Forex advice please?

P

Paul Wilson

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I would like to learn more about trading FX. All I know about the market are the very basics. So far my learning has gone as far as some of the learning zone articles and wikipedia.

I will be putting an order in with amozon soon for some new literature. Would any seasoned(profitable) traders like to give me any suggestions?

The same with internet resources. Please don't be shy.

I do have a few specific questions too...

Number 1.

I understand most brokers have their own charting packages. Are these acually any good? Or do you chart with third party programs? If so any recommendations? I use sharescope for my swing trading, I guess this isn't much cop?

Number 2.

I understand the price of currency can be influenced by specific political or economic dates. For example interest rates?(please correct me if I am wrong, as mentioned earlier, I am clueless about this game)

Where is this information found? I also think I read some where about some times of day being better than others for trading. Is this true?

Thanks - Paul.
 
Most of what u need is here on the site, lots of stuff about data feeds.Data via a broker often is not as good as direct. I use esignal which is competitive, top of the range is rueters or cqg. Mine costs about £80 for all forex and some futures. Yes forex is affected by news but only affectsintraday and scalping style of traders. Good luck
 
Paul Wilson said:
I would like to learn more about trading FX. All I know about the market are the very basics. So far my learning has gone as far as some of the learning zone articles and wikipedia.

There are lots of Forex web-sites ..google..same goes for any specific information

I will be putting an order in with amozon soon for some new literature. Would any seasoned(profitable) traders like to give me any suggestions?

The same with internet resources. Please don't be shy.

I do have a few specific questions too...

Number 1.

I understand most brokers have their own charting packages. Are these acually any good? Or do you chart with third party programs? If so any recommendations? I use sharescope for my swing trading, I guess this isn't much cop?

There are many free providers of forex charts...Meta Trader 4 is great free charting ...google for providers. No need to spend any money on charting unless you have a specific need to do so

Number 2.

I understand the price of currency can be influenced by specific political or economic dates. For example interest rates?(please correct me if I am wrong, as mentioned earlier, I am clueless about this game)

Interest rates are One of the Primary Drivers of Forex Markets ( over the longer term )...eg GBP/JPY...One way traffic on this pair...U K interest rates circa 6% Japan circa 0.5%....Money flows towards higher interest rates and away from lower rates...makes sense !

Where is this information found? I also think I read some where about some times of day being better than others for trading. Is this true?

European session ( LONDON ) is the biggest and best for price moves followed by U S then Asian

When trading for eg Asian session...it is best to trade Asian related pairs....trying to trade EUR/GBP in Asian session would be pretty much a pointless excersise

Thanks - Paul.
Click to expand...

cheers
cv
 
The web is full of free resources, you will easily find it.
The basic problem you will have to face is the time frame on which you feel reliable to trade.
Other matters that will afect you are:
1) the currency pair to trade, most people trade with eur/usd for many reasons, i personally feel more confortable with usd/yen for the hours i can trade, you will have to find your best way/pair to trade.
2) every broker provides you with a powefull set of charts that will support you with the technicall analysis requiered to trade, the problem will be to stablish which tools are more efficient according to your trading technique, remember it is supposed to be profitable, otherwise leave it, it wont be for you.
3) economic events as you already said, you will find many resources, news and analysis at dailyfx.com, i insist it will depend on your own sistem and technique.
Good luck
 
All depends on your timeframe. If you have a longer term view and can afford some short term pain simply look at the fundamentals of the two economies; look at the interest rate cycles and level of inflation that persists. There were some easy calls towards the end of 07 -namely shorting the dollar and stirling and longing the resource currencies. I was fortunate to long the EURGBP and short GBPSGD for a very nice ride. Also sentiment is very important and is a large driver, a case in point is the dollar at the moment- net longs have now increase net short against the euro on options, this is the named the 25 delta risk reversal ratio (sounds more complicated than it is) I find this a good indicator of sentiment and recent opinion suggests this may be a turning point...Though I would be cautious to long the dollar against anything yet...

