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  • #201
  • Sep 6, 2009 7:01am Sep 6, 2009 7:01am
i know nothing about ea's, i have some basic questions
it seems i have turn on one , on demo account
i'm quite sure it will make trades
BUT
i'm wondering if i turn off mt4 will it still work?
because for expample simple trailing stop cant work if mt4 is turned off
and if i log into another account, will that ea make trades for me?
i'm asking here because that ea takes trades once a few days so i wouldnt get my answer fast
thanks
  • #202
  • Sep 6, 2009 7:16am Sep 6, 2009 7:16am
Quoting cinex
i know nothing about ea's, i have some basic questions
it seems i have turn on one , on demo account
i'm quite sure it will make trades
BUT
i'm wondering if i turn off mt4 will it still work?
because for expample simple trailing stop cant work if mt4 is turned off
and if i log into another account, will that ea make trades for me?
i'm asking here because that ea takes trades once a few days so i wouldnt get my answer fast
thanks
I have no idea on EAs. The best place for this question is the Programming thread.

What little I do know leads me to think that MT4 needs to be on and logged in to your account to work. I doubt that the b roker's server could store all the code for every trader that uses EAs so assume it's stored locally. After all, would you want you b roker looking at your code?

Sorry if that doesn't help.
  • #203
  • Sep 6, 2009 7:31am Sep 6, 2009 7:31am
ok thanks Peter i'll ask there
  • #204
  • Sep 6, 2009 7:41am Sep 6, 2009 7:41am
Quoting ledobedo
hi and thanks again for ur time..i have gone through jackos thread and it is great indeed.
That's a good starting point, but J16 is a must as well.
Quote
i have been drawing resistance and support lines for bout two days straight and i have one simple question.when looking at pairs at different time frames, do hourly support and resistane levels matter? i know i shud trade day for starters but i simply looked at all charts my platform offered.
As ghous said, every chart has it's own S/R levels and if you trade the way I do, for example, I plot Monthly/Weekly levels first and then look for PA at these levels first. I do include Daily levels for reference, as well.

If price is consolidating (ranging) around an obvious area then I may plot these separately and treat the S/R levels as a trading range in their own right. It may be that these points coincide with the Hourly chart's own individual trend, in which case I take a short-term view depending on how price is reacting to the dominant trend in the larger time frames.

As a rule, I only trade when I see price action at a short-term S/R area when it reflects how I see the main trend. By this I mean that if I believe the main trend is up and I see price consolidating at an intermediate Support area on an hourly chart then I will take a trade IF I get the right sort of signal.

Once you have studied S/R for some time you will get a feel for how price reacts around these points. However, be cautious as S/R areas are not guaranteed to stop price movements when the market decides to do its own thing. You'll have to learn to watch price to see how the market is going to deal with each one.

There are three basic things that can happen at any give S/R area;

  1. Price will stop and reverse
  2. Price will blast straight through
  3. Price will stall before making up its mind


How you learn to handle #1 & #3 will determine whether your account will grow. With respect to #2, there's a 33% chance of any given level failing at the first touch, so you will need good money management if you're going to risk playing blind first touches.

Quote
also when using fib levels for trend correction, what is the general accepted minimum lenght for the trend?i mean we surely cant use fib for a week old trend.
thanks again
I don't use Fibs so won't offer any opinions on this. As far as I'm concerned they add nothing to what I can already see on the chart in terms of S/R.

Hope this helps.
  • #205
  • Edited 11:16pm Sep 6, 2009 9:13pm | Edited 11:16pm
is it wise to go for example short on eurgbp and long on the eurusd at the same time when charts suggest it?

also i read on the eur usd thread that the opening of frankfurt and london usually take off in the other direction than the asian session. is this true?and if so, what pairs would you say this is tru for and more importantly why?
  • #206
  • Sep 7, 2009 4:41am Sep 7, 2009 4:41am
Quoting ledobedo
is it wise to go for example short on eurgbp and long on the eurusd at the same time when charts suggest it?

also i read on the eur usd thread that the opening of frankfurt and london usually take off in the other direction than the asian session. is this true?and if so, what pairs would you say this is tru for and more importantly why?
Quote
is it wise to go for example short on eurgbp and long on the eurusd at the same time when charts suggest it?
Yes, but the key phrase in your question is...'when charts suggest it'

Co-relations exist in several forms and spread out over different time periods, which can make pairs inter related in terms of price action go against each other, like I said, for a very short while or for considerably longer depending on the strength of the move etc...

I am not a correlations guy, and that's partly because being a price action trader I don't feel the need to go into it.

