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  • #701
  • Dec 27, 2007 4:52pm Dec 27, 2007 4:52pm
Thank you all for kind welcoming.

This thread has literally found me and I thank whatever power that has brought us all together. Lately, I've come to understanding that my personality has much peremptory and very little fear or no fear in front of anybody. My new year promise is to become more understanding and considerate.

This thread has made me feel warm several times and I feel some kind of respect for the people that are here.

Looking forward to the new year and conquering any battles that there always will be.

With best wishes to everybody,

Syres
  • #702
  • Dec 28, 2007 11:36am Dec 28, 2007 11:36am
hi to fti and all traders,
I started following this thread not quite long and i believe as a newbie my question may not be relevant and other way round i can found concerned traders who could speak out or even fti could help me out when he return from his vacation.

I got introduced to forex market not quite long precisely six months ago and as a resercher i did some work and jump into the market only to iscover that newbie training newbie was my case and i burned my fingers many times b4 i manage to stay in the market.

yea these are my questions:

1, Who are the brain behind fx;I once read from a forum where a trader was telling me that by december ending gbpusd will reverse to 1.9796 which really did,if were to be fundermental analyst he couldnt have progected into the future of the economy of the two currency and if the trader is a technical analyst i guess the tools at which he is using were so accurate to be precise.not quite long after i read from him i met another older trader who told me plainly that the price movement are determined by set of pple whih i may want to believe as big banks,institutions and big guns in the fx.
well i trade fx and with gains on aggregate but i think it will help better to know who and who are the set man in the field.

2, Is there any hidden theory at which it works;cos some will advertise that if u buy thier system you are sure of nice return on it. this always at times diffuse my own knowledge about fx and i keep wondering what special than what we see on fx daily,i tried one and discover that mere using my stochastics without any other indicators will deliver greatly than what they advertise. this also create some feelings in my mind by liking fx to scrabble where unacceptable word could be relevant in the game or typically seeing the market as gambling.

I love forex market cos i had been agitating for such a market from my childhood despite i was living in a country where i had no access to internet b4 few years ago to know tht such market exist and it give rooms for constant researching.However, i hate black market but it seems to be order of the day in fx where a broker will be having a dealing desk against u and some are seeing as a terror to some, i am sorry that i speak in a way that could be irritting to some but i think i need a thourogh explanation on it,bear it in mind i trade with gains but at time i believe i shd be able to sit a baby down and explain in such a manner that the baby shd comprehend it.

3, What is better way of tradig fx with minimal risk?

I do hope u pro in the field will have answer to my questions.
I read a lot on diff strategies but still see things confusing at times but on normal using of stoch (533),on 15min chart bravely i gain average of 60 pips and which i still believe is gambling despite i have the heart to accomodate the risk,hope shd be seeing as probability if it goes my direction and if not cos after placing a trade it is difficult to reverse your trade rather you leave it to the judgement of the market direction.

pls bear in mind i am a newbie ready to learn.
  • #703
  • Dec 29, 2007 6:19pm Dec 29, 2007 6:19pm
Quoting olorunloniem
hi to fti and all traders,
I started following this thread not quite long and i believe as a newbie my question may not be relevant and other way round i can found concerned traders who could speak out or even fti could help me out when he return from his vacation.

I got introduced to forex market not quite long precisely six months ago and as a resercher i did some work and jump into the market only to iscover that newbie training newbie was my case and i burned my fingers many times b4 i manage to stay in the market.

yea these are my questions:

1, Who are the brain behind fx;I once read from a forum where a trader was telling me that by december ending gbpusd will reverse to 1.9796 which really did,if were to be fundermental analyst he couldnt have progected into the future of the economy of the two currency and if the trader is a technical analyst i guess the tools at which he is using were so accurate to be precise.not quite long after i read from him i met another older trader who told me plainly that the price movement are determined by set of pple whih i may want to believe as big banks,institutions and big guns in the fx.
well i trade fx and with gains on aggregate but i think it will help better to know who and who are the set man in the field.

2, Is there any hidden theory at which it works;cos some will advertise that if u buy thier system you are sure of nice return on it. this always at times diffuse my own knowledge about fx and i keep wondering what special than what we see on fx daily,i tried one and discover that mere using my stochastics without any other indicators will deliver greatly than what they advertise. this also create some feelings in my mind by liking fx to scrabble where unacceptable word could be relevant in the game or typically seeing the market as gambling.

I love forex market cos i had been agitating for such a market from my childhood despite i was living in a country where i had no access to internet b4 few years ago to know tht such market exist and it give rooms for constant researching.However, i hate black market but it seems to be order of the day in fx where a broker will be having a dealing desk against u and some are seeing as a terror to some, i am sorry that i speak in a way that could be irritting to some but i think i need a thourogh explanation on it,bear it in mind i trade with gains but at time i believe i shd be able to sit a baby down and explain in such a manner that the baby shd comprehend it.

