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Forex Junction
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simck001
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08-Jan-2010 22:57
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Explanation was that of naked position posted. What is a naked position? Any SiFu out there? |
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simck001
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29-Dec-2009 21:29
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Just found out in my today's balance statement of Negative Amount for a "trade" (not ordered by me) executed on 2nd December. Anyone has such experience? 
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baseerahmed
Master |
28-Oct-2009 20:49
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Forex Demo Account for Technical AnalysisOpening a Forex Demo Account is a great way to practice technical analysis. There’s only a minor difference between having a real account and a demo account at this stage of technical analysis, and you can learn a lot. This is the first post in series of posts. Small Psychological Difference A Forex Demo Account is extremely useful for parcticing technical analysis and it’s results. When checking out forex charts, recognizing trends, seeing resistance and support lines, the process is exactly the same as doing it with a real live account. When you’re out of the market, there’s a little difference if you perform the technical analysis and use a live account, or a forex demo account. There is a small psychological effect when you have a real account: it’s the fear that you might be missing out on a lucrative deal. This doesn’t exist when you practice on a demo account, but the impact is small. The psychological impact is much stronger when you have a real account with an open position. But when you’re out, the fear of missing out is rather small. So, having a Forex Demo Account is an excellent simulation in the Technical Analysis stage. Technical Analysis Learning With A Forex Demo Account First of all, it’s important that your broker supplies the exact same tools for trading with a demo account and with the real account. This refers to the trading tools, the charts, and whatever you feel is necessary. The only difference should be the username! After the first acquaintance with the charting tools, it’s time to begin doing some technical analysis. I don’t intend to outline all the methodologies of analysis here, but just supply a few guidelines for diving deeper into your Forex Demo Account, and getting ready for the real world.
Using your Forex Demo Account for technical analysis is excellent. For getting the best out of it, it’s important to write down your analysis, document it and save a record of it. Yes, I said the the same thing in three different ways, and let me say that again: Documentation of your analysis is essential! If you don’t document your moves, it will be very hard for you to learn how to analyze, and your Forex demo account will be just a waste of time. Let me conclude: Learning how to do a successful analysis is the best thing that a forex demo account can give you. At this stage, the psychological difference between a demo and live account is very small. When practicing on the forex demo account, it’s crucial to document your moves. This is essential for learning. That’s it about practicing technical analysis, in a series of posts about forex demo accounts. Next in the series: Forex Demo Account for Money Management Forex Demo Account for In-Trade Psychology http://www.forexcrunch.com/forex-demo-account-when-to-go-live/ |
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chewwl88
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28-Sep-2009 22:49
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Hello, You can find more information about forex in this site http://www.fxstreet.com/  |
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iPunter
Supreme |
28-Sep-2009 08:43
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The problem with forex practise is that most often, it is like giving a person a 757 jumbo to fly before he even knows how to fly a cessna 172 or a Piper Cherookee, or even a thermal glider.... hehehe...  |
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iPunter
Supreme |
28-Sep-2009 08:16
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This morning's "Sunday bar" (the bar 2 hours before GMT 00hr) is the longest one I've seen in a long, long time... Simply great stuff... hehehe... |
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baseerahmed
Master |
26-Sep-2009 22:04
