Day Traders - Forex Market

[MG Man]

also 100k is unrealistic unless u really that loaded
better to demo with an account balance that truly reflects your equity.............it's easy to find trades and hold positions when u have that much buffer

[Lance]

Indeed,

In a month or so I hope to try my hand at some real trading

[Chimera]

MG man yuh make a killing today on Yen?

[Team Loco]

i am. right now i am 45 pips up

[Redman]

also 100k is unrealistic unless u really that loaded
better to demo with an account balance that truly reflects your equity.............it's easy to find trades and hold positions when u have that much buffer

I believe that the idea is to be able to stay with the trades-and get the signals right-as opposed to bussing regular cuz you outta equity.

I have the books breddo

Later

[MG Man]

ABA, laptop crashed
no trading these days

Redman I know the idea but based on experience with local traders, people tend to get a false sense of security and typically lose the money they fund with because they trade too aggressively based on their demo success

[MG Man]

MatchMaker Trading - Marrying the Strongest and the Weakest
By James Stanley, DailyFX Trading Coach,

Match-Maker Trading – Marrying the Strongest and the Weakest

Once a trader has learned the basics of the currency market – regardless of their style of trading - whether it is technical or fundamental, the rationale to marry the strongest and weakest currency is obvious.

News, technical levels, and sentiment all play directly into price. By observing the most recent movements in price – we can determine how exactly that sentiment is being priced.

Because there are two parts to a currency pair (The Base Currency being the first listed currency/ The Counter Currency being the second) deviations taking place in one pair can be looked at on other pairs with the same currency.

For example – if AUD/USD is screaming to the upside, and USD/CAD is also screaming to the upside – and astute trader would know that they could take AUD (which is getting stronger as AUD/USD goes up) and CAD (which is getting weaker as USD/CAD goes up) and marry them together in the AUD/CAD currency pair to potentially take better advantage of these moves.

To perform strength analysis is relatively simple. We simply want to take the one consistency amongst the major and commodity currency pairs – and eliminate it. What are we left with?

A clean reading on the value of each currency individually can be desirable for a number of reasons. While denoting strength doesn’t necessarily include any assurances that that strength will continue – it at least lets us know what is playing out currently.

We can compare the amount the following pairs have went up:

EUR/USD

GBP/USD

AUD/USD

NZD/USD

And then we can compare the amount these pairs have went down:

USD/CAD

USD/CHF

USD/JPY

The one rule when performing this analysis is that we want to be 100% sure that we are comparing the same time-frame or period so that we can make a ‘Apples to Apples comparison.’

By running this very quick analysis – we can get an idea for which of these currencies we may want to buy – and which of these currencies we may want to sell.

Lets say, for instance, that on a given morning the Euro was displaying the most weakness – and the Aussie was displaying the most strength?

Well – we could sell EUR/USD and buy AUD/USD – but we would still be limited by the performance of the US Dollar. But then we would have 2 separate trades to manage, and those trades would individually perform based on the USD.

Another option – perhaps more convenient – would be to Sell EUR/AUD. That way – you’re selling the weakest currency at the moment (EUR) and your buying the strongest (Aussie).

[sheldontoxic]

forex trader

[sheldontoxic]

talk nah..........lol
just a lucky month

[guest1]

.....

[Wagonluva]

Been following from the beginning of this thread....no posts after June 2011...have you guys dropped out or moved on to different things??

[Skanky]

I still trade.What are you after?

[Wagonluva]

Advice...tips...anything?? Long story short...I bought the package from MTI 2 years ago but never used it since I was chasing other goals. Now that they are no longer based in Trinidad and before I jumped in....I basically wanted wanted to get a feel for if there were other traders in our shores that actually did this when I came across the thread. Nobody expects anything for free this rounds, but it would have been great to interact with people that have been around the block to advise the newbies like myself.

[Skanky]

Advice...tips...anything?? Long story short...I bought the package from MTI 2 years ago but never used it since I was chasing other goals. Now that they are no longer based in Trinidad and before I jumped in....I basically wanted wanted to get a feel for if there were other traders in our shores that actually did this when I came across the thread. Nobody expects anything for free this rounds, but it would have been great to interact with people that have been around the block to advise the newbies like myself.

I don't know what your trading style is and honestly I can't really give advice to you on a forum.To be brutally honest this is a very lucrative industry for some and you really can't expect traders to give out business secrets.
What I can tell you is be patient,wait for your edge,execute your trades flawlessly and think independently and you have a great chance of being profitable.
Good luck.

[Wagonluva]

Nuff said Skanky....thnx...diving into the books I go....

[MG Man]

Advice...tips...anything?? Long story short...I bought the package from MTI 2 years ago but never used it since I was chasing other goals. Now that they are no longer based in Trinidad and before I jumped in....I basically wanted wanted to get a feel for if there were other traders in our shores that actually did this when I came across the thread. Nobody expects anything for free this rounds, but it would have been great to interact with people that have been around the block to advise the newbies like myself.

if you dumped 20k on education 2 years ago and never made use of it, you can't be that serious
Truth be told, most of MTI's students locally fail for the same reason.......buy the package and never put in the effort
This is NOT an easy way to start making money
You will most likely fail and lose a lot of money
You have no idea how many sleepless nights we put in..........and nobody can know that sinking feeling and the effort it takes to not throw up when you lose US$ unless you actually experience it
MTI had a nice community of traders, and free webinars where traders interacted..............you snooze, you lose

[Wagonluva]

Didn't go down exactly that way MG, it just so happened that my own little company won a huge contract that I tendered for months previously just the week after I bought the package...so trust that I had my own share of sleepless nights as I had to fill the shoes of Director, operations manager, HR manager and site supervisor whilst learning quick books on the fly...all my business partners suddenly remembered that they had full time jobs to attend to and were not available until it was time to assist with funding.

