EURUSD

The question is....... when does your broker close? the market is never really open or closed. You should be able to get your brokers hours from their web site.

thanks

about 30 mins

closed at 4:00 pm est time.

oopss this i did nt know, i thought that my broker goes with the market i asked them already and they told me in 30 min!

do you say that market it is active but some brokers no?

Anyone on Oanda (and the iPhone)-------New App posted

5 PM EST on Fridays...which is 11 PM CET.

Just bagged 20 pips on a quick UChf short.

I'm outta here. Have a great weekend all.

The market is simply smoke and mirrors. It really does not exist as a real physical exchange some where. It can't open because its not real. We're betting on whether we think the next price offered by the banks will be up or down, and whether or not they can sell {move- transfer- fill} all of their orders at that price. Your not even really part of the market. Its like sitting in the stands at a cock fight betting on the rooster of your choice . When the cock handlers enter the ring your bookie will be back.

Excellent post Knuckle... spot on comparison

read with me

save this darn thing on u screen and read it every day befor u start trading

10 GOLDEN TRADING RULES FOR SUCCESS IN FUTURES & FOREX TRADING


It is a well known fact that 90 percent of investors lose money in futures and forex trading, 5-7 percent break even and only 3-5 percent make money. Given the high casualty rate, it is all the more important for investors to approach futures and forex trading in the correct manner. Below are some of the rules that traders should consider following if he is to make money consistently in the futures and forex market:

RULE 1 : USE MONEY THAT YOU CAN AFFORD TO LOSE

Trade only with "extra" money, i.e, money that is not earmarked to pay bank loans, car installments, housing loans, telephone and electricity bills, etc. One of the major reasons for investing only with extra funds is that your trading judgment will remain objective.

RULE 2 : DON’T OVERTRADE

Inexperienced traders can easily become overconfident after a number of winning trades. This can lead to overtrading – which is dangerous. One can be right 7 times out of 10 but the three times that you are wrong can wipe you out if you had overgeared yourself because of overconfidence. Success comes from prudence in money management. Never overtrade.

RULE 3 : CUT YOUR LOSSES SHORT, LET YOUR PROFITS RUN

Learn to be very impatient with losing positions. Learn to resist the temptation of taking your profits too early. Success comes from holding on to profitable positions and riding with the trend for maximum gains while keeping losses small by getting out quickly when you are wrong. One way to protect you from suffering catastrophic losses is to place stop loss orders for every trade entered.

RULE 4 : IF YOU GET INTO A LOSING STREAK, TAKE A BREATHER

When things don’t work out right, when your best forecasts fail you – get away from the market and take a trading break. A period away from the market can be refreshing and will recharge you.

RULE 5 : BUILD A PYRAMID WHEN ADDING TO A PROFITABLE TRADE


As the market moves up and you are long much earlier, you must learn not to double up your positions. Instead, reduce your positions each time you add to a position. If at first you had 10 contracts, the second should not be more than 5-6 contracts and the third should be 50% of your second (i.e. 3 contracts). An upside down pyramid will be top heavy and could wipe out all your hard-earned profits should the market reverse.

RULE 6 : NEVER ADD TO A LOSING POSITION

Adding to a losing position by averaging is very dangerous. Remember you are investing with "margin" and did not pick up scrips. The contract is not yours; you merely paid a percentage of the total value. Averaging a losing position is equivalent to not admitting your mistakes, that you were wrong in the first place. Successful traders cut their losses short.

RULE 7 : DON’T RISK YOUR ENTIRE CAPITAL ON ONE TRADE

Divide your trading capital into 10 equal parts and never lose more than 10 percent on one trade. If you lost the first trade, you still have nine more opportunities to be right. Putting all your capital on one trade is suicidal.

RULE 8 : NEVER MEET MARGIN CALLS

When you are wrong about the market, get out. Once you start procrastinating, very often prices will go against your position, further triggering a margin call from your broker. A margin call simply means that you are wrong in the market and your position should be closed out. Margin calls are made because people do not want to admit being wrong and take a loss; they hope the market will eventually go in their direction. To avoid this mistake, you should never meet margin calls. Just cut your losses and "get the hell out".

RULE 9 : REMOVE PROFITS FROM YOUR ACCOUNT

Probably no more than 1% of traders have a rule to take profits out of their trading account. The few wise investors I know have bought a house, a car or simply put part of their winnings into a fixed deposit account, otherwise the chances are high that they may lose them all back.

RULE 10 : HAVE A GAME PLAN

Lack of a game plan is not knowing what to do when you are wrong – and not knowing what to do even when you are right.

Here are a few guidelines:

1. Know when and at what price you are going to enter the market.
2. Know how much money you are going to risk on each and every trade.
3. Know when and at what price you are going to get out when you are wrong.
4. Know when and at what price you are going to take your profits if you are right.
5. Know how much money you are going to make if you are right.
6. Have a safety stop in case the market does the unexpected.
7. Have an approximate idea of when the market should meet your objectives or when it should begin to make a move; and if it has not done so, get out.

SUMMARY:

You will note that none out of the ten rules of trading mentioned above are on money management. Only Rule 10 describes the importance of having a trading system to determine "when to enter and exit". This just goes to show that good money management is the key to your success in making money in the stocks, futures and currency markets. A good trading system comes second. Nick Leeson, the rogue trader for Barings in Singapore, got into trouble because he did not respect some of the 10 golden trading rules.

