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Help needed in OANDA + users from Malaysia 105 replies

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  • #20,361
  • Dec 30, 2008 8:51pm Dec 30, 2008 8:51pm
Quoting MrGenius
My office in Taman selasih..bla..bla..my contact
This my email [email protected]
Hi, may I know which broker u are using. Anyway trading should be plan first or at least practise first before jump to the real platform. 2009 I wish u a better person .Happy new year 2009.
  • #20,362
  • Dec 30, 2008 9:02pm Dec 30, 2008 9:02pm
Quoting MrGenius
Assalamualaikum dan salam perkenalan Guys..

I'm new here just joint OCT last year but this is a very first time I write... From Kulim, Kedah...just 6 months FULL TIME in forex..lost more than 70K already http://www.forexfactory.com/images/icons/icon8.gif ..I tried a lot of methods and even bought a lot of indicators but still negative (not so bad). Hope I can learn something from the expert here to gain my confident and keep trading with positive result http://www.forexfactory.com/images/icons/dollar.gif .....HELP!!!!!!!!!!!!!!!!! me to avoid more lost...

BRO Sham...Selamat Pengantin Baru...Semoga Dirahmati ALLAH dan kekal ke anak Cucu....

Wassalam http://www.forexfactory.com/images/icons/icon6.gif


Wa'alaikumsalam,

MrGenius... I think you did the same mistake like I did last time. Going into FTT without properly know what LEVEL I was that time.

Seems you loss is getting bigger and bigger... you are in danger!!! DANGER from your own Emotion Control (EQ). No matter what you do... what system you use... once your EQ is unstable... you are bound to spiralling down and down.

You just have to find a way to forget your LOSS. Start fresh with whatever Capital you've got left. PLEASE DO NOT INVEST WITH THE MONEY YOU CAN'T AFFORD TO LOSE. If you can't afford it anymore... you just have to take a break for a while. Find a job... collect some saving and capital for your next attemp. DO NOT BORROW MONEY to tarde Forex or you'll be hounted by your EQ problem.

Ask yourself... which Trader LEVEL you are now? If you still below LEVEL 4... making Forex as Full Time Job is dissasterous.

FOREX is not for everyone... only for those who are high risk taker. Know your risk... control your risk as minimum as you can.

p/s: It was not me who just got Married... it was one of our members in here.

Quoting Malaysia
So You Think You Can Trade?

Dr. Janice Dorn
The Trading Doctor
December 26, 2008 from CNCB Blog

Having been a dancer since age 5, I actually thought I could dance! That was before I watched these amazing young dancers battling it out week after week; one by one, falling down, getting up, getting safe and getting booted. The field continues to narrow until, one day soon, the winner will be chosen. These people have talent, training and experience. So what separates the winners from the losers? Passion, commitment and discipline. That is what separates the winners from the losers in dancing, life and trading.

Why do so many people think they can do something with confidence, courage and competence when they cannot? The so-called overconfidence bias and other cognitive (thinking) biases are topics for another day. Today, I would like to focus on the Learning Ladder of Trading.

One day, you get up and realize that you are in a dead-end job, and just sick and tired of being sick and tired. Your buddy has been trading the markets for a few years and doing OK…not great...but getting by. Your buddy's buddy just set up a trading account, paid thousands for software, books and courses, but is not making any money. In fact, he has lost half of his initial stake. Yet, you hear others touting returns of 100-1000 percent gains a year, and the siren call of greed coupled with the idea that if they can do it, you can do it better, is too tempting to resist. I mean, how difficult can it be? You just buy the right books, get the best software, go to the right seminars, subscribe to the hottest newsletter, and--with the click, click of your mouse--buy low and sell high or buy high and sell higher or sell high and buy lower. No problem. Piece of cake.

So, you announce to your family that you are going to quit your job, become a full time trader, monies will flow effortless into your account and everything is going to change. It all seems so easy, and the seminar people are doing it, so why can't you. You are just as intelligent as the next guy.

This type of thinking borders on the delusional. Just as one cannot wake up one day and announce that one, without any formal education training (including the school of hard knocks) is going to start practicing law or medicine, one does not become a proficient trader overnight. Get over yourself, because it just isn't going to happen.

No matter how many bells, whistles, indicators, seminars and books with which you surround yourself, you have to pay your dues. You must learn that that piece of cake needs to be converted into humble pie, and that the most-successful traders got that way by first getting a Ph.D. in losses.

