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  • #401
  • Mar 16, 2016 7:11am Mar 16, 2016 7:11am
Quoting tianxingjian
I want to know something about trading mind, because overconfident or opposite direction is very difficult to be defeated. I have seen too many people fail because of bad trading mind.
So many traders are not in the right mindset when trading. 95% of people that try trading will fail and not be able to make any money at trading. One thing that will destroy a person when trading is emotion. People try to overthink what they are doing too. ​

I've learned that at many times, sitting on the sidelines just watching charts and making fewer trades is much more beneficial. I don't just make a trade just so I have a trade open. I will sit back, and watch a pair until all of a sudden, something will jump out at me and I know with almost a guarantee, which direction price is going to go and have a pretty good idea of how far it is going as well. Patience and lack of emotion are 2 factors of a person succeeding or not.
JOHN 3:16
  • #402
  • Mar 16, 2016 7:15am Mar 16, 2016 7:15am
Quoting AlexanderE
{quote} Thanks, I read an online copy of trading in the zone and liked it so much a bought a hard copy its a great book I can see why you recommend it , I need to check out Reminiscences of a Stock Operator it sounds interesting.
​Alex, Reminiscences of a Stock Operator talks about the last post I posted with sitting back and watching price for weeks on end just waiting for the exact moment to get in a trade.
JOHN 3:16
  • #403
  • Mar 16, 2016 5:42pm Mar 16, 2016 5:42pm
I have been doing research on spreads. From what I can find on the internet a 1-8 spread is fairly normal. However, now I have installed a spread indicator that shows the spread in pips and most markets have like 50 pips spread and above. GBPCHF has a whopping 100 spread in pips. I don't quite understand the discrepancy between the information that I can find on the internet as compared to what my metatrader app shows me.
  • #404
  • Mar 16, 2016 8:14pm Mar 16, 2016 8:14pm
Hi renasdad, Thank you for this thread I am currently setting up a chart to trade the EIN scalping system .

To open a BUY trade
Candlestick open above MA 14 .
RSI above 50 line.
MACD positive 0 line
Close order if RSI reach 70

To open a SELL trade
Candlestick open below MA 14 .
RSI below 50 line.
MACD positive 0 line
Close order if RSI touch 30

