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  • #481
  • Apr 7, 2016 5:09am Apr 7, 2016 5:09am
please could you specify the most used indicators during your daily trading
  • #482
  • Apr 8, 2016 5:22am Apr 8, 2016 5:22am
Hi

Personally i would recommend "Attacking Currency Trends" by Greg Micalowski

I would recommend you learn as much as you can about basic chart patterns like Head and Shoulders, Double top's and Bottom's, Rising Wedges, Triangles, bull Flag's, Bear Flag's. Learn about Support and resistance, both Horizontal and Trendline. Learn about Basic Candlestick Pattern's and then Observe how these candlestick patterns form combined with the chart pattern's and Support and resistance lines.

When you can look at a chart and get really good at identifying the pattern's You will be ahead of most people that have been trying to trade forex for years. I would recommend you do not use indicators. When you look at indicators it takes your eyes away from what really matter's, price action.

When you are really confident with your pattern recognition, i would recommend you learn Elliot Wave. For me this is what has turned me into a profitable trader. Once you know all your pattern's, and you know where they are occuring in the Elliot wave structure you will probably be in the top 1% of traders already.

You can Download a free"Pattern recognition Trainer" Just google it.

Wish you all the best

Craig.
Phenomenal Return This Year: na
  • #483
  • Apr 8, 2016 9:05am Apr 8, 2016 9:05am
Hi Renasdad, a question "I trade on MT4 platform 28 currency pairs how difficult would it be to transfer my EA to trade on MT5 ?
Regards
Robin Terry
  • #484
  • Apr 8, 2016 10:20am Apr 8, 2016 10:20am
Quoting Goh
Can someone explain what is the pattern from 2014.07.10 0:00 and 04:00? {image}
sorry, but the image does not really show much. It could be that the price action is more of an evening star, with the Doji showing that the bulls are stalling, and there is a start of equilibrium in the market. The next candle would prove that the bears are taking over. It is all to do with sentiment in the price.

HOWEVER, as i say the image just shows a very small part of the story... is this at the flattening out of a down trend, at the end of an uptrend, where is the past support and resistance lines, where is the previous supply and demand areas?

I would zoom out a bit to get more of an overall picture and see what this i reacting to.

Taking trades of this nature requires persepective, and for perspective, you need to build a story!
  • #485
  • Apr 12, 2016 9:32am Apr 12, 2016 9:32am
can somebody explain why the market had a huge impact today in 1 direction? i know for GBP news came out about the CPI y/y but ive noticed alot of the other pairs had massive changes in 1 direction ( im trying to understand how the market moves during news)
Thanks in advance !
  • #486
  • Apr 12, 2016 12:10pm Apr 12, 2016 12:10pm
Quick Question..

I was wondering if you could answer the following question that I have on risk/position sizing.
So I read through the “information for beginners” thread which explains how you should determine your position size -http://www.forexfactory.com/showthre...t=6948&page=10

It provides the following steps:


“The Correct Way (Trader 1)
Account size = $10,000
Currency = EUR/USD (just so I can use simple numbers)
Stop (based on technicals) = 30 pips
Risk = 2% of your Account = $200
Lot size = Mini = 10,000
Pip value for a Mini lot on EUR/USD = $1
Stop of 30 pips * $1 per pip = $30
Position size = $200 / $30 = 6.67 mini lots.
Since you cannot trade fractional lots (forget Oanda) you must round the position size DOWN to 6. Always round down to be more conservative.
True Leverage = Position Size / Account Size = 60,000 / 10,000 = 6:1
This level of leverage is too high if you lack experience. Better to reduce your percent risk from 2% down to 1%. That will reduce the leverage to 3:1 in this case.”



So I followed the steps and here are my notes below:


1) Account Size = $1250
2) 2% = $25
3) Stop = 50 pips
4) Micro lot = 1000 units
5) Pip per micro = $0.10 (10 cents)
6) 50 pips(my stop) * $0.10 = $5
7) $25 / 5 = 5 micro lots = 5000
8) 5000(position size) / 1250 = 4 means 4:1 true leverage

The part that confuses me is when Input these figures into my broker I get different numbers coming up.