My advice to you would be to not believe in what you read may it be the euro thread or Mr XYZ at CNBC/BLOOMBERG, go look for it yourself and gauge whether what you saw if true has any potential to be entertained in your trading style, if all goes well implement it or just stick on it a big bold 'CRAP'

reading is not believing...seeing for yourself is.

Ghous.
I believe . . .
  • #207
  • Sep 7, 2009 7:01am Sep 7, 2009 7:01am
Here are some of the articles I've collected from trading
mags such as Currency Trader, SFO (Stocks, Futures and
Options), S&C (Technical Analysis of Stocks & Commodities),
FUTURES and so on.

The ones with A+ in the title are highly recommended.
Attached File(s)
File Type: pdf A+ - FUTURES - Currency-Trading-For-The-Rest-of-Us (futures mag) Dec 2001.pdf   228 KB | 497 downloads
File Type: pdf A+ - Impressive Signals From DeMark[1].pdf   201 KB | 518 downloads
File Type: pdf A+ - TD SEQUENTIAL with Tom DeMark.pdf   246 KB | 487 downloads
File Type: pdf A+ demark_interview.pdf   1.0 MB | 2,646 downloads
HELL IS EMPTY, ALL THE DEVILS ARE HERE. -- Shakespeare
  • #208
  • Sep 7, 2009 7:03am Sep 7, 2009 7:03am
4 more...
Attached File(s)
File Type: pdf A+ FUTURES - Fundamentals article (futures mag) Jan 2007.pdf   270 KB | 459 downloads
File Type: pdf A+ PFX - bonus_report_macd_strategy PFX 10 pgs.pdf   403 KB | 748 downloads
File Type: pdf A+ TAS&C - The Trader's Alternative (TAS&C).pdf   136 KB | 438 downloads
File Type: pdf A+ TAS&C - Volatility Patterns 40-100 pips per trade (TAS&C).pdf   344 KB | 573 downloads
HELL IS EMPTY, ALL THE DEVILS ARE HERE. -- Shakespeare
  • #209
  • Sep 7, 2009 7:05am Sep 7, 2009 7:05am
4 more...
Attached File(s)
File Type: pdf ACTIVE TRADER - Cashing-In-On-Short-Term-Currency-Trends.pdf   255 KB | 505 downloads
File Type: pdf ASPEN - Reversal Trades (aspentrading).pdf   272 KB | 838 downloads
File Type: pdf CURR - Big Ben Breakout (currencytradermag) Sept 2004.pdf   597 KB | 484 downloads
File Type: pdf CURR - TDTL (currencytradermag) Sept 2006.pdf   388 KB | 464 downloads
HELL IS EMPTY, ALL THE DEVILS ARE HERE. -- Shakespeare
  • #210
  • Sep 7, 2009 7:17am Sep 7, 2009 7:17am
4 more (last ones)...plus these links to somewhere on the site:

Why Having a Mission Statement Behind Your Trading
is so Critical to your success

What it really takes to be a great trader (about Warren Buffet)

That oughta keep ya busy.
Attached File(s)
File Type: pdf FUTURES - Fundamentals article (futures mag) Jan 2007.pdf   270 KB | 451 downloads
File Type: pdf PFX - bonus_report_macd_strategy PFX 10 pgs.pdf   403 KB | 701 downloads
File Type: pdf SFO - The Gartley Curve (sfomag).pdf   203 KB | 1,560 downloads
File Type: pdf LONG OR SHORT - Fibonacci (Gartley Pattern Tutorial) 15pgs.pdf   189 KB | 655 downloads
HELL IS EMPTY, ALL THE DEVILS ARE HERE. -- Shakespeare
  • #211
  • Edited 1:14pm Sep 8, 2009 11:52am | Edited 1:14pm
all saved, will do my homework over next few days..
my entry points should be only on R1,r2, s1, s2 etc right?
also for the TD sequence, do you enter trade only once the countdown has been completed or also once the setup is completed?is td sequence only valid on daily or can it be used on smaller time frames? on the eurgbp i have identified a td sell setup ending 1 sep and price dropped 100 pips. i m on the right track?
  • #212
  • Sep 10, 2009 12:23am Sep 10, 2009 12:23am
Hi Interceptor,

Just wanted to say this is great information and that I agree totally with the idea of just ditching all indicators. When there are too many variables on a chart it can lead to frustration and paralysis by analysis.

Just keep it simple, come up with one's own trading plan, then test,test, test on a demo account.

Keep up the good work,
Joey

Quoting Interceptor
Hi
If I could turn back the clock to when I first started the (lengthy) learning process, I would have ditched ALL indicators, and concentrated instead upon support and resistance. The best advice I would personally offer to you, is to take EVERYTHING off your charts, and then go to the following 3 threads here on Forex Factory;

1). http://www.forexfactory.com/showthread.php?t=2331
The James16 thread is a veritable goldmine for newbies. It's very focused upon horizontal support and resistance.

