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Jay helping out newbies

  • #101
  • Nov 20, 2012 12:21pm Nov 20, 2012 12:21pm
So what do u suggest to do intra day trading like see the graphs M1 and M5 and how to go for trade?



Quoting C-12
I'm also an intraday trader (M1/M5) and my advice is don't use any moving averages.
  • #102
  • Nov 20, 2012 9:30pm Nov 20, 2012 9:30pm
Quoting Jay Walker
My theory is that you spoke with and idiot. I'm sure they'd say something different if you called them today and spoke with someone else.
Yeah most likely. I actually called them today and they confirmed what you where saying. So, I'm back at Oanda (feeling a bit foolish but hey... )
Argue for your limitations, and sure enough, they're yours. Richard Bach
  • #103
  • Nov 21, 2012 11:18am Nov 21, 2012 11:18am
Jay, I feel the need for a good calculator. Given a currency pair, spread, position size etc., it should be able to provide, at a glance, the real volume of currency at stake, the negative balance with which the position would open (i.e. spread x the size of play), the swap, the amount of profit/loss that will be made at the stop/limit level and the like. Preferably it would offer an option on base currency and the ability to switch between currencies.

Does anything like that exist?
  • #104
  • Nov 21, 2012 11:23am Nov 21, 2012 11:23am
Quoting WideEyed
Jay, I feel the need for a good calculator. Given a currency pair, spread, position size etc., it should be able to provide, at a glance, the real volume of currency at stake, the negative balance with which the position would open (i.e. spread x the size of play), the swap, the amount of profit/loss that will be made at the stop/limit level and the like. Preferably it would offer an option on base currency and the ability to switch between currencies.

Does anything like that exist?
Not to my knowledge. It would be a good tool to have. Anyone knows of one?
Not all sins are created equal
  • #105
  • Nov 22, 2012 4:34am Nov 22, 2012 4:34am
Hi Jay, how we can rise from bankruptcy ?
I played a real account twice
and both are gone now
DB#23
  • #106
  • Nov 22, 2012 7:52am Nov 22, 2012 7:52am
What are the best free websites for news + commentary (with decent analysis)? Too many of them seem to offer just a drab analysis of the charts and point out support / resistance / fib level - I can already see all that in my charts and don't need a third party to draw lines for me and drone on endlessly about what might happen if the opposite doesn't happen.

I'm looking for information that I don't get in my charts.

What about paid sites?
  • #107
  • Nov 22, 2012 8:32am Nov 22, 2012 8:32am
Quoting Davidbeckham
Hi Jay, how we can rise from bankruptcy ?
I played a real account twice
and both are gone now
Seriously, for real? Both accounts are gone to the point that you had to actually go through the steps of declaring bankruptcy? Or are you using the term "bankruptcy" loosely in the sense that you lost your trading account.

The difference is huge.

If it's just a matter of having lost an account, I'd say cut your losses and demo trade instead of putting money in an account. Don't just learn how to trade but study the psychology of trading. Particularly study YOUR psychology of trading. Find out your strength and weaknesses and focus on your strong points.

If it's a matter of going through the court system for bankruptcy related matters, talk to a credit counsellor if you don't have one already. A course on personal financial management in that case would be strongly recommended.
Not all sins are created equal
  • #108
  • Nov 22, 2012 8:37am Nov 22, 2012 8:37am
Quoting WideEyed
What are the best free websites for news + commentary (with decent analysis)? Too many of them seem to offer just a drab analysis of the charts and point out support / resistance / fib level - I can already see all that in my charts and don't need a third party to draw lines for me and drone on endlessly about what might happen if the opposite doesn't happen.

I'm looking for information that I don't get in my charts.

What about paid sites?
Sites I check out every day are:

www.maxkeiser.com

www.kingworldnews.com

www.zerohedge.com

http://jessescrossroadscafe.blogspot.com

http://www.dailypfennig.com/ <---free e-newsletter every weekday

Read/listen to anything you can find from Dr. Marc Faber and Jim Rogers.

Don't spend hours on each site but only a few minutes. From there, you will see a picture emerge.
Not all sins are created equal
  • #109
  • Nov 22, 2012 10:07am Nov 22, 2012 10:07am
Thank you. I liked the Max Keiser one the best. I love his style.

I have a question on backtesting while I wait to see if anyone has any news sites to add to your suggestions or, in fact, if anyone can make a suggestion for a calculator (I did consider a spreadsheet but it would need to have live data to be of any use and I can't figure how to get live data into an xls).

Backtesting is all very good but it seems a bit pointless - or misleading - if its results are not taken together with some fundies such as interest rate rises and political unrest/war/planes crashing into buildings. Even to be of moderate use, backtesting a strategy would need to account for at least national holiday type variables. This historical information is available. Is there any backtesting system that highlights these events on the timeline ...and the extent of their +/- influence on prices/volume/volatility?
  • #110
  • Nov 22, 2012 10:15am Nov 22, 2012 10:15am
jay some how I have got a way to make 10% each day with zero risk, but I dont have money to invest, neither I can take loan or ask money from any relative, what do u suggest me?
  • #111
  • Nov 22, 2012 10:29am Nov 22, 2012 10:29am
Quoting WideEyed
Thank you. I liked the Max Keiser one the best. I love his style.

I have a question on backtesting while I wait to see if anyone has any news sites to add to your suggestions or, in fact, if anyone can make a suggestion for a calculator (I did consider a spreadsheet but it would need to have live data to be of any use and I can't figure how to get live data into an xls).

