.

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