Shorter term, havn't had a great deal of experience. Find a technical analysis trategy that works, Demark is looking very interesting, but think the best strategy to find what works is trial and error. Start of betting small. You will learn a lot more from your mistakes than from your gains. Good Luck!
 
How to become a Trader :

You only need to master one trading setup to be a consistently profitable trader.

Screen time will allow you to master one setup.

After you have mastered one setup "own it " you can add another setup.

This can be an ongoing process developing your own style.

The best setup to begin with is the one that you see and understand easiest. If you are forcing yourself to learn a setup because you believe another person is successful using it you may be taking the longer route to profitability.
We are all different . Our brains and personalities will gravitate to different setups. This is also true of exit techniques.
Most traders I hear from lengthen their road to profitability by trying to apply too many concepts before owning the first one.
They have studied a myriad of techniques but have yet to master any. This allows them to talk about trading but unable to consistently trade profitably.
The first decision to make is; do you desire to be a counter trend trader? or a with the trend trader? Eventually, you can be both.
At the beginning, or a new beginning perhaps, you will do best choosing to master a setup and follow the trend.
If you have been at this game for awhile and are not yet consistently profitable you know what I am saying is correct.

This site contains trading techniques and setups with the intent that it will aid you in creating "your" trading style.
My personal trading style is a combination of various styles and setups. I trust this website will be an exercise in my personal understanding of my own style allowing all to benefit.

PICK ONE, MASTER IT, BE CONSISTENTLY PROFITABLE

I learned alot from this site >>
Forex Trading System - Learn How to trade , CFDs, Forex, Shares - Home
 
Paul Wilson said:
Number 1.

I understand most brokers have their own charting packages. Are these acually any good? Or do you chart with third party programs? If so any recommendations? I use sharescope for my swing trading, I guess this isn't much cop?
QUOTE]

Another good free 3rd party charting package is NinjaTrader (www.ninjatrader.com). You can configure a free real-time FX data feed to Gain Capital or MB Trading (with a demo account). The problem I've found with FX is that because it's an OTC product, all of the data sources/brokers quote slightly different prices anyway.
Click to expand...
 
Paul Wilson said:
I would like to learn more about trading FX. All I know about the market are the very basics. So far my learning has gone as far as some of the learning zone articles and wikipedia.

I will be putting an order in with amozon soon for some new literature. Would any seasoned(profitable) traders like to give me any suggestions?

The same with internet resources. Please don't be shy.

I do have a few specific questions too...

Number 1.

I understand most brokers have their own charting packages. Are these acually any good? Or do you chart with third party programs? If so any recommendations? I use sharescope for my swing trading, I guess this isn't much cop?

Number 2.

I understand the price of currency can be influenced by specific political or economic dates. For example interest rates?(please correct me if I am wrong, as mentioned earlier, I am clueless about this game)

Where is this information found? I also think I read some where about some times of day being better than others for trading. Is this true?

Thanks - Paul.
Click to expand...


MY View is KISS Principle - Keep it simple stupid! Initially not worth spending £000 on charting software, lots of free brokers packages around! try them, CMC and IG have one of the best free software with programming capability

Yes currency is influenced by politics, fundamentals etc etc - But never trade on this huge moves. But use it as an opportunity to counter trend. Use Divergence techniques.

how often do you see that major news realease sees a big move, NFP is a classic example last week, and then what happened this week - all the gains given back

so use this volatility in your favour - wait................. patience.............. and then POUNCE
 
Find one or 2 setups and trade them religously.

Are you aware that you can make money by simply sellign the opens and closes of daily and weeks bars.

How often do you see rotation on weekly time frames, as well as double momentum bars.

This weke I sold the gbpusd on the open with a 100 pip stop loss. Now, it's hard to imagine, but I held this trade all week and made a killing.

THis really is the way big boys trade, off higher time frames, and I suggest all traders begin to learn daily time frame methods.

this site is good ..