For all the people on the forum that were asking about the real life experience of owning/running your own business please know that when it rains it pours. It was non stop hard wuk day and night for the last two years...not that I'm complaining...hell yeah it paid the bills and then some.
Notwithstanding it was two years that I couldn't shift focus....designer by day and project manager by night....from meeting deadlines and doing project planning, making sure all is in place for the crew days and weeks in advance and then having to topple the entire structure because of some other contractors delay. I lost loads of money and made it back learning the hard way as I went along so I know how to take the good with the bad and downright ugly as well.
Two years without a vacation day or chasing something I wanted to do on my own. I'm grateful for the little insight that the last two posts gave me in addition to the entire thread....from that I know it actually works...which is what I wanted to find out most of all.

If nothing else you're certainly reinforced the point...if it was easy then everybody would be doing it....

[MG Man]

scene
best advice I can give you is go thru the MTI CDs a few times and open a demo account, and demo trade for a while
decide if you comfortable scalping or holding longer positions
DO NOT PAY MTI FOR CHARTS
PM me when you ready to demo trade and I'll give you some options on how to get your charting software for free etc

[ray d saint]

what about stk mrkt trading... or is this strictly currencies trading discussions???

[MG Man]

I think we can share any relevant ideas here
Honestly, before starting forex trading, I never did anything except opening a savings account, so I won't mind learning about the stock market

[Skanky]

what about stk mrkt trading... or is this strictly currencies trading discussions???

Any market that can make us money.Let the ideas flow.

[MG Man]

haven't posted in a while
here is an example of how I look at nicely trending pairs
The Eur/USD has been in a nice downward trend for a while...it met some support around Jan 13 and is in a small retracement, but I think it may still fall

see weekly and daily for general trend

weekly showing a strong downward trend.........ALWAYS trade in the direction of a trend........well that's what I advise...........retracements are riskier imo





if you drill down to the 4 hour, you will see a possible tweezer top formation.................still early, but you can see it is in a price point around strong support / resistance
Do not be tempted to enter yet.........night is still early


drill down to the 1 hour..........the MACD has crossed, giving a possible indicator of a reversal, but the trend lines haven't crossed yet...this will be your confirmation........and some tweezer tops / two left / two right won't hurt either
there may be a good 20 pip scalp in this 1 hor window chart as well, but again, DO NOT be tempted just yet....the signs are good though.....as I am typing this, there is an engulfing bearish forming.............but I'll wait.....

[jm3]

i keep losing on fricken dj and ftse.

[MG Man]

I doh deal up in dem ting
btw, still waiting for this to fall ion the 4 hour
patience.............

[Skanky]

MG how the trading working out for you these days?
January real slow..only two trades so far,hoping for at least one more before the month ends.
Based on your posts I realise you and I have vastly differing trading styles.I have no clue what tweezer tops are or some of the other things you talk about but there are many ways to trade the markets.Good trading.

[MG Man]

a tweezer top is a pair of bullish candlesticks with long wicks to the top.....it normally signals a change in direction (u-turn) when sandwiched between two to the left and two to the right, forming a point
Tweezer-bottoms are bearish candlesticks with wicks pointing down.........

if u look at my 4 hour chart you will see there were several candlesticks all with long wicks pointing up.....good chance of reversal........

Skanky u scalping?
IMO the USD/EUR presenting some nice trades, but u jus need to be patient
Which broker are u using?

[MG Man]

today's fundamental announcements
http://www.forexfactory.com/

[Skanky]

a tweezer top is a pair of bullish candlesticks with long wicks to the top.....it normally signals a change in direction (u-turn) when sandwiched between two to the left and two to the right, forming a point
Tweezer-bottoms are bearish candlesticks with wicks pointing down.........

if u look at my 4 hour chart you will see there were several candlesticks all with long wicks pointing up.....good chance of reversal........

Skanky u scalping?
IMO the USD/EUR presenting some nice trades, but u jus need to be patient
Which broker are u using?

Ahh that's what tweezer tops are.Nah not into scalping more of a swing trader type.I use FXCM but I don't listen to anything their analysts have to say.In fact I dont listen to anybody or news,fundamentals,newsletters etc all I do is anlyse daily charts and speculate based on those alone.
Hardest thing for me is patience.Been waiting since last week for a setup,hopefully I'll get one this week.You trade gold and silver as well?

[MG Man]

nah just forex
you should not ignore fundamentals though.......a strong fundy can eat up your stop loss and take you out
I don't trade around fundamentals.......I prefer to wait till the charts settle down.......
I personally like the FXCM analysis, and always tune into their webinars when I have the time...even if I don't agree with their analysis, the perspective helps me with my analysis

[Skanky]

nah just forex
you should not ignore fundamentals though.......a strong fundy can eat up your stop loss and take you out
I don't trade around fundamentals.......I prefer to wait till the charts settle down.......
I personally like the FXCM analysis, and always tune into their webinars when I have the time...even if I don't agree with their analysis, the perspective helps me with my analysis

I only trade off dailies so anything intraday doesn't bother me.
The way I look at fundamentals is that if you look at a daily chart it reflects all the fundamentals,technicals,news,announcements,traders' opinions etc for a day so the fundamentals are already priced in, so to me fundamentals are useless in trying to base trades off of......but let me reiterate....that's how I trade....I realise you have a good thing going as well.Lotsa ways to skin a cat.
BTW not because it works for me it will work for you but I've found trading gold,silver and oil to be pretty easy as well using my trading style.If you want other commodities to try you should give them a look and see how your edge works on them.