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Help for Newbies (Discussion Thread)

  • #81
  • May 27, 2008 8:41pm May 27, 2008 8:41pm
Quoting Pipjitsu
I am sorry if this question has already been asked elsewhere. I would like to know what account size would be needed to withdraw 2000 dollars per month on average, and still be able to grow your account.
Assuming a viable edge and all the ups and downs that go with being in the market daily.

Thanks in advance.
It depends on your monthly return, how much you plan on leaving in for growth, etc.

Assuming a 5% monthly growth and leaving 50% of the increase in the account then you would need $80,000 U.S.
  • #82
  • May 28, 2008 1:28am May 28, 2008 1:28am
Thank you MagnumFreak. I've got a long way to go!!!
  • #83
  • Jun 3, 2008 12:07pm Jun 3, 2008 12:07pm
can some one telle me where I cam find the osma colored indicator please
thanck you
Réal
  • #84
  • Jun 30, 2008 1:15pm Jun 30, 2008 1:15pm
Hi Peter! Just wanted to say many many thanks for posting all of your insights. I've just finished reading your thread, and enjoyed it immensely. Thank you so much for taking the time to post for us noobs : )
  • #85
  • Jul 24, 2008 6:36am Jul 24, 2008 6:36am
i just have one word for you " peter fm"
" i love you so much "
you are very2 nice man , very2 a good guy ,,,,,,,,, man,,,

best regard gbu
  • #86
  • Jul 30, 2008 4:04am Jul 30, 2008 4:04am
Hi,
I'm not that new for forex, but want more
I'd like to know more about options or futures - how they change prices [fe I know that options holders will hedge options, when price is near or crossing some level, but can I find out what was that level?

I know also there is some expiration day [one in the month], but isn't every option dated for som exact time in future - different for every option

So in general, my question is:

Where can I find out what time and day will options influence the market?
Is it possible to know what are the strike prices?
If strike prices wasn't hit - would expiration day change the market?

If those information are possible to gain via the internet - where should I look for them?

thanks a lot for help
  • #87
  • Aug 5, 2008 5:15am Aug 5, 2008 5:15am
First, I apologise for the delay in getting back on this thread. There were personal, business and trading related issues I had to deal with.
Quoting ira
Hello Peter!
I would also like to thank you for your hard and committed work! It's really helpful. I finally understood the terms leverage and true leverage. Your explanation of Money Managment is also very simple, yet profound, it has helped me greatly.
Thanks Ira for your kind comments.
Quote
But I have got some questions, if you don't mind. Your idea of trading off support and resistance lines looks very good, and if I understood you correctly you just put two pending orders above it for buy, and below it for sell. But what about spikes? How do you manage this problem? How many pips up or down do you put your pending orders? It can be that spike triggers your buy order and then the price will go all the way down.
No, you miss understood my method. I only ever have one order pending; if I think that price is going to rise and then fall I will place a limit sell; if I think the price is going to fall and then rise I will place a limit buy. There is only ever one order waiting for any of my trades.
As far as spikes are concerned, these are not really a problem. As my trading is normally based on daily charts spikes are rarely a concern. If a spike does occur then it simply means I'm in my trade earlier.
Quote
I understand that you still be in profit if the price goes down as you other order will trigger too, but it also can be that the price will start ranging and your both SL's can be hit. In this case you SL's must be really huge! What is your average SL?
Again, I think you've missed an important point here. Your stop size is only relevant to your risk profile. By this I mean should one trade require a 50 pip stop which allows me to place 10 lots on the trade, the next trade might require a 100 pip stop in which case I will only place 5 lots.
Both these trades carry the same risk i.e. 1%.
Quote
I'm asking because when I began trading I also tried doing something like this, though on the 1 hour, and in most cases my both SL's were hit . But I might give this idea the second chance if I understand the positioning of SL's and pending orders.
This is exactly why I moved away from the short-term charts. There is much more noise on these charts, therefore your entry criteria has to be more disciplined and your stop position just as carefully thought out. Quite often it's not enough to simply put a standard 50 pip stop all your trades, it may suit one but not the next trade.
Quote
I also want to add that most of the newbies, including myself start trading form the shorter timeframe because the longer timeframe the bigger SL should be. But your explanation with nano lots helps to solve this problem.
Been there done that. Until you learn to adjust your lot sizes to match your risk profile this will always be a problem.
Quote
And for the swap, is it something that should be taking in considaration while trading? There isn't too mush information about this on the forum, at least I didn't read anything.
Trading simply to earn interest on the swap is a recognized technique, but would normally apply only to position traders. If, for example, you have a profitable trade running, and it's also earning you interest that's a good thing. If you have an unprofitable trade but you're hanging in there for the swap then that may be a bad thing. The swap is just another of those things that you find in Forex and there are ways of exploiting it, but I really can't give you any guidance on this.
Quote
Thank you for your help!!!
It's my pleasure.
  • #88
  • Aug 5, 2008 5:24am Aug 5, 2008 5:24am
Quoting jedsman
Hello Peter, not sure if you're still monitoring this thread. I was wondering if you could comment on your use of PSAR. Does it help in your trading in any way?
it's very good when you're trading a trend but so is everything else. To be honest I don't use it any more, I simply look for support and resistance areas and then trade certain price patterns which can all be found in the James16 price action thread.
  • #89
  • Aug 5, 2008 5:25am Aug 5, 2008 5:25am
Quoting wendykurnia
i just have one word for you " peter fm"
" i love you so much "
you are very2 nice man , very2 a good guy ,,,,,,,,, man,,,

best regard gbu
Shoosh, don't tell my wife
  • #90
  • Aug 5, 2008 5:29am Aug 5, 2008 5:29am
Quoting Kaligula
Hi,
I'm not that new for forex, but want more
I'd like to know more about options or futures - how they change prices [fe I know that options holders will hedge options, when price is near or crossing some level, but can I find out what was that level?

