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Stuck, seriously need help

  • #1
  • First Post: Oct 4, 2007 4:04am Oct 4, 2007 4:04am
Hello guys , pls am kind of new to forex but ive started trading on live A/C , i've been using the techniques i learnt but kind of wozzy, but the fundamental analysis is the superior forex determiner because i dont really understand the fundamentals i lost all my money, all am seeking now is the fundamental strategies & how to trade it, without that i'm out of forex for good. pls Pals help me out.
i'm seriously stuck & hunged up, pls kindly aid me.
Regards
Johnson Hamad
  • #2
  • Oct 4, 2007 4:08am Oct 4, 2007 4:08am
If you're exclusively trading off fundamentals and macro-economic data, I guess you're trading very long term correct?
  • #3
  • Oct 4, 2007 4:31am Oct 4, 2007 4:31am
Hey thanks pal, kindly xplain to me how to trade fundamentals , also time has been a barrier, currenttly am on GMT+1. the whole fundamental thing is hard but its the main driver of forex. i need to learn prcisely all i need to know 'bout it & how to trade it.
Thanks
  • #4
  • Oct 4, 2007 4:35am Oct 4, 2007 4:35am
Hi

I don't know how many months or years are you trading in the market , But you know both technicals and fandamentals are nessesary to success .

If you want to trade only on fandamental news , so you should try Amazing News Strategy which nobody uses it nowdays , I think , except major and very very important news plus with analysis that news before .

It's my opinion : First analysis the charts as technical outlook and then analysis the fandamental events to confirm them.

Good Luck
  • #5
  • Oct 4, 2007 4:38am Oct 4, 2007 4:38am
you can learn first with virtual then if your confidence come u can go at live funds. don ever trade without fundamental ,technical and trading system
trade mission
  • #6
  • Oct 4, 2007 5:46am Oct 4, 2007 5:46am
Yes, I agree.... I strongly recommend you do not trade live until you have much much more experience. You will lose money otherwise. I traded on demo for over six months before going live and I still made some bad mistakes at first.
  • #7
  • Oct 4, 2007 8:55am Oct 4, 2007 8:55am
a big difficulty in trading is that it is very hard to gauge your performance.
For instance; you might have a 'holy grail' system that wins 80% of the time. Give this system to a newbie, have him lose 3 times in a row (perfectly possible) and he will say the system sucks...
The newbie will have to trade at least a 100 trades to get to know the 'performance' of the 'holy grail' system he received.



Now a trading system exists of certain properties that are set in stone, and certain properties that you can interpret discretionary. The more discretionary properties you got in your system, the more difficult it is to trade and the more difficult it is to Measure your performance.

Now if you trade on a fundamental basis, you will have a TON of non-stop changing discretionary properties that will make it A.) SUPER hard to trade consistently B.) Super hard to measure your performance. (basically filtering out your luck) You will maybe find out if you can trade profitably in 5yrs.

My advice would be to make 2 seperate systems:
A system to determine the current trend
A system to generate entry&exit signals

After that it's just a matter of executing your system and only taking signals in the direction of a well-defined trend.
Remember to keep the number of properties/variables in your system as small as possible!! Best is to keep out any discretionary properties.

For instance:
Trend = if 200sma is pointing upward & price is above it
Entry = if ADX > 20 & Di+>Di-
Exit = if ADX tops or if Di+<Di-
Trade this 100 times; then start to think about adding things; or taking trades yes/no based on discretion (which you learned with the last 100 trades).
  • #8
  • Oct 4, 2007 10:36am Oct 4, 2007 10:36am
Quoting FrankS
a big difficulty in trading is that it is very hard to gauge your performance.
For instance; you might have a 'holy grail' system that wins 80% of the time. Give this system to a newbie, have him lose 3 times in a row (perfectly possible) and he will say the system sucks...
The newbie will have to trade at least a 100 trades to get to know the 'performance' of the 'holy grail' system he received.



Now a trading system exists of certain properties that are set in stone, and certain properties that you can interpret discretionary. The more discretionary properties you got in your system, the more difficult it is to trade and the more difficult it is to Measure your performance.

Now if you trade on a fundamental basis, you will have a TON of non-stop changing discretionary properties that will make it A.) SUPER hard to trade consistently B.) Super hard to measure your performance. (basically filtering out your luck) You will maybe find out if you can trade profitably in 5yrs.

My advice would be to make 2 seperate systems:
A system to determine the current trend
A system to generate entry&exit signals

After that it's just a matter of executing your system and only taking signals in the direction of a well-defined trend.
Remember to keep the number of properties/variables in your system as small as possible!! Best is to keep out any discretionary properties.

For instance:
Trend = if 200sma is pointing upward & price is above it
Entry = if ADX > 20 & Di+>Di-
Exit = if ADX tops or if Di+<Di-
Trade this 100 times; then start to think about adding things; or taking trades yes/no based on discretion (which you learned with the last 100 trades).
Great post
.
  • #9
  • Oct 4, 2007 2:02pm Oct 4, 2007 2:02pm
Here is a suggestion, open your charting platform with a tab for each so you have for example usd/aud/gbp/eur or what ever. then put 6 daily charts in each tab. This will allow you to quickly gauge how things are going. Now figure your risk tolerance. Say for example you have 250. risk level. Well this is contrary to how most think but the idea is put your money in the crosses going up/down. Since you have your risk defined you buy what looks good and place stops. Shut off PC and check it a few times per day. Now say you have 3 running and 1 dog. Just drop the dog and stick with your winners.

Now the stop thing will not be 20 pips or even 21 you will need to give the position some air. often times the chart will tell you where you should place a stop and this might be 100+ pips away. Once your positions are running just check your P/L your in good shape up to -250 as defined by your risk. this will allow you to not baby sit every tic and tac. Your position is in a up/down trend and your just hopping on. Now I'll not get into adding to positions or taking away from but just a thought.

Remember this, my info is worth only what you paid for but just trying to help.. don't run out and do this without testing it. Once you have tested it test it again..

As for anything that pertains to FA stuff I have not a clue and as for trading news I'd say forget it... Sounds as you wish to be in positions longer then the average 15min and so just some things to consider..

Best with you trading!
Check Mate GAME OVER
  • #10
  • Oct 4, 2007 2:34pm Oct 4, 2007 2:34pm
Reading my last post I might sound confusing on this tab thing. Here is an example:

TAB: AUD
daily charts aud/cad, aud/chf, aud/jpy, aud/usd, aud/nzd, and aud/sgd

One click and your seeing all 6 charts. A quick visual glance on the market price action..

I hope dis makes sense..
Check Mate GAME OVER
  • #11
  • Last Post: Oct 8, 2007 1:23pm Oct 8, 2007 1:23pm
Quoting hamadjohnson
Hello guys , pls am kind of new to forex but ive started trading on live A/C , i've been using the techniques i learnt but kind of wozzy, but the fundamental analysis is the superior forex determiner because i dont really understand the fundamentals i lost all my money, all am seeking now is the fundamental strategies & how to trade it, without that i'm out of forex for good. pls Pals help me out.
i'm seriously stuck & hunged up, pls kindly aid me.
Regards
Johnson Hamad

I do propose for you to trade Demo until you will reach stable positive results atleast for 6 straight months, but Demo trading can't give you same adrenaline as Live trading gives...so you can choose a broker proposing micro trading and start practicing on real money. Investing of 100-200$ will give you Live Account's trading experience.
Also, I propose to start with technical analysis only and step-by-step try to combine it with fundamental ananlysis.
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