EURUSD - Trends, Forecasts and Implications (Part 3) - page 917

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A little more and the ADX will cross at H4
 

Here is what Stephen Cox writes:

....the eurozone leaders are conferring as this article is being written - with all due care, I think - on how to prevent a Greek bonfire. Which inevitably, for any market, there is a direction on the charts.

>In general, the Euro's inactivity is seen near the weekly technical level of $1.4360. A move from this level would mean something.

>A rise above 1.4360 will eventually take the Euro/Dollar pair back to the current uptrend high of 1.4946, reached last week. However, a break down would, I believe, target the pair at the first weekly support of 1.3968.

>All of this is potentially very important.

>On the other hand, the Euro's next move could be signalled by the ICE Dollar Index.

>The dollar index was at 74.701 at the time of writing, just above the annual support area of 74.484-74.170. A tangible rise would target the index for resistance at 75.749.

>A drop in the index below 74.170 would hit the dollar hard on the very long term charts, and would probably coincide with a rise in the euro.

>Either rise or fall could be swift. I believe traders should follow either move.

 

But the score so far is still minus, albeit small...

I have two positions open:

EUR/USD - long

Pound/Aussie - long

And the last one's going down so far.

 
seolink74:
Just a fortnight ago I raised $600 on 4 pairs at 0.2 lots in two days from 2000 k deposit... Then I lost 400 in 3 days at flat and 200 to follow on the nerves... I realized I needed a break... I traded 0.1 lots on one EURUSD pair... As luck would have it, flatty conditions... I could not reanimate psychologically. And 2 lots for the long term... I probably won't be able to sleep... I remember in the beginning I bought 1 lot at $3K... In two days I made 2k $ in a constant trend with a share... I was so euphoric... I was thinking Soros 2... That was the first time I lost a deposit... Then there were two more... It's a little easier now... but the problem is not the working strategy... it's the inability to 100% stick to the strategy. Although if you look back, everything is so beautiful... So a steady trader's psychology is the other half of the strategy. And with 2 lots I'm unlikely to be able to adequately assess the situation... emotions will turn off my mind

FOREX, it is a state of mind.
 
Galina:

But so far the score is still minus, albeit small...

I have two positions open:

EUR/USD - long

Pound/Aussie - long

And the last one's going down so far.


Probably got it through! Looking for a small resistance at 1.50 (also a round level) and the next 1.4650 -30.

 
Strannyik:

FOREX, it's a state of mind.

Forex is a casino - you can't beat it as long as you think it's a casino - here $100 brings such euphoria - that you don't remember the 700 bucks you lost before that.

Euphoria is a bad thing, I agree.

 
 
Mixon777:

Forex is a casino - you can't beat it as long as you think it's a casino - here $100 brings such euphoria - that you don't remember the 700 bucks you lost before that.

Euphoria is a bad thing, I agree.

You WILL remember your "700 baht plum" and $100 will not be enough for you to be in euphoria when 700 will float away from your real account after that. Another interesting thing that distinguishes the demo from the real is the spread. While you are playing with fun money on the demo, brokerage companies allow you to play with your money without taking away the spread when you open orders. And by opening an order with 2.0 lots on AUDUSD (as shown in your screenshot), you get a nice deposit increase... Isn't it nice? :)... So, when (and if) you open a real, the first thing you will see when you open an order, is a minus. The larger the order volume, the more minus. Due to the spread of the pair AUDUSD, if you open an order with 2.0 lots, you will see, say, -140$ at once, and with three orders (as you have), you will see -420$. And believe me, you will not be happy if at the opening of orders on the real account, the price will not move in the direction you prefer. You will say, "And I will put a short stop! Well, put it, but each point (on the four-figure) will add to the initial deficit in case of three such orders -60$.... This is what I mean, do not be too enthusiastic about demonstrating your success with demos with such big lots. The demo is your best friend and your worst enemy. Differs from the real one as a car simulator from the real city traffic at the real wheel. You can sharpen your skills to the barest degree on a simulator and you won't miss a punch, but in real life, the first pole may turn out to be your last one.... Consider the demo as an advertising campaign for the brokerage company to bring them their money, but whether you can earn on the real deal is another story. Unfortunately, even opening a real account with an amount you don't mind losing would not help much to complete the experience, but it's still better than a demo.
 
Can I get a step-by-step instruction on "How to learn how to make money on Forex"? There are so many words people write everywhere, but nothing is systematized, and as a result the head is full of emotions, information, indicators, news, lots of trading systems, strategies, etc. This is a perfect environment for newbies to make deposits. I have to say honestly, I lost a lot of money because of my greed, I have not closed good profits and decided to wait in the black with a volume of transactions that is 10 times more than my deposit and finally I am out of the money. A good life lesson, for sure. I have a more sober outlook on forex, but I still do not understand how to succeed in such an unstable system as currency trading...
 
The most interesting thing is that before that I was training on the real account with lots only 2 times the size of the deposit, and I was hanging around 0 for the whole year. I neither earned nor lost anything. I had only decided to increase the lot, and then I made a profit and then a loss.
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