What to do next?

[dbphoenix]

Yeh thanks alot il look forward to it. So i can browse the past price action 1 candlestick at a time right, can you go through it watching a candlestick form so i can watch "every last pip"?

(lol sorry for another question, if you would be so kind just answear whenever you have time)


Thanks alot

If I may, yes, the day is replayed exactly as it happened, tick by tick, not just scrolled. You do, however, have the option of playing it at a multiple of real time, e.g., twice normal speed, five times normal speed, etc.

 

[wasp]

If I may, yes, the day is replayed exactly as it happened, tick by tick, not just scrolled. You do, however, have the option of playing it at a multiple of real time, e.g., twice normal speed, five times normal speed, etc.

Cheers dp, sorry, got sidetracked on another thread. As i said, I've never used a replay system but sounds a very useful device!

Have you a market of choice as yet tomhunter or is it still open?

 

[RU12NVME51]

I read an article about the Tunnel Method that is very intriguing. Any take on that?

TH-- you going with the cable? She looks pretty inviting to me.

There is just so much to learn in the beginning that it would be entirely too easy to get some bad habits..

 

[tomhunter]

Cheers dp, sorry, got sidetracked on another thread. As i said, I've never used a replay system but sounds a very useful device!

Have you a market of choice as yet tomhunter or is it still open?

Im sortof into forex but im not really in a position to judge, i think since the skills transfer well ill make a start with forex see how it goes. Rather than try and make a decision based on little knowledge now.

So you can go through it tick by tick, interesting whats a tick


Thanks alot wasp and dp

 

[tomhunter]

If I may, yes, the day is replayed exactly as it happened, tick by tick, not just scrolled. You do, however, have the option of playing it at a multiple of real time, e.g., twice normal speed, five times normal speed, etc.

Thanks alot

"When the sale of a security occurs on an exchange, the transaction is said to be "a tick." Here's the history of the Tick and why traders keep an eye on it."

So ticks are individual transactions and not just price movements? Does this apply to the spot fx market?


Thanks alot

 

[tomhunter]

Hey

Ok ive been lookin into stuff and i saw on youtube or somewhere else alot of good traders use deal book 360 which i believe is provided by gftforex. I think ill use that, i tried oanda but for the life of me can't figure out how to get the charts into candlesticks.

In the mean time i think ill get some reading material, although it seems that in trading books arn't really pushed as such a great resource for learning. For my first basic book i looked at "Day Trading the Currency Market" by Kathy Lien which seems to be about the most specific book to my needs. Unless anyone else knows a good beginning day trading or beginning forex trading book?

Thanks

 

[wasp]

IMHO, if you are considering foreign exchange, just download metatrader as it is free and watch the market.

If your working in an office, you can have it slyly on the screen or, when your at home, you can watch it then. The advantage of forex is with a 24/5 market, you can fit your studying around your regular job. Metatrader does not offer replay but is free.

If you downlaod and place this indicator on your charts, it will show you support and resistance levels. Whichever time frame you choose to study, it will fit accordingly ... http://www.trade2win.com/boards/showpost.php?p=292555&postcount=22 ... if your not sure how to do it, PM me and I'll talk you through it.

Additionally, you can get indicators for pivots and fib levels also with metatrader but personally, I'd suggest just a plain chart with the support and resistance levels on it for now.

Then as db said, watch how the market reacts to these levels (or fib/pivots) and just get to know the market.

any additional reading is your prerogative but I have never read a single trading book and its done me no harm, but that said, trading has to fit around you and your personality so you have to discover whats best for you.

 

[tomhunter]

IMHO, if you are considering foreign exchange, just download metatrader as it is free and watch the market.

If your working in an office, you can have it slyly on the screen or, when your at home, you can watch it then. The advantage of forex is with a 24/5 market, you can fit your studying around your regular job. Metatrader does not offer replay but is free.

If you downlaod and place this indicator on your charts, it will show you support and resistance levels. Whichever time frame you choose to study, it will fit accordingly ... http://www.trade2win.com/boards/showpost.php?p=292555&postcount=22 ... if your not sure how to do it, PM me and I'll talk you through it.

Additionally, you can get indicators for pivots and fib levels also with metatrader but personally, I'd suggest just a plain chart with the support and resistance levels on it for now.

Then as db said, watch how the market reacts to these levels (or fib/pivots) and just get to know the market.

any additional reading is your prerogative but I have never read a single trading book and its done me no harm, but that said, trading has to fit around you and your personality so you have to discover whats best for you.

Hey

Thanks again wasp, ill get meta trader tonight, Is it a dealer service or do they just provide the platform?

I googled it and a number of related sites come up with the official one metaquotes.net metatrader.org or metatrader4.com.

Also how are thos support and resistance levels calculated if its not fibonacci or pivot points or something similar.


Its amazing that you've taken yourself to your level without ever reading a book, how did you each yourself, just looking at the markets and articles/forum and playing with your own system?


Thanks alot
Best Regards

 

[jacinto]

Hey

Thanks again wasp, ill get meta trader tonight, Is it a dealer service or do they just provide the platform?

I googled it and a number of related sites come up with the official one metaquotes.net metatrader.org or metatrader4.com.

Also how are thos support and resistance levels calculated if its not fibonacci or pivot points or something similar.


Its amazing that you've taken yourself to your level without ever reading a book, how did you each yourself, just looking at the markets and articles/forum and playing with your own system?