3, What is better way of tradig fx with minimal risk?

I do hope u pro in the field will have answer to my questions.
I read a lot on diff strategies but still see things confusing at times but on normal using of stoch (533),on 15min chart bravely i gain average of 60 pips and which i still believe is gambling despite i have the heart to accomodate the risk,hope shd be seeing as probability if it goes my direction and if not cos after placing a trade it is difficult to reverse your trade rather you leave it to the judgement of the market direction.

pls bear in mind i am a newbie ready to learn.
Hi there, Since no one has responded to your questions I will attempt to shed a little light on some of your questions.

#1 "Brains behind the Forex" Implying that there are brains behind this market would mean that there are reasons for price movements and logic in determining the direction of the movements. Someone once said, "If you have traded the forex long enough you know that logic and reason don't always matter." This (I believe) is one of the points of this thread - technical analysis doesn't always matter and if you put your faith in it and depend upon it you will become very disappointed and your account will be a little less. Even your SS of 533 on a 15 min. will at some point in your trading become a curse and you will have to default to your hope indicator for recovery. I would imagine that your success with SS 533 is totally dependent upon your entering the market at the best period of time, i.e., when the activity, the value of transactions, is the highest.
But, eventually you will be "Fooled By Randomness". But, we all are, and to that I say, "Welcome to the Forex."

#2 Never buy anyones system. Develope your own through hard work and much study. A system that works for one person doesn't necessarily work for another. There are many good systems at Forex Factory, demo them all and then develop your own.

#3 I never trade more that 20% of my margin at any one time. I start out with one trade and make sure it's in the money before adding to it. I'll continue adding to it until it becomes invalid or reaches my target. By starting out with one trade with one currency pair, if the trade goes against me, and I'm absolutely positive that my entry, according to my system, was correct, I'll just sit on it and wait until it turns positive. After all our goal is to make money. Last Thursday 12/27 I went long on a GBP/USD at 08:15 EST at 1.9940. I absulutely knew with 100% certainty it was going to go up. I was looking for 20 pips. It went up to 1.9958 and started back down. I just sat there watching going over by approach and reasons I entered the trade long. I began looking for some support and found it around 1.9870. My system said go long, what's happening? At 11:00 the candle started up. I could either add to my position or turn off the computer and do something else. I just hate to sit and stare at the computer so I decided to turn it off and come back later. My target was only 20 pips and my entry was based upon a system I have used for over three years. I came back around 1500, my trade had hit its limit with a positive 20 sometime around 1400. You must know why you place a trade and in which direction it will go and what your target is before you enter the trade. And then you must have confidence in your own system. Continue to read, and study all the forums at Forex Factory and you will become a good trader.

Best Regard, ASYI
  • #704
  • Dec 30, 2007 12:49am Dec 30, 2007 12:49am
I find this thread to be very informative. I agree about indicators I find for the most part they are a total waste of time. I've spent quite a bit of time looking at them years back and decided I myself could trade better without them. Most of my trading is done using nothing more then trend lines and my eyeballs. A friend of mine is blind and literally uses nothing but his ears he listens to quotes and makes trades off the price action hes quite adept at trading the GBP. My favoite is the Euro, I love scalping the Euro in the afternoons and Asian session I use no indicators for this just my intuition. I do have a couple strategies that do use indicators but I don't normally trade them. My reason for developing them was to create EA's with them because I'm about to signicantly slow down my trading and enjoy my retirement. Other then scalping the euro the only other real strategy I use is following the trend. I like to buy and hold or sell and hold, but people don't usually like to hold onto positions for years like I tend to do. I don't understand why though. I have a position on the CAD that dates back to March 2003 its over 5000 pips I've added to this position many times and unless something changes I expect to get at least 7000 pips out of it.
  • #705
  • Dec 30, 2007 3:55am Dec 30, 2007 3:55am
Quoting faqcya
I like to buy and hold or sell and hold, but people don't usually like to hold onto positions for years like I tend to do. I don't understand why though. I have a position on the CAD that dates back to March 2003 its over 5000 pips I've added to this position many times and unless something changes I expect to get at least 7000 pips out of it.
Hi Faqcya,

