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  • #21
  • Dec 11, 2012 11:56pm Dec 11, 2012 11:56pm
Quoting FXorBust
Sorry but why do you say the EURUSD is hard to trade when elsewhere it's been voted as the number one pair for beginners? I'm also a beginner and I'd like to know why you are opposed to the 'trend' so to speak so I can form my own opinion and keep an eye out for things that may trip me up.Cheers
It is a very popular pair to trade mostly because it is the most liquid (great spreads, easy to fill orders...). There is also a wealth of informations/resources about that pair. The problem with the EURUSD is that there are more countries involved than with any other pair, all of which with different economic data, governments, central banks... On the other hand, pairs like the NZDCAD only involve two countries and it moves a lot slower than most other pair so you're unlikely to see a 100 pip move take out your stop in a single day. They are also less politically charged currencies and will rarely move hundreds of pips because of a speech or political event.
  • #22
  • Dec 12, 2012 2:03am Dec 12, 2012 2:03am
Quoting Mingary
why do you think these are bad trades?
I am bad trader, no strategy. I want trade only EURUSD.
  • #23
  • Dec 12, 2012 2:06am Dec 12, 2012 2:06am
Quoting valdor
EURUSD is pretty hard to trade and I would not recommend it for a newbie. Try an easy slow moving pair like the NZDCAD on the daily chart. Keep your margin requirement at 5% or more and wait at least 20 minutes between each trades.

Let us know in three months how things are going.
Sir, on NZDCAD i have a big spread.
  • #24
  • Dec 12, 2012 2:39am Dec 12, 2012 2:39am
Quoting Cheezy
I am bad trader, no strategy. I want trade only EURUSD.
Are you doing anything to address this? I'm guessing you're trading short timeframes as well - have you tried higher timeframes to start with?
Anything can happen.
  • #25
  • Dec 12, 2012 2:50am Dec 12, 2012 2:50am
Quoting Cheezy
Sir, on NZDCAD i have a big spread.
As long as the spread is reasonable (smaller than 5) it won't affect you much on the daily chart. Try making only a few trades a month with a target of at least 50-100 pips for each trade, it will be a lot easier than hundreds of trades with only a few pips each.
  • #26
  • Dec 12, 2012 3:48am Dec 12, 2012 3:48am
I just looked at your chart and i saw some important points that i pointed out on the picture below but there is more .
But just few points to be awere off.
The most important this is to calculate the risk that you are going to risk per trade and to make goals.
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpy trade ff.JPG Size: 198 KB
  • #27
  • Dec 12, 2012 4:48am Dec 12, 2012 4:48am
Quoting ddinnov
Are you doing anything to address this? I'm guessing you're trading short timeframes as well - have you tried higher timeframes to start with?
I still looking for any intraday strategy.
No try big timeframes, i want be intraday trader.
  • #28
  • Dec 12, 2012 5:13pm Dec 12, 2012 5:13pm
Quoting Cheezy
I still looking for any intraday strategy.
No try big timeframes, i want be intraday trader.
Support/Resistance trading
  • #29
  • Dec 12, 2012 8:44pm Dec 12, 2012 8:44pm
Quoting Cheezy
I would like trade only EURUSD, for me its good smaller Timeframe,
maybe 5min, i want be in trade only few minutes.

If you are new or you are not yet consistently profitable, I would suggest to stay clear of smaller time frame.

Shorter trade duration does not equate to more profitability. Practice your strategy on a longer time frame first, like hourly chart. Learn to trade right first, then you may attempt to the lower time frames.
  • #30
  • Dec 13, 2012 7:30pm Dec 13, 2012 7:30pm
Quoting FXmazecracke
If you are new or you are not yet consistently profitable, I would suggest to stay clear of smaller time frame.

Shorter trade duration does not equate to more profitability. Practice your strategy on a longer time frame first, like hourly chart. Learn to trade right first, then you may attempt to the lower time frames.
The biggest problem with smaller time frames isn't even the noise, which can be tolerable depending on the pair, but the spread eating into your profit. Often times it doubles your risk. I've moved to the daily bars for my trades to minimize the impact of the spread on my odds.
  • #31
  • Dec 14, 2012 9:29pm Dec 14, 2012 9:29pm
Quoting Kanzler
The biggest problem with smaller time frames isn't even the noise, which can be tolerable depending on the pair, but the spread eating into your profit. Often times it doubles your risk. I've moved to the daily bars for my trades to minimize the impact of the spread on my odds.
To trade small time frame you have

 

  1. first be able to trade big time time like the daily or weekly chart.
  2. Analyze the major trend using daily or weekly chart, eg using support & resistance, channels, etc
  3. Use small time frame to find your entry or exit point.
  4. Stick to your trading plan
  5. Exercise trading discipline, ie stop loss order

When trading with small time frame you must be able to react swift and fast; no hesitation or you will miss the train. If you can only trade short period every day, refrain from using too short a time frame.