Thanks alot
Best Regards

hi,

do follow wasp's advice.

for metatrader, it really is up to you which broker.

among others, you could look for

alpari
north finance
interbankfx

download demo, that is what wasp meant (i assume).

j

 

[wasp]

Metatrader is a stand alone forex platform which can be downloaded through up to 150 different brokers ranging from the acceptable to the downright dodgy! Metaquotes is the official website.

All these brokers offer metatrader4 as an unlimited demo version so you can pick anyone of them to use. Each has their pros and cons and aren't that dissimilar but I would recommend one that secludes weekends. Some offer a multitude of pairs, some the most basic. The two I predominately look at are...

http://www.moneyrain.org/demo.html < more pairs than you can shake a stick at and then some...
http://www.alpari-idc.com/en/metatrader4/open-demo-account.html < preferable platform IMO.

The support and resistance levels are based upon levels of support and resistance on a chart. ie. where price stops and turns. Have a look at the attached charts.

As for my level without books, I've been trading on and off since 1992 in banks, brokerages and for myself. I have spent more hours looking at and watching the markets than I should have for the sake of my sanity, and have enough experience to explain my receding hairline no end, but its not something you just do as a pasttime, you have to really enjoy it!

 

[tomhunter]

Metatrader is a stand alone forex platform which can be downloaded through up to 150 different brokers ranging from the acceptable to the downright dodgy! Metaquotes is the official website.

All these brokers offer metatrader4 as an unlimited demo version so you can pick anyone of them to use. Each has their pros and cons and aren't that dissimilar but I would recommend one that secludes weekends. Some offer a multitude of pairs, some the most basic. The two I predominately look at are...

http://www.moneyrain.org/demo.html < more pairs than you can shake a stick at and then some...
http://www.alpari-idc.com/en/metatrader4/open-demo-account.html < preferable platform IMO.

The support and resistance levels are based upon levels of support and resistance on a chart. ie. where price stops and turns. Have a look at the attached charts.

As for my level without books, I've been trading on and off since 1992 in banks, brokerages and for myself. I have spent more hours looking at and watching the markets than I should have for the sake of my sanity, and have enough experience to explain my receding hairline no end, but its not something you just do as a pasttime, you have to really enjoy it!

Wow thanks alot again wasp. ill look into them brokers

I guess tht fxtrader that forex.com and fxcm i believe provide is similar to metatrader as it must be standalone. Thanks alot for the support and resistance explanation, I saw people referencing to support and resistance as the prices previous revesal points but i think i only eve saw the support and resistance levels being determine with the use of things like fibonacci and pivots.


Wow a trader since 1992 aswell congratulations, i do find trading really exciting sort of the same as poker but not in the gambling sense, in the sense of learning to beat something and constantly developing a skill. Also forex has much better prospects than poker for the future.

Thanks again wasp, i believe as im going to be self teaching a book will benefit me combined with watching the markets, i think ill study amrkets first--> read--> study markets again and apply what i learned.


Thank You
Best Regards

 

[RU12NVME51]

Not trying to hijack thread but, wow, thanks a lot!

TH- I"ve already decided that the main 3 people I"m going to listen to are db, wasp, and options..

I might be new here but I can already tell that there are a bunch of people who are full of $hit!

Thanks again guys, this is an awesome thread.

 

[wasp]

Not trying to hijack thread but, wow, thanks a lot!

TH- I"ve already decided that the main 3 people I"m going to listen to are db, wasp, and options..

I might be new here but I can already tell that there are a bunch of people who are full of $hit!

Thanks again guys, this is an awesome thread.

Ah your too kind

If your interested in forex predominately, have a look over on the weekly FX thread(s), theres a few regular posters worth listening too there. Also, do a search for anything by gammajammer and newtron bomb, both names of the past now unfortunately but also worth their weight when it comes to FX.

 

[tomhunter]

Ah your too kind

If your interested in forex predominately, have a look over on the weekly FX thread(s), theres a few regular posters worth listening too there. Also, do a search for anything by gammajammer and newtron bomb, both names of the past now unfortunately but also worth their weight when it comes to FX.

Thanks alot, ill look into that

I havn't really decided on forex based on much knowledge, what do you trade?and why?


Thanks
Best Regards

 

[wasp]

I predominately trade cable (GBP/USD) as it was the first market I ever traded and I was hopeless at indicies every time I tried them. I also trade a few other pairs and the list expands every so often but cable is my bread and butter. I do trade a few local stocks as well but nothing big.

As for the real reasons why you should trade one over another, IMO its down to you. Which markets you understand the best is important. Members like Grey1 and MrCharts are US stock traders, have been for years, db, the NQ. If you are going to learn to understand the markets and the mechanics of them, you will need to spend a long time understanding that markets players.

There are many reasons why you'd pick and choose a particular market, and there are plenty of traders who can trade them all well, but its down to the person and what fits them. Some like volume (only currency futures can offer you that), some like LII and others just simply candlesticks or bars, but again, its personal preference.

There is no easy way to choose which will be best for you and it takes time. I tried a few other markets and then settled with FX but try to not to jump around too much, pick something, put time into it and then maybe look at another for a few months.

Forex is the common market of choice for the newbie because its so wildly spread across the web, it takes little capital and there are plenty of forums around for it, this doesn't necessarily make it the best for all though.

There are lots of factors to consider so have a look around to find the one which works for you.

 

[taha1976]

My long term for cable is 1.98