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  • #101
  • Jun 25, 2009 9:39am Jun 25, 2009 9:39am
Hello, may i ask how you trade the news?? setting a straddle or with spike trading?? Concerning your strategy, i have to say I think you have to sit a lot in front of your computer to get your 4 timesframe candles inline. Too much work and too less reward for my taste, but sure it can work as a scalping technic. Wish you all the best and lots of pips
  • #102
  • Jun 25, 2009 10:32am Jun 25, 2009 10:32am
oh, that works! thanks
  • #103
  • Jun 25, 2009 10:35am Jun 25, 2009 10:35am
Quoting Newstrader
Hello, may i ask how you trade the news?? setting a straddle or with spike trading?? Concerning your strategy, i have to say I think you have to sit a lot in front of your computer to get your 4 timesframe candles inline. Too much work and too less reward for my taste, but sure it can work as a scalping technic. Wish you all the best and lots of pips
I just wait for a big move up or down then go with that move
  • #104
  • Jun 25, 2009 10:40am Jun 25, 2009 10:40am
Quoting FrinkFX
Ok, I've been trading live for 2 1/2 weeks now, traded my first news item today (only made $5 from it but I was very nervous and I was using a spread betting company who don't allow me to modify orders, I didn't want to risk more than I could afford)

Anyway I've turned a $100 account into $158 and in my other account (FXCM micro) I went from $100 down to $66 or something, I've now (this morning and last night) got that account back up to $73.51, by simply trend trading. I seem to have most success when I throw away sytems and just use my eyes and...
Since you are asking for opinions, here comes mine: NO... this is not a good way to trade.... In fact 2 1/2 weeks live on Forex, trading the news is the best way to give your money to the market....ie. other traders...

Trend trading, as you posted (I don't know how you're doing it for sure...) is a better start..


Cheers
Many share my views with me. But I don't share them with them...
  • #105
  • Jun 25, 2009 2:14pm Jun 25, 2009 2:14pm
Quoting HouseTrader
Since you are asking for opinions, here comes mine: NO... this is not a good way to trade.... In fact 2 1/2 weeks live on Forex, trading the news is the best way to give your money to the market....ie. other traders...

Trend trading, as you posted (I don't know how you're doing it for sure...) is a better start..


Cheers

I learned about the news trading from a book I downloaded. I did a bit of research on it by looking back on the history at the moments when news items were released and I saw some major spikes followed by quick reversals so yes I can see that they can be dangerous.

In future I might sit these out and maybe just go in late after the initial rush so I can be more sure in which direction the market is heading. The book says you should place 2 pending orders each 10 pips from the high/low of the 3 minutes leading up to the news release time.

One thing I have learned is this whole trading thing ain't easy. I'm only trading when I feel confident about it. I think I've had a bit of beginners luck, and I'm not getting excited about it, just going to learn as much off the folks on this forum.

But yes I'm looking for some kind of simple trend trading system on a 1min or 5min timeframe to practice on.
  • #106
  • Jun 25, 2009 2:22pm Jun 25, 2009 2:22pm
Put that book into the trash can.
  • #107
  • Jun 25, 2009 2:44pm Jun 25, 2009 2:44pm
Quoting FrinkFX
One thing I have learned is this whole trading thing ain't easy. I'm only trading when I feel confident about it. I think I've had a bit of beginners luck, and I'm not getting excited about it, just going to learn as much off the folks on this forum.
You don't know the half of it! I agree with Xaron, dump the book. The authors of these books make money selling books NOT trading.

Quote
But yes I'm looking for some kind of simple trend trading system on a 1min or 5min timeframe to practice on.
If you do find a simple one then do tell even I might buy your book.

Not trying to be harsh or counter-produtive here but you're starting at the wrong end of the time frames at your level of skill.

This is a long read but worth every minute if you are serious about trading. There are no magic systems in this thread but there is everything you'll ever need to know about how to trade.

James16 Price Action Thread

Good luck on the journey
  • #108
  • Jun 25, 2009 4:37pm Jun 25, 2009 4:37pm
Quoting PeterFM
Not trying to be harsh or counter-produtive here but you're starting at the wrong end of the time frames at your level of skill.



