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  • #1
  • First Post: Oct 18, 2024 7:41am Oct 18, 2024 7:41am
1. Yes, I always use stop-loss orders.
2. It helps me minimize losses when the market goes against my position.
3.The number of pips for my stop-loss depends on the volatility of the pair I’m trading and my overall strategy. Generally, I might set it anywhere from 20 to 50 pips, but I always adjust based on the market conditions and my trade setup.
  • #2
  • Oct 21, 2024 2:24am Oct 21, 2024 2:24am
Hi everyone! I’m new to this forum. I’m diving into API trading and have a few questions:

  1. What should I look for in a trading API?
  2. How can I ensure data accuracy from the API?
  3. Are there rate limits I need to know about?
  4. What security measures should I take for my API keys?
  5. Can I backtest strategies with historical data from the API?
  6. What common errors should I watch out for?
  7. Any good communities for API trading?

  • #3
  • Oct 21, 2024 2:26am Oct 21, 2024 2:26am
It’s great to hear about your success with Forex trading. Congrats on doubling your demo account and your progress with live trading!
Just a couple of quick tips:

  1. Stay Disciplined: Stick to your trading plan and avoid emotional decisions.
  2. Manage Risk: Keep your risk per trade low to protect your capital.
  3. Keep Learning: Always look for new strategies or tools to improve your trading.

Good luck, and keep it up! What’s your next goal?

  • #4
  • Oct 21, 2024 2:32am Oct 21, 2024 2:32am
High-frequency trading (HFT) systems can pull off trades in just a couple of seconds.
Brokers allow this because:
1.Market Liquidity: HFT adds liquidity, making it easier for everyone to trade.
2.DMA : They use advanced tech to connect directly to the market, speeding things up.
3.Broker Partnerships: Brokers often partner with HFT firms since more trades mean more commissions.
4.Regulations: As long as they follow regulations, there’s no problem.
But keep in mind, these systems need serious tech and smart strategies.

Are you thinking about using an EA?
  • #5
  • Oct 25, 2024 1:43am Oct 25, 2024 1:43am
Quoting aparsai
I am looking for a book that focuses on Advanced Technical Analysis with examples from Forex charts. A book that further explains (i.e. beyond introductory concepts) how to deal with intraday charts, chart patterns in Forex market, Elliott Wave and Fibonacci - retracement, Fan, expansion - and Time cycles in Forex market, the application of Dow theory in Forex, the interpretation of quantitative analysis tools (i.e. indicators) for FX trading, use of candlestick charts, use of Gann techniques and prefarably mechanical trading. So far, I've not managed...
That sounds like a great resource you're looking for! You might want to check out Technical Analysis of the Financial Markets by John J. Murphy. It covers a lot of advanced concepts, including some on Forex. Another good one is Trading in the Zone by Mark Douglas, which dives into mindset alongside technical analysis. For Elliott Wave specifically, you might find Elliott Wave Principle by A.J. Frost and Robert Prechter helpful.
If you're looking for something that really dives into mechanical trading systems and Gann techniques, The Master Trader by Mark M. Stoeckle could be useful as well. Hope this helps, and happy trading!
  • #6
  • Oct 25, 2024 1:43am Oct 25, 2024 1:43am
Quoting TNTvak
Hey everyone, My anxiety gets me each and every time I am trying to place a trade, so you can guess the result....blown accounts and... What pieces of advice do you have for me? Thanks in advance.
Hey! You’re not alone—trading anxiety is common. Here are a few quick tips:

  1. Create a Trading Plan: Outline your strategies and stick to them.
  2. Start Small: Trade smaller positions to build confidence.
  3. Practice Mindfulness: Techniques like meditation can help calm your nerves.
  4. Limit Screen Time: Check trades at set intervals to reduce stress.
  5. Keep a Journal: Reflecting on your trades can help you learn and improve.

Remember, it’s okay to take breaks when needed. Good luck!