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Let's take a look at the trading platforms out there that allow at least some sort of automation. Metatrader 4 is certainly very popular among traders first getting into forex and/or automated forex trading. One of the main reasons is because it's generally a free platform, many major brokers offer the platform in a demo and live mode, and the automation scripting language (called MQL4) is relatively easy to learn and quite feature rich. There is also a good community surrounding the platform, there's plenty of help at hand through the forums, and you can obtain commercial support and help through other sources. Metatrader 4 can be used to trade forex, CFD and futures markets, but if you're looking to trade stocks and options as well - you'll be out of luck. Metatrader 4 has a built-in testing module too, called Strategy Tester, which can be used to backtest an EA over historical data very easily. There are optimization options that you can play with as you're testing the strategy, to try to obtain the best results possible. TradeStation This is a very popular platform for forex traders, and it has the advantage that it can also be used to trade stocks, futures and options too. TradeStation has a programming language called EasyLanguage® which is used to script indicators and trading strategies. EasyLanguage® is supposedly very easy to learn as the commands are formatted in English-like statements. The automation facilities allow full control over taking trades, setting stops and targets, moving trailing stops and closing trades. TradeStation also allows you to program trading strategies that may incorporate fundamental factors (for instance, the impact that major news events can have on the market) - this sets it apart from many of the other trading platforms. ThinkOrSwim This is probably one of the nicest trading platforms I have tried, with more features than you could ever want to use or even think of. It comes in a java-based version which allows it to run on non-Windows platforms too, which sets it apart from most of the other trading platforms. So, if you're a Mac or Linux fanatic and you want to trade - then ThinkOrSwim is well worth a look. This platform allows you to trade all sorts of securities: forex, stocks, bonds, options, futures. It has hundreds of chart indicators included in the standard system, then you can use their scripting language called "thinkScript" to program more. ThinkScript doesn't allow for what I'd call fully automated trading though. It can help you build custom indicators and even execute orders for you - setting stops and targets too, but that's about the limit. Using the current version of thinkScript you won't be able to implement trailing stops or moving targets - so ongoing trade management is next to impossible. ThinkOrSwim has a new Robotic Trading Engine coming out soon though, which should expand greatly on the thinkscript capabilities. Oanda Oanda is another trading platform that is java-based, so will run on all sorts of computers: Windows, Mac, Linux and more. The trading program itself is no where near as feature-rich as ThinkOrSwim, but I like it for its simplicity, speed and ease of use. It doesn't have its own automation system built into the trading platform as such, but it does have an Application Programming Interface (API) available for a fairly hefty fee ($600/month). The API allows programmers to develop automated trading strategies in the language of their choosing (example: Java, C++ or .NET), which can then execute and manage trades with total flexibility. Oanda's automated trading facilities are probably aimed more at corporations, brokers, hedge funds and money managers, rather than the average retail trader. http://www.winnersedgetrading.com/trade-of-the-day/platforms-for-automated-forex-trading |
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baseerahmed
Master |
24-Sep-2009 23:36
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Saxo pull the plug on TradeCommander On 1 October 2009 TradeCommander will be suspended indefinitely and removed from Live and Simulation SaxoTrader platforms. Quoting Saxo, “At 0800 GMT (1000 CET) on 1 October, all running systems will be stopped. Therefore Clients with active trading systems should stop these systems (and if they wish, export/save/print them) before the end of September 2009. Open positions will not be closed, so Clients should manage these positions themselves even though they may be warned by the system not to do so.” This people, is bad news for all parties involved. Bad news for traders, but even more bad news for Saxo. Firstly, there aren’t too many options for autotrading outside of the monopoly that is Metatrader, so if you’re not too keen on the actual MT4 platform itself, then it’s a real kick in the teeth. Secondly, Saxo, despite being one of the largest forex brokers around, aren’t exactly a shining beacon of light in the forex world. They have their fair share of trader complaints, their web platform is relatively slow; point being – they’re already a few steps behind their forex broker competitors, and now that they’ve shut the door on what was actually one of their better offerings, TradeCommander (a useful autotrading plugin), they’ve unfortunately taken yet another step back. This is another victory for MT4 based brokers. Don’t get me wrong, I do like Metatrader, but competition makes for a healthy market. http://forexmagnates.com/saxo-pull-the-plug-on-tradecommander/ |
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iPunter
Supreme |
16-Sep-2009 06:12
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In my view, as long as the fed's hands are tied by the need to prop up the economy, rates will more likely remain low because any rise, no matter how slight, will go counter to the prop-up efforts, negating all the stupendous bailout spending efforts. Thus dollar weakness is a fact of life until positive growth is increasingly evident..
