i have funded 500$ , what amount should i aim for everyday?

[4xpipcounter]

Okay, now I have to risk sounding like I am bad mouthing what others are doing.
Babypips has a lot of good points and can be helpful in a lot of ways, but they are so canned in their approach.
Trading is not so cut-n-dry where candle hits there then do this, when his happens then do that.
After all, looking at the daily chart with respect to the BB's, it was just waking up and beginning the journey.

You have to look at other TF's to see what they are indicating before you get too happy about a certain indication. This is why you also need to establish a winning reputation on your demo before going live.

The hourly pointing straight up like a knife ready to dice a 70 line. When that happens, count on 3 more candles going the same direction.

BB's are the same way. Just because price hits the top, it does not mean sell. Just open any chart any TF and see how long candles cling to the top or bottom bands. I also mentioned SD statistics show there is a 5% chance of sigma 2 being broken. This is why I also talk a lot about plotting the 3 on your chart.

This is not designed as an assault on anyone. If it was the perfect world, such as hit the top and it bounces, hit the bottom and it bounces, then prices would never move. After all we got 1-minute charts. It takes a full 28 minutes to complete a cycle, If that cycle consisted of hitting the top band, then heading south, and hitting the bottom band (yo yo effect), then price would never move. Might as well trade off the 1-minute and make 5 pips per trade.

Let's review:
1. I said the indicators needs to be studied live and not take anyone's word for it. You have to know how the indicators work for yourself. You have to do live observations. This takes time.
2. It takes time to develop a methodology and you should be a proven winner on a demo account. This also takes additional time. There is nothing cut-n-dry about trading. This is why you need to be a student of the charts and indicators.

Let me add a further perspective to all this. You have had 1,314 hits on your thread. No one has disagreed with the principles of what I am talking about.
Take my word for it. You will not be a winning trader 6 months from now, but you can be filthy rich 10 years from now. It takes time.

Sir on 1 hour chart, sir what i read in babypips that if a candles breaks above the upper bollinger band then it should be a sell and if it breaks the lower band it should be a buy ? then how does BB work? sir on hourly chart rsi showed over 70 that means we should sell it i am all wrong

 

[Piratetrader]

Okay, now I have to risk sounding like I am bad mouthing what others are doing.
Babypips has a lot of good points and can be helpful in a lot of ways, but they are so canned in their approach.
Trading is not so cut-n-dry where candle hits there then do this, when his happens then do that.
After all, looking at the daily chart with respect to the BB's, it was just waking up and beginning the journey.

You have to look at other TF's to see what they are indicating before you get too happy about a certain indication. This is why you also need to establish a winning reputation on your demo before going live.

The hourly pointing straight up like a knife ready to dice a 70 line. When that happens, count on 3 more candles going the same direction.

BB's are the same way. Just because price hits the top, it does not mean sell. Just open any chart any TF and see how long candles cling to the top or bottom bands. I also mentioned SD statistics show there is a 5% chance of sigma 2 being broken. This is why I also talk a lot about plotting the 3 on your chart.

This is not designed as an assault on anyone. If it was the perfect world, such as hit the top and it bounces, hit the bottom and it bounces, then prices would never move. After all we got 1-minute charts. It takes a full 28 minutes to complete a cycle, If that cycle consisted of hitting the top band, then heading south, and hitting the bottom band (yo yo effect), then price would never move. Might as well trade off the 1-minute and make 5 pips per trade.

Let's review:
1. I said the indicators needs to be studied live and not take anyone's word for it. You have to know how the indicators work for yourself. You have to do live observations. This takes time.
2. It takes time to develop a methodology and you should be a proven winner on a demo account. This also takes additional time. There is nothing cut-n-dry about trading. This is why you need to be a student of the charts and indicators.

Let me add a further perspective to all this. You have had 1,314 hits on your thread. No one has disagreed with the principles of what I am talking about.
Take my word for it. You will not be a winning trader 6 months from now, but you can be filthy rich 10 years from now. It takes time.

