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  • #101
  • Sep 6, 2007 12:36am Sep 6, 2007 12:36am
Quoting opie999
Please explain leverage and its relation to lot size, equity, and margin in 12 yo english. Examples in the form of charts, graphs, excel tables, audio/video are
encouraged as a picture's worth a thousand words. Thank you.
Go to this thread http://www.forexfactory.com/showthread.php?t=6948 and start from Post #18

Or go to my thread http://www.forexfactory.com/showthread.php?t=39514 and start at Post #19
  • #102
  • Sep 6, 2007 2:06am Sep 6, 2007 2:06am
Quoting J2FcM
Yes it does; thank you.

Is there a reason you don't like Oanda's charts? I've started using them just because they offer 5 second time frames, and I have been observing how the "Rainbow Wave" behaves... beyond that, it seems very similiar to MetaTrader charting. Perhaps its something that comes with time.

So - basically when you trade (I'll assume off of metatrader charts), you will have an Oanda account open, but just keep the charts closed, and alt-tab between your MT4 charts and you Oanda account; is this correct?
One reason I don't like them is because of the colors. I know that sounds like a dumb excuse but it's true. That is probably the smallest reason though. I like to be able to go back in time and look closer at how price has acted and scroll through charts. I trade off daily/weekly/monthly charts. Oanda only has daily charts. They also have the weekend flatline which screws up anything under a week. And if you use indicators, the flatline screws those up too.
I have a question for you now. Why do you want to trade off 5 sec time frames?
I watch the metatrader charts and when I see a trade I want to take, I then open my Oanda account and make my trade. I don't leave my Oanda platform open though when looking at charts because I get more tempted to make a trade that is only a half ways decent setup.
JOHN 3:16
  • #103
  • Sep 6, 2007 2:16am Sep 6, 2007 2:16am
Quoting billflet
Renasdad,

When you pass things on it makes you re-think them. In one way it is an excellent review. You can take it a step further as well, and I know you do because you mention it in another post. The further step is this: Before you pass on information, even if you believe it to be true, you suddenly feel a new responsibility toward that info. It causes you to look at a piece of info from many different angles before you pass it on.
And once you pass it on, you are now more likely to practice it since you've gone on record supporting it.
I sent you a PM a while ago welcoming you back after you were quiet for a while. Same again.

All the best
Bill
Thank you for the welcome back. You explain things very well. When talking about things, it is a good refresher. It helps me understand better things I already know. Hopefully I can spend more time here and keep posting.
JOHN 3:16
  • #104
  • Sep 6, 2007 2:23am Sep 6, 2007 2:23am
Quoting PeterFM
Go to this thread http://www.forexfactory.com/showthread.php?t=6948 and start from Post #18

Or go to my thread http://www.forexfactory.com/showthread.php?t=39514 and start at Post #19
Peter,
Thank you for answering opie's question. I would have had no idea on how to answer it. That goes to show If there are questions on here, and someone knows the answer, go ahead and answer it for them.
JOHN 3:16
  • #105
  • Sep 6, 2007 2:28am Sep 6, 2007 2:28am
Quoting renasdad
Peter,
Thank you for answering opie's question. I would have had no idea on how to answer it. That goes to show If there are questions on here, and someone knows the answer, go ahead and answer it for them.
But I'll assume he'll be back, so you can have a bite at it next time
  • #106
  • Sep 6, 2007 2:34am Sep 6, 2007 2:34am
As long as he stays away from the leverage/lotsize questions.
JOHN 3:16
  • #107
  • Sep 6, 2007 4:02am Sep 6, 2007 4:02am
Quoting renasdad
As long as he stays away from the leverage/lotsize questions.
My other links will answer most questions. I did mine as simple as I could (for my sake).
Take care
  • #108
  • Sep 6, 2007 7:08am Sep 6, 2007 7:08am
Not sure how this post will read out. This is not a reply to an earlier question, but I didn't know how to start a new question.

Anyway, I've been a ForexFactory member for about a month. Have been reading various systems. And now I've opened a demo account and would like to get started with that. Working fulltime, I can only devote an hour to the opening of the Asian session (at 7:00 pm). So I would like some feedback on which system I might be able to trade during that one hour where I might get some signals. Just something to get my feet wet. Some of the systems I've been studying like Cornflower may or may not give a signal within that first hour. I've also been reading up on MTF stochastics.

Thanks,
Marcy
  • #109
  • Sep 6, 2007 7:17am Sep 6, 2007 7:17am
Quoting Marcy
Not sure how this post will read out. This is not a reply to an earlier question, but I didn't know how to start a new question.

Anyway, I've been a ForexFactory member for about a month. Have been reading various systems. And now I've opened a demo account and would like to get started with that. Working fulltime, I can only devote an hour to the opening of the Asian session (at 7:00 pm). So I would like some feedback on which system I might be able to trade during that one hour where I might get some signals. Just something to get my feet wet. Some of the systems I've been studying like Cornflower may or may not give a signal within that first hour. I've also been reading up on MTF stochastics.