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simck001
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16-Sep-2009 00:10
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Hi, all gurus, Is US $ getting stronger or weaker? Any reasons? |
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letonz
Member |
11-Sep-2009 15:04
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hi all Looking for 10 person to purchase this nickb video course currently having discount, anyone interested pls email to etonzy@hotmail.com details http://www.forex4noobs.com/videocourse.php | ||||
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baseerahmed
Master |
10-Sep-2009 23:48
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IG Group’s revenues are up 28%IG Group is not a classic retail Forex broker like FXCM or Interbank FX because larger portion of its business is coming from spread betting, CFDs and binary options. However this is still a positive sign for the Forex industry indicating that the market is still growing and that Forex firms can still make money despite the lower volatility. This is also in-line with the report that Forex volumes are on the rise again in Q2 2009. IG Group reported revenue for the quarter to end-August of 68m versus 53m the prior year. While London’s branch revenue increased by 4% only this was overcompensated by the German, French, Singapore and US offices revenue of which increased by 80%. IG Group’s Japanese subsidiary – FXOnline – still managed to grow amid the newly imposed low leverage requirements and the increased competition, mainly due to introduction of new trading instruments such as CFDs and binary options which are relatively new in Japan. During the period the Group opened over 21,000 financial accounts, an increase of 72% on the number opened in the corresponding period of the prior year. Excluding FXOnline, the like-for-like increase was 23%, driven principally by increases in the rate of account opening in the UK and Australia. http://forexmagnates.com/ig-groups-revenues-are-up-28/ |
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iPunter
Supreme |
10-Sep-2009 11:45
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There's a forum thread about forex trader Yeo Keong Hee... Click Here |
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simonchow
Member |
06-Sep-2009 22:22
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iPunter
Supreme |
06-Sep-2009 21:56
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Hellooo Baseer... :) You are simply great, man... You been 'out in the wilderness' and then bring us such a valuable 'bag of gold' on your return!... This is such a comprehensive list of tips which I am sure all seasoned traders can identify with. Those who keep their own trading journal will immediately appreciate all these as good reminders of their own experience. Techsys... :) It's very good to see you around again... |
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baseerahmed
Master |
06-Sep-2009 20:34
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45 Ways to not Lose Money Trading ForexThis article looks at the most common reasons why professional and new traders lose money on the forex market. Instead of learning from failure, learn how to avoid it. Knowledge Deficiency Most new forex traders do not take the time to learn what drives currency rates (primarily fundamentals). When some news or a statement is due out, they close out their positions and sit out the best trading opportunities; they are taught to only trade after the market calms down. So essentially they miss the whole move and then trade the random noise that follows a fundamental price move. Just think for a moment about technically trading the aftermath of a price move; there is no potential. Overtrading - Trading often with tight stops and tiny profit targets will only make the broker rich. The desire to just make a few hundred dollars a day by locking in tiny profits whenever possible is a losing strategy. Over leveraged - Leverage is a two way street. The brokers want you to use high leverage because that means more spread income because your position size determines the amount of spread income; the bigger the position, the more spread income the broker earns. Relying on Others Real traders play a lone hand; they make their own decisions and dont rely on others to make their trading decisions for them; there is no halfway; either trade for yourself or have someone else trade for you. Stop Losses Putting tight stop losses with retail brokers is a recipe for disaster. When you put on a trade, commit to a reasonable stop loss limit that allows your trade a fair chance to develop. Demo Accounts Broker demo accounts are a shill game of sorts; theyre not as time sensitive as real accounts and therefore give the impression that time-sensitive trading systems, such as short-term moving average crossovers, can be a consistently profitable trade; once you start dealing with real money, reality is quick to set in. Trading During Off Hours Bank FX traders, option traders, and hedge funds have a huge advantage during off hours; they can push the currencies around when no volume is going through and the end game is new traders get fleeced trying to trade signals. There is only one signal during off hours it is better to stay out. Trading a Currency, Not a Pair Being right about a currency is half a trade; success or failure depends upon being right about the second currency that makes up the pair. No Trading Plan - "Make money" is not a trading plan. A trading plan is a blueprint for trading success; it spells out what you see your edge as being; if you dont have an edge, you dont have a plan, and likely youll wind up a statistic (part of the 95% of new traders that lose and quit). Trading Against Prevailing Trend There is a huge difference between buying cheaply on the way down and buying cheaply. What was a low price quickly becomes a high price when youre trading against the trend. Exiting Trades Poorly If you put on a trade and its not working make sure you exit properly; dont compound the damage. If youre in a winning trade dont talk yourself out of the position because youre