  • #7
  • Oct 25, 2024 1:44am Oct 25, 2024 1:44am
Quoting FinanceCat
Hi All, I am new here and have just signed up to this forum as It looks one of the more helpful for traders. Just wondering if anyone can direct me to any good courses/websites that don't just try to get your money if you know what I mean, and help you to read indicators, understand how to get into/exit a trade, to build a strategy etc. I have read already some of the threads on here related to beginners but was wondering if there are more options. Any help is much appreciated.
For reliable trading resources, check out Babypips for their free School of Pipsology, which covers everything from basics to advanced strategies. Investopedia offers great articles on trading and indicators, while YouTube channels like Trading 212 and Warrior Trading provide helpful educational videos.
  • #8
  • Oct 25, 2024 1:45am Oct 25, 2024 1:45am
Quoting amiralisoley
Hi, my name is Amir, I'm a rookie trader in forex, I've been on the chart for less than a few months, but I've been studying charts and what not for like a year. I made this topic to share my trades here with you guys. Wins and Losses. I've tried scalping but wasn't for me, too much stress I guess? anyway, 1H timeframe suited me really well, I'm doing good, Im managing my losses and let my winner run as much as I can, there is no stress for me here and I can think freely without feeling any pressure on my shoulders when i analyze the chart. my trading...
Welcome to the community! It sounds like you’re on the right track with your approach—focusing on higher timeframes and keeping it simple is key. I can relate to the stress of scalping; sticking with the 1H timeframe is a smart choice!
It's great that you learned from David Paul; his insights were valuable. One tip: consider keeping a trading journal to track your decisions and emotions; it can help improve your strategy over time. Keep up the good work, and enjoy the journey!
  • #9
  • Oct 25, 2024 1:46am Oct 25, 2024 1:46am
Quoting austineejo
Hello people, I am new to forex trading and honestly i have heard a lot about this market and the posibility therein. i really do not think i have the kind of patience to have an open trade for hours or days. in summary i think i fits into more of a day trader. please i really need guidance from those who shared similar thoughts and are reasonably succesful in day trading. HOW MUCH PIPS IS REASONABLE TO EXPECT DAILY WITHOUT BEING GREEDY. (Average figure would do) why i believe that we all might not trade exactly alike i believe feedbacks from those...
As for daily pip expectations, a reasonable target for day traders can vary widely based on market conditions and your strategy, but many aim for about 20 to 50 pips per day. Some more experienced traders may target 100 pips or more, but it’s important to focus on consistency rather than just chasing high numbers.
  • #10
  • Oct 25, 2024 1:47am Oct 25, 2024 1:47am
I completely agree! Kathy Lien is definitely one of the top trading educators, and I’d also rank John Jagerson, Wayne McDonnell, and Anton Kreil highly. They all offer valuable insights and strategies that can really help traders improve their skills. It's great to learn from experienced professionals in the field!
  • #11
  • Oct 25, 2024 1:47am Oct 25, 2024 1:47am
Success in trading often depends on your strategy, risk management, and emotional discipline. Many traders find that it takes anywhere from 6 months to a few years to develop the skills and experience needed to achieve consistent profitability.