Thanks,
Marcy
Please allow me to make a suggestion: take a look at the Fozzy Daily Method. Just read the first 2 or 3 pages in the original thread and the the e-book in the thread for noobies. Choose a broker with a newly Daily candle at 7 PM, or even 6 PM (Alpari) and you will have your signals at the time you desire. I know there are successful traders who have stuck with Fozzy's original method without all the changes some of us have made who have more time to monitor trades. Trade "the original", just like Fozzy!
  • #110
  • Sep 6, 2007 7:13pm Sep 6, 2007 7:13pm
Thank you renasdad for starting this thread. It's scary sometimes being a n00b so it makes it easier for us to ask questions when we're invited to do so.

Peter, thanks for pointing me in the right direction. Somehow I missed the relevant explanations you posted. I'm printing all those pages to add to my fx folio. So far I've had no problem grasping all the essential concepts but the whole leverage thing is forcing me out of my mental comfort zone.

"Teach a man to fish..."
  • #111
  • Sep 6, 2007 7:43pm Sep 6, 2007 7:43pm
Beach Bum,

I read through the Fozzy e-book (very helpful) and have downloaded MetaTrader 4. Will work on importing the Fozzy templates soon.

I know a bit about candlesticks, but what do you mean by referring to a broker whose new daily candle starts at 6 or 7 pm? Which leads to another question, Is the Asian session considered the start of the trading day?

Thanks in advance (and many thanks to RD for starting this thread)
Marcy
  • #112
  • Edited 9:17pm Sep 6, 2007 7:51pm | Edited 9:17pm
Quoting Marcy
Beach Bum,

I read through the Fozzy e-book (very helpful) and have downloaded MetaTrader 4. Will work on importing the Fozzy templates soon.

I know a bit about candlesticks, but what do you mean by referring to a broker whose new daily candle starts at 6 or 7 pm? Which leads to another question, Is the Asian session considered the start of the trading day?

Thanks in advance (and many thanks to RD for starting this thread)
Marcy
Hey Marcy,

If i may, when BB refers to a new daily candle that starts at 6 or 7 pm etc, he is speaking about finding a broker that has a timezone that fits your need. For example. North finance broker new candle starts at 5pm eastern each day, where as IBFX starts at 8pm eastern each day. Price is still price, but the benefit is for those who might have time constraints and want to start trading off a new candle. So there are options. Of course some platforms allow you to set the candle times as well(ts i believe).

As for when is the start of the new trading day, there is no start really as forex is a 24 hour market. I personally consider London open the start of the new day, because I do not trade much during the asian session. Others will consider Asian session the new start, others will consider the start when their new daily candle starts. Pretty open here

Mike
  • #113
  • Sep 6, 2007 9:14pm Sep 6, 2007 9:14pm
Quoting Marcy
Beach Bum,

I read through the Fozzy e-book (very helpful) and have downloaded MetaTrader 4. Will work on importing the Fozzy templates soon.

I know a bit about candlesticks, but what do you mean by referring to a broker whose new daily candle starts at 6 or 7 pm? Which leads to another question, Is the Asian session considered the start of the trading day?

Thanks in advance (and many thanks to RD for starting this thread)
Marcy
Marcy...............Mike's answer in post #112 is excellent. I'll just add this: the basis for Fozzy-style trading is to wait for the Daily candle to close and THEN make a trade decision as the new Daily candle opens and begins to form. Your previous post indicated that you wanted to trade for an hour about 7 PM. If you select a broker that provides an MT data feed with a new Daily candle at 7 PM, you will in effect be making your trading decisions "right on time". Sweet! Or you could have a new Daily at 6 PM (Alpari) and still trade starting at 7 PM. If you have additional Fozzy questions, visit the Daily Fozzy thread and post them there; I only visit here occasionally, but I'm over there all the time......
  • #114
  • Sep 7, 2007 2:58am Sep 7, 2007 2:58am
Quoting opie999
So far I've had no problem grasping all the essential concepts but the whole leverage thing is forcing me out of my mental comfort zone.

"Teach a man to fish..."
Just pick a percentage risk for your account (2% max). Decide on your stop for the trade, and then divide your % by your stop and then you have the number of lots to trade. True leverage is all you want to worry about.
Here's another article you might want to read, bit techy from a noobs point of view but the lat paragraph says it all
  • #115
  • Sep 7, 2007 6:57pm Sep 7, 2007 6:57pm
Thanks, Peter.

Now for something completely different.

WTF happened with the NFP today? Is this typical? I was careful to set up some buy and sell stops but barely broke even. Annoying. I'll be ready next month, though, um...I hope.
  • #116
  • Sep 7, 2007 7:30pm Sep 7, 2007 7:30pm
Quoting opie999
Thanks, Peter.

