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There is no shortcut to profitable trading in currency trading.
To make money, one needs to bet correctly more times than wrongly.
And one must make more money on these correct bets than one loses on the wrong bets.
The best traders are the ones who routinely bet correctly (on the direction of price movements).
I am going to be retrenched soon, so looking for second source of income and search for next employemtn at the same time. I got quite interested in forex as it provides freedom, low cost and seems ok for people with little knowledge to start on it. Stumbled on tis forum and find some very good share information before I join.
I am in middle of going through Babypips and stockcharts.com recommended by Cashiertan (thankyou!) and the sharings by Techsys, Tabbykat. I read Nicholas Tan book, got a demo account with Saxo. I attended some previews but cost are too high and some promises are too good to be true, there are also bad forum reviews on some of the prominent ones.
But I find it difficult to put in a trade that give good consistency. I have no background knowledge of TA, candlesticks and the patterns mentioned by Techsys seem even more difficult. To my knowledge now, most of the patterns are only obvious after hindsight.
Will all this come along with experience ? Seeking for consistent method with self study but there are alot of information from all sources that confuses me. All these information are floating in front of me and I don't know yet how to combine which Indicators and time periods.I would like to cut short my time. looking forward to advice from anyone with good, simple, practical advice. Thanks 
I got the full hectortrader course. Not bad but more suited for a Full time trader. so if u like to watch Charts can go ahead get it.
Dun listen to noob trader who tok as if he is a pro in trading, there is no need to get more systems or ebooks for trading. Just take a look at the start of this thread. he just started learning to trade forex when i start this thread.
A good system can make you tons of money if you follow it diligently. Just look at SingGal, just one system and she is doing so well in stocks.in fact more is not better. I have just 1 system for stocks, 2 for forex, 2 for e-mini and 2 for options. more than enough for profitable trading. in fact it is more than I can handle. I havent see Real Profitable Traders using more than 3 systems for any investment vehicle as too many will lose focus.
I am trading more e-minis recently during night time and afternoon for Forex. Spare time will meet up my managers of my 2 ventures for updates. No trading stocks as i find trading index better. 1 point for $10 per contract. anyone wanna join me?
Buying more than a few systems, and attending a few courses in search of a better way, is typical in the lives of many a seasoned forex trader...
It is then up to the individual to develope his own unique style of profitable trading... 
letonz ( Date: 18-Aug-2008 01:34) Posted:
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thanks for sharing so much, techsys.
Recently Dollar/Yen has been cheonging relentlessly (ever since interest rates headed downward)...
Now breaking out on the upside like nobody's business...
How much higher? 
This Forex forum is starting to get hot...
Hi Techsys,
how long have you be trading FX ? Are you able to share some of the strategies or point us to some training/ course that could be useful? I started to get interested in FX early this year.. read thru some books and tried to apply what I learn Live. But am finding it extremely difficult as the well thot plan gets pushed away when emotion gets into the way. The lack of discipline and inability to control emotion resulted in many lousy trade.
While I am now learning to manage this two aspect of my life (pretty difficult to manage !!) , are there things you look out for before you even enter a trade ? Some Technical formation needs to happen ?
Your thots please. Many thanks\,
Hi SingaporeGal, I'm sure those were not something todo with update speed or data.
Anyway, it's only a small period of time after a day. If you are not news trader, you don't need to bother this.
For asleep, I trade news sometimes, but not every single news. Focusing on news that can be predicted and relatively move slower. From my experience Non Farm Payroll is not good to trade, also FOMC speech and Fed Reserve announcements. Even they can hike or fall greatly, this is not a good way to trade. You can trade after the action (15 to 30 minutes), not before the action.
News trading is more effectively applied to other than 4 major currencies, for example AUD, NZD, CAD. For GBP, EUR, CHF, USD you need to focus on quantitative news, ISM, PPI, CPI for instance.
Here, I share one tip for news trader:
The trick in news trading is you put your position during 30 minutes to one hour before the news. If your position is not filled 10 minutes before the news, please withdraw it. (Reminder: FOCM, NFP are traded after the news - because they are qualitative new; qualitative vs quantitative)
Reading news means you are predicting the direction. So you don't read news and later make speculation. Speculation is own by Technical Trader. If you still can't choose your stand, find who you are beforehand.