What is MA 14 ?
Cheers !!!
  • #405
  • Mar 16, 2016 8:31pm Mar 16, 2016 8:31pm
Quoting rammer13
What is MA 14 ? Cheers !!!
MA stands for Moving Average. If you have your MA set to 14 it's an a average of the last 14 bars/candlesticks.
JOHN 3:16
  • #406
  • Mar 16, 2016 8:38pm Mar 16, 2016 8:38pm
Quoting pentagram
I have been doing research on spreads. From what I can find on the internet a 1-8 spread is fairly normal. However, now I have installed a spread indicator that shows the spread in pips and most markets have like 50 pips spread and above. GBPCHF has a whopping 100 spread in pips. I don't quite understand the discrepancy between the information that I can find on the internet as compared to what my metatrader app shows me.
When you have a spread like that, they are adding what is called a pipette. That last number you see is a fraction of a pip. If you are trading eurusd and price is 1.12067, 1.1206 is the price in pips and 1.12067 is pipettes. So, anytime you have a spread of 100 pips, that is pipettes and the pip spread is actually 10. ​
JOHN 3:16
  • #407
  • Edited Mar 17, 2016 5:10am Mar 16, 2016 10:14pm | Edited Mar 17, 2016 5:10am
hi guys , i just joined this forum and love your discussions.
So i have a lot of questions that you guys can help me with.
I am a new trader just started 5 months ago where i wiped my whole account from various factors
So i took a little bit of time to rethink what i was doing wrong and i need some help here to know if
I am ready to go back or hold .
I know little bit of fundemental analysis and technical analysis
In technical analysis i know how various indicators work from
1. Stochasticis 2. Ichimoku clouds 3. Support and resistance 4. Adx 5.little bit of fibonacci 6. Moving averages 7 bollinger bands
8. Parabolic SAR , etc
I lost alot in that month i traded because i used to love stochastics and i didnt use it properly
So now i have a diffrent approach to the analysis using only moving averages that i will talk about later
First trading the news made me alot and then i lost everything i made from the news by trading the news haha
I consider it because of my trading psychology now" irrelevant " to me only" because i jump early and swich sides early
now i will only trade price actions related to the averages.
First question
First question
If this is the most of that i know about forex is above
Am i missing some key factors in the analysis wise ?
2nd question
If i miss some of the analysis techniques could anyone give me pointers
To search and learn more ?
Thank you guys for your time
And i will post this comment in another thread to cover more responses
  • #408
  • Mar 16, 2016 10:25pm Mar 16, 2016 10:25pm
Hi renasdad, thank you for your help "Got it"
Cheers !!!
  • #409
  • Mar 16, 2016 10:51pm Mar 16, 2016 10:51pm
Quoting zuhair.ak
hi guys , i just joined this forum and love your discussions. So i have a lot of questions that you guys can help me with. I am a new trader just started 5 months ago where i wiped my whole account from various factors So i took a little bit of time to rethink what i was doing wrong and i need some help here to know if I am ready to go back or hold . I know little bit of fundemental analysis and technical analysis In technical analysis i know how various indicators work from 1. Stochasticis 2. Ichimoku clouds 3. Support and resistance 4. Adx 5.little...
​I put those MA's on a chart and going back in time a little ways, it does look pretty good. I suggest you paper trade it for a while and see how things go. Also, make sure you have a SL figured out too.
JOHN 3:16
  • #410
  • Mar 16, 2016 10:58pm Mar 16, 2016 10:58pm
I'm hoping someone else may help you Zuhair with your question. I know my answer was very short. ​
JOHN 3:16
  • #411
  • Edited 11:22pm Mar 16, 2016 11:11pm | Edited 11:22pm
Quoting zuhair.ak
hi guys , i just joined this forum and love your discussions. So i have a lot of questions that you guys can help me with. I am a new trader just started 5 months ago where i wiped my whole account from various factors So i took a little bit of time to rethink what i was doing wrong and i need some help here to know if I am ready to go back or hold . I know little bit of fundemental analysis and technical analysis In technical analysis i know how various indicators work from 1. Stochasticis 2. Ichimoku clouds 3. Support and resistance 4. Adx 5.little...
Do you have actual statistics that your strategy is profitable during a long period of time?
how long time? you need a lot of trades, maybe about 1000 trades- did you test your ideas?
if not, then how can you expect them to be profitable? this is what you need to do, find out what works more than it don't.
you need to have a understanding of money management and risk to reward, these things are very important.
you don't need to learn any indicators or fundamental things, news etc,
all you need is a chart and price, when you have found out a profitable method,
make a trading plan. read it every day before trading, and follow it.
it means follow the same rules every day, you must have discipline to follow your rules.
nobody will tell you how to trade, because it is a traders daily bread, nobody will reveal his secret strategy,
he maybe researched and worked on for years. before you have a proven profitable strategy,
only trade demo. you need to trade your system on demo first to see if the result match your analysis.
a strategy needs to be tested before traded for real money, sometime it can look profitable but it is not.
Bulls are stupid Animals!especially when Im short!
  • #412
  • Mar 16, 2016 11:14pm Mar 16, 2016 11:14pm
Quoting renasdad
I'm hoping someone else may help you Zuhair with your question. I know my answer was very short. ​
If you go to 5 majors plus gold you will notice risk return of 1 /3Perfect entries and filter many bad tradesIt is not perfect but no system is60/40 win /loss but due to risk return as its very good Thank you renasdad and if you could give me something that may work with it in your opinionAnd stop loss wise no stop loss added becuase in this strateygy you will be stopped alot and tge trade is perfectThats why i said only trade at closing of the candle it serves the filtering false exit signals And will make your psycology irrelevant But note this trading this system should be only when the cross of mv averegase lines are clear because false small crosses may occur So what do u think ?
  • #413
  • Mar 16, 2016 11:25pm Mar 16, 2016 11:25pm
Quoting roughtrader
{quote} Do you have actual statistics that your strategy is profitable during a long period of time? how long time? you need a lot of trades, maybe about 1000 trades- did you test your ideas? if not, then how can you expect them to be profitable? this is what you need to do, find out what works more than it don't. you need to have a understanding of money management and risk to reward, these things are very important. you don't need to learn any indicators or fundamental things, news etc, all you need is a chart and price, when you have found out...
Tested it first by just examining previous data and being fair with the market and me so i will not have a hypothetical entry because i saw it workedHypothetical entry only of fits the strategy .Then i spent two weeks in excel making formulas and examining dataIt worksAnd the number of trades i examened is more than 1000 trades at 40000 hours of goldAnd eurusd i dont remember number of tradesAnd psycology wise i lost 15k $ before in live tradingOne day i lost 3k $ and was laughing with my buddiesI have the steal heart just need the strategy that works only
  • #414
  • Mar 16, 2016 11:50pm Mar 16, 2016 11:50pm
I would a SL below the last bar if you are going long. As the trade progresses, move the SL below the next bar. ​
JOHN 3:16
  • #415
  • Mar 17, 2016 12:27am Mar 17, 2016 12:27am
Quoting renasdad
I would a SL below the last bar if you are going long. As the trade progresses, move the SL below the next bar. ​
If you examin the strategy for lets say a week , you will find that at volitile times that lets say in a bullish signal when sudden drop in price followed by a strong bullish move you will be stopped and there is no bearish cross of the 5 and 15 averages " ithink when a market maker enters ". This will contridict the rule exit when the bearish cross occur in a bullish move , it is costly per trade yes if it was a false flag but in the long run it will be cheaper on average to stick with a bearish cross in bullish move and vice versa and will aid paycology when a false flag lits your stop loss and booms in your direction
Look at it this way risk lets say 40 pips to possibly gain a 100 to 200 pips on average it is very acceptable scenario but if you do a stop loss method based on last candle you will be stopped alot and will cause frequent losses on wining trades by a diffrence pf 20 pips or 25 look at the charts again and tell me if am wrong , maybe a tp order of 50% of the lots you enter at the average varriance of one average to avoid the decrease in profit before the exit cross is a good lets say you notice on average price of gold hits 10$ on average before it retraces and gives a high probability of exit cross so on example you move the tp 8$ from the mean each two hours maybe a good strategy to squeez the maximum gain by risking low probability of future gain to be splitted in half ? What do you think ?
  • #416
  • Mar 17, 2016 3:18am Mar 17, 2016 3:18am
Quoting zuhair.ak
{quote} Tested it first by just examining previous data and being fair with the market and me so i will not have a hypothetical entry because i saw it workedHypothetical entry only of fits the strategy .Then i spent two weeks in excel making formulas and examining dataIt worksAnd the number of trades i examened is more than 1000 trades at 40000 hours of goldAnd eurusd i dont remember number of tradesAnd psycology wise i lost 15k $ before in live tradingOne day i lost 3k $ and was laughing with my buddiesI have the steal heart just need the strategy...
you seem to have done some research, but I would suggest that you create an EA from your strategy and run it in the back tester,
then you will see if it's worth continuing with. if it is any good it should show some profit, then from there you should forward test it.
trade it on demo for some time, I have created many strategies I was sure they would be profitable but after testing turned out to be wrong.
even if a system is logical, it might not work. the size of sl does not matter in my experience, as long as you manage your risk properly,
if you get stopped out by multiple small ones or fewer big ones is equally bad, the trick is to put your sl in a place where it is protected, not it's size,
Bulls are stupid Animals!especially when Im short!
  • #417
  • Mar 17, 2016 3:52am Mar 17, 2016 3:52am
Quoting roughtrader
{quote} you seem to have done some research, but I would suggest that you create an EA from your strategy and run it in the back tester, then you will see if it's worth continuing with. if it is any good it should show some profit, then from there you should forward test it. trade it on demo for some time, I have created many strategies I was sure they would be profitable but after testing turned out to be wrong. even if a system is logical, it might not work. the size of sl does not matter in my experience, as long as you manage your risk properly,...
You are probably right about the EA but I would not do it because the strategy in crosses should be seen clearly there is no specification of when to enter , you enter only when you see a gap between the averages , because if only cross is considered it can generate false signals and also the total test is 70000 hours plus only 40000 in gold and not counting those hypothetical trades by " my neutral observation " of currency pairs from majors to crosses the observation says " if it is trending you got it " but if the market is in sideways and makes no sense it tend to offset false signals that will generate very low profit or a just above regular losses of the same system and this system should have no stop losses because by my ovservation lets say before a big move up the price should move down first sometimes up to 150 pips pips Example eurusd 10/3/2016 at 5 pm it fell 150 pips before that jump, if a signal was generated earlier i would be stopped thats why i dont belive in stoploss order with this system you will end up losing money , just trust the system gives great risk managment and if you are wrong accept the extra 20 pip loss if a false signal generated so you dont exit wining signals of 300 to 200 pips
  • #418
  • Mar 17, 2016 6:16am Mar 17, 2016 6:16am
Hi,