Now for something completely different.

WTF happened with the NFP today? Is this typical? I was careful to set up some buy and sell stops but barely broke even. Annoying. I'll be ready next month, though, um...I hope.
All I want to say is this....if you're new to FX then newstrading isn't for you.
I seen so many posts on this I can't believe you new folk get suckered into it. Newstrading requires a range of skills beyond setting orders and stops around where you think price will move. You need a good depth of fundamental understanding of what may drive price in any particular direction, and even then it's a risky business. Come back to trading the news when you can do the 'simple' stuff well.
If you can't keep away from it then learn to fade the moves. By that I mean wait for the big reaction and then trade the retracement. Essentially there's only one decision to make, and one order to get wrong. If you straddle the move there's always a chance that both orders will hit and both stops take you out of the market at a loss (2 losers). If you fade a drop in price all you need to plan is to buy the retracement back up to the starting point, or somewhere near. If it keeps going down, and hits your stop then it's one trade that's gone wrong, and one trade is irrelevant in your career as a trader.

I'm going to get my ar*e chewed for what I've just said, but you asked the question of me, so I've given you my answer. Making money in FX is HARD, don't make it harder for yourself.
  • #117
  • Sep 8, 2007 2:01am Sep 8, 2007 2:01am
Quoting PeterFM
All I want to say is this....if you're new to FX then newstrading isn't for you.
I seen so many posts on this I can't believe you new folk get suckered into it. Newstrading requires a range of skills beyond setting orders and stops around where you think price will move. You need a good depth of fundamental understanding of what may drive price in any particular direction, and even then it's a risky business. Come back to trading the news when you can do the 'simple' stuff well.
If you can't keep away from it then learn to fade the moves. By that I mean wait for the big reaction and then trade the retracement. Essentially there's only one decision to make, and one order to get wrong. If you straddle the move there's always a chance that both orders will hit and both stops take you out of the market at a loss (2 losers). If you fade a drop in price all you need to plan is to buy the retracement back up to the starting point, or somewhere near. If it keeps going down, and hits your stop then it's one trade that's gone wrong, and one trade is irrelevant in your career as a trader.

I'm going to get my ar*e chewed for what I've just said, but you asked the question of me, so I've given you my answer. Making money in FX is HARD, don't make it harder for yourself.
This is very well put. Trading the news is very tricky. The reason it suckers people into it is how quick a person "could" get the money. They sit and watch the price cruise to a high level and awesome speeds. They want a piece of it. So, the next time they know it is gonna do it again, they have to try and get their hands on some of it and instead of just watching, they make a trade. Even if they lose, by the time that high speed money is there, they are usually over it again and give it another shot. I know that is what alot of people think. I have been there. I've done it. Not very often did I actually get any pips out of the deal. trading the news just isn't for some people. I don't even watch the charts when news time comes around.
JOHN 3:16
  • #118
  • Edited 4:41am Sep 8, 2007 4:31am | Edited 4:41am
After reading many threads re leverage, I still don't get it. If I open a $500 account and the lots offered by broker is 0.1, 0.2, 0.3, 0.4, 0.5, 1, 2, 3, 4, 5, 6, 7 & 8 lots on MT4, which lot should I use? What leverage should I apply for when opening an account? (As I understand it, if you choose 100:1, your account will always use 100:1). They have leverage starting from 1:1, 2:1, 3:1, 4:1, 5:1, 10:1, 20:1, 25:1, 33:1, 50:1, 66:1, 100:1, 200:1, 300:1, 400:1, 500:1.

When I asked what lot to use, I meant what guys here saying we should risk only 2%.

Also, does choosing what leverage to use has any connection with a standard or mini account?

Can anyone help with examples or recommend what leverage and lot I should trade?
  • #119
  • Sep 8, 2007 5:28am Sep 8, 2007 5:28am
Quoting Qwert
After reading many threads re leverage, I still don't get it. If I open a $500 account and the lots offered by broker is 0.1, 0.2, 0.3, 0.4, 0.5, 1, 2, 3, 4, 5, 6, 7 & 8 lots on MT4, which lot should I use? What leverage should I apply for when opening an account? (As I understand it, if you choose 100:1, your account will always use 100:1). They have leverage starting from 1:1, 2:1, 3:1, 4:1, 5:1, 10:1, 20:1, 25:1, 33:1, 50:1, 66:1, 100:1, 200:1, 300:1, 400:1, 500:1.

When I asked what lot to use, I meant what guys here saying we should risk only 2%.

Also, does choosing what leverage to use has any connection with a standard or mini account?

Can anyone help with examples or recommend what leverage and lot I should trade?
Post #101 in this thread
  • #120
  • Sep 8, 2007 5:35am Sep 8, 2007 5:35am
Thanks PeterFm but I already read those threads and I just don't get it. Maybe I am just not good in math.
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