bored or want to relieve stress; stress is a natural part of trading, get used to it. Trading Too Short-term If youre profit target is less than 20 points, don't do the trade; the spread you pay to enter the trade makes the odds way against you when you go for these tiny profits. Picking Tops and Bottoms - Looking for bargains works well at the supermarket but not trading foreign exchange; try to trade in the direction the price is going and your results will improve. Being Too Smart The most successful traders I know are high school graduates. They keep it simple and dont look beyond the obvious; their results are excellent. Not Trading Around News Time Most of the big moves occur around news time. The volume is high and the moves are real; there is no better time to trade fundamentally or technically than when news is released; this is when the real money adjusts their positions and as a result the prices changes reflect serious currency flow (compared to quiet times when bank traders rule the market with their customer order flow). Ignore Technical Conditions Determining whether the market is over-extended long or over-extended short is a key determinant of near-time price action. Spike moves often occur when the market is all one way. Emotional Trading When you don't pre-plan your trades, it is essentially a thought and not an idea; thoughts are emotions and a very poor basis for doing trades. Do people generally say intelligent things when they are upset and emotional? I dont think so. Lack of Confidence Confidence only comes from successful trading. If you lose money early in your trading career its very difficult to gain true confidence; the trick is don't go off half-cocked; learn the business before you trade. Lack of Courage to Take a Loss There is nothing macho or gutsy about riding a loss, just stupidity and cowardice. It takes guts to accept your loss and wait for tomorrow to try again. Getting married to a bad position ruins lots of traders. The thing to remember is the market does crazy things often so dont get married to any one trade; its just a trade. One good trade will not make you a trading success; rather, it is the monthly and annual performance that defines a good trader. Not Focusing on the Trade at Hand There is no room for fantasizing in successful trading. Counting up and mentally spending profits you havent made yet is mental masturbation and does you no good. Same with worrying about a loss that hasn't happened yet. Focus on your position and have a reasonable stop loss in place at the time you do the trade. Then be like an astronaut sit back and enjoy the ride, there is no sense worrying because you have no real control; the market will do what it wants to do. Interpreting forex news incorrectly Fact is the press only has a very superficial understanding of the news they are reporting and tend to focus on one element and miss the point. Learn to read the source documents and understand it for real. Lucky or Good Your account balance changes dont tell you the whole story about your trading; fact is, if you are taking a lot of risk and making money you will eventually crash and burn. Look at the individual trade details; focus on your big losses and losing streaks. Ask yourself this - if I had a couple of consecutive losing streaks or a couple of consecutive big losses, how would my account balance look. Generally, traders making money without big daily losses have the best chance of sustaining positive performance. The others are accidents waiting to happen. Too Many Charity Trades When you make money on a well thought-out trade, dont give back half on a whim; invest your profits from good trades on the next good trade. Courage Under Fire When a policeman breaks down the door to a drug dealers apartment, he is scared but he does it anyway. When a fireman climbs onto the roof of a burning building, he is scared but does it anyway - and gets the job done. Its the same with trading - its OK to be scared, but you have to pull the trigger; no trigger = no trades = no profits = no trader. Quality Trading Time I suggest 3 hours a day of quality, focused trading time; thats about all your brain allows. When you are trading, you must be 100% focused - half way is plain bullshit and does not work. Dont even think that time spent in front of the computer watching the rates has any correlation with profitability; it doesnt. Spend less time but when you are trading, be 100% focused. Rationalizing Killer. Absolute Killer. Put your trade on and let it run. If it hits your reasonable pre-determined stop, you're out. Moving your stop is like getting up after being crushed with a knockout blow; its pointless, things will only get worse. Dont ignore the obvious - you are wrong, so get out. Come back the next day and try again. A small loss will not hurt you, but a catastrophic loss will. Mixing Apples and Oranges Have you ever done this: you see the EUR/USD trading higher, so you buy GBP/USD because it hasnt moved yet. That's a mistake. Most of the time the reason the GBP/USD hasnt moved yet is because its already overbought or some 4:30am UK news was bearish. Dont mix apples and oranges; if EUR/USD looks good, buy EUR/USD. Avoiding the Hard Trades Bank FX traders have an axiom: the harder the trade is to do, the better the trade. This I learned from experience - when I needed to buy EUR/USD and it was hard to get them, thats when it is necessary to pay up and get the business done. When its easy to get them, then sit back and wait for better levels. So if you're trying to get into a trade or more importantly get out of a trade, dont putz around for a few points; get your business done. Too Much Detail If you are trading more than 2 indicators, then you need to clean house. Having many indicators stifles trading and finds reasons not to trade. A setup and a trigger is all you need. Giving Up Too Easy Your first trade of the day may not be your best but certainly its no reason to quit. I have a preset daily trading limit and I use it; you cant make money by making excuses. Getting trades wrong is natural and should be expected. Jumping the Gun Dont be penny wise and dollar foolish; wait for your trade signal to be