Backtesting is all very good but it seems a bit pointless - or misleading - if its results are not taken together with some fundies such as interest rate rises and political...
Quoting Rag2RichesFX
for an EA to be any good it needs to be able to beat 2008, 2009 and 2010 quarter by quarter compounded (or resetting balance after each quarter)

there was some crazy 2000-3000 pip moves there

you have to treat it as if tomorrow you started the EA and 2008/2009 happened right away, could the account get through that period?
I agree wholeheartedly with what Rag2RichesFX said there.

I cannot speak for him and if he sees this, I hope he will respond. But I believe it's fair to say that testing in real time, on a demo account for at least a quarter or two would make sense.
Not all sins are created equal
  • #112
  • Nov 22, 2012 10:33am Nov 22, 2012 10:33am
Quoting Optn Trader
jay some how I have got a way to make 10% each day with zero risk, but I dont have money to invest, neither I can take loan or ask money from any relative, what do u suggest me?
Don't take this the wrong way. But if I didn't know better, I'd think you're trolling.

10% a day with zero risk? There is no such thing in any market anywhere in the world.

And without money to invest? No money to invest is zero. 10% of zero is still zero no matter if you compound it annually, monthly or daily.

Get a job, get some money and get some books (see posts above for what I suggest) and read them. After you have done that, get a demo account and use it for several months. 3 months as a bare minimum. I'd even go as far as saying 6 or 9 months.

After you get success there, only then can you think of putting money in an account.
Not all sins are created equal
  • #113
  • Nov 22, 2012 10:45am Nov 22, 2012 10:45am
Quoting Jay Walker
Don't take this the wrong way. But if I didn't know better, I'd think you're trolling.

10% a day with zero risk? There is no such thing in any market anywhere in the world.

And without money to invest? No money to invest is zero. 10% of zero is still zero no matter if you compound it annually, monthly or daily.

Get a job, get some money and get some books (see posts above for what I suggest) and read them. After you have done that, get a demo account and use it for several months. 3 months as a bare minimum. I'd even go as far as...
no dear I am not a troll, but if some how I will manage some money, I will personally email u my progress : )
  • #114
  • Nov 22, 2012 10:49am Nov 22, 2012 10:49am
Quoting Optn Trader
no dear I am not a troll, but if some how I will manage some money, I will personally email u my progress : )
You can't start with zero money no matter what market you're in.
Not all sins are created equal
  • #115
  • Nov 22, 2012 11:34am Nov 22, 2012 11:34am
Quoting Jay Walker
I cannot speak for him and if he sees this, I hope he will respond. But I believe it's fair to say that testing in real time, on a demo account for at least a quarter or two would make sense.
It would certainly be a prudent way to proceed. However, an even better way, it seems to me, would be to convince oneself first on a backtest prior to implementing on a demo account.

Thanks for reminding me of R2R's post - and, incidentally, I found much insight from his stop making trading complicated thread - but, he reinforces the point I was making about need for backtesting to include wider data than just the charts. Black swan events can cause unusual trading conditions, high volatility etc. A system that takes these into account to caution against entering the market can't be backtested properly on a platform that's oblivious to these major external influences.
  • #116
  • Nov 22, 2012 11:45am Nov 22, 2012 11:45am
Quoting WideEyed
It would certainly be a prudent way to proceed. However, an even better way, it seems to me, would be to convince oneself first on a backtest prior to implementing on a demo account.
A prior backtest is only healthy.

Quoting WideEyed
Thanks for reminding me of R2R's post - and, incidentally, I found much insight from his stop making trading complicated thread - but, he reinforces the point I was making about need for backtesting to include wider data than just the charts. Black swan events can cause unusual trading conditions, high volatility etc. A system that takes these into account to caution against entering the market can't be backtested properly on a platform that's oblivious to these major external...
Black Swan is one of the most overused terms in trading today.

Every trade that goes against someone doesn't a Black Swan even make.

Quote
The black swan theory or theory of black swan events is a metaphor that describes an event that is a surprise (to the observer), has a major effect, and after the fact is often inappropriately rationalized with the benefit of hindsight.

The theory was developed by Nassim Nicholas Taleb to explain:

The disproportionate role of high-profile, hard-to-predict, and rare events that are beyond the realm of normal expectations in history, science, finance, and technology

The non-computability of the probability of the consequential rare events...

http://en.wikipedia.org/wiki/Black_swan_theory

One trying to wrap his head around Black Swan theory and how to predict it will soon lose focus of trading itself. There's another say to say it; "Shit happens!" If money management is done correctly, one can survive such event. It's like driving in a blizzard, if you can't do it, wait until it settles down.
Not all sins are created equal
  • #117
  • Nov 22, 2012 12:30pm Nov 22, 2012 12:30pm
Hello Jay i need to ask one question

When some reports are released with High Impact with a difference in actual and forecast but the markets don`t react much to them how can that be know if the market is going to react that thing or not so we cud place a position well in time
  • #118
  • Nov 22, 2012 12:40pm Nov 22, 2012 12:40pm
Quoting usmanp
Hello Jay i need to ask one question

When some reports are released with High Impact with a difference in actual and forecast but the markets don`t react much to them how can that be know if the market is going to react that thing or not so we cud place a position well in time
I'm a technical trader. Maybe a news trader will have a different opinion. Feel free to pitch in.

Lots of these news are already factored in. So by the time they come out, the price already moved. Sometimes, the news will be contrary to what was expected and a sudden reversal comes up.
Not all sins are created equal
  • #119
  • Nov 22, 2012 12:51pm Nov 22, 2012 12:51pm
well on technical side i use

fibo fan fibo retracement levels and RSI to find divergence do you think is a good way to trade?Or what else should i do to get a better picture of where the market would be going
  • #120
  • Nov 22, 2012 12:58pm Nov 22, 2012 12:58pm
i trade with rum does that count?
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