Using the above numbers I end up with 25 units(using 1x broker leverage). Therefore the only way to adjust the number of units without changing my stop or changing the % of account risked then I would need to change the broker leverage.

So do I simply adjust the broker leverage to reach the 5000 units position size? Assuming this is it true I would need to have 200x broker leverage. However, 200x broker leverage seems very is high. Could you please advise?
  • #487
  • Apr 12, 2016 10:25pm Apr 12, 2016 10:25pm
hi, is there anyway to change trading password on mobile mt4? Or the only way to do it is via desktop mt4?
  • #488
  • Apr 12, 2016 10:51pm Apr 12, 2016 10:51pm
What a great idea (the thread). I like to help as well so if YOU need something from a less experienced trader, just contact me. Maybe in web development which is my daily job.

Regarding your offer, I have a problem and I haven´t had any luck with my posts asking for help.
Here´s my situation:
I´d like to calculate the lot size I need to handle a risk of n% in a trade.
I´d like to give an excel sheet the following:
- My balance.
- My risk.
- Distance in pips to my SL
- Currency
And have a formula which displays the number of units (I use Oanda) or lot size for that trade.

I think I have it for EURUSD, but I think it´s different for each currency, so if you could help me I´d really appreciate it.
Attached File(s)
File Type: xlsx Lot Risk Manager for EURUSD.xlsx   9 KB | 346 downloads
Hard work and patience.
  • #489
  • Apr 14, 2016 2:01pm Apr 14, 2016 2:01pm
I chucked myself in the deep end and started to trade using a demo account from Ctrader. I carefully choose when to invest and within 30 minutes i made 511 profit... but for most of my 2 trade's, i was making a 1,000 & upwards loss, it wasn't till the last minute where the the value of the currency went up & i started to see profit, that's when i sold & walked away. My problem is... I'm a novice & for me to end up making 511 in 30 minutes is ridiculous even if it's just a demo, The point i'm trying to make is why would anybody close there trade when making a loss, because eventually the loss will become a win with a bit of patience, just like when i was making a loss and it turned into a win... Am i missing the point?

Am i not supposed to see my trade make a loss? If this is the case, why didn't the demo account deduct the 1,000 loss when my trade went wrong, instead it just counted the profit when i later sold.
  • #490
  • Apr 14, 2016 2:05pm Apr 14, 2016 2:05pm
Hi,

Im new to Forex trading. I had 2 questions! first one if I was trading for example EURCAD to try and run fundamental analysis on whether or not the market will move higher or lower do I have to look at Reports concerning the CAD or the EURO and the second question If my account balance for example was 300euros and i risked 6% my pip value was 0.09 leverage was 1:400 for everytime a position moves against me a pip would i lose 0.09 from my balance or lose the number taken into account leverage ? i hope that question makes sense ?
  • #491
  • Apr 15, 2016 7:48am Apr 15, 2016 7:48am
This is hilarious.
The market breaks in a profitable direction only after I close a position at breakeven I had on for and hour.
It's like someone's saying 'ok he's out now, lets run it in the direction he expected an hour ago'
  • #492
  • Apr 15, 2016 8:33am Apr 15, 2016 8:33am
Quoting jaay94
I chucked myself in the deep end and started to trade using a demo account from Ctrader. I carefully choose when to invest and within 30 minutes i made 511 profit... but for most of my 2 trade's, i was making a 1,000 & upwards loss, it wasn't till the last minute where the the value of the currency went up & i started to see profit, that's when i sold & walked away. My problem is... I'm a novice & for me to end up making 511 in 30 minutes is ridiculous even if it's just a demo, The point i'm trying to make is why would anybody close there trade...
There are a couple of things wrong with this...

First, what was the demo size of the account, and secondly, what was the lot size you were dealing with. There is also the question of margin, which is the easiest way to answer your question...

Margin governs who much cash you need to open and keep open a position. lets say, you have a margin that requires $100 dollars to have a position open, and you have $200 in your account. Once that account goes below $100, your position will be closed. Lets say you have 0.1 lots ($1 per pip for instance), if your position goes down by 100 pips, your position is closed, whether you wanted to keep the position open or not.

