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What works?

  • #41
  • Mar 9, 2012 3:23am Mar 9, 2012 3:23am
Quoting tiforexbest
Develop your own Forex trading plan..Having a Forex trading plan is one of the most important pieces to the puzzle of becoming a consistently profitable Forex trader. Yet for many traders, creating a Forex trading plan can seem like something of a mystery, or perhaps something that they “will do eventually”

please tell me your forex plans, or forex stategies ,you're welcome......
Well I think that planning for such a thing like forex trading is a bit difficult because the process to become a trader is pretty complex learning process. I assume that you are a novice trader. I think that some of the key points are to find a profitable system that suits into your needs, timetables and personality, etc.. There are many I think here in FF. Check out eg. price action trading with indicators, Invictus, On my way to the top, among many others. You should also learn a LOT. Money management, trade management, learning to optimally use our platform, understanding market movements, trading psychology, and many many others. You can try to plan it beforehand, but this is such a complex world that I think you have to accept the fact that the plan will change many times during the journey. One starting point could be babypips.com where you can find the much of the info youre going to need during this journey. Also I think that you should accept that it will take time maybe years to become a profitable trader and just try to develop your trading step by step. You should also try to find a good broker, which provides reasonable spreads and fast execution and doesnt rip you off and provides a good trading platform. I use MT4 and been pretty happy with that. FF is also a great place to find stuff you need related to systems, trading psychology, trading platform, good brokers, etc... At first I would suggest you to read and learn the basics for a couple of months and to start a demo account in order to familiarise yourself with the platform and trading in practice. Much of the info you are going to need is already here in FF so learn to use it and to seach it here. As a trader you will be solely responsible to your trading results and the path to become a trader so you just have to rely on yourself at the end. I think you should also try to find a trading system that looks like a one that you would be willing to give a try. Finding a solid system is one of the biggest decisions you will be making during your journey. I think that most of us have tried many before finding THE ONE so accept the fact that it is going to take time and you have to try many. Many good info here, but its you who have to make the decisions. I can try to help occasionally when I have time so feel free to PM me.
  • #42
  • Mar 9, 2012 3:54pm Mar 9, 2012 3:54pm
Indicator Ichimoku work good :-)
  • #43
  • Mar 10, 2012 2:56am Mar 10, 2012 2:56am
Quoting fxDaxik
Indicator Ichimoku work good :-)
Havent used that so I dont know but it has always looked interesting. Could you describe in a bit more detail what it does for you please. Cloud breakouts?
  • #44
  • Mar 10, 2012 12:10pm Mar 10, 2012 12:10pm
Yes exactly. Cloud breakouts!

Essentially made up of four major components. First, we'll take a look at both the Tenkan and Kijun Sens. Used as a moving average crossover, both lines are simple translations of the 20- and 50-day moving averages, although with slightly different time frames.

1. The Tenkan Sen - Calculated as the sum of the highest high and the lowest low divided by two. The Tenkan is calculated over the previous seven to eight time periods.

2. The Kijun Sen - Calculated as the sum of the highest high and the lowest low divided by two. Although the calculation is similar, the Kijun takes the past 22 time periods into account.

this is similar to a moving average

Best regards!

Quoting Whistlepips
Havent used that so I dont know but it has always looked interesting. Could you describe in a bit more detail what it does for you please. Cloud breakouts?
  • #45
  • Mar 10, 2012 3:45pm Mar 10, 2012 3:45pm
Quoting fxDaxik
Yes exactly. Cloud breakouts!

Essentially made up of four major components. First, we'll take a look at both the Tenkan and Kijun Sens. Used as a moving average crossover, both lines are simple translations of the 20- and 50-day moving averages, although with slightly different time frames.

1. The Tenkan Sen - Calculated as the sum of the highest high and the lowest low divided by two. The Tenkan is calculated over the previous seven to eight time periods.

2. The Kijun Sen - Calculated as the sum of the highest high and the lowest low divided...
Thanks. I think that I will put it into my charts and check out what it does in relation of my way of trading.

This reminds me of one thing that works. At least for me. During my journey with forex I have had a quintillion chart setups that I have changed at least a guadrillion times. Tested countless indicators, etc... like I think most of us have done. What I have found to work for me is to try to find the OPTIMAL setup for my charts. You can change your chart setup and add a things into it, but be conscious about it and build it on the basis of success. If you find something that you find useful and find yourself checking constantly, its most likely that you have found something that works for you. Notice also that Im not saying that you should add countless indicators to your platform in order to filter your trades even better but more like to use those things that work for you. Try to find a way to build your chart setup in a way that it helps you to see things you need to see as easily as possible. A kind of psychoergonomical approach to your trading.
  • #46
  • Mar 10, 2012 4:09pm Mar 10, 2012 4:09pm
YES EXACTLY. I agree with you. All indicators may be useful when you can set up this indicators for your better see things you need to see as easily as possible.

What indicator is your the most favorite?



Quoting Whistlepips
Thanks. I think that I will put it into my charts and check out what it does in relation of my way of trading.

This reminds me of one thing that works. At least for me. During my journey with forex I have had a quintillion chart setups that I have changed at least a guadrillion times. Tested countless indicators, etc... like I think most of us have done. What I have found to work for me is to try to find the OPTIMAL setup for my charts. You can change your chart setup and add a things into it, but be conscious about it and build it on the basis...
  • #47
  • Mar 10, 2012 4:20pm Mar 10, 2012 4:20pm
Quoting fxDaxik
YES EXACTLY. I agree with you. All indicators may be useful when you can set up this indicators for your better see things you need to see as easily as possible.