To speed up your learning curve, consider practicing with a demo account, studying price action, and understanding market fundamentals. Joining trading communities can also provide valuable insights and support along the way. Stay patient and keep refining your approach, and you’ll get there!
  • #12
  • Oct 28, 2024 1:01am Oct 28, 2024 1:01am
The Accelerator Oscillator has been effective for spotting momentum shifts, especially when the bars cross above the zero line and turn green, which I confirm with a moving average crossover for added confidence. However, I’ve learned to avoid relying solely on it, as neglecting the broader trend can lead to losses, so I always combine it with other indicators and practice strict risk management.
  • #13
  • Oct 28, 2024 1:02am Oct 28, 2024 1:02am
To make your custom indicator work as a "native" MT4 indicator, you’d need to rewrite it in MQL4 and save it as an .ex4 file, but if you’re looking to speed up backtesting with non-standard indicators, I recommend combining your EA's logic with the indicator’s calculations into a single script. Also, optimizing your indicator by trimming unnecessary calculations and using built-in MT4 functions can make a big difference, and testing on smaller timeframes can really help improve performance!
  • #14
  • Oct 28, 2024 1:05am Oct 28, 2024 1:05am
It’s a bit of a psychological battle, isn't it? I’ve learned the hard way that it’s often better to cut losses early rather than hold on too long, but it can be so tempting to wait for that bounce back!
  • #15
  • Oct 30, 2024 7:38am Oct 30, 2024 7:38am
Imagine Dragon- Thunder
https://www.youtube.com/watch?v=fKopy74weus
  • #16
  • Oct 30, 2024 7:42am Oct 30, 2024 7:42am
Engulfing whipsaws at key support and resistance levels cut through the noise and make spotting potential reversals so much easier. It's a reminder that a clean chart often brings clarity, letting you focus on strong entry points rather than getting overwhelmed by indicators. Personally, I think this approach especially for swing and range trading allows for disciplined, high-confidence trades that can adapt well across pairs and timeframes. It’s a strategy I’ll definitely consider integrating more!
  • #17
  • Oct 30, 2024 7:43am Oct 30, 2024 7:43am
Losing money in trading often comes down to a mix of factors like poor risk management, emotional trading, and a lack of a solid strategy. Many traders also fall into common pitfalls like overtrading, neglecting stop losses, or failing to adapt to market changes, which can quickly turn small mistakes into larger losses.
  • #18
  • Oct 30, 2024 7:44am Oct 30, 2024 7:44am
My edge in forex trading is focusing on high-probability setups using price action and key support/resistance levels, combined with strict risk management. By keeping my strategy simple and avoiding emotional trades, I aim to capture solid moves while limiting potential losses.
  • #19
  • Nov 5, 2024 5:36am Nov 5, 2024 5:36am
Quoting Qu|cksilver
How to Become Emotionless (http://www.wikihow.com/Become-Emotionless) Becoming emotionless can be a very useful tactic to deal with problems that might be better handled with less heart and more brain. The following is a list of steps to take in order to remove the heart from the situation, and start using your head. Steps Meditate. This is one of the better tools to become emotionless. There several are different types of meditation, including Vipassana and Huna, that you can investigate to see which one is right for you. Even the most...
I think learning to detach, think logically, and occupy your mind with unrelated tasks can really help in moments where emotions might otherwise take over. Meditation is especially effective for finding calm and perspective, and it’s great that you mention considering the possibility of being wrong—humility is key to making sound decisions.
  • #20
  • Nov 5, 2024 5:38am Nov 5, 2024 5:38am
Quoting MPR_NY
I'm glad i found a forum with people who are interested in forex as i am. I don't have much trading background. I was taught a bit of technical analysis of stocks from this school. (it was a good foundation to start) I had a few questions lingering in my head. (Some questions may sound stupid so please bear with me) 1. Technical analysis has many indicators and ways to use them. Do all the technical indicators that help people read entry and exit points for stocks the same for forex? 2. Do forex traders also look for doji, hamari, pullbacks, etc...
It's great that you're diving into forex trading! Here are some straightforward answers to your questions:
1.Technical Indicators: You'll find that many of the indicators you learned for stocks, like moving averages and RSI, work well in forex too. Just keep in mind that the market dynamics can be a bit different.

2.Chart Patterns: Yes, forex traders definitely look for patterns like doji and hammer candles, just like in stock trading. These patterns can give you hints about potential price movements.

3.Order Execution: When you place a trade in forex, it usually goes through a broker. Some brokers might have a trading desk and could influence the price you see, while others, like ECN brokers, connect you straight to the market for better pricing.
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