I want to trade on price action in FOREX anyone have any ideas where to start?

montmorencyt2w said:
Interesting post ... goodness, I see the thread has been running for more than 3 years; Is James still posting to it? (Only read the beginning and end so far). Near the beginning, he was writing:



He was also writing about the amount of money that you could (theoretically) make. Well, 3 years later, I guess he is either a very rich man, or a much wiser one, or possibly both.
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If you read the entire post, you will find that he is in fact doing quite well, apparently. He has his own section on the board where he mentors others, for a fee. He is very highly thought of by other "senior members" on the board.

That said, the point is, if you read the thread, there is a lot of good info there about price action, which is what was asked for here. I am incorporating it into my investing and have found it very useful. As always, your mileage may very.:cheesy:
 
Thanks H. I will try to go back and re-read the thread properly; got a lot of reading/studying to do as it is at the moment. As for mentoring others for a fee. I suppose cynics might argue that if they are successful traders, why would they have to do this? I don't actually take this view myself. I think that successful traders often do want to pass on their knowledge to others, and often do so for free, to a large extent, but when it comes to one-to-one mentoring, or in-depth teaching, why shouldn't they charge. After all "the labourer is worthy of his hire", still more so the expert. Also there is a view that some people will not value information, or a course, or whatever, unless they pay good money for it, and I think there is something in that. Also some experts say they develop their own expertise in the process of teaching others...it keeps them on their toes so to speak. They also may enjoy the job of teaching or mentoring. Trading can be a lonely old business. (In short, I am not a cynic; there may always be the odd bad apple, of course).
 
iza9090 said:
Right... does anyone know where I can get history data for the EUR/USD (about 5 years) so I can work out major support/resistance lines?

I recently got forex tester but the data only goes back to 2006... i use oanda but have not yet got data from them despite my $1000> account.
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Forex Tester imports just fine the *.hst format that MetaTrader uses. Just go to the Alpari web site and download their 1M files for Forex currency pairs, then import them into Forex Tester.
 
Try Avri Fishers Forex Trading Machine if U are looking to trade on Price action.

Best of Luck
 
More Information.......

Hunter08 said:
The best site for price action is undoubtebly Learn To Trade The Market | Forex Trading Strategies | Learn To Trade Forex
learn to trade the market has helped me understand all types of price action trading and various patterns to make money.,

I suggest you take a look at this site, It has helped my trading enormously

Hunter
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Hunter,
have you taken the step to actually buy the course he is promoting, or have you just picked up enough tips from his online videos to make a difference. He does give quite a bit of price pattern recognition away and I can't see the course being anything else except more of the same?
thanks, John
 
Every person learns according to his convinence if he is able to understand hindi he will go for india site and if able to understand english he will go for english sites.
 
With a solid trading plan, personal mentor and plenty of research you can expect to lose much less than starting from scratch. I showed my friend what I knew, and he was lucky enough and skilled enough to turn 4.5k to over 30k in a month...I have traded MUCH longer and haven't had that success YET...But as you can see, anyone CAN possibly make it in trading...given the right mindset, mentor, and even LUCK.

Try a 4000 sma on a 60 day, 5min candle chart. The buy and sell signals are big sweeping moves and it will prevent you from intraday "scalping" which will most likely cause you to lose money.

You want a low number of trades with a high risk:reward ratio...1:10 will allow you to be profitable and 1:3 will allow you to stay alive and slightly profitable. Strict money management!! Learn it, love it!
 
If you want to get off to the best possible start when trading currencies online you need to make sure you choose the right products and services. You should view the products and services you choose as the first important decision you have to make. The right choices will help you make big profits, the wrong choices could seriously damage your success.
 
Well i can suggest you a very good site that specially concentrates only in building Forex trading strategies.Please do visit at http://www.fxdialogue.com/ ,this site will provides you the softwares that emphasis on user friendly approach for doing trading & making strategies by comparing historical data with real time data.
 
iza9090 said:
I've noticed that the traders that survive in FOREX use price action and rarely indicators. I am finding indicators misleading because of constantfalse signals - they work eventually (in hindsight) but its harder to trust when you are trying to enter a trade.

Is there a website/book/system that is out there that looks at price - thanks
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Would suggest lance beggs for this ......he's published very very detailed guides and is reasonably priced

He's also a great guy and is always happy to,help people

N
 
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