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How do I move forward?

Quoting Finoli
I am GMT+1, so trading a couple of hours before london open is something that would rather complicate stuff, or I'd have to sleep no later than 9 pm
Any other times? Maybe for other pairs than the majors?
I am GMT+1 and wake up to place my first trades at 6:30. Works fine for me.
I found a penny today. That's +100 pips for me.
  •  Finoli
  • | Joined Feb 2011 | Status: The mouse goes "pip pip pip" | 106 Posts
Quoting ReaM
I am GMT+1 and wake up to place my first trades at 6:30. Works fine for me.
Huh. You know, I just might try to get into that myself. Although I already get up around 6:30, but I wouldnt have time to trade then. May have to get up 5:30 - 6:00 for that
Quoting Finoli
Huh. You know, I just might try to get into that myself. Although I already get up around 6:30, but I wouldnt have time to trade then. May have to get up 5:30 - 6:00 for that
You could also watch the london open... or really any time. But just be warned that PA moves very differently at different times as so a good move at one time will be a bad move at another time. Really, spending a lot of time watching the 5 minute chart has given me a much better sense of the markets.
Quoting AaronWard
You could also watch the london open... or really any time. But just be warned that PA moves very differently at different times as so a good move at one time will be a bad move at another time. Really, spending a lot of time watching the 5 minute chart has given me a much better sense of the markets.
I agree about watching 5 minute charts and learning price action; I think the beauty to really getting a feel for PA and the way price moves seamlessly through some areas while being rejected in others (despite perhaps looking like the same pattern on the charts) is that these principles can then be applied to longer time frames if you see fit. However I think if you have the time and energy, once you learn PA, the lower time frames are just too attractive to ignore.
  •  Finoli
  • | Joined Feb 2011 | Status: The mouse goes "pip pip pip" | 106 Posts
Quoting smittens4212
I agree about watching 5 minute charts and learning price action; I think the beauty to really getting a feel for PA and the way price moves seamlessly through some areas while being rejected in others (despite perhaps looking like the same pattern on the charts) is that these principles can then be applied to longer time frames if you see fit. However I think if you have the time and energy, once you learn PA, the lower time frames are just too attractive to ignore.
I see.. but it feels like nice profits are much harder to achieve in lower timeframes. Am I wrong?
Study priceaction and support and resistance until your eyes bleed.

Forget fundis, news and economics it is all utter rubbish. The markets are rigged anyway.

Good luck.
Quoting Finoli
I see.. but it feels like nice profits are much harder to achieve in lower timeframes. Am I wrong?
As your time frame and targets get smaller, the spread does account for more of your costs. In my opinion, apart from this factor, the only thing that makes the smaller time frames harder to profit from is that you must be quick to act; there may be multiple different intraday trends throughout the sessions with varying volatility and direction, and you must be able to react appropriately as these changes occur. I consider this opportunity, though. On a daily chart you may be able to generate a few trades a month (on one pair) at best, and you must use wider stops and therefore smaller positions. On a 5m chart you may be able to generate numerous trades a day with tight stops and larger positions. Of course the caveat being that you must be on your toes at all times, something unnecessary for daily trading.
  •  Finoli
  • | Joined Feb 2011 | Status: The mouse goes "pip pip pip" | 106 Posts
Quoting jag1966
Study priceaction and support and resistance until your eyes bleed.

Forget fundis, news and economics it is all utter rubbish. The markets are rigged anyway.

Good luck.
Thanks, mate. I try to stay away from fundamentals, but i read the occasional forex article.
Dont have much time to stare at lower timeframes, maybe on weekends. Gonna try n' find some time


Finoli
Quoting Finoli
Thanks, mate. I try to stay away from fundamentals, but i read the occasional forex article.
Dont have much time to stare at lower timeframes, maybe on weekends. Gonna try n' find some time


Finoli
No reason to intentionally limit any aspect of your trading. Unless you're using the 5m or 15m chart, Fundamentals do affect you. Some people trade News announcements on the 5m or 15m, but News is not the same as the underlying Fundamentals. Fundamentals help you decide if s/r is likely to hold, if that breakout is for real, and more importantly, if that upmove in the downward pullback is a trend resumption or a counter-trend rally.
Quoting Marv
Brilliant "strategy".

What's worse is that you have been writing these exact posts in a ton of other Forex forums. The only "strategy" going...
LOL! Damn you Google!
  •  Finoli
  • | Joined Feb 2011 | Status: The mouse goes "pip pip pip" | 106 Posts
Hello people,

Sorry for not having been around, have been busy with school and have tried to relax from the market for a couple of weeks.
I'm sure this thread is more or less dead, but in case anyone still has something to share, I would gladly appreciate it.

Finoli
I'm surprised this advice was fully ignored..

If you've been through all the past stages of learning techincal and fundamentals, then learn what moves price and why (as noted by Porkpie below). Or you can just stay at your current level wondering if you should really take that MA cross or pinbar trade.

Quoting Porkpie
Macroeconomics and orderflow analysis will give you the edge. Nothing else matters.
Quoting idash
I'm surprised this advice was fully ignored..

If you've been through all the past stages of learning techincal and fundamentals, then learn what moves price and why (as noted by Porkpie below). Or you can just stay at your current level wondering if you should really take that MA cross or pinbar trade.
It was most likely ignored because for some of us the exact same thing could be said for pa, trend analysis and support and resistance, forget the rest. LOL
  •  Finoli
  • | Joined Feb 2011 | Status: The mouse goes "pip pip pip" | 106 Posts
Quoting idash
I'm surprised this advice was fully ignored..

