FX Spot Traders everywhere

[divads1]

Hi NiKNak I am new to forex and would like some assistance.

I currently spread bet currencies using technicals only from my stock investing days. It would be interesting to know others ideas and chat with the more experienced and knowledgeable.

Divad1
Fellow traders
As a newbie to Forex I was trying to write strategies for trading / Spreadbetting Forex

I need answers to the following for short term under a day and medium term perhaps overnight. I need a strategy before I start.

Hopefully some of you more experienced people could help.

1 What timeframe charts are best to use for entry and exit

3 Do I use Support and resistance from yesterdays high low taking Fib levels from these

4 Are there times of the day when it is better to trade particular markets

5 I always use Candlestick charts / patterns normally is this still good

6 What if any indicators can I use to entry / exit trades plus settings MACD DMI ADX

7 Are Moving averages of any use if so which and how. PSAR Bollinger etc Where do I set my Stops.

8 Do pattern setups work 1 2 3 etc

9 Are there different strategies for trending / ranging channels.

10 Do I need to know any fundamental information interest rates statements etc


These are only some of my thoughts but I have to have a strategy for entry and exit before I start.

You see all these adverts for fancy systems and promising you to make millions etc do any of them work?


Divad

 

[GotGold]

Using MA's in FX will get you burned alive.

The market tends to move hard and quick, then consolidate.
Using any lagging indicators (except in the longer timeframes) will not work.

 

[s-a]

Using MA's in FX will get you burned alive.

The market tends to move hard and quick, then consolidate.
Using any lagging indicators (except in the longer timeframes) will not work.

Hi GG,

I guess everyone has different experiences - in my case what you say isn't true. I'm doing alright using moving averages as a core part of my trading system. I use it across multiple time frames looking to the higher time frame as stability and to aid in position sizing. I guess it probably also depends on what your holding times are.

HG

 

[TRADERguy]

Trading the EUR/USD on the CME your transaction costs will be lower than if you trade retail forex (CME = 1 tic spread + less than a half tic in commissions; compared to the retail forex spread of 1.8 to 3 pips). However, if you are position trading (i.e. trading longer term) the transaction cost of each trade is much less important. In this case, the benefits of forex such as the ability to trade 24hrs (no risk of a large move against you while CME is closed) and the ability to trade the crosses can make forex more appealing.


Cheers,

TRADERguy

Hi

Could a FOREX trader explain to me what is best to trade for position trading `I understand you can trade the CME march EUR/USD or Spot EUR/USD.

What do the big boys trade is it the spot eur/usd or future eur/usd

Also which is more volatile to trade between the spot or CME future.EUR.USD.and my last question does in move more 8.00am to 8.am UK time,

Thanks

Sun

 

[josbarr]

Yes it is LBR trade using 14 ADX

looks like a raschke grail trade ?

someone correct me if im wrong?