Forex Tradingwithrayner

[majora]

Hi tradingwithrayner,

I would like to start learning on trading(I have close to 0% knowledge in those currency trading).

Firstly, I would like to ask what is the difference between Forex and UFX market? I understand that there are different platforms. Is there something like 'oh, Forex is better that UFX for trading?'

What is the recommended amount of money to pump into Forex account to start trading? Can I put in as low as 500 or 1k? In terms of return, is it fast or slow? Will I lose money easily?

Sorry for asking these newbiews questions. I will slowly read through all the replies in this thread soon. Thank you!

 

[tradingwithrayner]

Hi tradingwithrayner,

I would like to start learning on trading(I have close to 0% knowledge in those currency trading).

Firstly, I would like to ask what is the difference between Forex and UFX market? I understand that there are different platforms. Is there something like 'oh, Forex is better that UFX for trading?'

What is the recommended amount of money to pump into Forex account to start trading? Can I put in as low as 500 or 1k? In terms of return, is it fast or slow? Will I lose money easily?

Sorry for asking these newbiews questions. I will slowly read through all the replies in this thread soon. Thank you!

Sorry but what's UFX?

I wouldn't recommend putting any money in at all. Start of with a demo account, it's free!

As for return, there's no fast or slow. All i can say is if you're willing to put in the effort, the reward will commensurate.

Cheers!

 

[KoNz87]

Hello Rayner,
Noob in FX here. Started dabbling in demo.

Some Noob Qn:
Short Horizon [2-3 days]
Say, I Long EUR [USD] @ 1.00 today, Stop Loss [SL]: 80 Pips, Take Profit [TP]: 70 Pips. Qty: 10,000. order #2

Long Horizon [weeks]
On holdings: EUR [USD] @ 0.992, [SL]: 200 Pips, TP : 500 Pips. Bought a week ago. Qty: 10,000 order #1

Will the TP ticket @ 70 Pips flatten my Positions on my Long Horizon holdings [i.e. order #1]? Or does the TP ticket only activate when Order #2 hit the 70 pips profit? I believe the same will hold for SL ticket as well?

 

[tradingwithrayner]

Hello Rayner,
Noob in FX here. Started dabbling in demo.

Some Noob Qn:
Short Horizon [2-3 days]
Say, I Long EUR [USD] @ 1.00 today, Stop Loss [SL]: 80 Pips, Take Profit [TP]: 70 Pips. Qty: 10,000. order #2

Long Horizon [weeks]
On holdings: EUR [USD] @ 0.992, [SL]: 200 Pips, TP : 500 Pips. Bought a week ago. Qty: 10,000 order #1

Will the TP ticket @ 70 Pips flatten my Positions on my Long Horizon holdings [i.e. order #1]? Or does the TP ticket only activate when Order #2 hit the 70 pips profit? I believe the same will hold for SL ticket as well?

If you set TP of 70 pips for #1 then only that trade will be closed.

It will not affect your #2 as it's a separate trade altogether.

Cheers!

 

[KoNz87]

If you set TP of 70 pips for #1 then only that trade will be closed.

It will not affect your #2 as it's a separate trade altogether.

Cheers!

Thanks! That's what i thought too.

Background about moiself: not rich; dun have huge savings. typical sinkie worker that bring back some income [not earning enough]. Hoping FX may serve as a source of passive income w/o being overly paranoid.

Strategy 1:
Trading @ only 10K Qty per currency pair [very conservative?]. So a SL of 200 pips will only hurt me ~200 dollars [which is the max amount i can afford to lose for a trade], and i can ride the trend for a longer horizon if the pips fluctuate down to say -ve, then possibly up a few days later to + value. Also, i can hold onto the positions for a longer horizon w/o being constantly fearful that i may make tremendous losses.

Strategy 2: Holding 2 Positions on the same currency pair
One Position that settle in a few days and take profit at small gain. [Pips = ~75-80]
Another Position that will be holding for longer week to take advantage of Pips gain.

My intention isn't to profit heavily by 'gambling' on huge quantity. I'm intending to finance these small earnings [75 dollars to few hundreds] to purchase Equities for long term investment.