What timeframe do you recommend? I thought it was better to start on smaller timeframes cos theres less money. If I make one ben it's not real money. I only put $100 into it It's not exactly my life savings. ad trade @ a higher timeframe I've blown my account. And I don't want to trade in demo mode beacuse my brain just switches off wh I'm not going to put the book in the trash can because I think it's a good book. Yeah it is one of those "Amazing Forex System" books, but so what? it teaches me some basics about the fundamental announcements and when they come out etc. I don't want to spend all my time reading about
  • #109
  • Jun 25, 2009 5:02pm Jun 25, 2009 5:02pm
Regarding my trading, the only counsel I take with the utmost seriousness is that provided by the bottom line of my accounts.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #110
  • Jun 25, 2009 5:13pm Jun 25, 2009 5:13pm
Quoting FrinkFX
What timeframe do you recommend?
At least daily for a start.

Quote
I thought it was better to start on smaller timeframes cos theres less money. If I make one ben it's not real money. I only put $100 into it It's not exactly my life savings. ad trade @ a higher timeframe I've blown my account.
Get yourself into the Rookies section and learn Money Management and understand how to relate trade size to stop size. 1% gain or loss is 1% whether your account is Ģ100 or $100,000

Quote
And I don't want to trade in demo mode beacuse my brain just switches off
So how are you going to learn this business and the different trading platforms' oddities without demoing first. Demo is about finding a method and a broker that suits how you want to trade. It's about ironing out the wrinkles in your method; understanding how the basics of FX work; which timeframe you feel comfortable with; whether your method can grow an account at all. You can do all this in demo mode without risking a penny. Develop your trading rules and when you go live with a small account you've got at least a fighting chance of not blowing it in the first month.
Quote
wh I'm not going to put the book in the trash can because I think it's a good book. Yeah it is one of those "Amazing Forex System" books, but so what? it teaches me some basics about the fundamental announcements and when they come out etc.
How do you know it's a good book? You've no experience on which to base that statement. If someone like BillyRayValentine or James16 or many more I could mention told me it's a good book then I might buy it. Otherwise I doubt there is much value in it. As to trying to trade news on the basis of a little bit of knowledge from an Ebook is a bit like reading Flying a 747 for Dummies and jumping into a cockpit to make a trip to Australia.
Quote
I don't want to spend all my time reading about
Then I can't help you. Good luck
  • #111
  • Edited 10:25am Jun 26, 2009 8:19am | Edited 10:25am
This software is so unintuitive it's unbelievable. I click the horizontal line tool to place a horizontal line and I spend a few seconds calculating in my head where to put the line, but by the time I click to actually draw the line, the line tool has unclicked itself! - WHY??!!!

Did the software developers think it was a joke or it was "intuitive" if the user clicks a tool and doesn't use it within a few seconds to say "oh he's probably not gonna use this tools cos he's spent about 20 seconds and hasn't drawn a line yet so he probably isn't going to draw a line today"

I can understand this for critical functions like executing trades but for a bloody HORIZONTAL LINE??! ...



Edit: WTF was this moved to the programming forum?
  • #112
  • Jun 26, 2009 2:44pm Jun 26, 2009 2:44pm
I traded with some success the 7am-9am NY bigdog breakout strategy, I'm looking for similar breakout strategies like this. Perhaps ones for the asian or london session.

I think these strategies can be very profitable if you can tweek them and find optimal SL/TP ratios, also you don't need a NASA trading platform to put them into action. As much info on these type of strategies would be greatly appreciated!
  • #113
  • Edited 2:50pm Jun 26, 2009 2:48pm | Edited 2:50pm
Quoting FrinkFX
I traded with some success the 7am-9am NY bigdog breakout strategy, I'm looking for similar breakout strategies like this. Perhaps ones for the asian or london session.

I think these strategies can be very profitable if you can tweek them and find optimal SL/TP ratios, also you don't need a NASA trading platform to put them into action. As much info on these type of strategies would be greatly appreciated!
Hi FrinkFX, i've been live trading the 4H breakout strategy with a lot of sucess... i love breakouts and that my main trading style. just take a look at this threat.

http://www.forexfactory.com/showthread.php?t=168161

Hope i could help you somehow.
Edit: this strategie is on jpy pairs... if you look at my trades got some on another strategies... but only use that one on jpy pairs...
  • #114
  • Jun 26, 2009 5:25pm Jun 26, 2009 5:25pm
I took a look at that James16 thread. No offense, (I know a lot of people swear by that method) but It totally doesn't fit my style.