Trading is simple, but it is not easy. Trading is a skill and an art that takes time, patience, perseverance and courage. Successful trading and investing are skills, which combine both art and science. In order to achieve and master these skills, one must progress on a path, which is mental, emotional, physical and spiritual. For many, this is the most difficult journey ever taken. Start where you are, and understand that it is about the process, that it takes time and that the rewards are worth it if you just keep going with passion. Without passion, why bother?

There are no secrets to success. It is the result of preparation, hard work, and learning from failure… Colin L. Powell

Every trader must climb the four rungs of the Ladder of Learning, and must do this one step at a time. You cannot skip a step, but if you let your guard down, do not continue to study and practice, you can and will fall down a step or two.

What do I mean by the Ladder of Learning and the four steps? In this case (and putting other learning theories and the neuroanatomical bases for them aside for now) I am referring specifically to the four stages of trading competence:

Somewhere in your make-up, there lies sleeping, the seed of achievement which, if aroused and put into action, would carry you to heights such as you may never have hoped to attain… Napoleon Hill

(1) Unconscious Incompetence: You don't know that you don't know, and you don't know what you don't know, a.k.a. ignorance is bliss.

At this stage of your trading, you are not aware of the existence of, or need for, specific trading skills. You don’t know what you don’t know, including that you have any deficiencies (since you don't know that there are any specific trading skills). Denial may come into play here as well, as you may think that such skills are unnecessary or not useful, and all you have to do is to subscribe to a service or hotline, or jump on the next "hot" pick and money will come rolling into your account. In order to move to the next stage, you most overcome your denial and become consciously aware of your incompetence. Without taking this next step, you will not progress and no new skill will be acquired. There will be no learning. The next step is:

(2) Conscious Incompetence: You know that you don't know, but you are not entirely sure what you don't know.

At this stage, you become aware that trading is a skill, which exists, which is practiced by many and is relevant to your success. You also become aware of your deficiencies in this area by attempting to trade or practicing how to trade. This is the stage in which you begin to figure out how much you don't know. Successful traders will, at some point during this stage of the learning process, make a commitment to learn. They will make a commitment to study, to be teachable and to practice, practice and practice until you know what you don’t know. Now, you are ready to progress to:

(3) Conscious Competence: You know what you know, and you can trade, but you have to think about it.

During this stage, the skill of trading can be performed reliably, consistently and at will. However, you have to concentrate a lot, and think a lot, in order to do it. It is not second nature, nor is it automatic. At this stage, you are open totally to more learning, but you are not able to teach anyone else how to do it. The only way to proceed from this stage to the final stage is to practice more and more until— eureka — one day you have reached the stage of:

(4) Unconscious Competence: You know how to do it, and don't have to think about it. You just do it.

At this stage, the act and process of trading consolidates within the memory and pattern recognition areas of your brain…it becomes second nature. If you are really good at it, you can trade and do other things at the same time (I do not recommend this, however). Certain people at this stage are capable of teaching others, but this is not universal. In fact, it may be more difficult to teach at this stage since the skill has become largely instinctual. It is at this stage when, if someone asks you how you knew to do that, you have to pause, think and say, "I don't really know. I just did it." This is trading mastery.

There is another, final and rarely-discussed stage that is called Conscious Unconscious Competence. Those who have reached this stage are the best teachers, and they are rare and difficult to find. Find one of these people to guide and support you if you really want to learn how to trade.

Champions execute the fundamentals with unconscious competence. That means they've practiced the moves so many times in the past that they can do them almost perfectly without thinking about it. When you can perform brilliantly without thinking, you can perform at a very high level…June Jones (Head Football Coach, University of Hawaii Warriors)

Thanks and Good Trading!

- Janice

Janice Dorn, M.D., Ph.D.
www.thetradingdoctor.com

Janice Dorn, M.D., Ph.D., is a financial psychiatrist and chief global risk strategist for Ingenieux Wealth Management in Sydney, Australia. She also offers trading consulting and coaching services via her Web site, TheTradingDoctor.com.
  • #20,363
  • Dec 30, 2008 9:06pm Dec 30, 2008 9:06pm
Quoting MrGenius
Assalamualaikum dan salam perkenalan Guys..

I'm new here just joint OCT last year but this is a very first time I write... From Kulim, Kedah...just 6 months FULL TIME in forex..lost more than 70K already http://www.forexfactory.com/images/icons/icon8.gif ..I tried a lot of methods and even bought a lot of indicators but still negative (not so bad). Hope I can learn something from the expert here to gain my confident and keep trading with positive result http://www.forexfactory.com/images/icons/dollar.gif .....HELP!!!!!!!!!!!!!!!!!...
70k is very much...

Don't worry, learn more, and then compensate the losses.