What do you think of my strategy? Too ambitious? Not enough rewards?
Well, nobody like to lose money. If unfortunately, i lost my 1K cash balances, i will quit FX Trading altogether.

 

[tradingwithrayner]

Thanks! That's what i thought too.

Background about moiself: not rich; dun have huge savings. typical sinkie worker that bring back some income [not earning enough]. Hoping FX may serve as a source of passive income w/o being overly paranoid.

Strategy 1:
Trading @ only 10K Qty per currency pair [very conservative?]. So a SL of 200 pips will only hurt me ~200 dollars [which is the max amount i can afford to lose for a trade], and i can ride the trend for a longer horizon if the pips fluctuate down to say -ve, then possibly up a few days later to + value. Also, i can hold onto the positions for a longer horizon w/o being constantly fearful that i may make tremendous losses.

Strategy 2: Holding 2 Positions on the same currency pair
One Position that settle in a few days and take profit at small gain. [Pips = ~75-80]
Another Position that will be holding for longer week to take advantage of Pips gain.

My intention isn't to profit heavily by 'gambling' on huge quantity. I'm intending to finance these small earnings [75 dollars to few hundreds] to purchase Equities for long term investment.

What do you think of my strategy? Too ambitious? Not enough rewards?
Well, nobody like to lose money. If unfortunately, i lost my 1K cash balances, i will quit FX Trading altogether.

Start with a demo account.

Apply your strategy consistently on it. If you're positive after 3 months, probably shows whatever you're doing MAY be working.

Then fund your live account.

Why trade live and pay tuition fees when you can learn it for free on the demo?

Lastly, you don't exit a trade because $200 is what you're willing to lose. Rather you exit a trade because you are proven wrong by the markets.

You may want to check out Forex Trading Online: Foreign Exchange (FX) Trading | Currency Trading for a start to the FX markets.

Cheers!

 

[KoNz87]

Start with a demo account.

Apply your strategy consistently on it. If you're positive after 3 months, probably shows whatever you're doing MAY be working.

Then fund your live account.

Why trade live and pay tuition fees when you can learn it for free on the demo?

Lastly, you don't exit a trade because $200 is what you're willing to lose. Rather you exit a trade because you are proven wrong by the markets.

You may want to check out Forex Trading Online: Foreign Exchange (FX) Trading | Currency Trading for a start to the FX markets.

Cheers!

Yup. Im using Oanda demo. Kinda just self-learning. not gonna pay 'gurus' for lesson. Thanks alot for the site. will be reading them up.

 

[tradingwithrayner]

Looking at couple pairs this week AND MORE!

 

[klavier]

Thank you again rayner for your insights and tips. As a new trader, it is indeed very unnerving when the 'plan' somehow goes against me and in many cases i have the thought to bail out.. sadly, i didnt stick to the plan which u had provided last week.. gbp/usd so its a painful lesson. well at least i didnt lose money... just lost the chance to earn more..

 

[tradingwithrayner]

Whatever mistake you made, write it down in a journal.

Review them weekly, soon you will get better!

 

[klavier]

Whatever mistake you made, write it down in a journal.

Review them weekly, soon you will get better!

Aud/usd pair at .895 as per your analysis. I exited because I think it can go both ways as you also pointed out. . Thanks again for your analysis. . Too bad I seem to only be able to trade a limited number of pairs so can't follow and test your other recommendations.

 

[tradingwithrayner]

Watching Silver Closely..

 

[tradingwithrayner]

I'm Back!

 

[tradingwithrayner]

 

[tradingwithrayner]

 

[tradingwithrayner]

Weekly trend for Audnzd is down. Thus I’m looking to sell resistance.

Weekly trend for Eurnzd is down. Typical textbook setup here.

 

[jgyy1990]

Thanks for the tips

 

[tradingwithrayner]

What if markets don't move?

 

[GenerationX]

So that mean buy at low or continue sell?

Weekly trend for Audnzd is down. Thus I’m looking to sell resistance.

Weekly trend for Eurnzd is down. Typical textbook setup here.

 

[tradingwithrayner]

I sold at resistance here.