My FXGame account

[mike_d]

I was messing around on here with the demo account and forgot to close a position yesterday... I accidentally made some green! USD//CAD up 162.5 pips

Seriously though, I started with an amount that would be reasonable for me to actually start with. Most of my positions are buys, and so far I have been up more than down. For sells... I am horrible at those, I learned only buys so I need to practice both ways.

As far as my losses go, so far I have made some huge mistakes that made me pay close attention. I had all of the currencies on my quote list and made a buy that had like a 100 pip spread or something crazy like that. So I definatly believe there is more research to do before I am ready to use my real money.

[greencat]

Just stick to the main pairs. The exoictic pairs will get you into deep trouble..

[greencat]

By the way I haven't forgot. I am putting something together for you to pratice on. Try to act like its a real account.

Making money is not hard once you know what to look for and play by the rules...

You will see what I am talking about when I get it all together with a lot of charts to point it out clearly.

Hopefully I will be finished tomorrow..

[mike_d]

Originally Posted by greencat

By the way I haven't forgot. I am putting something together for you to pratice on. Try to act like its a real account.

Making money is not hard once you know what to look for and play by the rules...

You will see what I am talking about when I get it all together with a lot of charts to point it out clearly.

Hopefully I will be finished tomorrow..

I am acting as if it is a reall cash account. I am only at riht undar 1000 dollars in it. realisticly I will put 1500-2000. I try not to make impulse buys, only planned ones

[mike_d]

which pairs are considered the main ones?

[mike_d]

Today I was on the CHF/JPY chart.. it was expensive but I was messing with trendlines and fibonacci indicators. I traded 7 of 10 profitable trades for a total profit of $135.XX.

Today was pretty good, I followed the top and bottom of the trends to either sell or buy pretty acurately. The first mistake was buying before I confirmed my indicators correctly in the channel or whatever. The others were failing to update the indicators I was using. I was using the 15, 5, and 1 minute chart. The 1 minute required updating often but the 5 stayed pretty accurate.

Maybe I was lucky, but I felt like I knew what I was doing. Today was unrealistic in only the aspect of my position size. I found out that I had a margin call each purchase because I was not leaving half of my account balance to cover. So next time I will avoid doing that.

Anyway tips/advice is as always appreciated!!

[greencat]

Main Pairs
USD/JPY
USD/EUR
GBP/USD
USD/CHF
EUR/JPY
AUD/USD

[greencat]

Originally Posted by mike_d

Today I was on the CHF/JPY chart.. it was expensive but I was messing with trendlines and fibonacci indicators. I traded 7 of 10 profitable trades for a total profit of $135.XX.

Today was pretty good, I followed the top and bottom of the trends to either sell or buy pretty acurately. The first mistake was buying before I confirmed my indicators correctly in the channel or whatever. The others were failing to update the indicators I was using. I was using the 15, 5, and 1 minute chart. The 1 minute required updating often but the 5 stayed pretty accurate.

Maybe I was lucky, but I felt like I knew what I was doing. Today was unrealistic in only the aspect of my position size. I found out that I had a margin call each purchase because I was not leaving half of my account balance to cover. So next time I will avoid doing that.

Anyway tips/advice is as always appreciated!!

Originally Posted by mike_d

Today I was on the CHF/JPY chart.. it was expensive but I was messing with trendlines and fibonacci indicators. I traded 7 of 10 profitable trades for a total profit of $135.XX.

Do you realize that a 70% win ratio will make you very wealthy as long as you don't let you losers run.

Continue to pratice with the trendlines and fibonacci. A good majority of the good players in the forex use the Fiboanacci along with support and ressistance. Where support and resistance meets on the Fibs is the area they will look at really hard. Many use Fibs and trendlines.

And as you may have seen by some of my post chart patterns such as the Head and Shoulders can be profitable as well.

[mike_d]

Last night was horrible for me on the FXGame. I only hade about 3 of 10 profitable trades.. two were very costly, I was eating dinner and the floor fell out the bottom. I was long short-term in a downtrend? I ended up down like $500. So I decided to add more fake dinero and not do that again.

I was trading the EUR/USD. I need practice at trading such term on, like on highs and lows of swings in a given trend. I also need a better indicator that the swing is in effect. I dont know what to actually call that.

After I was done I got some GBP/JPY, all based solely on the downtrend on the hour chart. I bought on the high trendline and went to bed. This morning I check the account, I have been profitable from anywere from 600-1000 dollars and its still following the lines.

Those are big sums of money to just watch go up and down! I need to practice on an exit point for winners and even more importantly an exit point for the losers.

[greencat]

Ok Sgt Mike, I first Thank You very much for serving our country. I know youi have served a lot over in Iraq. The sacrifice for you and your family is one that I understand and I salute you.

This is part of my system but the one that makes me green time after time. I will also show you in this thread a long downtrend that may shake the best of us out. But for the time being pratice this style and see how it fits you.

I learned a long time ago in the forex nailing it is hard to do. So I devised this system to be in stages. I very seldom lose on it but very often, I am in the red for a while.

I use the 15 minute chart. On the chart I have bollinger bands set at normal settings 20 0 2.0 I then have support and resistance automatically applied to the chart. I dont know if you broker has all this and is why I am a proponet of metatrader. Many brokers use metatrader but you can still keep your broker and use metatrade 4 charts.

on the 15 minute chart I am waiting for it to move outside the bollinger band on either the top or the bottom. I especially like when it hits out side the bollinger band and hits support. I will take that trade every time.

If the trade moves against me I am waiting for the bollinger band to once again move outside the bollinger and it must hit a support or resistance point for me to take the next trade.

If you have read my post on the USD/EUR you may know I call this walking the dog. Because I am walking with the price down buying at different points. As the chart shows a lot of the plays I didnt nail the reversal but by walking it down I was able to come back and turn a nice profit.

Pratice and ask questions if you have any. This is not the only way I trade but one that could put you into the fruitful land of green..

There are breakout occasions that a large loss may occur...

Forex Chart USD/JPY Walking The Dog



For a larger chart click link below
http://farm4.static.flickr.com/3277/...0c28fa81_o.gif