10 years from now, when i'l be 27,, i will be filthy rich :thumb:!! I AM PRETTY SURE YOU MUST BE A MILLIONAIRE!! FIRST OF ALL I WOULD LIKE TO THANK YOU AS USUAL SECOND I WOULD SAY THAT YOU REALLY GIVE INSPIRATION TO PEOPLE WHO ARE GETTING IRRITATED AND IN-DISCIPLINED OR LOOSING TRADES IT REALLY HELPS ME TO STUDY MY MISTAKES AND IT GIVES ME THE DESIRE TO LEARN AND TRADE EVEN MORE!!

ok sir i am getting back to the point on bolliner bands i am writing down what i understood by your clarification above, first if a candle hit top/bottom of bollinger band it does not indicate sell/buy i would have to wait 3 more candles settle to 1 hour chart to indicate a entry point! when an hourly candle is hitting up like a rocket to get above 70 i would need to wait for 2 more candles total 3 hourly candles to enter a selling position! only when the hourly is hitting up like a rocket!

sir i didn't understand at all your point when you wrote - "mentioned SD statistics show there is a 5% chance of sigma 2 being broken. This is why I also talk a lot about plotting the 3 on your chart. "

what does this mean plotting 3? and sigma 2 0_o!!

btw sir which indicators(all your indicators) you are using which gave you direct information about its gonna be near 1.45??it would be great if i could get the template of your real account ifyou don'tmind sir!!

i would always remember indicators always needs to be studied live and not take anyone's word for it.

 

[4xpipcounter]

10 years from now, when i'l be 27,, i will be filthy rich :thumb:!! I AM PRETTY SURE YOU MUST BE A MILLIONAIRE!! FIRST OF ALL I WOULD LIKE TO THANK YOU AS USUAL SECOND I WOULD SAY THAT YOU REALLY GIVE INSPIRATION TO PEOPLE WHO ARE GETTING IRRITATED AND IN-DISCIPLINED OR LOOSING TRADES
I'm glad you feel that way. I won't beat nothing around the bush, and I'll always tell the truth, and what I say can be backed up with the charts.
IT REALLY HELPS ME TO STUDY MY MISTAKES AND IT GIVES ME THE DESIRE TO LEARN AND TRADE EVEN MORE!!
That's good you have a desire to learn, but keep this in mind. Most people do because of the lure of the potential. Your learning curve should be thoroughly conquered before you ever think of going live.

ok sir i am getting back to the point on bolliner bands i am writing down what i understood by your clarification above, first if a candle hit top/bottom of bollinger band it does not indicate sell/buy i would have to wait 3 more candles settle to 1 hour chart to indicate a entry point! when an hourly candle is hitting up like a rocket to get above 70 i would need to wait for 2 more candles total 3 hourly candles to enter a selling position! only when the hourly is hitting up like a rocket!
Nothing is set in stone in terms of quantity of candles. If you notice (This is where personal observation comes in.)many times on the BB's the candles will stick to the top or bottom for 8-10 candles at a time. The rule with RSI is a break above 70 or under 30 and the price will shoot for about 3 candles. Still, do not think of reversing direction under those conditions. You are still looking for a confluence. Nothing is cut-n-dry.

sir i didn't understand at all your point when you wrote - "mentioned SD statistics show there is a 5% chance of sigma 2 being broken. This is why I also talk a lot about plotting the 3 on your chart. "

what does this mean plotting 3? and sigma 2 0_o!!

You have settings at 20.2. In other words, it does a standard deviation (SD) for 2 candles, and the outer lines that are plotted are sigma 2, or 2 deviations from the mean. There is a formula that is used to figure the deviation from the mean, but too complicated to post.
A 3 would mean 3 deviations from the mean.
For the most part standard deviations are figured with static data. 95% of all that data would be contained within the +2 and -2 sigmas (Upper and lower bands. Candles on a trading chart are not static. They are dynamic. The one the data is plotted will change with every market movement, which is another reason most indicators are lagging. With the data not being static, or you could call it dynamic, there is a greater potential that additional data over the 5% will be seen touching or on the other side of the +/- 2 sigma.
For the reasons, stated above are, in part, why I like to use the setting for the 3. I also prefer (Just my opinion here.) the setting for 28 candles as opposed to 20, because as I mentioned before, a typical cycle for more markets is closer to 28 and so there is a truer measurement.
A signal with the BB's is when the candle becomes detached from the extreme reading. Treat that as a warning to enter, not necessarily and entry. You are looking for confluence. If the market goes sideways for a long period of time after entry, close it. It probably will head higher.

