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Ask Me Anything!

  • #41
  • Aug 6, 2013 3:49am Aug 6, 2013 3:49am
Hi, I'm new to Forex and would like to learn more about it before and put some real money in it.
How do you get started in this Forex business? There are too much of terms for me in Forex to understand...
  • #42
  • Aug 6, 2013 6:48am Aug 6, 2013 6:48am
Quoting gennietrader
Hi, I'm new to Forex and would like to learn more about it before and put some real money in it. How do you get started in this Forex business? There are too much of terms for me in Forex to understand...
The babypips.com School is arguably the best resource for getting started. If you go through the lessons you'll learn everything there is to know to get started.

http://www.babypips.com/school/preschool/what-is-forex/
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #43
  • Aug 6, 2013 8:06am Aug 6, 2013 8:06am
Quoting livethedream
{quote} The babypips.com School is arguably the best resource for getting started. If you go through the lessons you'll learn everything there is to know to get started. http://www.babypips.com/school/preschool/what-is-forex/
Thanks you! That website is awesome as it is categorized into preschool, kindergarten, elementary and so on!!
Great way for me to learn step by step!
  • #44
  • Aug 6, 2013 8:37am Aug 6, 2013 8:37am
Quoting soultrader
question to mr 'ask me anything' what are next weeks lottery numbers where will the euro close on friday what is the meaning of life? any of those 3 questions will suit me, they are the only 3 questions that I need.
Don't know the first 2, but the meaning of life is to learn the difference between right and wrong. Struggles are just tests for you to pass to gain a new level of understanding. Lessons abound everywhere In the end, in most religions, you are judged by how you treated others, and how you yourself behaved, which is a direct result of your knowledge of right and wrong. Just my opinion as I am still very much alive but makes sense to me.
You cannot be extraordinary by being normal
  • #45
  • Edited 9:03am Aug 6, 2013 8:48am | Edited 9:03am
Quote

Does indicators such as moving averages or oscillators work better on Range Bar or Kase Bar compared to regular time-based charts like 15mins or 60mins?


I spent several months studying range bars. I cannot speak about Kase Bars. On range bars the best I could do was find entries that were 2 bars after the high or low. So, if you range 10 pips, my entry signal was after the market had already moved 20 pips.

Meanwhile, by looking a timed chart, I could see the bar, candle, range had gotten shorter. This is not evident on a range bar as it cannot close until its range has been met. So, if you hit a support/resistance and keep bumping up but do not punch through, it generally indicates a reversal. It is impossible to see that action on range bars, so you would just sit there until that activity stops, enter 20 pips late, and hope for at least 3 new range bars. Why 3? Because you lose 2 on entries and 2 more on exits. In other words, if you use a range bar of 10, you need a 50 pip move to make 10 pips. Meanwhile a review of a timed chart usually shows much better entries and exits on a 50 pip move so you can gain more than 10 pips. Even trailing the stop should make more than 10 pips.

Range bars look cool, and the indicators look cool, but if the range of the "market" is not enough, you cannot profit.

Just my experience. Changing ranges even down to 2 pips, still has the same 2 bar loss on entries and exits. And this is using settings that can also head fake you really bad. Up to you what to do.
You cannot be extraordinary by being normal
  • #46
  • Aug 6, 2013 8:53am Aug 6, 2013 8:53am
Quote

One more: I've heard people say again and again that '95% of all traders fail and only 5% made it to profitability'. Where and when did this data come from and for the people that blindly quote it again, how do they even know that this statistic is true?

This data isn't true. Studies done show that the percentage may actually be close to 1% in the long run. The 95%-5% rule is a number used over the internet in many other professions as well, such as internet marketing. It's more of a "rule of thumb".

Me: As far as I know it is all marketing. Your broker can provide you stats about how many people win/lose at their brokerage. In the US it is law to provide that data. The last time I saw my broker's data, it showed 27% winners. Therefore, you know automatically that any ad you get claiming anything over that is not a trader, but a marketer. Only a trader would have the real data.