What indicator is your the most favorite?
Well I use mostly price action setups and check them out on multiple timeframes (MTF). Also support & resistance and supply & demand on MTF. They are a kind of leading indicators to me. MTF stochastics I have found to be useful also.

The thing that Im working hard at the moment is to try to figure out how do SR levels relate to each other on different timeframes so I would appreciate any ideas & thoughts related to that.
  • #48
  • Mar 10, 2012 4:30pm Mar 10, 2012 4:30pm
The most reliable indicator turns out to be central bankers' wives.
The nail that sticks out gets hammered back in
  • #49
  • Mar 10, 2012 4:34pm Mar 10, 2012 4:34pm
Quoting Noloqy
The most reliable indicator turns out to be central bankers' wives.
Do you happen to know any by any change It would be real insider info
  • #50
  • Mar 12, 2012 1:37am Mar 12, 2012 1:37am
Quoting Whistlepips
Well I think that planning for such a thing like forex trading is a bit difficult because the process to become a trader is pretty complex learning process. I assume that you are a novice trader. I think that some of the key points are to find a profitable system that suits into your needs, timetables and personality, etc.. There are many I think here in FF. Check out eg. price action trading with indicators, Invictus, On my way to the top, among many others. You should also learn a LOT. Money management, trade management, learning to optimally...
I'm very glad to receive your valuble suggestions, and i can benefit a lot from it ,as i see you are a very professional forex trader, and i'd like to try my utmost to learn basic forex knowledge.Thanks a lot!
  • #51
  • Mar 12, 2012 1:41am Mar 12, 2012 1:41am
Because we are not all equal at this point. It is clear that having a large portfolio is significant support for a trader: increased confidence and greater security. Some have much, others have little.

Can you tell me your good ideas ?
  • #52
  • Mar 12, 2012 1:45am Mar 12, 2012 1:45am
Quoting tiforexbest
Because we are not all equal at this point. It is clear that having a large portfolio is significant support for a trader: increased confidence and greater security. Some have much, others have little.

Can you tell me your good ideas ?
start as low as possible. The first few years will definitely be losing years, except you are a really gifted individual.
  • #53
  • Mar 12, 2012 11:04am Mar 12, 2012 11:04am
Quoting tiforexbest
Because we are not all equal at this point. It is clear that having a large portfolio is significant support for a trader: increased confidence and greater security. Some have much, others have little.

Can you tell me your good ideas ?
If you are just starting, I would suggest to trade on a demo account and move on to a small live account after you have been able to double it at least once and done it with complying your system rules. No point losing real money because you are going to lose first. After you find a system which you can successfully trade, its much about psychology. There are many kinds of needs and fears related to trading which can unconsciously harm your trading and eventually blow your account. Learn to treat demo money as it was live money and try to learn to know your emotions related to trading. Read Jack Larkins thread here on FF and watch the youtube movie there about a trader who hasnt done his homework related to these things. I would suggest you to read the entire thread very carefully and comply the rules and practices presented there. I think its one of the best threads here on ff. After you have successfully doubled your demo account move on to a small live account in order to get the first feel of trading with real money. This will most likely create some problems in your feelings department so be ready to it and stick with your system no matter what (if it is a profitable system of course). Keep a journal related to your feelings in trading in order to identify them and learn yourself to tackle with them. They are related in every decision you make while trading.
  • #54
  • Mar 12, 2012 1:10pm Mar 12, 2012 1:10pm
Quoting tiforexbest
I'm very glad to receive your valuble suggestions, and i can benefit a lot from it ,as i see you are a very professional forex trader, and i'd like to try my utmost to learn basic forex knowledge.Thanks a lot!
Thanks for you compliments Its nice that other people value my ideas. I dont consider myself professional trader yet, but on my way there. I may know a thing or two about forex trading (and maybe a bit more from learning & psychological point of view), but there are many way better traders here than I am.
  • #55
  • Mar 13, 2012 4:32am Mar 13, 2012 4:32am
Quoting Whistlepips
If you are just starting, I would suggest to trade on a demo account and move on to a small live account after you have been able to double it at least once and done it with complying your system rules. No point losing real money because you are going to lose first. After you find a system which you can successfully trade, its much about psychology. There are many kinds of needs and fears related to trading which can unconsciously harm your trading and eventually blow your account. Learn to treat demo money as it was live money and try to learn...
Thanks for your good suggestions ,i'll put what you have said into practice,
and i believe i can become a sucessful trader in forex trading.
  • #56
  • Mar 13, 2012 4:35am Mar 13, 2012 4:35am
Why You Need One & How to Make One?

Please present your opinions here....
  • #57
  • Last Post: Edited 5:36pm Dec 8, 2012 5:08pm | Edited 5:36pm
Heres one. Inspired by van Tharp. If you are really into this shit, create say at least 500 individual beliefs related to your trading. Classify them into say at least 50 different categories (like levels, break outs, trendlines, trade management, setups, triggers, FA, TA, on different timeframes.... etc) and after a couple of months you should be able to see what your trading is all about - your trading strategy and system inside and out......and you and your personality as a trader....


What it does to you is you being able to create your individual trading BELIEF system. Market behaviour as it reveals to YOU! You should make this a concrete part of your trading plan/strategy. Write it down and adjust it accordingly...

By the way this is my take on the best quitarist on the world.
Inserted Video

Just watch the stuff this guy is about. AWESOME!!!
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