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Any Rookies need some help

  • #81
  • Jun 27, 2014 2:30am Jun 27, 2014 2:30am
Greetings,

I apologize in advance as this question has probably been asked before.

When choosing a broker, should I go with an ECN, or a Market Maker?

I'll only start with a small account (<USD15k), will mostly be entering positions using Stop & Limit orders and will always be setting SL and TP.
-might start with micros during learning curb..
  • #82
  • Jun 28, 2014 12:53am Jun 28, 2014 12:53am
Well, I decided to join a broker who offered both types of accounts. Wasn't able to trade micros or minis on the ECN account, so went with the MM for now..
So I guess I answered my own question.
  • #83
  • Jul 1, 2014 7:47pm Jul 1, 2014 7:47pm
Hey Buba,

Start with a micro or nano account. Don't blow through all your capital while you're learning.
  • #84
  • Jul 14, 2014 2:24am Jul 14, 2014 2:24am
Hi,

I'd like to do some indepth training on technical analysis. Can anybody recommend any good online courses or any books etc that I might find useful? I hear all about different indicators and although I understand their meaning, if I just started using them on MT4 for the sake of it, I'd end up entirely confused!

Any advice is much appreciated.

Thanks,
Bullbear
Even a journey of a thousand miles starts with a single step.
  • #85
  • Jul 15, 2014 1:15am Jul 15, 2014 1:15am
Quick question.

When there is good economic news in the US, does this generally lead to traders buying stocks and USD currency? Or does it cause a sell off in USD currency and buying into stocks?

Thanks,
Bullbear
Even a journey of a thousand miles starts with a single step.
  • #86
  • Jul 15, 2014 1:39am Jul 15, 2014 1:39am
Quoting BullBear80
Quick question. When there is good economic news in the US, does this generally lead to traders buying stocks and USD currency? Or does it cause a sell off in USD currency and buying into stocks? Thanks, Bullbear
The situation is clearer now than it was a year or two ago, believe it or not - in my opinion... When interest rates were falling, following the economic collapse of 2008, a pattern started to develop where equities affected the dollar in an inverse way. When the stock market fell, the dollar gained and vice versa. You can see that buying stocks with the dollar is selling the dollar, and selling stocks into cash is buying the dollar. Prior to 2008, currencies were trending well and it seemed as though fundamentals made more sense in that good news for the USA led to a stronger dollar.

That is starting to happen again, with a clear signal that interest rates are going to rise. The joker in the pack is the massive rise in the value of equities since 2008, mostly fueled by quantitative easing. No one can predict the future, but let's say the world economic and social picture improves and major technical advances are made in energy production and storage. Then this recovery can continue unabated for several years.

Your question implies you are looking for longer term trends. There is a strong body of opinion that sees the dollar undervalued historically.
Gone to a better place
  • #87
  • Jul 16, 2014 8:04pm Jul 16, 2014 8:04pm
Quoting BullBear80
Hi, I'd like to do some indepth training on technical analysis. Can anybody recommend any good online courses or any books etc that I might find useful? I hear all about different indicators and although I understand their meaning, if I just started using them on MT4 for the sake of it, I'd end up entirely confused! Any advice is much appreciated. Thanks, Bullbear
This isn't necessarily in-depth, but there is a good summary of different TA tools and techniques in babypips school here. If you scroll down the page, Grades 1 thru 11 focus on TA.

Some time ago I posted some links to TA based material here. I don't know how many of these links have become defunct with the passing of time.

A couple of books that seem to be frequently recommended are those by Murphy and Pring.

And of course there's always Google and YouTube's search engines.
  • #88
  • Jul 16, 2014 11:36pm Jul 16, 2014 11:36pm
Folks super rookie question here, Ive never used limit orders before, and am trying to incorporate them into my arsenal. Would a buy limit order be filled based off the Ask Price when hits/passes my limit value, or would it be placed as a Market order when the ask price hits/passes my limit? Basically would like to know if I have to take spread into account when the Limit is hit Thanks guys
A Positive Mind, and Positive Spirit lead to True Happiness
  • #89
  • Jul 17, 2014 1:10am Jul 17, 2014 1:10am
Only just realised this thread existed, also happy to help answer any questions. Especially regarding trader development. Feeling stuck? I'd love to help. Message me or just reply in this thread or the other thread I have in the Rookie section. All free of course, I'm happy to help.
  • #90
  • Jul 17, 2014 5:09am Jul 17, 2014 5:09am
Quoting Rparm
Folks super rookie question here, Ive never used limit orders before, and am trying to incorporate them into my arsenal. Would a buy limit order be filled based off the Ask Price when hits/passes my limit value, or would it be placed as a Market order when the ask price hits/passes my limit? Basically would like to know if I have to take spread into account when the Limit is hit Thanks guys
Yeah, you still need to take spread into consideration on a buy limit pending order.