  • #20,364
  • Dec 30, 2008 9:10pm Dec 30, 2008 9:10pm
Hello It has been a while on holiday. today start looking at Fx graf again.
Look like EU on Triangle, any prediction guys?

The candle 4H sey Short?
Learning, is a never ending processs...
  • #20,365
  • Dec 30, 2008 9:12pm Dec 30, 2008 9:12pm
Quoting Malaysia
Wa'alaikumsalam,

MrGenius... I think you did the same mistake like I did last time. Going into FTT without properly know what LEVEL I was that time.

Seems you loss is getting bigger and bigger... you are in danger!!! DANGER from your own Emotion Control (EQ). No matter what you do... what system you use... once your EQ is unstable... you are bound to spiralling down and down.

[font=Comic Sans MS]You just have to find a way to forget your LOSS. Start fresh with...
Hi Sham Happy New Year to you 2009! I agree with you.Now that forex are growing like mushroom and they even have their agent in Malaysia where we can deposit our fund through Maybank2U .what do u think Sham ? are they reliable or otherwise. Can you code to me the reliable broker cause I m searching for a good broker for my real account now.Trading forex with simple price action and S/R plus fib which have been indicated to us in Al Quran the perfect kadar by Almighty God that should be enough to see the direction.Insya'allah.
  • #20,366
  • Dec 30, 2008 9:19pm Dec 30, 2008 9:19pm
Quoting trademeister
Hi Sham,
Glad to hear your reply. I hope someday, big gathering in US. Maybe
sometime , can join you all in Malaysia. It has been a long time since last visit and I feel longing to go again, but, family keeps me from travelling now.

Happy New Year, Sham. I hope to keep learning with you and your great
traders group.
You are always welcome here Just gimme a call whenever you are in Malaysia. I'll introduce you to the rest of the group.

My target for next year... collecting more green pips to repair the damage I did to my client acc (no more taking managed acc and start concentrating on my own acc). Then I am dreaming for the BIG GATHERING in the USA. Can visit most of the BROKERS there

So guys... let's MINIMIZE LOSS... MAXIMIZE PROFIT.... collect some green pips to reward ourself... and FLY to the USA for the GATHERING

SHAMX
+60 13 2491533
  • #20,367
  • Dec 30, 2008 9:29pm Dec 30, 2008 9:29pm
Hi all,

I've been here quite a long time but not an active member in term of posting. Hope that i can be welcome as family here.

To sham,

This is a good thread keep it up. I'd like to learn more from you and maybe to meet you but again I'm in Kuantan and you're in KL....lol.

Does this thread has specific method that you guys have discussed or this is where everyone just give their opinion on the market? Because if there is no specific method i'd like to paste some of my trades so that someone could comment on it.
  • #20,368
  • Dec 30, 2008 9:32pm Dec 30, 2008 9:32pm
Quoting recode
Hi Sham Happy New Year to you 2009! I agree with you.Now that forex are growing like mushroom and they even have their agent in Malaysia where we can deposit our fund through Maybank2U .what do u think Sham ? are they reliable or otherwise. Can you code to me the reliable broker cause I m searching for a good broker for my real account now.Trading forex with simple price action and S/R plus fib which have been indicated to us in Al Quran the perfect kadar by Almighty God that should be enough to see the direction.Insya'allah.
Click on the PREFERRED BROKERS by FF... they all are REGULATED.

I have acc with many brokers... some regulated some not regulated. In the search for the best one.

Sometimes... if we have the Good Trading System... choosing a wrong broker can let us down.

I finally found the one that suit me most with my trading style.

However... none of them are perfect. Every broker got Pros and Cons.

If you can afford it... try looking for ECN brokers. They are in Tier 2 if I am not mistaken... more reliable. Most brokers we are using nowadays in Tier 3... and many are BucketShop.

I don't like to discuss about Brokers... do you due diligence. If you really wanna talk about it... you just have to come and see me face to face.
  • #20,369
  • Dec 30, 2008 9:42pm Dec 30, 2008 9:42pm
Quoting Malaysia
Wa'alaikumsalam,

MrGenius... I think you did the same mistake like I did last time. Going into FTT without properly know what LEVEL I was that time.

Seems you loss is getting bigger and bigger... you are in danger!!! DANGER from your own Emotion Control (EQ). No matter what you do... what system you use... once your EQ is unstable... you are bound to spiralling down and down.

[font=Comic Sans MS]You just have to find a way to forget your LOSS. Start fresh with...