Being new to Forex trading I was wondering if anyone could recommend good brokers for beginners?

Thanks
  • #419
  • Mar 17, 2016 9:54am Mar 17, 2016 9:54am
Quoting renasdad
I'm hoping someone else may help you Zuhair with your question. I know my answer was very short. ​
Hi renasdadI have a question for you about oanda and about trading with themI was with tradestation and sold their forex accounts to oanda soBy the reviews seen about oanda and all major brokers i saw allways some people cry that they are scammers etcMy questions areHw long have you traded with them , and was it successful?How is their market order executions ?How is their fund withdrawl, does it delay what is their average slippge in term of pips ?And in your opinion what do you see their pros and cons ?And if i became successful as a trader how many pips a month should i expect " just an average estimation "?I would be thankful to you if you replyAnd thank you for letting me waste your time I tried to pm you but it showed me an error so i quoted you
  • #420
  • Mar 17, 2016 4:12pm Mar 17, 2016 4:12pm
Hello guys,

I have a scenario that I need help with,

My account is in GBP and I'm looking to sell NZD/USD

am I buying NZD/GBP and then selling NZD/USD

So do I pay the price of two spreads?

are my transaction funds converted to NZD free of charge and then NZD/USD is sold

How does it work??

Alex
Freedom is an asset.
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