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

[Piratetrader]

I am sticking to my own trading system that is working,I am trying to figure it out how does it work on "TRENDING MARKETS" No body can come here and tell me what i have to do and which indicator i have to use! I will work with the indicator that works best for me! it doesn't mean that I won't learn other indicators. I will do it and test live! but for now i am sticking my nose with bollinger bands(rsi with stoch) and bolliner bands is really a good indicator!!!!! I am currently trying to work it on USD/CAD, I want no other to tell me what to do! , I have opened this threat so that Mr paul could help me and lets stick to what is happening !

 

[EagleOne]

BB is good, Saif. Ichimoku is good also, so are the Stochs, Gann, Fibs, channels...all systems/ indicators are good. Point is, are you good enough trader to have their 'good' working for you?

I don't think so.

Look at it this way. Does having expensive pair of snickers - like Nike, Addidas, Puma - make one a good runner? Come on, man. They just aid in running. But the will to run, energy to run, fit body to run, come first. When these 3 are there in a person, he or she can run even barefoot - and enjoy it!

You are going through hell of a time. I understand. I have been like you a few months back. It wasn't the first time I fell on my face - nor it is going to be the last, I assure you. But thankfully, being educated in the school of Hard Knocks, I have the courage to get up to fight another round as long as I am breathing.

So, buddy, stop feeling sorry for yourself, stop looking for helping hands or sympathy. You'd better wake up to the reality. You are trading like an addict looking for the daily 'fix'. Not only you would lose money but also your mental and physical well being.

I have nothing more to say to you. It is all up to you.

You take care. Bye

 

[4xpipcounter]

SJD, nice!!!

We talked a about that a lot. Time invested today in order to secure a future for tomorrow is not wasted.
In 2004, my wife would look at my charts (She has no idea what is going on.), and then ask, "What are you doing now? What are you looking? I thought you were studying this, but now you are reading that?"
There was such a copious amount of information to assimilate, and most was rejected. It was still not wasted time.
I believe that much information will be garnered throughout the entire career of a trader, and just about all of it will be rejected. The finite amount that is retained makes for the consummate methodology for that trader.

Wasting time ... is a very subjective phrase.

Saif you are looking for something which will work tomorrow, rather something which will work yesterday. With that approach, yes many learnings will look like wasting time. However, as many have pointed out, if you take a 1 year, 3 year or 7 year outlook, all these learnings, switches will look like time invested. We are all not made the same, our perspectives of markets are not the same, our risk management is not the same, our experience is not the same, our working hours are not the same (even if working during the same time as shown by clock, one might be working in night and the other during day) ... and there could be many many other differences, so how can we expect the same magic formula to work for everyone? Even the experts who developed these indicators did not create fixed indicators like 26, 9, 52 settings ... they allowed us to customize them because they realized that there was a need to do so. If an indicator could tell us 100% when to enter and exit the markets, everyone will enter and exit the market at the same time making millions and millions everyday !! No new indicators needed, no new softwares needed. It will be like Vegas, but everyone winning. That ain't real life. What we have to do is to use the common knowledge and our insights to make profits and towards that end, all effort spent is time invested not time wasted.

[ADD] The question is whether you invest your money before you invest the time, or after you invest the time !! I am sorry to repeat it again, and sorry I have not read all your posts so I might be wrong, but it looks like you want to invest the money before investing the time.

 

[Piratetrader]

SJD, nice!!!

We talked a about that a lot. Time invested today in order to secure a future for tomorrow is not wasted.
In 2004, my wife would look at my charts (She has no idea what is going on.), and then ask, "What are you doing now? What are you looking? I thought you were studying this, but now you are reading that?"
There was such a copious amount of information to assimilate, and most was rejected. It was still not wasted time.
I believe that much information will be garnered throughout the entire career of a trader, and just about all of it will be rejected. The finite amount that is retained makes for the consummate methodology for that trader.

Sir thank you keep helping me The thing is sir i just wanted to develop a system overnight and because i was unable to do it I just get irritated more depressed,I lost only 1 trade on gbp/usd and was irritated(I AM STILL THINKING WHY THE HECK ID DIDN'T CAME UP !??)!!some people would post here what i have to do and what not !which indicator is superior and which is not!!!but then I think practically that it is never going to happen overnight. it must and it will take time to become a good trader, Like I remember you said you didn't run the 30 yard bush when you were a 6 month old !and then about your friend in UK who doesn't touch account with less than 250k !I don't have to be a forecaster to be a winner! I need a positive trade at the end of the day!! All the time that i have invested is really going to help me, i am with my current setup bb,rsi with stoch and the good news is that i also figured it out how does it work with trending markets! I had a talk with a woman today, she said she has been trading for almost 4.2 years and has been using BB with MACD, I don't know what macd is though!!she also said no indicator is better that any! It depends on the person himself how he uses it to determine the future price action! As for the ichimoku it is a good indicator I have heard from everyone but why would i want to change my setup when i am currently winning ?? and for mr eagle I Know what you said above is completely right it is in my own hand but there are some good people on earth like Mr paul so it really gives a support to learn "BETTER" I LOST A TRADE ON GBP/USD BECAUSE OF MY GREED, IT CAME UP 20 PIPS AND THEN STARTED THE CONSOLIDATION PERIOD RSI THEN CAME ABOVE 30 I SHOULD HAVE KNOWN THAT THE PAIR WAS PREPAIRING ITSELF TO FALL DOWN !!