2). http://www.forexfactory.com/showthread.php?t=27286
Jacko's...
  • #213
  • Sep 12, 2009 9:43am Sep 12, 2009 9:43am
Quoting ledobedo
all saved, will do my homework over next few days..
my entry points should be only on R1,r2, s1, s2 etc right?
also for the TD sequence, do you enter trade only once the countdown has been completed or also once the setup is completed?is td sequence only valid on daily or can it be used on smaller time frames? on the eurgbp i have identified a td sell setup ending 1 sep and price dropped 100 pips. i m on the right track?
Quote
my entry points should be only on R1,r2, s1, s2 etc right?
It is slightly more complicated then that. placing blind entries at pivot point levels won't do you much good. In your pursuit of understanding what price does and where it does it and why it does what it does you should realize that it is all a matter of sensible discretion, e.g instead of looking to short/long pivot points you could focus on horizontal support and resistance levels (and for which you don't need any indicators) and notice how price dances around them, and with proper scrutiny set out your rules for entry and exit that will and should vary tremendously from 1 setup to another.

Understanding price has more to do with developing the 'feel' and an 'instinctive' urge which comes from myriad number of hours where you kept your eyes glued to price action.

Quote
also for the TD sequence, do you enter trade only once the countdown has been completed or also once the setup is completed?is td sequence only valid on daily or can it be used on smaller time frames? on the eurgbp i have identified a td sell setup ending 1 sep and price dropped 100 pips. i m on the right track?
I have no idea what a TD sequence is,

cheers,
Ghous.
I believe . . .
  • #214
  • Sep 15, 2009 11:32pm Sep 15, 2009 11:32pm
Hope I am not too late and you haven't lost all your money yet.
Quoting cinex
i'm wondering if i turn off mt4 will it still work?
No, it will not.
MT4 and your EA on chart must be on.

Quote
if i log into another account, will that ea make trades for me?
No. As soon as you switch to another account, EA stops. MT4 doesn't support EAs, so one MT = 1 EA.
  • #215
  • Sep 17, 2009 11:12pm Sep 17, 2009 11:12pm
Quoting joeyb
Hi Interceptor,

Just wanted to say this is great information and that I agree totally with the idea of just ditching all indicators. When there are too many variables on a chart it can lead to frustration and paralysis by analysis.

Just keep it simple, come up with one's own trading plan, then test,test, test on a demo account.

Keep up the good work,
Joey
I have been giving great thought to my statement above about "test, test, test" on a demo account.

The more I think about it the more I think it is wrong. Yes, do some tests first, but I think it is much more advantageous to get into the trenches and start trading live. Trading live brings in the emotions of trading that demo trading seems to skip.

One truly needs to learn about how strongly their emotions can affect their trades. The only way to do it is to jump in to live trading. Theirs a huge difference to watching someone bungy jump than being standing on the platform with your ankles tied!
  • #216
  • Sep 18, 2009 2:47am Sep 18, 2009 2:47am
Quoting joeyb
I have been giving great thought to my statement above about "test, test, test" on a demo account.

The more I think about it the more I think it is wrong. Yes, do some tests first, but I think it is much more advantageous to get into the trenches and start trading live. Trading live brings in the emotions of trading that demo trading seems to skip.

One truly needs to learn about how strongly their emotions can affect their trades. The only way to do it is to jump in to live trading. Theirs a huge difference to watching someone bungy jump than...
My 2c,
Any pre-profitable trader is likely to suffer from two very different , but inter-connected problems:

1. Do they have a succesful strategy/method/system for them? - because until they do, they will never be consistently profitable. But how do they tell whether they have one or not? - This is using an automated backtester (like Strategy Tester in MT4) or doing manual visual backesting or doing forward testing in a Demo account are required. My preference is to use lots of all three of those.
Also remember that just because a system is profitable for some other person (and even this is assuming that you can believe them!), does not make it certain that it will or even can be profitable for you! It can only be profitable for you if you can trade it! This means both in terms of time available etc. and in terms of if the trader has the personality and emotional fortitude to trade in that way.

2.Once they have a strategy/method/system which is profitable for them, they need to have 100% faith in it. Unfortunately, you can not be sure that you have 100% faith in trading until you have done it live with meaningful amounts of money at stake.
This is where live trading with (initially) very small stakes and slowly building up to a meaningful stake size is required. The win/loss frequence and size profile of the chosen trading will make a big difference to how this feels/works.

I Hope that this helps,
Ian
  • #217
  • Sep 18, 2009 8:16am Sep 18, 2009 8:16am
Quoting joeyb
I have been giving great thought to my statement above about "test, test, test" on a demo account.

