Support held and the S&P500 managed to finish positive for the day. The EURUSD managed to bounce back from its lows last night and it's continuing to move upwards, even after the US market close.
I'm still holding. But on a side note, I did some demo trading last night with 10k in play money. I traded only mini contracts, and have decided that if possible it is best to fund whatever forex account you have with a 1:1 ratio between contract size and account size. Having 10k in play money for trading 10k contracts made trading much less stressful. I could take on a small position and should it succeed I could slowly add to it. Or, if it didn't succeed, I could setup certain positions at which to slowly add more, averaging down the size. I would only average if the technicals and fundamentals showed it was desirable.
In any case, the accounts I've been trading are undercapitalized. I can't expect to do well with $27 controlling a 1k contract. Unfortunately, at the moment that is what I have to work with.
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hi last pip,
ReplyDeleteamong a variety of trading related things i do, i am also an equity prop trader for velez capital management...they are offering a free 2 hour event on the forex side tomorrow night...this event will go over some of the forex setups they use as well as a discussion of their forex prop program...
perhaps this event would be helpful for you, or perhaps it wont...i just thought i would let you know about it...
all the best,
adam
http://stbsmb.blogspot.com/2009/07/ever-wondered-how-trading-masters-think.html
http://www.vcmtrading.com/events.php#
Thanks Adam. I'm sorry I didn't reply sooner (I thought I would be alerted by email of any comments, but I guess it wasn't turned on).
ReplyDeleteThanks for the offer even though I am obviously too late, and thank you for commenting on the blog. Just took a look at your blog and there is no end to the information!
Thank you again.
hi thelastpip,
ReplyDeleteno problem, i am getting up to speed on the blogs settings as well...
vcm periodically offers the free two hour workshop and a free day in their forex chatroom, check their website for the specific dates...
thanks for the props for my blog...its a work in progress...i am trying to use it as a means to become a better trader as well as connecting with other traders...
how long have you been trading forex? do you trade any other security types? are you primarily a discretionary trader or do you also use some systemic models?
all the best,
adam