Forex as Futures Training Ground

November 8th, 2012, 10:34 AM

First trade in Forex micro lots. @Big Mike and @PandaWarrior suggested I use this as training ground. My TF sim trading was getting reckless.

Will take small risks i.e. $5 per trade with $15 dollar profit target, per the advice. Risk only $5 per day (I believe I've got that right.)

I will move to cash as soon as I feel comfortable with the EURUSD. That should take about 3 weeks.

Execution Score: 3
Entered on S/R and exited at stall in price movement. Price went on to target.

Emotional Score: 3
Anxious to take a profit; couldn't wait for price to move through stalled area.

+ 8 [AUTOLINK]pips[/AUTOLINK] Nov 8 2012 - YouTube

November 8th, 2012, 10:36 AM

The world trades spot now and forex is favorable to cme futures...but I don't know anything. DB

November 8th, 2012, 01:07 PM

Is this meant to be a journal?

Mike

November 8th, 2012, 01:37 PM

HighRise1202

First trade in Forex micro lots. @Big Mike and @PandaWarrior suggested I use this as training ground. My TF sim trading was getting reckless.

Will take small risks i.e. $5 per trade with $15 dollar profit target, per the advice. Risk only $5 per day (I believe I've got that right.)

I will move to cash as soon as I feel comfortable with the EURUSD. That should take about 3 weeks.

Execution Score: 3
Entered on S/R and exited at stall in price movement. Price went on to target.

Emotional Score: 3
Anxious to take a profit; couldn't wait for price to move through stalled area.

Nice trade. A few questions.

1. What data feed are you using for your forex account?
2. How far did that trade finally end up going?

Then finally, I think what Mike and I meant was to trade LIVE money in the micro forex market. This gives you the feeling of trading with real money but not risking your house to do it. Regardless, it was still a nice trade.

Cheers....looking forward to seeing more.

November 9th, 2012, 10:14 AM

Big Mike

Is this meant to be a journal?

Mike

Yes, Mike, this is meant to be a journal. Thanks for your suggestion to trade micro lots.

November 9th, 2012, 10:17 AM

PandaWarrior

Nice trade. A few questions.

1. What data feed are you using for your forex account?
2. How far did that trade finally end up going?

Then finally, I think what Mike and I meant was to trade LIVE money in the micro forex market. This gives you the feeling of trading with real money but not risking your house to do it. Regardless, it was still a nice trade.

Cheers....looking forward to seeing more.

@PandaWarrior I'm using MB Trading. I want to go sim for a few weeks and go live when I feel comfortable with EUR/USD. Thanks for you help!

November 9th, 2012, 10:37 AM

Execution Score: 4
Saw price drop to big pivot of June 29. MACDBBLine 610 tick confirmed bounce likely. Went long. After a 30 minute wait

price finally turned up. It went to my 15 pip target but I bailed when price stalled and I took 11 pips.

Emotional Score: 4
Feel cool and calm but get urge to close when price reaches 2 times risk. Target is 3 times risk.

+ 11 [AUTOLINK]pips[/AUTOLINK] Nov 9 2012 - YouTube

November 9th, 2012, 10:38 AM

PandaWarrior

Nice trade. A few questions.

1. What data feed are you using for your forex account?
2. How far did that trade finally end up going?

@PandaWarrior
Price went 44 pips further.

Should I be sticking with my 15 pip target now, or setting it according to price action, etc?

November 10th, 2012, 11:00 AM

HighRise1202

@PandaWarrior
Price went 44 pips further.

Should I be sticking with my 15 pip target now, or setting it according to price action, etc?

You need to find a place on the chart you think price will go to, put your target there and then monitor price action. If price presents an entry to the opposite direction before you reach your target, that's your early exit. Otherwise hold to the level.

Do that next week and then lets see how your pnl looks. I'll add to the mix at that point.

Cheers.............

Brian

By the way, if you can, post a chart each day with your journal thoughts marked on it. Its great for reviewing months later.

Forex as Futures Training Ground

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Forex as Futures Training Ground