If you've been through all the past stages of learning techincal and fundamentals, then learn what moves price and why (as noted by Porkpie below). Or you can just stay at your current level wondering if you should really take that MA cross or pinbar trade.
Macroeconomics is very fundamental, no?
People have told me that trading the fundamentals arent easier than technicals nor are the profits very consistant.
Quoting Finoli
Macroeconomics is very fundamental, no?
People have told me that trading the fundamentals arent easier than technicals nor are the profits very consistant.
In my experience tech is easier. Fundies go in concert with tech. For example, you have an open long a few moments before an interest rate announcement comes out. It's negative news, there is a huge move down. Instead of trading blind like that you can follow the intra-day fundies and trade off of them. There has been two big moves in EURUSD in the past couple of days due to fundies and could have been taken advantage of.

I have so far been a techie, I love it but I know that to go to the next level I need to stick my head above water and see what is going on.

I have noticed a few people claiming that economic knowledge is the edge in this business. Well, if that were true why don't economists start trading and profit from their knowledge? That fact is economists and analysts are [email protected] traders.
Quoting Tyoon
In my experience tech is easier. Fundies go in concert with tech. For example, you have an open long a few moments before an interest rate announcement comes out. It's negative news, there is a huge move down. Instead of trading blind like that you can follow the intra-day fundies and trade off of them. There has been two big moves in EURUSD in the past couple of days due to fundies and could have been taken advantage of.

I have so far been a techie, I love it but I know that to go to the next level I need to stick my head above water and see...
Well said, trading profitably is about confidence, the confidence to hold trades when the big boys games get silly; their job is to fake us into trades in the wrong direction or scare us out of trades we know are right, you have to learn to know what they are trying to do and deal with it.

IMHO fundi trading is far harder to learn than pa trading, choose one or the other, I chose the easy option.
Quoting jag1966
Well said, trading profitably is about confidence, the confidence to hold trades when the big boys games get silly; their job is to fake us into trades in the wrong direction or scare us out of trades we know are right, you have to learn to know what they are trying to do and deal with it.

IMHO fundi trading is far harder to learn than pa trading, choose one or the other, I chose the easy option.
With respect, I completely disagree with you. The 'big boys' take up over 80% of the market. Why would they give a sh!t about the remainder retailer traders? The institutions trade based on many other things than our sentiment. We simply take the correct side or not.

People have the idea that trading is a competitive business. The market is far too huge and complex to be competitive. For example, someone's open long could be someone else's open short. That is a co-operative trade.

If you want competition go to the casino. Trading is a retail business - buy cheap, sell expensive or sell expensive buy cheap.
price action and a little vsa goes far.

or price action itself and a little tools finoli can really help.


macro-economics is okay and great, but no need to over-analyze news or act on news or whatever its all on the chart. price talks all u need to do is listen.

support resistance.
Trendlines.
Breakout retests.
confluence.
supply and demand.
Fakes.
Have I got something on my face, SOLDIER?
  • Post #219
  • Quote
  • Edited 11:44pm Nov 30, 2011 11:33pm | Edited 11:44pm
Quoting Tyoon
With respect, I completely disagree with you. The 'big boys' take up over 80% of the market. Why would they give a sh!t about the remainder retailer traders? The institutions trade based on many other things than our sentiment. We simply take the correct side or not.

People have the idea that trading is a competitive business. The market is far too huge and complex to be competitive. For example, someone's open long could be someone else's open short. That is a co-operative trade.

If you want competition go to the casino. Trading is a retail...
haha, this couldn't be farther from the truth of the market.

This IS a competitive business my friend, probably THE most competitive in the world.

There is no competition in the casino by the way –the house always has the edge. Except for a game like poker where you compete against other players. The house here is more like a bröker who makes money from fees you pay for letting you into the game. A poker table is a zero sum game, just like the market. This means that the only way to win is for others to lose –this by definition can only mean war, especially in a skill game where the more knowledgeable wins (information is the most valuable asset in existence).

The big players need to buy cheap and sell expensive? Sure. But you can't just go ahead an buy wherever you want, you need the liquidity to fill your huge orders. Liquidity isn't just magically available everywhere, it needs to come from other market participants. More precisely those who are on the wrong side, be it small retail traders, less experienced institutional traders, etc. In other words the part of the market that has the least information and skills. Think of it this way: In the real world you have a military war for oil, with the ultimate goal of making money. In the forex world you have an information war for liquidity, with the ultimate goal of making money.

There is no one universal orderbook in Forex where a shark (poker slang for big/expert player) can "see" such liquidity, but he knows very well how the fish (the less informed and less skilled participants) typically act and react to the market, and so he use that against them. Their stops and their misinformed market orders form that tasty liquidity he need to fill his big orders at a good price!

So if you really think there is no competition in the market along with activities such as fooling other players and faking trends and whatnot, think again! http://www.forexfactory.com/images/icons/icon6.gif
Quoting Finoli
Macroeconomics is very fundamental, no?
People have told me that trading the fundamentals arent easier than technicals nor are the profits very consistant.

If you are thinking about trading as a profession you probably should learn about fundamentals. I can't think of any of the "big names" in trading that can't find some use for fundamentals.

I don't know any way to make a "fundamental" trade. How do you plan your entry and your exits? But I find fundamentals useful for several reasons. First, they give you something to do while you are waiting to place your technical trade. Second, they give you more confidence in placing certain types of trades. Third, while you can become wealthy following a major trend, you can give it all back if that trend reverses. And major trends reverse because of fundamental reasons.
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