Forex Trading System - Learn How to trade , CFDs, Forex, Shares - Home

:LOL::)
 
Absorb EVERYTHING you can come across about Forex. There are literally hundreds of free education and Forex forums online. Some are very good and truly provide a great service to the new Forex trader. I personally don't recommend you pay money to any of the gimmicky Forex sites trying to peddle education or automated trading software. While I am sure there are many that are legitimate and decent, there are also many that are scams and a waste of money. I have found that everything you need to know to trade Forex successfully you can find for free.
 
Trades For This Week (24 Nov - 28 Nov): 75% Success Rate

This week 12 trades were executed: 9 trades won, 3 trades lost (75% success rate)

1. Yesterday (27 Nov) I had bought 20,000 EURJPY at 123.14, stop level at 122.40, target level at 124.01.
Market is moving very slow due to US holiday (Thanks Giving Day). I decide to take profit first, sold at 123.25. Profit is 11 pips, US$23.09.

2. On 27 Nov, I had placed an order to sell 10,000 USDJPY at 95.27, stop level at 96.00, target level at 94.11.
My signal has turned from sell to buy, so I decide to cut loss. Bought back at 95.46, loss is 19 pips, US$19.90.

3. On 27 Nov night, I had shorted 10,000 EURJPY at 123.48, stop level at 124.10, target level at 122.46.
Target level is reached at 122.46. Profit is 102 pips.

4. On 26 Nov I had shorted 10,000 GBPUSD at 1.5246, stop level at 1.5350, target level at 1.5129.
Stop triggered, loss is 104 pips, US$104.00.

5. On 26 Nov I had shorted 10,000 EURJPY at 123.68, stop level at 124.73, target level at 122.60.
My signal has turned from sell to buy, so I decide to take profit first. Bought back at 123.28, profit is 40 pips, US$42.07.

6. On 25 Nov night, I had shorted 10,000 USDJPY at 0.9542, stop level at 0.9640, target level at 0.9391.
Today (26 Nov) the sell signal from BL TS is getting weak, so I bought back the short position. Profit is 33 pips, US$34.70.

7. On 25 Nov I had shorted 10,000 EURJPY at 125.19, stop level at 126.20, target level at 123.60.
Target level of 123.60 is reached. Profit is 159 pips, US$167.05.

8. On 25 Nov I bought 10,000 USDCAD at 1.2411, stop level at 1.2290, target level at 1.2522.
Uptrend seems weak, so I decide to take profit first. Sold at 1.2441, profit is 30 pips, US$24.11.

9. On 25 Nov morning, I had shorted 10,000 AUDUSD at 0.6481, stop level at 0.6570, target level at 0.6385.
AUDUSD met some support at 0.6400, I decided to take profit at 0.6431. Profit is 50 pips, US$50.00.

10. On 24 Nov morning, I had bought 10,000 USDJPY at 95.36, stop level at 94.88, target level at 96.31.
There is resistance at 96.00, so I took profit at 95.87. Profit is 51 pips, US$53.20.

11. On 24 Nov I had bought 10,000 EURJPY at 121.13, stop level at 119.50, target level at 122.71.
Target level is reached, profit is 158 pips, US$164.69.

12. On 24 Nov I had shorted 10,000 GBPUSD at 1.4899, stop level at 1.5000, target level at 1.4803.
Stop is triggered, loss is US$101.00.

All my trades are posted in my website, which can be found in my Homepage. Click on my name and pull down Homepage.

All of my trades are executed based on BL TS (trading system). If you are interested to make money from forex trading, send an email to me at [email protected].


Risk Disclosure: Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to participate in the futures trading markets. Don't trade with money you can't afford to lose. This website is neither a solicitation to invest nor an offer to Buy/Sell futures or options. The past performance of any trading system or methodology is not necessarily indicative of future results.
 
rols said:
This is an excellent fountain of knowledge.

Don't be put off by the title.

Forex Training & Education: Beginner Foreign Exchange Currency Trading

Bon voyage!
Click to expand...

It like the university of forex








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:smart:
 
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