SUMMARY

You will note that none out of the ten rules of trading mentioned above are on money management. Only Rule 10 describes the importance of having a trading system to determine "when to enter and exit". This just goes to show that good money management is the key to your success in making money in the stocks, futures and currency markets. A good trading system comes second. Nick Leeson, the rogue trader for Barings in Singapore, got into trouble because he did not respect some of the 10 golden trading rules.[/quote]

Excellent, Excellent post... will save and read frequently!

THANKS!

Thank You, there ll be many more opportunities to take a good profit

[/quote]

10 GOLDEN TRADING RULES FOR SUCCESS IN FUTURES & FOREX TRADING

Good post but risking 10% per trade is way too much for me. 2% is the max risk I take. Protecting capital is the priority, if not, you are gambling.

I disagree but don't take it personally

If you look closer, wave "4" after wave"3" from 2009 high has been a complex wave of ABC-X-ABC

In my opinion we currently ended wave"5" and we are in correction wave "6"

Remember, waves have certain "length" and they cannot be too short or too long compared to other ones if we discuss certain time frame

i'll copy to my blog. thx

i agree with u

Hi guys, i'm sorry if it's out of topic, but i would like to know what the word shenanigans means? Thanks

Do you want to be Trader Successfully ??

Without PLANNING or DISCIPLINE, you throw money at the Market.

Technical Analysis (TA) teaches Traders to execute positions based on Numbers, Time and Volume.
MARKETS echo similar Patterns over and over again. Just choose the Good positions & avoid the Bad ones.

You face many crossroads during each Market day. This discipline forces Traders to distance themselves from reckless Gambling behavior.
Through detached execution and solid Risk Management, Short-term trading finally "works".


Follow this Rules :

20 GOLDEN RULES Trading Tactics for Traders
----------------------------------------------------------------

01. Forget the News, remember the Chart. You're not smart enough to know how News will affect price. The Chart already knows the News is coming.

02. Buy the first pullback from a new high. Sell the first pullback from a new low. There's always a crowd that missed the first boat.

03. Buy at support, Sell at resistance. Everyone sees the same thing and they're all just waiting to jump in the pool.

04. Short rallies not selloffs. When Markets drop, Shorts finally turn a profit and get ready to cover.

05. Don't buy up into a Major moving average or sell down into one. See #3.

06. Don't chase momentum if you can't find the exit. Assume the Market will reverse the minute you get in. If it's a long way to the door, you're in big trouble.

07. Exhaustion gaps get filled. Breakaway and continuation gaps don't. The old traders' wisdom is a lie. Trade in the direction of GAP support whenever you can.

08. Trends test the point of last support/resistance. Enter here even if it hurts.

09. Trade with the TICK not against it. Don't be a HERO. Go with the money flow.

10. If you have to look, it isn't there. Forget your college degree and Trust your Instincts.

11. Sell the second High, buy the second Low. After sharp pullbacks, the first test of any high or low always runs into resistance. Look for the break on the third or fourth try.

12. The trend is your friend in the last hour. As volume cranks up at 3:00pm don't expect anyone to change the channel.

13. Avoid the open. They see YOU coming sucker.

14. 1-2-3-Drop-Up. Look for downtrends to reverse after a top, two lower highs and a double bottom.

15. Bulls live above the 200 day, Bears live below. Sellers eat up rallies below this key moving average line and buyers to come to the rescue above it.

16. Price has memory. What did price do the last time it hit a certain level? Chances are it will do it again.

17. Big volume kills moves. Climax blow-offs take both buyers and sellers out of the market and lead to sideways action.

18. Trends never turn on a dime. Reversals build slowly. The first sharp dip always finds Buyers and the first sharp rise always finds Sellers.

19. Bottoms take longer to form than tops. Fear acts more quickly than greed and causes stocks to drop from their own weight.

20. Beat the crowd in and out the door. You have to take their money before they take yours, period.

Morning to all .
Yes , it was no mistake ,a blunder. Till breach 1,2456 shorts more or less with even HS inverted clearly ,still ok as no confirmation of the trend change but after that it was all bull to take & not to care the breakout even in the consolidation phase . But done the opposit as of habbit of shorts ,tried to take the possible break out with shorts, many times failed ultimately, trying to take 50 -1oo pips & lost many hundreds of them .left last night with some shorts on & pending longs too at tl & possible breakout levels previous botton channel to manage quickly at the market open next .
ok but certainly antitrend & risky , may easily pass through the sl . What happened have happened already but to take care next time of the repeat the same again & again.
Now to pray only a gap down , most possible to me , reach the desired level & bull. no intervention from US side & so to bull mostly now in eurozone schedule & Asia to make link with .
Time to learn from mistakes permanently.
daily level new trend just started & I posted some time yesterday or day before , qqe sharply reacting & trend line red representing the immediate present also UP , h4 tf chart already took position up all trend in trends & H1 also . that is nothing was in confusion in the possible trend change coming .
weekly basis TD sequential also waiting for it for more than a week , daily & weekly bullish hammer candles already in action etc.
Only need we traders in our mindset to reset if not hourly basis for scalper to daily basis .
I , personally welcome all who last 3 days did not take any shorts & only on long side , you people saw it clearly without much analysis or strategy to follow ,just being too simple & clear & got money .
happy holiday to all .
fontu