 

[Piratetrader]

I have also put my hands on USD/CAD

 

[4xpipcounter]

Saif, let me add to what Eagle said. Before I get started, I'll say this might be an open forum, but we're amongst friends. I'm saying that so you will understand why and where I am going with all of this.

I don't claim to have the best vocabulary around ,so if someone can word this better, then they can jump in. One of the key elements of trading is to harness your emotions. Being 17 years old, full of enthusiasm and vitality, you are subject to many emotional swings. (I'm a 17 wannabe, so I might even sound envious.) This is man's world, and you are a kid still in school (There is nothing against that.). Along with that comes a lot of the immaturity (Relative to the man's world, not a 17-year old's world.).
We talked about the lure of trading and the big bucks that go with it. At your age, you are being baited by that lure, and you want to be done with school next year living in your 3-story ranch house, driving a Maserati, and a yacht parked on your private beach.
You have embarked upon a journey that is going to require a lot of time working for free, lots of experimenting, lots of screen time, and even lots of wishing and hoping. You have entered a business that if you make 5 cents next year it puts you in the top 10% in the industry, yet, it also avails you the lifestyle that you, as a 17-year old, dream of.
You are in an envious position being 17 years old and your whole life in front of you. It is also a disadvantage because there are still some cold hard lessons that will be learned from growing up. One of those lessons is to learn as soon as possible that time invested for you future is not a waste of time.
Another lesson is quit being in such a hurry. Enjoy life. Go out and play some basketball. Go pick some flowers for your mom. Watch a sunrise. 14 hours of screen time per day is not the key to your success. Keeping your life balanced is even more important. My goodness! What if it takes you 10 years to thoroughly develop a methodology? I'll guarantee you, when you are 27, you won't view this as wasted time.
Again, all you are doing is gathering ideas to formulate the perfect methodology for Saif. Most ideas will ultimately be rejected, and it does not matter who they come from. Just collect them, assimilate them, experiment with them, and then throw out what is not appropriate for you.

 

[4xpipcounter]

Saif, I'm nobody. I'm just a good forecaster and a good trader. Keep in mind Eagle, SJD, and others that have contributed to your thread have all offered excellent insights.
Let me say if I did not really believe what I said, I'm extremely outgoing (Includes my personal life.). I would pounce all over it if someone was offering a bunch of garbage in here. I feel like I am one of the small fries of this forum because the friends and help, as well as the quality, is an invaluable asset.
I don't want to be set up in a position by anyone that I have all the answers. We're all in this together. We even got some good from Vicky's input. When he/she comes back he/she might be surprised just how well your thread has done.

Sir thank you keep helping me The thing is sir i just wanted to develop a system overnight and because i was unable to do it I just get irritated more depressed,I lost only 1 trade on gbp/usd and was irritated(I AM STILL THINKING WHY THE HECK ID DIDN'T CAME UP !??)!!some people would post here what i have to do and what not !which indicator is superior and which is not!!!but then I think practically that it is never going to happen overnight. it must and it will take time to become a good trader, Like I remember you said you didn't run the 30 yard bush when you were a 6 month old !and then about your friend in UK who doesn't touch account with less than 250k !I don't have to be a forecaster to be a winner! I need a positive trade at the end of the day!! All the time that i have invested is really going to help me, i am with my current setup bb,rsi with stoch and the good news is that i also figured it out how does it work with trending markets! I had a talk with a woman today, she said she has been trading for almost 4.2 years and has been using BB with MACD, I don't know what macd is though!!she also said no indicator is better that any! It depends on the person himself how he uses it to determine the future price action! As for the ichimoku it is a good indicator I have heard from everyone but why would i want to change my setup when i am currently winning ?? and for mr eagle I Know what you said above is completely right it is in my own hand but there are some good people on earth like Mr paul so it really gives a support to learn "BETTER" I LOST A TRADE ON GBP/USD BECAUSE OF MY GREED, IT CAME UP 20 PIPS AND THEN STARTED THE CONSOLIDATION PERIOD RSI THEN CAME ABOVE 30 I SHOULD HAVE KNOWN THAT THE PAIR WAS PREPAIRING ITSELF TO FALL DOWN !!

 

[EagleOne]

Paul, he is 17. Fine. But he will be a man soon, dealing with cold and harsh world on a daily basis. He'd better wise up now - starting with taking responsibility for all his actions.
In May this year, I came to see some posts by a school going kid on a German trading forum. He lives in Belgium, and trades in his spare time on his father's account - forex, Dax etc. My God, his precision of thoughts took my breath away. He had already saved 17000 euros. He doesn't take any pocketmoney from his parents, rather buy them gifts. According to him, he plans to have enough money so that he can study Robotics at MIT.

