Well done cb25,I can't tell you how much it I love to hear of...

Well done cb25,

I can't tell you how much it I love to hear of others achieving in forex, especially as it is not a market that a person can lie to people to get ahead, i.e. shares.

Keep up the good work, let me know how you progress. :)

Pretend3R,
As i've discussed with others you need to define your own strategy, look at the long term. Read heaps of charting books and keep up to date with the news...and most importantly, practice practice practice on a demo account before live trading!!!

Just for your own informaton on my trading last nite, it was a bit of a fight for me, i went against some of my rules to increase the size of my position without taking into account the margin well enough. This was a big mistake for me. It's another rule I need to be more aggresive at to ensure I don't have positions closed out on margin.


My trades for the nite are as follows:

Order 1:
Lots: 1
Short: .8294
Close: .8331
Profit: -37 - closed, bad entry

Order 2:
Lots: 1
Short: .8241
Close: .8105
Profit: 136

Order 3:
Lots: 1
Short: .8208
Close: .8104
Profit: 104

Order 4:
Lots: 2
Short: .8181
Close: .8218
Profit: -37 x 2 = -74 - margin call


Order 5:
Lots: 2
Short: .8172
Close: .8225
Profit: -53 x 2 = -106 - margin call

Order 6:
Lots: 2
Short: .8200
Close: .8103
Profit: 97 x 2 = 194

Order 7:
Lots: 2
Short: .8171
Close: .8255
Profit: -84 x 2 = -168 - stop loss


Total:
LotsTraded: 11
Lost pips: -385
Won pips: 434
Profit: 49 pips

Hyperthetical count due to margin and bad entry:
- Close at minimal pip count closures, .8105

Order: 1
Lots: 1
Short: .8294
Close: .8105
Profit: 189

Order 4:
Lots: 2
Short: .8181
Close: .8105
Profit: 76 x 2 = 152

Order 5
Lots: 2
Short: .8172
Close: .8105
Profit: 67 x 2 = 134

Order 7:
Lots: 2
Short: .8171
Close: .8105
Profit: 66 x 2 = 112

Total Extra: 587
Hyperthetical Total: 587 + 434 = 1021
Difference = 1021 - 49 = -972

So for all you new traders, you can see how a small rule that was not kept has cost me 972 pips profit...but don't dwell on the negative, I ended the nite with 49 pips profit!
However, such is life, keep trading, don't make it emotional!

Keep to your rules!

Happy pipping!

Cheers,
Miike