You always buy at the ask price and sell at the bid price, so you'd wait for the bid price to go down through your buy limit and enter the position once the ask price hits it.
  • #91
  • Jul 17, 2014 12:05pm Jul 17, 2014 12:05pm
i need help! For mt4 , how do you insert a ADR indicator ? can someone give me a direct link to download and steps to install it to mt4 ?
  • #92
  • Jul 21, 2014 8:06am Jul 21, 2014 8:06am
Quoting jasonhaw
i need help! For mt4 , how do you insert a ADR indicator ? can someone give me a direct link to download and steps to install it to mt4 ?
As far as I know, ADR is supplied with MT4 as a default, but it is called ATR (average true range). On the daily chart it reads the ADR (average daily range)
Gone to a better place
  • #93
  • Jul 23, 2014 3:05am Jul 23, 2014 3:05am
When trying to write an EA, is it possible (once indicator parameters are met) to program so trade is entered 5 seconds before end of current candle (5 seconds before the next candle pops up).
  • #94
  • Jul 24, 2014 8:35am Jul 24, 2014 8:35am
any idea what does BE means ?
  • #95
  • Jul 24, 2014 12:37pm Jul 24, 2014 12:37pm
hi all, i'm pra newbie.... anyone can tell me about how to use menu "depth of market" in mt4? what for... is this useful for our trading?
this are the thing i can't do without faith
  • #96
  • Jul 24, 2014 4:48pm Jul 24, 2014 4:48pm
Quoting jasonhaw
any idea what does BE means ?

Break Even?
  • #97
  • Jul 24, 2014 4:49pm Jul 24, 2014 4:49pm
Quoting bajahitamfx
hi all, i'm pra newbie.... anyone can tell me about how to use menu "depth of market" in mt4? what for... is this useful for our trading?
http://www.metatrader5.com/en/termin...epth_of_market

Is this what you are interested in?

I personally never ever really considered it.
  • #98
  • Jul 24, 2014 5:03pm Jul 24, 2014 5:03pm
Quoting BullBear80
Quick question. When there is good economic news in the US, does this generally lead to traders buying stocks and USD currency? Or does it cause a sell off in USD currency and buying into stocks? Thanks, Bullbear

It can push price either way.

I would recommend not trying to interpret news. Simply be aware of when red news occurs and trade around it. I frequently wait for news to clear, and trade with direction of the market based on the entry triggers, and a host of other factors that I use to determine if a trade has a high probability of success or not.

I am an intraday trader. I do not hold positions overnight, am generally in a trade for less than 30 minutes. This is the safest way for me personally

There are threads here dedicated to trading news, but it has been my experience that this can produce big wins...and big losses. So I wait for the smoke to clear and look for a good entry pattern.

Today is a perfect example, used it to trade the AU. I didn't even consider if news was good or bad / had an impact or not. I simply knew when news was due out, waited until the release time passed and waited to see if a good entry pattern surfaced....and it did!

Good luck
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  • #99
  • Jul 25, 2014 1:09am Jul 25, 2014 1:09am
Quoting pipster1
{quote} http://www.metatrader5.com/en/termin...epth_of_market Is this what you are interested in? I personally never ever really considered it.
yes.. thank you pipster
this are the thing i can't do without faith
  • #100
  • Jul 31, 2014 6:47am Jul 31, 2014 6:47am
Please i need help!

I need a system with Stochastic,MACD,TDI crosses combined with Eliott Wave & Pivot points combined with Bullish/Bullsh*t Harami and Engulfing patterns and S/R analysis combined with MA divergence and Fibonacci Bullsheeeet and Trendlines of course.I just cant make a dime without trendlines...

Oh wait a second, i dont need it after all

What an irony....
"There's a sucker born every minute" - P.T. Barnum
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