The more I think about it the more I think it is wrong. Yes, do some tests first, but I think it is much more advantageous to get into the trenches and start trading live. Trading live brings in the emotions of trading that demo trading seems to skip.

One truly needs to learn about how strongly their emotions can affect their trades. The only way to do it is to jump in to live trading. Theirs a huge difference to watching someone bungy jump than...
I suppose that its a two stage process.
The demo-ing and back-testing shows whether a system or method is potentially profitable.
Trading with 'real' money at stake then begins to determine whether you are personally compatible with the method yourself.
It's a BIIIIIIG learning curve, but ultimately worthwhile.
Cheers.
  • #218
  • Sep 18, 2009 9:59am Sep 18, 2009 9:59am
Quoting Interceptor
I suppose that its a two stage process.
The demo-ing and back-testing shows whether a system or method is potentially profitable.
Trading with 'real' money at stake then begins to determine whether you are personally compatible with the method yourself.
It's a BIIIIIIG learning curve, but ultimately worthwhile.
Cheers.
Hi.

I agree. Assuming one knows about S&R, trendlines, PA, fibs and divergence, playing on demo is essential to find out several other things like

 

  1. whether or not it's compatible to your time table.
  2. whether or not it's psychologically compatible to you (I started with scalping which did not fit to me at all).
  3. test if you can trade AT VERY LEAST 3 CONSECUTIVE PROFITABLE MONTHS.

If you can trade it for at least 3 profitable months you know the combination method+trader basically can work. On the live account you will discover several new things like

 

  1. Can I walk away from my trade (If the method is basically designed for, M1 scalper would not ask himself this question)
  2. Can I handle the drawdown in real money. You'll find yourself in screwing up a trade which would have been a winner on demo !
  3. Can I handle the profits in real money. You'll find yourself in screwing up a trade because of wanting more. Wanting more of something real is a stronger feeling than wanting more of something virtual. The exits will determine wheter or not you are going to make money at all.

There are lots of other things having negative impact and you never can demo them. This is ONLY a psychological issue, because you KNOW the method+trader can basically master it from technical point of view.

If you find yourself in this situation, don't start a new journey for another method. Buy a book about trading psych, I've personally read "Trading in the zone" from Mark Douglas and could recommend it with no doubt. Try to get rid of the (subconscious) thought processes which are making the difference. Try to find ways of observing yourself and recognize when you're suspicous to do something bad.

I know this sounds abstract and is yet hard to implement but there's no way around if you won't find yourself again at demo and repeat everything again.

Stefan.

10 x 100 = 100 x 10, stefx, retired scalper.
  • #219
  • Sep 19, 2009 8:39am Sep 19, 2009 8:39am
Hi Peter, thanks for sharing you path to success, i have only been trading demo for 2 days and i found my self going blind looking at the indicators, especially not know what on earth was going on, i have been reading a lot on here, about Trend and it was confirmed for me after reading your thread. My next step is how to actually indentify the trend, i have been advised to go to babypips.com school, which apparatley begins with the utmost basics and up it goes from there. Do you know this site? if so what are your thoughts, the last thing i want to do is spend countless hours learning something that isnt right.
Any thoughts you can offer will be much appreciated.


cheers

Franco
NOTHING VENTURED, NOTHING GAINED
  • #220
  • Sep 21, 2009 5:34pm Sep 21, 2009 5:34pm
Quoting franco73
Hi Peter, thanks for sharing you path to success, i have only been trading demo for 2 days and i found my self going blind looking at the indicators, especially not know what on earth was going on, i have been reading a lot on here, about Trend and it was confirmed for me after reading your thread. My next step is how to actually indentify the trend, i have been advised to go to babypips.com school, which apparatley begins with the utmost basics and up it goes from there. Do you know this site? if so what are your thoughts, the last thing i want...
Babypips is fine. They cover the basics there very well.

As far as trend is concerned it can depend on the timeframe (TF) you trade. For me I determine the immediate trend primarily using the Daily chart. I then do a simple visual scan looking for Higher Highs & Higher Lows (Uptrend) or Lower Highs and Lower Lows (Downtrend).

If I then switch to a lower TF I would normally look for trades that go with that trend. It's not quite as simple as that as there are other factors involved but spend some time just applying this basic routine and apply some logic.

This image is showing an uptrend but if you scroll this chart out further you will find that this pair has been in a general downtrend since Dec 2008.

So, as with anything in FX you need to decide which is the lowest risk approach to any trade and that, I'm afraid to say, only comes with time. So, to those that say demo trading is a waste of time, I say crap. There are no simple solutions to this business and even the basics of trend analysis and Support and Resistance need study time before risking any money to test the emotional side.

Rant over. If you have any other questions just ask.

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