Forex Signal Mentor

Hi everyone

Well I started a new demo account with a $500 starting balance. This is because this will be the amount I will be able to open a real account with, (hopefully in about 6 months when I have got the hang of the demo). No point having a $10,000 account if I cant be somewhat realistic.

Yesterday I began with strategy 1 and made 24 pips. But today I lost 33. Why?...because I was greedy. Today I wanted to have a look at how strategy 11 looks and I was jumping for joy because I made another 24 pips. But I was mesmerized by the amount of pips I was making and didnt close out, so the price came tumbling down and hit my stop loss.

If Loz said this once, he said it 50 times...15-20 pips and close the trade. Argghhhh!!!

Anyway, I tried again and got another 9 pips.

I also want to mention Skype

If anyone is not making use of this then they should. I had a pleasant few hours talking about whatever we fancied interlaced with ongoing and potential trades. Thanks to everyone who took part, it was fun.

Hey Tzatta,

I believe this is a smart decision by you using a demo w/the amount that you plan to start with. It gives you a realistic understanding of the risk/reward you will face when trading a live account.

While I believe "paper trading" is essential, when you have real money on the line, you'll know instantly the meaning of real "fear/greed" emotions especially when you first start out.

Although it is tough, I would also learn to keep emotions whether good or bad as if its just another day when using your demo account (paper trading)

I wish you much success and if I can help in any way please ask. My skype is my name: beau.penaranda if you would like to chat.

I'm usually on at home Mondays and Tuesdays, but even when I am not at home, I have access to skype via remote access from work.

good trading,

Hi everyone
Well I picked FSM up again after a wee absense with a new account for $500 cos like I said, this will be the amount that I will be able to start with. I decided to begin again because I want to document properly how I get on which I didn't do in the previous account. I will be using a few indicators together and would like some feedback (good and bad) so that we can all learn together.

I began looking at the nzd/usd pair and Lisa recommended (via skype) the aud/usd pair instead because of the lower spread.(Thanks Lisa )

Then I also remembered looking at the eur/usd pair from a few weeks ago and thinking that eur/usd and aud/usd moved somewhat similarly, so I opened up these 2 pairs and also the gpb/usd.

Anyway, I have added an image. I have placed a white line roughly where I opened the trade and highlighted it with an arrow. Obviously I wont name the strategies I have used but if you have followed the vids you will recognize them. What I will say is that I used a collection of different indicators named in the the strategies to confirm the potential trade. The entry setup isn't a perfect one but I felt that it close enough to open the trade. I targeted 20 pips. I used this sort of setup for all 3 pairs and gained 62.6 pips.

Hi again
Traded GPB/USD long today but I got my tp wrong and only gained 9.7 pips.

So I entered another trade with nzd/usd (to get my 20 a day fix ) but this went pear shaped and I ended up -18.5 pips.

I felt that gpb/usd was still going up so I entered another trade and gained a further 18.8.

So overall I gained 28.5 but lost 18.5 giving me a net gain of 10 pips.

Now, Loz says that I shouldn't re-enter a trade because it can be fatal in the long run, so I wont be doing that again (thanks Loz ).

I had the same setup as yesterday except that I used ADX instead of AO. I have posted an image. You can see 2 white lines where I entered the trades.



I don't see the point in posting an image that isn't substantially different than the previous one so in future I will only post an image should it be so. So far my $500 account now stands at $572.6

Nicely done, almost 20% up.

Don't worry about not posting the image, keep posting them, it helps see what you're referring to.

Hello again

Well being me, I had to go and spoil things. I keep getting into the habit of placing instant buy orders. I guess that the thrill of seeing the price moving is quite hypnotic.
But this is not what Loz is teaching....and waddya know.....I trashed my account.

So now I have gone back to basics and started again with strategy 1. I made pending orders for all my trades. Once the sell/ buy stops kick in, the buzz is there again.

I am still uncertain where to place my t/p and s/l, because the spread mucks up my maths.
So I tend to place my pending order first, and then when the order kicks in, see what the +/- pip value is in the profits column. This then lets me calculate my t/p and s/l from there. Hope that makes sense.

Finally, by trading 'pending orders', I have had 4 successful trades out of 5. The one missed trade I canceled before it got activated.

My new account now stands at $598.74