I know also there is some expiration day [one in the month], but isn't every option dated for som exact time in future - different for every option

So in general, my question is:

Where can I find out what time and day will options influence the market?
Is it possible to know what are the strike prices?
If strike prices wasn't hit - would expiration day change the market?

If those information are possible to gain via the internet - where should I look for them?

thanks a lot for help
this is not my area of expertise but try looking here . if you scroll down to the related terms there are further explanations
  • #91
  • Aug 8, 2008 3:52am Aug 8, 2008 3:52am
Hi Peter

Thanks for a very informative thread. As a newby to Forex it has filled in a lot of the gaps. Having put in some hard graft on the FTSE and DAX futures over the past few years it is great to enter a forum where people are happy to share their knowledge and experience.

Keep up the good work

Ian
  • #92
  • Oct 14, 2008 1:23pm Oct 14, 2008 1:23pm
Many thanx for the great resource.

I had a question regarding the post you made regarding the letter your friend wrote you about "you don't have to drive yourself crazy to learn the business".

They comment on (when starting out) to get rid of all the BB, MACD, etc and just deal with a 365 EMA. Is it really that simple? Also, if there's only a single EMA, and there are no crossovers, are you just "playing the trend" and nothing else? That just seems to simple to be true.
  • #93
  • Oct 15, 2008 5:49pm Oct 15, 2008 5:49pm
Hey Peter,

Thanks for the nice noob thread and for recommending "trading in the zone". I ordered it at amazon right away and got it (and started reading) a few days ago
My charts look like the Matrix
  • #94
  • Oct 20, 2008 1:47pm Oct 20, 2008 1:47pm
Quoting smatrader
Hi Peter

Thanks for a very informative thread. As a newby to Forex it has filled in a lot of the gaps. Having put in some hard graft on the FTSE and DAX futures over the past few years it is great to enter a forum where people are happy to share their knowledge and experience.

Keep up the good work

Ian
Glad to be of help, there will be more to come as I find the time.
  • #95
  • Oct 20, 2008 2:02pm Oct 20, 2008 2:02pm
Quoting LongToBeFree
Many thanx for the great resource.

I had a question regarding the post you made regarding the letter your friend wrote you about \"you don't have to drive yourself crazy to learn the business\".

They comment on (when starting out) to get rid of all the BB, MACD, etc and just deal with a 365 EMA. Is it really that simple? Also, if there's only a single EMA, and there are no crossovers, are you just \"playing the trend\" and nothing else? That just seems to simple to be true.
That's all I do now - Trade the Trend - and look for Price Action at Support & Resistance.

To be honest I don't even have the 365 or any other MA on my chart now. I've come to the conclusion that everything boils down to probability.

I look at every move at any S/R as having the 'potential' to hold or fail. I take no trades until the market tells me what it has decided to do at each level. I also assume that until the market has told me that the current trend is over I play the current direction. The only difference is that if I decide that strong PA at a Support level (e.g. in a downtrend) indicates that a contrarian trade has merit I expect to only be in it for a short time.

If I see PA that seems to confirm price is continuing along its current trend then my targets are much further out.

So as I am right now there is NOTHING on my charts other than S/R levels based on major reversal points drawn on the Monthly charts and then I look for James16-type PA patterns on the Daily around those lines. I'll refine entries on the 4-hr & 1-hr charts and also watch SR areas on the 4-hr to adjust stops if I feel the need to keep profit in MY pocket.

It couldn't be more simple - but you do need patience to wait for seriously good setups to arrive. If you can develop that life improves dramatically.
  • #96
  • Oct 20, 2008 2:06pm Oct 20, 2008 2:06pm
Quoting GCash
Hey Peter,

Thanks for the nice noob thread and for recommending \"trading in the zone\". I ordered it at amazon right away and got it (and started reading) a few days ago
I hope, nay know, it'll help you as much it helped me.
  • #97
  • Oct 20, 2008 9:57pm Oct 20, 2008 9:57pm
For those of you that might be wondering what a chart he uses might look like - I would say something like this.....

Sorry for butting in Peter.
Attached Image (click to enlarge)
Click to Enlarge Name: eursrchart.png Size: 25 KB
  • #98
  • Oct 27, 2008 1:35am Oct 27, 2008 1:35am
Quoting clockwork71
For those of you that might be wondering what a chart he uses might look like - I would say something like this.....

Sorry for butting in Peter.
The lines may be a bit wider than mine but near enough to get them on the right track.

Butt in whenever you want, I can always do with some support
  • #99
  • Nov 13, 2008 3:59pm Nov 13, 2008 3:59pm
Peter I really enjoyed reading your "help for newbies" thread. It's nice to find traders willing to share with no expectation of return. I point as many newbies as I can toward your thread. Keep up the good work!
  • #100
  • Nov 17, 2008 3:10am Nov 17, 2008 3:10am
Quoting blueace
Peter I really enjoyed reading your "help for newbies" thread. It's nice to find traders willing to share with no expectation of return. I point as many newbies as I can toward your thread. Keep up the good work!
And btw I love your title under your avatar
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