That is why the 'keep it open strategy will not work. There are numerous examples where your idea simply wont work, as over days/weeks/months etc the market can make massive moves. unless you have massive capital, the strategy will simply not work... it only needs to fail once and then your account is gone.

By the way, the example is a simple explanation, there are far more moving parts in a real account.
  • #493
  • Apr 15, 2016 8:41am Apr 15, 2016 8:41am
Quoting uzi420
Hi, Im new to Forex trading. I had 2 questions! first one if I was trading for example EURCAD to try and run fundamental analysis on whether or not the market will move higher or lower do I have to look at Reports concerning the CAD or the EURO and the second question If my account balance for example was 300euros and i risked 6% my pip value was 0.09 leverage was 1:400 for everytime a position moves against me a pip would i lose 0.09 from my balance or lose the number taken into account leverage ? i hope that question makes sense ?
You would need to look at both types of reports... as something strong in the EURO reports could easily be countered with a strong CAD report...

Think of pairs as a pair of scales... you know, they type that you weigh things in with the two pots (like the justice scales). If something massive happens (heavy) it will tip the scales, but it works the other way too..

Risk is not so much associated with lot size or pip value on its own... it is both combined.

So if you had $300 (we will assume that the base currency is dollars to make the sums easier...)

If you wanted to risk 6%, you would be risking $18 of your account.

Depending how big your SL was, woudl depend on how many lots you need to put on the position, if your SL was 5 pips, each pip would be $3.6, or 0.36 lots... if your SL was 100, each pip would be worth $0.18... you would need to decide whether to put 0.01 lots (10c per pip... or max risk of $10) or 0.2 lots (20c per pip... max risk of $20, which is over 6%)

Leverage does not determine how much 1 pip is worth... it does not determine how much you can win or lose, but how much of the market you can leverage.
  • #494
  • Apr 15, 2016 8:45am Apr 15, 2016 8:45am
Quoting Diocletian
This is hilarious. The market breaks in a profitable direction only after I close a position at breakeven I had on for and hour. It's like someone's saying 'ok he's out now, lets run it in the direction he expected an hour ago'
The market has an ebb and a flow. You need to determine trading rules. The market relies on greed and fear... Most of trading is conquering the fear and greed side of yourself - this is what makes a great trader...

It all comes down to letting winners run, and cutting losses short. Most of the time this comes from experience and having tested and tested and tested your strategy so that you dont need to be fearful when the trade initially goes against you....
  • #495
  • Apr 15, 2016 9:07am Apr 15, 2016 9:07am
Quoting rolandW
{quote} You would need to look at both types of reports... as something strong in the EURO reports could easily be countered with a strong CAD report... Think of pairs as a pair of scales... you know, they type that you weigh things in with the two pots (like the justice scales). If something massive happens (heavy) it will tip the scales, but it works the other way too.. Risk is not so much associated with lot size or pip value on its own... it is both combined. So if you had $300 (we will assume that the base currency is dollars to make the sums...