Thanks guys...for moral support, advice and guidance..I'll never give up...FYI I learned a lot about FOREX...EQ..money management, trading time, market news and so on..the failure is bcoz I go in at wrong entry point..use short term strategy (scalp)..if -ve I'will close the position...I believe the lose due to luck (rezeki) and some of the techniques and strategies I used couldnt suit. Some time I use EMA, SMA, candle stick, bollinger band and so on. Sham sorry I don't know how to answer you..which level I at..

Guys...I want to keep trading...even in a slow mood..I want to see positive result..Your help is very much appreciated. Insyaallah.

.....BURN http://www.forexfactory.com/images/icons/icon14.gif
Positive Thinking Never Give-Up
  • #20,370
  • Dec 30, 2008 9:42pm Dec 30, 2008 9:42pm
hi sham and everyone.. just want to say hello before the last number change tonite ;-D

happy new year and good trading 2009. Work hard everyone!
  • #20,371
  • Dec 30, 2008 10:05pm Dec 30, 2008 10:05pm
Quoting spmaon
Hi all,

I've been here quite a long time but not an active member in term of posting. Hope that i can be welcome as family here.

To sham,

This is a good thread keep it up. I'd like to learn more from you and maybe to meet you but again I'm in Kuantan and you're in KL....lol.

Does this thread has specific method that you guys have discussed or this is where everyone just give their opinion on the market? Because if there is no specific method i'd like to paste some of my trades so that someone could comment on it.
Hi there

If you read this thread from the very beginning... you'll see how we evolve. From Level 1 to Level 2 progressing to Level 3 and now getting into Level 4 Traders. Final destination... the LEVEL 5 traders. Everybody wanna get there but not everybody gonna reach the peak.

I think everybody can't skip that... must go through the process before really have the good feeling about FOREX and start collecting green pips more and more.

NO SHORT CUT... If you take short cut... not gonna last long because you'll fall back in LEVEL 1 in no time.

FOREX is not GET RICH QUICK scheme. It is a CAREER for me. Like any other Business... having UP and DOWN.

In conclusion... there's no right or wrong. What ever system you use (after gone through so many methods and finally find the one that suit your style)... you just got to upgrade it and fine tune it. Just concentrate on it... make it like your blood and soul.

The are no PERFECT system. Like predicting the weather... almost impossible to get 100% accuracy.

The most important thing is MAXIMIZE PROFIT... MINIMIZE LOSS. Careful with MM (money management)... Good R&R Ratio to make an Entry and Exit.

Trader A and Trader B make an ENTRY at the same time at the same price.

Trader A BUY.
Trader B SELL.

In the end they both PROFIT. Closed trade at the different time.

If Entry is important... EXIT is more important than that. Think.

In the end... It's not about the CAR... It's about the DRIVER. Know your CAR... and also know yourself. Having problem with EQ... DISCIPLINE can counter it.

p/s: Feel free to discuss your system... after all this is a Forum.
  • #20,372
  • Dec 30, 2008 10:27pm Dec 30, 2008 10:27pm
Quoting recode
Hi Sham Happy New Year to you 2009! I agree with you.Now that forex are growing like mushroom and they even have their agent in Malaysia where we can deposit our fund through Maybank2U .what do u think Sham ? are they reliable or otherwise. Can you code to me the reliable broker cause I m searching for a good broker for my real account now.Trading forex with simple price action and S/R plus fib which have been indicated to us in Al Quran the perfect kadar by Almighty God that should be enough to see the direction.Insya'allah.
im sorry recode,

can you clarify more on this? (bold text)

actually i have found an ebook written by russian muslim if im not mistaken. many2 months ago. it has to do with our 'prayer' principle thing that he is applying it into a trading method. he's using fractals and trendlines. but i dont understand this ebook because it is in russian.

i'll up the ebook here once i found it.
  • #20,373
  • Dec 30, 2008 10:44pm Dec 30, 2008 10:44pm
TokWanden,

Another question is,

If we see IB, is that something that we can use maximizing our entry? Since its within the range of previous bar and we already knew the direction aite?

ps: Jawab cepat!!!!!
  • #20,374
  • Dec 30, 2008 10:50pm Dec 30, 2008 10:50pm
Quoting johnbaem
TokWanden,

Another question is,

If we see IB, is that something that we can use maximizing our entry? Since its within the range of previous bar and we already knew the direction aite?

ps: Jawab cepat!!!!!
I thought IB is 50-50. Have to wait for the next CS for the confirmation... than the direction will have HIGH PROBABILITY following the confirmation. For me... I don't know the direction if I see IB. Can be REVERSAL... can be CONTINUATION.