Of course, your fellow traders at your broker will have their own numbers. Ask for the report and you will have more knowledge.
You cannot be extraordinary by being normal
  • #47
  • Aug 6, 2013 9:30am Aug 6, 2013 9:30am
Hi Guys,
I'm working on adjustments to basic settings of ADX in order to identify high probability opportunities. Does anyone else here use ADX? Anyone hear of success using it or have any advice regarding the settings to use for best effect on short or longer time frames? Many thanks, James
  • #48
  • Aug 6, 2013 4:31pm Aug 6, 2013 4:31pm
Quoting jaeleone
Hi Guys, I'm working on adjustments to basic settings of ADX in order to identify high probability opportunities. Does anyone else here use ADX? Anyone hear of success using it or have any advice regarding the settings to use for best effect on short or longer time frames? Many thanks, James
Ken Calhoun has a special way of using ADX but personally I don't fancy it or him!
  • #49
  • Aug 6, 2013 5:08pm Aug 6, 2013 5:08pm
Hi! Which funds can change the direction of a daily trend? I mean what causes the big change? For example central bank rates, or gdp, etc.?
  • #50
  • Aug 7, 2013 4:16am Aug 7, 2013 4:16am
where can you get 50 years of FX trading data that you can import in MetaTrader ?
Twitter: @forexpokerpro
  • #51
  • Aug 7, 2013 9:51pm Aug 7, 2013 9:51pm
Sorry guys I've been busy I'll have all questions answered in about 12 hours.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #52
  • Aug 7, 2013 10:04pm Aug 7, 2013 10:04pm
Eur/Usd long will move stop loss to b/e as soon as I get the chance.

In at 1.3331. Sl 1.3325
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_2013-08-07-22-58-00.png Size: 107 KB
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #53
  • Aug 7, 2013 10:11pm Aug 7, 2013 10:11pm
Quoting livethedream
Eur/Usd long will move stop loss to b/e as soon as I get the chance. In at 1.3331. Sl 1.3325 {image}
Out right around b/e. Price spiked up then spiked back down. I wasn't gonna wait for it to come down and hit my sl.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #54
  • Aug 8, 2013 10:57am Aug 8, 2013 10:57am
There are so many online brokers out there.
Which online broker is mostly used by traders?
  • #55
  • Aug 9, 2013 9:33am Aug 9, 2013 9:33am
Quoting gennietrader
There are so many online brokers out there. Which online broker is mostly used by traders?

This is a pretty tricky question I guess. You need to do a market analysis ??

How about oanda/FXCM ?
  • #56
  • Aug 9, 2013 12:47pm Aug 9, 2013 12:47pm
Quoting zsirfeka
Hi! Which funds can change the direction of a daily trend? I mean what causes the big change? For example central bank rates, or gdp, etc.?
I think you are asking about fundamental trading, or news. If you google newsprofiteer.com you will find a trader that specializes on news trading.
You cannot be extraordinary by being normal
  • #57
  • Aug 15, 2013 12:19am Aug 15, 2013 12:19am
What's the best amount to start a live with is 50 ok or put the rent up ?
  • #58
  • Aug 15, 2013 3:41am Aug 15, 2013 3:41am
where is a good place to learn about arbitrage? i don't exactly understand how this works from looking at wikipedia/investopedia.
  • #59
  • Aug 15, 2013 8:09am Aug 15, 2013 8:09am
Hello, I am a newbie to Forex market, as it's running 24 hours a day,
I would like to ask, how is the open and close of a currency pair defined?
  • #60
  • Aug 15, 2013 12:39pm Aug 15, 2013 12:39pm
Hi there.
I am a real newbie and have been trading crude oil for about a month using pending orders to put in my trades.
Today I put a buy stop order at 105.70 and the trade was executed at 105.66.
I contacted my broker and he said that the trade is executed when the ask price hits the price, but I have not noticed this before.
Is this true or has my broker scammed me?
Any reply will be greatly appreciated.

Thanks,

Gon
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