btw sir which indicators(all your indicators) you are using which gave you direct information about its gonna be near 1.45??it would be great if i could get the template of your real account ifyou don'tmind sir!!
I'll post a chart. My indicators include a proprietary set of S&R's that have been very reliable for me, and so they would not plot through a template (Long story short.). I will give you the levels for a market you are considering upon request.

i would always remember indicators always needs to be studied live and not take anyone's word for it.
I've said this before, I'm honest, but I never expect or even want you to take my word for it. You would do yourself a disjustice. That is why you need to view and study live data long before you ever get in the market live.

vvvvvvvvvv

 

[Tavnaz]

the candles crossed the BB upper line indicating sell rsi crossed70, stoch above 85 sirhow did your chart show a move towards 1.45, ?

You shorted right into a momentum bar Saif.
That bar right there was so big,like they were gonna bust you and go the other way.
If you see,you shorted at wrong place,but look,what you may have got if you were long.
You must know,overall market condition,before entering a trade.

Dont just go long when its oversold,does market care,your indicator is oversold,it can continue to fall,and yes your indicator will continue to go oversold,look at overall picture.
Hope this helps.

Two points that greatly helped me.

1.Stay with the momentum.(thats a trend)
2.Always have general bias perfectly clear in your head.
you cud take a damn,small,foolish bar on 1 minute still cud be write about trade,if you know where price is overall headed.

Take Care.

 

[4xpipcounter]

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First, I don't want anyone being misled. Any good trader in this forum know there is no set time period when you finally become a consistent, good trader. Bottom line is this, it will not take you only one month, and probably longer than a year to develop a complete winning strategy. Also, if it takes you 8 years or it takes you 15 years to finally arrive as a trader, the time you are spending right now learning will not matter to you. Once you get it going, it is like a snowball, it just keeps getting bigger and bigger. The emphasis cannot be made enough on the personal discipline of trading, which is why I keep emphasizing, stick with your demo until you have fully developed a trading plan.

Okay, on to the EUR/USD. Right now perice action is losing the battle at the top of the daily cloud, and over the next few days we could see some consolidative action under it. Once we have a close above, that is when we will have another acceleration heading north. The line I drew is even with the last leveling in the past on the cloud at 1.4570. That is R. Additional R would be the recent peak at 1.4537.

In addition to the peak of the daily cloud being hit, additional confidence that we are in for some consolidative activity is the fact the 4-hour trendline (TL) was broken, After a clean break of a TL, there is usually a correction that will lead back to the line, or at least the point it was broken. From there the UP should resume and a break of the daily cloud. The reason for that confidence is that momentum is still strong on the weekly chart, and we had a fresh bounce off the monthly cloud. Those items suggest we are headed higher. We could even see a move to challenge the recent swing high on the monthly chart at 1.4980 and even higher than that. This is because of the convincing bounce off the cloud. It was a strong impulsive bounce. The cloud rejected price action.
These are things that will be recognizable more through experience than being taught.

 

[4xpipcounter]

Good point, Tavnaz. That is exactly what I was driving at when I keep mentioning a confluence of events. That needs to happen before any market entry.
You mentioned the trend with regards to momentum. I like to use more of a metaphor. It's like a drive along the Forex Highway and you need to be aware of the sights as you go. There is now warning signs that traffic will be slowed headed north because of the top of the daily cloud and the need to correct the break of the TL on the 4-hour chart. Once that part of the construction is finished, we should be able to resume the trip north as usual.

You shorted right into a momentum bar Saif.
That bar right there was so big,like they were gonna bust you and go the other way.
If you see,you shorted at wrong place,but look,what you may have got if you were long.
You must know,overall market condition,before entering a trade.

Dont just go long when its oversold,does market care,your indicator is oversold,it can continue to fall,and yes your indicator will continue to go oversold,look at overall picture.
Hope this helps.

Two points that greatly helped me.

1.Stay with the momentum.(thats a trend)
2.Always have general bias perfectly clear in your head.
you cud take a damn,small,foolish bar on 1 minute still cud be write about trade,if you know where price is overall headed.

Take Care.