Thankyou so much buddy it does make sense now ...just one more thing lets say im trading USDAUD the base currency the USD has something positive come through a report which is in favour of a bullish move for USD but at the same time AUD has something negative come through which would make it go bearish. How do we then determine which way a market could move ? or would they be indecision in the market ? and in the second scenario lets imagine that all indicators are suggesting the AUD will move in a bearish trend not taking into account any reports etc for AUD but something positive comes through the USD how would that effect the market ? is the market likely to move bullish even though nothing significant has affected the Quote currency?
  • #496
  • Apr 15, 2016 4:19pm Apr 15, 2016 4:19pm
Quoting rolandW
{quote} The market has an ebb and a flow. You need to determine trading rules. The market relies on greed and fear....
I'm beginning to get over the fear part. I'm an expert at recovering big losses. Now I need you guys to buy/sell when I want you to on initial entries. haha
Appreciate the advice.
  • #497
  • Apr 15, 2016 4:24pm Apr 15, 2016 4:24pm
Quoting MarketINC
please could you specify the most used indicators during your daily trading
​I don't use any indicators. Just price action, patterns and some support and resistance.
JOHN 3:16
  • #498
  • Apr 16, 2016 9:36am Apr 16, 2016 9:36am
I need help understanding leverage a little more I understand that leverage is like a loan you're broker gives you let's say you have 1000 you're broker would let you trade 100000 units of currency for a 100:1 leverage I just don't get if I put 10000 in my account (don't have one) each pip would be 1 dollar well depending on what you're trading so let's say euro/usd so if i buy a 10000 lot risking only 2% (200$) it goose up 10 pip woundent it be 200*10 so profit would be 2000 or am I doing it wrong . wrong as in those 200 dollars woundent move 1 dollar only 0.001 since it not a mini or micro lot well anyways you get it
  • #499
  • Apr 17, 2016 7:27am Apr 17, 2016 7:27am
Quoting mike05pip
I need help understanding leverage a little more I understand that leverage is like a loan you're broker gives you let's say you have 1000 you're broker would let you trade 100000 units of currency for a 100:1 leverage I just don't get if I put 10000 in my account (don't have one) each pip would be 1 dollar well depending on what you're trading so let's say euro/usd so if i buy a 10000 lot risking only 2% (200$) it goose up 10 pip woundent it be 200*10 so profit would be 2000 or am I doing it wrong . wrong as in those 200 dollars woundent move 1...
My understanding is if you have $1000 US in your acount and you trade 1 Micro Lot your Leverage is 1/1 so 10k 1 Mini Lot is 1/1, and if you have 100K in your account (I wish) then 1 Full Lot is 1/1 Leverage. And you can work out your leverage from here. If your a new trader I'd recommend keeping your leverage as close to 1/1 as you can.

If you have your account in US$ and trading EUR/USD then 1 pip move on a micro (.01 Lots) is worth 10 Cents. 1 pip move on Mini (.1 Lots) is worth $1. 1 Pip move on full Lot (1 Lot) is worth $10

Hope i've been of some help.

Craig.
Phenomenal Return This Year: na
  • #500
  • Apr 17, 2016 11:18am Apr 17, 2016 11:18am
Quoting craiggary
{quote} My understanding is if you have $1000 US in your acount and you trade 1 Micro Lot your Leverage is 1/1 so 10k 1 Mini Lot is 1/1, and if you have 100K in your account (I wish) then 1 Full Lot is 1/1 Leverage. And you can work out your leverage from here. If your a new trader I'd recommend keeping your leverage as close to 1/1 as you can. If you have your account in US$ and trading EUR/USD then 1 pip move on a micro (.01 Lots) is worth 10 Cents. 1 pip move on Mini (.1 Lots) is worth $1. 1 Pip move on full Lot (1 Lot) is worth $10 Hope i've...
it depends on the risk and the value of the currency you are trading and what currency your account is,
since all currencies is valued differently against the dollar = pip value
this is how much risk you have per pip.

the distance from your entry to your stop loss = risk, so if your account is in dollars.
trading EURUSD with a 1000 dollar account and 100 pips sl, you can trade 1 micro lot. 1000 units.
with a 10 pip stop loss = risk in the same pair. you can trade 1 mini lot 10000 units.
with only 1 pip in stop loss you can trade 1 full lot.

but this is not the same on all pairs, with exotic pairs not having the dollar in them.
the pip value is different because they would have to be exchanged back to dollar using the current exchange rate,
in EURJPY with a 100 pip sl, you can trade 1226 units = 1 micros rounded down
with a 10 pips sl, you can trade 12258 units = 1.2 mini lots
and with 1 pip sl, you could trade 122584 units = 1 lot and 2 mini lots.

and all this with just 1% risk of your account
not that you would trade with 1 pip sl, it's just too explain

here is a position size calculator you cold use http://www.babypips.com/tools/forex-...sitionsize.php
and here is further explanation of pip value http://www.investopedia.com/ask/answ...rrencypair.asp
Bulls are stupid Animals!especially when Im short!
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