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Your Opinion Counts !!!

  • #1
  • First Post: Edited 7:59am Feb 8, 2009 3:04am | Edited 7:59am
Yes you heard it right - "Your Opinion Counts"

On this thread, we will have an interactive discussion on the markets, we will research both the fundamental aspects and the technical aspects and try to locate the market mood.

And in addition to this we will work on learning all the minute aspects of trading, and reading the charts along with how to correlate the fundamental news with the technical aspects.

The Plan:

Each day at the beginning of each session, I want you to post your views on the news events which will be released during the session, the previous news release and what was its effect, and the current expectations on what is to be expected and why.

I need a proper discussion on this, and i want each one of you to share your viewpoint on this, on each session.

After this, we will try to look into the technical aspects on what is the current market mood.

The forex markets moves based on world economic conditions and the factors of supply and demand.. An excellent writeup is given on wikipedia here
http://en.wikipedia.org/wiki/Foreign_exchange_market

The Currency Pairs:

You will decide what our discussion should be on, we will take it one by one and try to work on reading the market expectations.

I cannot concentrate on GBPJPY alone, as traders with small accounts or newbies are at maximum risk if they touch it.

We will look into any pair you suggest.

The Objective:

Plain and simple, to teach you how to read the market sentiments and trade accordingly.

You are free to use whatever trading method or system which suits your risk appetite, its your choice.


So, friends, lets get on with it as a team.

BS on this thread will not be tolerated at any cost, so if you guys find anyone attempting to sabotage the thread. You are free to decide what to do with this person.
  • #2
  • Edited 3:26am Feb 8, 2009 3:15am | Edited 3:26am
Quoting forexlion
Yes you heard it right - "Your Opinion Counts"

On this thread, we will have an interactive discussion on the markets, we will research both the fundamental aspects and the technical aspects and try to locate the market mood.

And in addition to this we will work on learning all the minute aspects of trading, and reading the charts along with how to correlate the fundamental news with the technical aspects.

The Plan:

Each day at the beginning of each session, I want you to post your views on the news events which will be released...
be careful with implemention of the news to your trading!

you know there are no big dogs because you are so professional?

market moves because of supply & demand and nothing else.

the economics how you, me, others judge them do not matter in any way.
it matters how the BIG MONEY, or the consensus of all the players that matter on the markets judge the news or uses them in their trading to their benefit and this only can be read on the charts. it can be spot on every chart on a daily basis.

so adding fundamental stuff to your approach won't give you an edge or will improve it. same as constantly switching or changing it. it just will make you doubt your ability in making the right decisions...

as long as you do not get that the news are BS and only there to mess with your mind, you will go on the current way.

i do not care about any lieing news in any way and when someone realizes this, it will make you more profitable.

yellow does not mean yellow in the news and it is just a tool, nothing else.
  • #3
  • Feb 8, 2009 7:36am Feb 8, 2009 7:36am
Step 1 in Trading:

What is the economic calendar for the day, analyze each event in detail, understand how it will affect the market on that day.

  1. If there is bank holiday, then it means the market will have low volume and hence should be avoided else the risk of loss is very high.
  2. If the economic news affecting the currency you are planning to trade is absent then it means slow markets, or consolidation stage is possible.

and so on....

In short, like in the army, scout the enemy first, before making your attack plan.

  • #4
  • Feb 8, 2009 7:37am Feb 8, 2009 7:37am
Quoting Dr.Geppynius
be careful with implemention of the news to your trading!

you know there are no big dogs because you are so professional?

market moves because of supply & demand and nothing else.

the economics how you, me, others judge them do not matter in any way.
it matters how the BIG MONEY, or the consensus of all the players that matter on the markets judge the news or uses them in their trading to their benefit and this only can be read on the charts. it can be spot on every chart on a daily basis.

so adding fundamental stuff to your approach won't...
Yes - news don't always correlate with the direction of the chart. When those controlling the majority of the financials decide taking profits off the table price could dip while news points to a bull for that currency.
Knowing the news is helpful only if you make your move depending on the price on the chart.
If you cannot discern and break away from your conception of the supposed direction that ought to be caused by the news at any moment, while your chart indicates the opposite direction, say good bye to your money.
  • #5
  • Feb 8, 2009 7:39am Feb 8, 2009 7:39am
Step 2 in Trading:

Analyse longer term trends, like 1 year, monthly, weekly and daily and figure out what has happened so far and what more is to be expected.

This gives us the big picture on what lays ahead and what we need to keep in mind, while planning our trades.
  • #6
  • Edited 8:32am Feb 8, 2009 7:43am | Edited 8:32am
Step 3 in Trading:

Now this is where the fun begins.

Yes, we work the plan of trade on smaller time frame of 4 hour to 15 minutes.