One more thing, I got 11 emails told me about their brokers are scammer.
Please don't blame your broker and write all notes accusing your broker first. The problem mostly happens because the traders don’t know how market works. Some emails mentioned that the broker often re-quoted their orders. Some mentioned they heard that brokers have an application to fail their positions.
Here is my explanation; all brokers live from market liquidity that means spread, volume and commission if any. They don't care you win or loss, as long as you trade, they earn money. More often you get in, that means more money for them. This has indicated that they want you keep trading. And you will keep trading if you win.
For other who has problems, this is the answer. Those were happened because you traded during peak hours, the period when the spread was getting widen or market was moving very fast. When the spread is widening, it actually tells you market is unstable, high risk and very busy to consolidate. If you insist to get in, then blame yourself who want to play within this premium time.
Thanks for sharing techsys.
I think maybe its due to the different spread and different update speed of the data.
techsys ( Date: 01-Aug-2008 11:41) Posted:
Wow .. Baseer, thanks. But don't think sharejunction admin will do that. :)
Perhaps I need to be satisfied with title "Master".
For singaporegal, I will have no secret for this one. Actually I had been called last time by some brokers (two actually), due to account reconciliation or I just know from my friend it's called re-quote.
They explained to me about this and it has been confirmed well.
This is not trading platform actually. This is their trading network. I don't observe history price, but the price movement during peak hours. For example, yesterday US unemployment report was announced, there is a different price movement between Saxobank and others ( I don't want to mention which one). Most of the time the price is the same, I told before it's happened during big news. There is a whip saw.
I use MT4 and also other proprietary platform to compare. For example Saxobank (Saxotrader) and MIG (MT4), I still can see exactly the same price movement.
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thx techsys for the information.
I was looking at USD/CHF during friday's NFP, and its spread widened to around 20 pips in Saxo. Bid was around 1.0466 and ask was around 1.0488. Then it gapped to 1.0495 (est). So if u placed a sell stop at 1.470, would u have been stopped out?
If so, I think it will be really advisable to get out of the trade before major news. *Sigh* When will government bodies step in to regulate retail forex?
Techsys was just using Singlish... hehehe...
Anyway his post is very good...
techsys,
Allow me to clarify here...
What techsys mentioned was:
STOP LOSS ORDER MUST ALWAYS BE PLACED IN ALL TRADES.
The first mistake an forex trader always does is never put stop loss.
Unless you play with 1:1 leverage, it's okay. Even 1:50 still need stop loss.
Remember Forex is played by speculator ... no investor here.
Just learn when to get in and learn to get out. If you can't play news, just stay away. Just like someone here told me before, if you trade base on luck, you deserve to loose all your money.
Just don't put stop order (esp fxcm) before major news like this evening's nonfarm employment.
my stupid mistake .. forgot to remove the order before the news release. Then it entered a trade at 30pips away from my EP - unbelievable.. dun noe if fxcm is eating $ or wad... but by the time i know i was stopped out
hallo asleep, to encompass the problem try to use
Buy Stop if Offer instead of Buy Stop
Sell Stop if Bid instead of Sell Stop
This will allow you to put stop loss or position very tight.
Hi guys,
I noticed that when I use Saxobank for trading, they have a minimum range for stop orders. For most pairs, it is 20 pips from the current price and for GBP/JPY, it is a whooping 50 pips. Are there any good brokers which avoids this.
Anyone bought this product? ...
It uses no indicators! Click To See
I am tempted to get it soon to add to my collection of systems...
You are implying IG and CMC 's data also not chun.
I got it. Thanks a lot. So, people, do you all get it?
techsys ( Date: 01-Aug-2008 17:46) Posted:
Hi Trader88, as long as you are not a scalper or news trader, you are fine.
Ipunter, about breakouts strategy, I don't know what your strategy is. If you mention about news, it means you are good in fundamental analysis. Most FX trader is not news breakout strategy. If you mention this part, you are probably a scalper.
Breakout strategy means you can analyze market and can pre-identify the beginning of turning point or continuation for a break. Honestly this is advance strategy. You should know the answer already. |
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