I read Bill Williams's Trading Chaos book and it seems like a similar trading style, But I just don't trust the whole thing of looking for sequences of bars. Seems like alchemy to me.
  • #115
  • Jun 26, 2009 11:23pm Jun 26, 2009 11:23pm
Read this PDF and if you get a feel for it go to this thread.

http://www.forexfactory.com/showthread.php?t=14630
Attached File(s)
File Type: pdf 4 Hour MACD Forex Strategy .pdf   635 KB | 410 downloads
  • #116
  • Jun 27, 2009 12:14am Jun 27, 2009 12:14am
Quoting FrinkFX
I don't want to spend all my time reading about
FrinkFx.... charting-time and reading-time just can't be replaced. Of course with time you become more selective to what you are investing your time (charts and reading) but, unfortunately (or fortunately) there is no shortcut. Some may take less, some others more time, but it's a necessary bill to pay.

Cheers...
Many share my views with me. But I don't share them with them...
  • #117
  • Jun 27, 2009 4:34am Jun 27, 2009 4:34am
Quoting nasir.khan
Read this PDF and if you get a feel for it go to this thread.

http://www.forexfactory.com/showthread.php?t=14630
Thaks! I looked at this before but I'll take a closer look. Looks like a good long term strategy
  • #118
  • Jun 27, 2009 5:03am Jun 27, 2009 5:03am
This is a very simple system requiring no indicators,EAs etc.

Simple Method:

1. Check NZDUSD on the 1 day time frame. If the daily trend is going up were going to by buying, if it's going down were going to be selling.

2. if trending up create a bunch of pending buy orders at random points in the few hundred pips range above the current price with SL at 40 pips and TP at 20 pips .

If trending down create a bunch of pending sell orders at random points in the few hundred pips range below the current price with SL at 20 pips and TP at 40 pips .

That's it!

I made a few pips using this last week and I plan to use it next week and until it stops working. You get typically 5 or 6 winning trades to each loss. The spread on this pair is pretty big (5 pips on my broker) so you get 15 pips for each win and lose 40 for each loss. If your spread i big you might want to steer clear of this one however.
  • #119
  • Jun 27, 2009 6:36am Jun 27, 2009 6:36am
Quoting FrinkFX

One thing I have learned is this whole trading thing ain't easy......I think I've had a bit of beginners luck
I can't say I agree with the news trading strategy you've described but why do you say trading ain't easy, you made money didn't you? Perhaps trading isn't actually as complicated as people make out.

Novices start out nice and simple, they make a few bucks but then get scared that it's just beginners luck. Then they read a few forum posts and convince themselves that trading must be incredibly difficult otherwise why are the vast majority of traders losing money. Then they go on a mission to find some convoluted strategy or other because they're now programmed to believe that's what they need, only to find it's no better than what they were doing to start off with, in fact worse probably.

Come on, is trading really so difficult? How can anyone lose money trading no-brainer trades like buying Eur/Chf at 1.50 or drawing in a trendline on a chart, how simple is that? Short of a written invitation I don't know what people want!

On the other hand you could spend inordinate amounts of time and effort reading hundreds of forum posts, picking up dozens of different strategies, demo trading them into oblivion, tweaking and fiddling, and watching charts for hundreds of hours......and still lose money.

Don't make trading any more complicated than it actually is. Just pick something simple, the more obvious the better, and trade. If the trade's wrong then cut it. If it's right then stay with it. And don't bet the farm.

How much easier can it get?
  • #120
  • Jun 27, 2009 6:57am Jun 27, 2009 6:57am
I agree james16 treat is not easy if patterns and candle
formations are tolly new thing and suport resistant areas.

I did look it long time ago and after few pages
i did think uuh i donīt undertant and i did run back to those nice
(too much) lagging beatiful
indicators and continue win loose win loose.

One day in weekend i did read acticle abouts price patterns
candle formations and how itīs simple method using
them as tool to look future compared to using indicators to look past.

I did read and read more and Bingo , i can say pure naked
chart now for me is more easy than puttet any indicators
on it.

And at least for and so so many others this road has been
change in very big scale. From loosing money to winning it.

This is my chart so so easy to read and make trades

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