clear. Put on your trade and give it a decent size stop loss so that you dont get knocked out by random noise. Do trades and dont buy lottery tickets (extremely tight stops). Afraid to Take a Loss - Trading is not personal; its business. Dont think that a poor trade is a reflection on you. It could be you are just ahead of your time or a commercial order hits the market and temporarily creates a small unexpected move. Again, place your stop beforehand and NEVER increase your pre-determined risk. If its going bad, it will probably get worse; I think thats Einstein in motion stays in motion Over-Relying on Risk Reward There is zero advantage in risk reward; if you put a 20 point stop and a 60 point profit your chances are probably 3-1 that you will lose; actually with the spread its more like 4 to 1 (from entry point if it goes down 17 points you lose or up 63 you win; 17/63 is close to 4-1). Trading for Wrong Reasons Because the EUR/USD is going up is not in itself a reason to buy. Buying EUR/USD because its not moving is even worse; youre paying the toll (spread) without even a hint that you will get a directional move. If you are bored, dont trade - the reason you are bored is there is no trade to do in the first place. Rumors Rumors are rumors almost 100% of the time; think about where in the motion you heard the rumor. If EUR/USD is up 50 points in last 15 minutes and the rumor is dollar negative, well then you missed it. Whenever you trade, determine where in the motion you are entering. Trading Short-term Moving Average Crossovers This is the money sucker of the century. When the shorter term moving average cross the longer term moving average it only means that the average price in the short run is equal to the average price in the longer run. For the life of me I cannot understand why this is bullish or bearish. Easy to set up on software, complete with lights, bells and whistles, and good for the seller getting thousands for the software but in terms of creating profit, its a zero. Stochastic Another money sucker. Personally I think this indicator is used backwards; when it first signals an overdone condition, thats when I think the big spike in the overdone currency pair occurs. To be overbought means strong and oversold means weak. Try buying on the first sign of overbought and selling on the first sign of oversold; youll be with the trend and likely have identified a move with plenty of juice left. So if %k and %d are both crossing 80, buy! (Same on sell side; sell at 20) Wrong Broker A lot of forex brokers are horrible; get a good one. Read forums and chats in several different places to get an unbiased opinion. Simulated Results Watch out for black box systems; these are trading systems that dont divulge how the trade signals are generated. A great majority of them are absolute garbage. They show you a track record of extraordinary results, but think about it - if you could build a trading system with half a dozen filters using the benefit of hindsight, couldnt you too come up with a great system. Of course going forward is an entirely different story. High-speed number crunching capabilities allows for building great hindsight trading systems; BEWARE. Inconsistency Every business (forex trading included) requires a business plan (trading plan). Unless you have taken the time to write down a set of rules that you can and will follow, its likely your trading will remain unfocused and directionless. Make a plan, have rules, follow them, set goals that are realistic, and you will achieve them. Master of None Focus on one currency for technical trading. Each currency has a unique way of trading and unless you get intimate with it, you will never truly understand its underlying idiosyncrasies. Dont spread yourself too thin. Focus master one currency at a time. Thinking Long Term Dont do it. Stay in the moment. Especially if youre a day trader. It doesnt matter what happens next week or next month, if you are trading with 30 to 50 point stops restrict your thought process to whats happening right now. That is not to stay the long-term trend is not important; it is to say the long-term trend will not always help you when you are trading in a significantly shorter time frame. Overconfidence Trading is not easy; statistics show a 95% failure rate. If your doing well dont take your success for granted; always be on the lookout for ways to improve what youre doing. Getting Pumped Up The trick is to maintain an even keel. When you are in a trade, you want to think exactly as you would if you didnt have a trade on. To do this requires a relaxed disposition; this is not a football game. Dont get psyched up, relax and try to enjoy it. Staying in the Game I dont recommend demo trading because traders learn bad habits when trading with play money. I also dont think letting it all hang out right away is wise either. Start off doing trades and taking risk that is relatively small but still makes a difference to you if you win or lose. About a quarter to a third of what you expect to reach as your trading matures is reasonable |
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iPunter
Supreme |
06-Aug-2009 16:47
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All will be very happy to see our dear Techsys here again ...This thread has been dormant and lifeless without your sought-after postings... Welcome back... this is your home!*... hehehe... (This thread was created by kind courtesy of our Supreme member CashierTan. Hope to see him posting here again. We miss you too). |
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baseerahmed
Master |
06-Aug-2009 15:21
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Welcome back Master techys ! : ) ( i'm currently overseas with limited internet access .. ) |
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niuyear
Supreme |
30-Jul-2009 16:09
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Thanks for your insightful reply. Appreciate that.:)
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techsys
Master |
30-Jul-2009 15:09
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Thanks August for your nice welcome :)
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