I like this style too, though I never was successful at it. What are your criteria to open/close positions, if you don't mind to disclose? Fundamentals? Thank you.
  • #706
  • Dec 30, 2007 2:21pm Dec 30, 2007 2:21pm
Hi Jairo,
Let me start by saying I am a horrible teacher so bare with me. The reason I am a horrible teacher is because I have a very difficult time getting my point understood. And please don't ask me how I trade the Euro. She's my mistress and we just tango in the night.
That said let me try to share how I see the market. First thing I understand is that you can ask several people what a pair is doing and get several different answers. 1 could say its trending up, another could say its trending down, someone could say its ranging, retracing, the market is quiet or the market is volatile. And all of these people could be right, or they could all be wrong. It depends upon a lot of different things with one of the biggest things being the timeframe they are looking at. So with all of these different ways of seeing the market I don't feel that I should just try to take one position. I usually develop a long term position, a medium term position, and occassionally a short term position. IMHO my long term postition is my most important position its my base and I trade around that position. Now lets say that the trend reverses I usually have a medium term position in place when it reverses because the market showed some signs of either a correction or a reversal and if I decide its more then just a correction I'll close my long term position out and make my medium term position into my long term position. Occassionally my short term position becomes my medium term position.
There are probably much better ways of trading, but this has worked for me.
  • #707
  • Dec 30, 2007 2:57pm Dec 30, 2007 2:57pm
Jairo I forgot to answer your question about fundamentals. When I first started trading I traded by fundamentals but over time I decided that fundamentals weren't the way to go. So I started trading by technical analysis which to me is a more complete solution because TA actually takes FA into account. I also believe that most of the time any news short of a world event is lagging and usually the market has already accounted for it. I believe that news usually is released to the marketmakers long before it is released to the general markets. Besides when I traded by FA I found myself forming opinions about the markets and I don't believe that trading off opinions is a good idea. Today I don't trade off opinions at all, but instead I just follow the trend, I could trade solely off just my charts without ever looking to see what pair it is just by looking at the price action, however I also like to do a cross reference with different pairs. If I have a good idea which direction the Euro is headed and which direction the Cad is headed I can form an idea off the direction of the EUR/CAD.
I hope this helps
faqcya
  • #708
  • Dec 31, 2007 9:57am Dec 31, 2007 9:57am
Hi Faqcya,

Thank you very much for your reply. I found your ideas about the market very enlightening and well explained. I think you developed a good and logic style of trading. I would appreciate a lot discussing some other points but I am new in this thread and must respect the temporary absence of its creator and wait for his return without extending myself too much. Thanks again and good trading.
  • #709
  • Dec 31, 2007 6:32pm Dec 31, 2007 6:32pm
Happy New Year Everyone
  • #710
  • Jan 2, 2008 11:50am Jan 2, 2008 11:50am
Hi friends,

Happy New Year, I just got back.
I 'll settle down in a while and lets see if there's anything I can help with.

regards.
  • #711
  • Jan 2, 2008 11:55am Jan 2, 2008 11:55am
Quoting fti
Hi friends,

Happy New Year, I just got back.
I 'll settle down in a while and lets see if there's anything I can help with.

regards.

Nice to see you back FTI, Happy New Year to you.

cheers
  • #712
  • Jan 2, 2008 12:03pm Jan 2, 2008 12:03pm
Quoting fti
Hi friends,

Happy New Year, I just got back.
I 'll settle down in a while and lets see if there's anything I can help with.

regards.
Welcome back and a Happy New Year for you and your family!

Greetings!
Gnat
  • #713
  • Jan 2, 2008 1:40pm Jan 2, 2008 1:40pm
Good to see you back fti. I wish nothing but the best for you my friend.
  • #714
  • Jan 2, 2008 1:46pm Jan 2, 2008 1:46pm
Hello fti. Happy new year to you. I hope you had a great vacation!

  • #715
  • Jan 2, 2008 6:36pm Jan 2, 2008 6:36pm
Welcome Back Fti, hope you had a good break.

Looking forward to your observations of our comments so far while we were left alone, it has been thought provoking at the very least

cheers,
Mick.
  • #716
  • Jan 2, 2008 7:00pm Jan 2, 2008 7:00pm
Quoting fti
Hi friends,

Happy New Year, I just got back.
I 'll settle down in a while and lets see if there's anything I can help with.

regards.
Happy New Year, fti! I hope your vacation was good.
  • #717
  • Jan 2, 2008 7:12pm Jan 2, 2008 7:12pm
Welcome back fti. Happy and prosperous new year to all.
  • #718
  • Jan 2, 2008 9:57pm Jan 2, 2008 9:57pm
Welcome back FTI and a happy new year to u
  • #719
  • Jan 2, 2008 10:21pm Jan 2, 2008 10:21pm
Quoting fti
Hi friends,

Happy New Year, I just got back.
I 'll settle down in a while and lets see if there's anything I can help with.

regards.
Welcome back. Had a good time during your holidays?

David
  • #720
  • Jan 3, 2008 12:31am Jan 3, 2008 12:31am
Happy new year to fti and all.
Wishing u all a fruitful year.
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