  1. Based on what knowledge we have picked up in the previous steps, we know what to expect.
  2. We know the range within which we have to trade.
  3. So now we plan the trade on a smaller time frame, because here is where we actually make money.

  1. Plan small 10 to 50 pip trades.
  2. Plan your trades with a proper stop loss based on support/resistance zones.
  3. Always open your trades close to support/resistance zones so you can have a smaller stop loss.
  4. Most importantly, when you plan your stops, be very careful of the stop hunting, by big players.

  • #7
  • Feb 8, 2009 7:54am Feb 8, 2009 7:54am
It does not matter which style or method of trading you use.

What matters is have you done your homework first, have you followed step 1 and 2 first, because if you do not do that. Your risk in the trade is maximum.
  • #8
  • Feb 9, 2009 9:35pm Feb 9, 2009 9:35pm
Regardless of the direction of the price movement I think what ForexLion is saying that when news is present there is a high chance of movement in one direction of the other verses the absence of news for the day. Am I correct?
  • #9
  • Feb 16, 2009 1:51pm Feb 16, 2009 1:51pm
I think the Money management and risk management are extremely important.
About risk management:
Sometimes difficult to enter into the trade, and always contain risk, but you have to learn in which entry point smallest the risk (i.e market got your stop and loose some money) and where is the biggest winning potential ( how much money could win on that particular entry point.) We call it Risk/Reward ratio.
It must be on your side the chance. For example, you take your stop 20 pip under the recent low, and you can see a 60 pip target, then the risk reward ratio is 3:1 on your side. In longer term this provides profit, even if 5:5 the winning and losing ration from 10 trades. As you can lose 100 pip, and win 300 pip, so net 200 pip profit in your pocket.
100 pips a day, keeps the doctor away
  • #10
  • Feb 16, 2009 4:41pm Feb 16, 2009 4:41pm
Quoting fxkred
I think the Money management and risk management are extremely important.
About risk management:
Sometimes difficult to enter into the trade, and always contain risk, but you have to learn in which entry point smallest the risk (i.e market got your stop and loose some money) and where is the biggest winning potential ( how much money could win on that particular entry point.) We call it Risk/Reward ratio.
It must be on your side the chance. For example, you take your stop 20 pip under the recent low, and you can see a 60 pip target, then the risk...
rightly said.

performance comes only if you plan your trades well, technicals is not everything.

.
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  • #11
  • Nov 27, 2013 10:57pm Nov 27, 2013 10:57pm
morning all ... start from today here i will try to share my view in gold only as am gold trader ..
  • #12
  • Nov 27, 2013 10:58pm Nov 27, 2013 10:58pm
today overview for me .. GOLD trend is down and may we will see little up retracement but at all will going down
  • #13
  • Nov 28, 2013 12:29am Nov 28, 2013 12:29am
  • #14
  • Nov 28, 2013 1:00am Nov 28, 2013 1:00am
Quoting gemy
today overview for me .. GOLD trend is down and may we will see little up retracement but at all will going down
hey gemy can u share silver views?
  • #15
  • Nov 28, 2013 1:31am Nov 28, 2013 1:31am
any body here
  • #16
  • Nov 28, 2013 1:40am Nov 28, 2013 1:40am
Maybe nobody here gemy.. doesnt matter. which way u think gold heading again? i closed sell order at 1237 coz of the strong resistance at that level.. i open another buy order from 1237 and when i see the price seems like facing resistance at 1240 i close the post with small pips. Now i am holding Sell post, targeting 1230 .. whats say u?
  • #17
  • Nov 28, 2013 1:44am Nov 28, 2013 1:44am
Quoting komrad
Maybe nobody here gemy.. doesnt matter. which way u think gold heading again? i closed sell order at 1237 coz of the strong resistance at that level.. i open another buy order from 1237 and when i see the price seems like facing resistance at 1240 i close the post with small pips. Now i am holding Sell post, targeting 1230 .. whats say u?

for me am selling from 1242 and from 1240 big lots targeting first 1236 then 1227
  • #18
  • Nov 28, 2013 1:54am Nov 28, 2013 1:54am
Unless you can move the markets, your opinion does not count.
  • #19
  • Nov 28, 2013 2:00am Nov 28, 2013 2:00am
Quoting 2+2=4ex
Unless you can move the markets, your opinion does not count.

dear 4ex : kindly let me know how i will move the market and when can i post my opinion .. thanks in advance
  • #20
  • Nov 28, 2013 2:03am Nov 28, 2013 2:03am
Quoting 2+2=4ex
Unless you can move the markets, your opinion does not count.
its not just an opinion, i am trading base on SNR, TL n Fib.. forgive me if my analysis seems wrong. i dun have any complicated method to analyze the market.. if u have different opinion do share.. i am just a newbie.. any input appreciated..
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