Please correct me if I am wrong.
  • #20,375
  • Dec 30, 2008 11:12pm Dec 30, 2008 11:12pm
Quoting Malaysia
I thought IB is 50-50. Have to wait for the next CS for the confirmation... than the direction will have HIGH PROBABILITY following the confirmation. For me... I don't know the direction if I see IB. Can be REVERSAL... can be CONTINUATION.

Please correct me if I am wrong.

Ok Sham..Is that mean its like a tempoh bertenang for us??? Im referring for IB after we see the clear direction such as bear/bull engulfing, pin or any else.
  • #20,376
  • Dec 30, 2008 11:20pm Dec 30, 2008 11:20pm
Quoting johnbaem
Ok Sham..Is that mean its like a tempoh bertenang for us??? Im referring for IB after we see the clear direction such as bear/bull engulfing, pin or any else.
In that case... A reversal CS followed by IB. If me... I straight take an Entry following the REVERSAL signal with SL clearly known from the range of the CS. Will never get 100% accuracy but the PROBABILITY I am concern of. If 7 out of 10 of that signal is correct. I have no problem with it.
  • #20,377
  • Dec 30, 2008 11:23pm Dec 30, 2008 11:23pm
Quoting johnbaem
Ok Sham..Is that mean its like a tempoh bertenang for us??? Im referring for IB after we see the clear direction such as bear/bull engulfing, pin or any else.
I agree with Sham....IB should be 50-50.....Even after you see bear/bull engulfing....It can pacify the bull/bear engulfing to make the chart become flat....IMHO....
  • #20,378
  • Dec 30, 2008 11:41pm Dec 30, 2008 11:41pm
A'skum and hi,

I've been reading for a few months... Did'nt post until I believe I can contribute something meaningful to this forum

Thanks to Sham for initiating this.

Just a little bit of my exp. to share, hope it will benefit some of you esp newbie like me.

Started demo in August after going through a class ( cost me RM 650 / person - went with wifey - 2 full days ) and live trading in Sept.

Pros of going to class :

1) Speed up your understanding ( at least for me ), been reading babypips b4 but could not understand much..

2) Committed to learn seriously, since we invested time and money already

Cons

1) The money used could have been utilized for your account.

2) The systems teached might not be suitable for your own trading style.

But I believe , overall the pros outweigh the cons


Start live with US 2K account. Use TL and PA only. No stop loss, use hedging. Account grew to US 7.1 K in two and a half weeks. Did not draw any money at all, coz have to wait a full month ( my mistake to open account with a credit card, too lazy to send through TT).

Moral of the story : Draw money as soon as possible and use profit money to trade


Getting Gung Ho, try to make as much money possible in a short time. One night, trade was down but I was still confident on the direction and add more to my initial position. Was at US25 per pips !!! ( crazy for newbie ) and my acoount grew back to US 7.3K, wife ask to get out already, me said , lets get out at 7.5K !

In the end I get out at 3K +.

From then onwards, fear of losses control me and start looking for other strategy. Account continue to shrink to 2K ( breakeven ).


Currently account grows a little bit ....


Moral of the story : Take pofit, do not fear to take small losses, have SL, test the strategy u want to use extensively ( backtesting and forward testing ) . BUT THE MOST IMPORTANT THING is MONEY MANAGEMENT


For now my advice to everybody ( esp me ), is LEARN, LEARN and LEARN. I am surprise to see a lot of people trading without even understanding what Forex is all about.

I hope to learn a lot and participate in the meeting ( anybody around Bangi & Kajang ? ).


That's all for now, sorry for being too long. If only a person benefits from this , I'll be happy, if not just ignore it. Thanks
  • #20,379
  • Dec 30, 2008 11:51pm Dec 30, 2008 11:51pm
Quoting wakli
I agree with Sham....IB should be 50-50.....Even after you see bear/bull engulfing....It can pacify the bull/bear engulfing to make the chart become flat....IMHO....
Thats wut i saw in EU previous 2,3 days.. Maybe lack of momentum due to holiday session.

Im getting better n better in daily chart ustanding now.. Heee...
  • #20,380
  • Dec 30, 2008 11:53pm Dec 30, 2008 11:53pm
Quoting anuar
A'skum and hi,

I've been reading for a few months... Did'nt post until I believe I can contribute something meaningful to this forum

I hope to learn a lot and participate in the meeting ( anybody around Bangi & Kajang ? ).


That's all for now, sorry for being too long. If only a person benefits from this , I'll be happy, if not just ignore it. Thanks
Great to hear your story with curve in here and there. We are all facing the same route.

Yeah, maybe we can slot for any meeting occasion later on bro. Wakli is in Klang, TokWanden, Me, Cappalz n Sham based in KL.
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