 

[4xpipcounter]

Eagle, our levels are all different in the different stages in our lives.
I knew a kid that opened his business at 14 years old and paid cash for his condominium and new car at 17 years old.
My dad did not graduate from high school and is wealthy today.
A brother-in-law was highly educated with all the degrees, and is now a basket case from drugs.
Yep, personal responsibility has so much to do with everything. For many, it is part of the growing pains.

The example you gave reminded me of a girl who was in 10th grade at 10 years old, in college at 12 years old, and graduated with a MA in engineering at 15 years old. I call them type a total freak of nature.

I'd like to read that kid's posts if you could pass them on to me.

Paul, he is 17. Fine. But he will be a man soon, dealing with cold and harsh world on a daily basis. He'd better wise up now - starting with taking responsibility for all his actions.
In May this year, I came to see some posts by a school going kid on a German trading forum. He lives in Belgium, and trades in his spare time on his father's account - forex, Dax etc. My God, his precision of thoughts took my breath away. He had already saved 17000 euros. He doesn't take any pocketmoney from his parents, rather buy them gifts. According to him, he plans to have enough money so that he can study Robotics at MIT.

 

[Piratetrader]

Saif, let me add to what Eagle said. Before I get started, I'll say this might be an open forum, but we're amongst friends. I'm saying that so you will understand why and where I am going with all of this.

I don't claim to have the best vocabulary around ,so if someone can word this better, then they can jump in. One of the key elements of trading is to harness your emotions. Being 17 years old, full of enthusiasm and vitality, you are subject to many emotional swings. (I'm a 17 wannabe, so I might even sound envious.) This is man's world, and you are a kid still in school (There is nothing against that.). Along with that comes a lot of the immaturity (Relative to the man's world, not a 17-year old's world.).
We talked about the lure of trading and the big bucks that go with it. At your age, you are being baited by that lure, and you want to be done with school next year living in your 3-story ranch house, driving a Maserati, and a yacht parked on your private beach.
You have embarked upon a journey that is going to require a lot of time working for free, lots of experimenting, lots of screen time, and even lots of wishing and hoping. You have entered a business that if you make 5 cents next year it puts you in the top 10% in the industry, yet, it also avails you the lifestyle that you, as a 17-year old, dream of.
You are in an envious position being 17 years old and your whole life in front of you. It is also a disadvantage because there are still some cold hard lessons that will be learned from growing up. One of those lessons is to learn as soon as possible that time invested for you future is not a waste of time.
Another lesson is quit being in such a hurry. Enjoy life. Go out and play some basketball. Go pick some flowers for your mom. Watch a sunrise. 14 hours of screen time per day is not the key to your success. Keeping your life balanced is even more important. My goodness! What if it takes you 10 years to thoroughly develop a methodology? I'll guarantee you, when you are 27, you won't view this as wasted time.
Again, all you are doing is gathering ideas to formulate the perfect methodology for Saif. Most ideas will ultimately be rejected, and it does not matter who they come from. Just collect them, assimilate them, experiment with them, and then throw out what is not appropriate for you.

sir thank you for your kind word but don't call me a school going kid it hurts!! and I don't go to school sir, I just give private Exams(NIOS)!My parents can't afford me to a school! I am poor! Its nothing like a regular school! Its just giving exams ! I do not have the kind of enthusiasm and vitality that you are really thinking! to my personal life i have seen a lot of suffering in my family I tell you what sir you will not believe me - I don't get any pocket money at all except on some festival occasions! I just cannot go and buy a drink if i am feeling thirsty,low budget and lots of other problems in my life All! I have worked in call centers, cafe and many more place !! my life is really hard! I never liked to play basketball or anything, I never liked playing!I don't have fun, or even bother to get a girlfriend or even go out!! I don't have much friends sir! you can find me anytime here except after the closing of NY time ! That is the time I sleep !People of my age really are very annoyed my be because i always talk about new business idea's and how to make money or I Talk about world economy(this is how I got to know about forex), they really get annoyed and they don't like me! Yes sir I would surely like living in a 3-story ranch house, driving a Maserati, and a yacht parked on your private beach,(anybody would want that) but that is not what my main objective is, is to develop a winning system,I am not in a hurry, I though about it! I know it will take time, but what i am doing now will surely be a fortune in the future !!I take back what i said about wasting time,I regret it that I said that! my indicators are lovely, they are working positive with me! I can determine what my indicators are telling me to do when and why! I would need some Practise on trending market ! I am getting it! I Test my indicators on 1 hour chart live for 12-13 hours! I Am now looking at smaller time frames for scalping and bigger time frame to know the overall picture of the market! have got nothing else to do ! I just love sitting and trading ! Yes sir i respect each and every idea I would put them together and throw out the one which does not suit me! thank you