 

[4xpipcounter]

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Saiftauheed, this chart is to show why stationery pivots or S&R's are important, and they are worth experimenting with. This is not designed to take my bows with my S&R's, but designed to maybe encourage you to look at a pivot system. There are many such as Woodie's, Camarilla, De Mark's, and a few more. Murray's Math is also another good system, yet unique compared to the others mentioned. The nice thing is they can all be backtested, because, like mine, they are plotted before the TF starts. In this case, it is the red lines, my weeklies, that I am concentrating on.

It was in my Weekly Forecast that I mentioned the WR1 (1st weekly resistance) as being containment. The only thing we had on the hourly chart was a wick spike on the other side that peaked the price at 1.1464. Notice how that formed a confluence with the OB condition of the stochastics, the falling TL from the daily chart. I'll post it later to show a confluence of timeframes, but the 4-hour is showing a free fall to 1.0802, which would be over 500 pips from current level.

 

[4xpipcounter]

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The 4-hour chart is showing the pair as being OB according to the stochastics. Also there is a sharp drop off in the cloud. The cloud according to the ichimoku (Japanese for "one look"), the cloud is the point of equilibrium. Similar to the mean in the BB, the cloud is where price will gravitate to once it pull high enough above it. Afresh break above the cloud suggests that the cloud top could be containment. Notice how the WS1 at 1.0802 forms a confluence with the cloud in that circa area. Based on current location and the OB condition, it is safe to say price will fall to that area. It would also be safe to close the trade when it gets to that area.
There is the tenken at 1.1189 that will impede it progress, and the WP at 1.1082, and the MS1 at 1.1016. Other than that, it is pretty much a free fall.

 

[sanjosedesi]

Interesting thread, thanks for the link Paul.

To provide my background as it will be relevant to this thread, I am also a newbie and heard about the technicals only about 8-9 months back. My learning is even slower so I still know zero about fibonacci even after knowing about it for a while. My goals are modest ... 30-40% on an annual basis with low(er) risk and in a consistent manner than 100-200-1000%. I do not have full faith in either FA or TA and like to adjust my plans based on both of these.

#1. Paul ... Vicky is a common male nick name in India (maybe more of a Northern Indian phenomenon than south as I do not know of any South Indians with such a nick name ... and I know people from almost all parts of India). I do not know where that poster came from, but if Indian and if the name reflects a true nick name, I will bet 99 to 1 it being a male.

#2. OP ... I think what is more important is to learn and develop a winning methodology than the magnitude of your gains. If you can figure out the game, gains will come.

#3. OP ... I notice you learning and straightaway trying out those learnings in the markets. That is a very dangerous situation. While I also do some of this, there is a risk of panic or euphoria which can move your moving position into a losing one
a) panic ... say you find something new which gives you better signals and you realize with horror the mistakes you made in the trades already in progress. You hurry and take a loss on the trade without thinking through its effects ... you were already in a loss and maybe things were about to turn, maybe they would have gotten better, maybe they would have gotten worse ... it is best to think it through.
b) euphoria ... you learn something new which gives you better signals and it is such a big deal that you make a trade there ... without actually understanding the issues with these signals.

Of course you should change any strategy which does not work. However, please please learn, then learn some more, then learn some more and only then apply. Paper trading also helps you experiment new theories.

#4. OP ... in response to your very early questions about why FA will not work in day trading. Let's take a company (I am an equity guy rather than currency) has healthy balance sheet, is growing better than the market, is crushing its competitors ... will its stock go up today? There is no way you can predict what will happen over a single day as the market might crash because of US downgrade or it might go up because ... just because it wanted to go up. FAs work over long periods of time, say years, not even months. Can the results be similar to TAs? I think the results can be fantastic, although there is no way to compare. However, it requires equally hard work to master FA, and where people lose is the patience part. Technicals will usually give you gratification within hours, days and weeks, whereas FAs will yield results in a longer time frame. During that time you will go through a series of emotions watching the market and unless you really figure them out, you will always be doubting yourself wondering if you made the right investment. It requires a different mindset than trading. And I will repeat myself ... it also works, although its efficacy as compared to trading ... I do not know.

 

[4xpipcounter]

Thanks, SJD. If that is the case, Vicky and you are a male, then I apologize.
You sure have gotten to know the lifestyle of India quickly after your years in San Jose.