  • #32
  • Dec 14, 2012 10:06pm Dec 14, 2012 10:06pm
Quoting Ezekiel Chew
To trade small time frame you have

 

  1. first be able to trade big time time like the daily or weekly chart.
  2. Analyze the major trend using daily or weekly chart, eg using support & resistance, channels, etc
  3. Use small time frame to find your entry or exit point.
  4. Stick to your trading plan
  5. Exercise trading discipline, ie stop loss order

When trading with small time frame you must be able to react swift and fast; no hesitation or you will miss the train. If you can only trade short period every day, refrain from using too...

Ezekiel, the vast majority of people here rely exclusively on indicators, especially the lagging variety like the RSI and MACD glorified by so many unprofitable self-proclaimed gurus. Using any lagging indicator means that you only get to the station 5 minutes after the train has left! So we run into a nasty combination of a game stacked against a brand new, naive trader, where they have a unnecessarily large amount of risk coming from spread itself, a lack of knowledge of real-time price action (including identifying significant S/R), dependency on tools that are doomed to fail (if your trading relies on extremely simple rules like x crosses y, it's likely that the market is too efficient for your plan to work long term), and greed coming from either the idea that they're going to make fast money on low time frames or simple lack of patience. Scalping is something that only the most skilled traders should even bother looking at....and I can say quite honestly that I'm not among that group. Slowly I've had to recover from the mentality that this is an easy game to master; I've lost small amounts of money myself and I just don't want to see other newbies fall for the same traps so many before them have already learned from.
  • #33
  • Dec 15, 2012 3:20am Dec 15, 2012 3:20am
Quoting Kanzler
Ezekiel, the vast majority of people here rely exclusively on indicators, especially the lagging variety like the RSI and MACD glorified by so many unprofitable self-proclaimed gurus. Using any lagging indicator means that you only get to the station 5 minutes after the train has left! So we run into a nasty combination of a game stacked against a brand new, naive trader, where they have a unnecessarily large amount of risk coming from spread itself, a lack of knowledge of real-time price action (including identifying significant S/R), dependency...
Yes sir, u have right. RSI and MACD its bad indicators, i
want any another indi for trading on small timeframes.
  • #34
  • Dec 15, 2012 8:33am Dec 15, 2012 8:33am
Quoting Cheezy
Yes sir, u have right. RSI and MACD its bad indicators, i
want any another indi for trading on small timeframes.
Experience and talent, the only reliable indicators on the small timeframes.
  • #35
  • Dec 15, 2012 5:31pm Dec 15, 2012 5:31pm
If you are still losing, that means you have not got the strategy right or unsure on how to go about it. Either way, go back to demo, read and review all the online info [free] on currency trading and start doing the demo. After a while, move on to nano accounts and see if you are doing any better. When it comes to Fx market, you need to put in a lot of grunt work into making a few pips.
  • #36
  • Dec 16, 2012 12:59am Dec 16, 2012 12:59am
If you are still losing it means you still have enough money left to keep on trading. Therefore, you are already doing better that most.
Consider yourself like having 1 toe out of the grave of the long gone. Now 99.9% of the rest of your body needs to come out.
  • #37
  • Dec 16, 2012 8:04am Dec 16, 2012 8:04am
Quoting Cheezy
Hi all. I am still loosing, I'm so sad. Can anyone help me?
I would like trade EURUSD and GBPUSD.

Skype: Cheezy_cz
Sure, here you go. Go short on the commodity currencies. Hang in there for a year. You'll make a ton of money.
  • #38
  • Dec 17, 2012 11:20pm Dec 17, 2012 11:20pm
Cheezy,

The answer is plain and simple. At the moment, you do not understand price. This is the key to trading, most traders have been there at some point, some are still there. Ditch the indicators and watch the price.

Nitetrader
  • #39
  • Dec 17, 2012 11:40pm Dec 17, 2012 11:40pm
buy at 10
now 11, do you keep it?

buy at 10
now at 9, do you keep it?
  • #40
  • Dec 18, 2012 12:03am Dec 18, 2012 12:03am
Quoting nitetrader
Cheezy,

The answer is plain and simple. At the moment, you do not understand price. This is the key to trading, most traders have been there at some point, some are still there. Ditch the indicators and watch the price.

Nitetrader
Are you consistently profitable?

Quoting Mingary
buy at 10
now 11, do you keep it?

buy at 10
now at 9, do you keep it?
Depends completely on the setup. What's your point?
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