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Looking for a Mentor/Guidance and General Advice


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Looking for a Mentor/Guidance and General Advice

  #61 (permalink)
cmac
chicago, illinois
 
Posts: 25 since Oct 2010
Thanks Given: 55
Thanks Received: 29


3lliot View Post
Forex CFDs give you DOM & T&S.

But yes, order flow is only really useful for intraday trading.

Do you have any examples you'd be willing to share on how you use order flow to trade? Just curious how you use it since a lot of other people have said it's not something they use. Thanks

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  #62 (permalink)
cmac
chicago, illinois
 
Posts: 25 since Oct 2010
Thanks Given: 55
Thanks Received: 29


djmclean View Post
Yes I used them for about 6 months at $200 a month and it has made a big difference in my trading. I never used Tim there, as there is a cheaper guy Shane whom I think is really good. He does the video I attached earlier. The light bulb went off in my head when I see how he teaches the market. I watched Tim Morge in a few videos from the interactive broker web site and he only mentions his career winning average is 60%.

Adding indicators to my charts just confuses me, I find reading price much easier.

There is another one "Trade The Plan" but I believe 5K is required to purchase the software.

Cool, thanks for the info. I'll watch that video and give it another think and maybe check it out in more detail this time.

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  #63 (permalink)
 CookieMonsta 
Singapore
 
Experience: None
Platform: MetaTrader 4
Trading: Spot Forex
Posts: 66 since Dec 2018
Thanks Given: 3
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cmac View Post
Interesting stuff, I've known EU is usually inverse of USDCHF but I've never really looked into too much. From your earlier post about London open I know it's the best time with the most activity. I just can't be awake then and then be alive at work later in the day. That's another reason I started to look at futures, I could trade around the open and a little after before having to go to work. Thanks again for your posts and giving me something to look at.

Well, it depends on what you intend to trade, most Forex brokers do offer CFD for indices but it just depends on what your needs are.

Well the correlation is because of the USD leg in the pair as well as their trade correlation. So the correlations are not hard correlations, just it's a result of how the global economy is functioning.

Hmm to be honest, unless you can get a solid 4hours in, day trading may not be for you. You might want to look at something longer maybe like h4 where you can afford to just look away for 4hours at a time.

Alternatively options are pretty good if you learn to use them well. Since there is already theoretical edge.

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  #64 (permalink)
cmac
chicago, illinois
 
Posts: 25 since Oct 2010
Thanks Given: 55
Thanks Received: 29


CookieMonsta View Post
Well, it depends on what you intend to trade, most Forex brokers do offer CFD for indices but it just depends on what your needs are.

Well the correlation is because of the USD leg in the pair as well as their trade correlation. So the correlations are not hard correlations, just it's a result of how the global economy is functioning.

Hmm to be honest, unless you can get a solid 4hours in, day trading may not be for you. You might want to look at something longer maybe like h4 where you can afford to just look away for 4hours at a time.

Alternatively options are pretty good if you learn to use them well. Since there is already theoretical edge.

The only real time I can trade for a few hours straight is at night during the asia sessions when the market is pretty dead. My plan was to try and watch some lower time frame charts in the morning before work and also see if I see any trades on the higher time frames and set up a limit order. That's the plan for now but we'll see what happens.

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  #65 (permalink)
 CookieMonsta 
Singapore
 
Experience: None
Platform: MetaTrader 4
Trading: Spot Forex
Posts: 66 since Dec 2018
Thanks Given: 3
Thanks Received: 58


cmac View Post
The only real time I can trade for a few hours straight is at night during the asia sessions when the market is pretty dead. My plan was to try and watch some lower time frame charts in the morning before work and also see if I see any trades on the higher time frames and set up a limit order. That's the plan for now but we'll see what happens.

Well, usdjpy has some good opportunities during Asia. It's tradable thought slightly more choppy.

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  #66 (permalink)
 
Rrrracer's Avatar
 Rrrracer 
On the road
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Trading Nomad
 
Experience: Intermediate
Platform: TradingView
Broker: Oanda
Trading: FX
Posts: 2,512 since Feb 2017
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CookieMonsta View Post
Well, usdjpy has some good opportunities during Asia. It's tradable thought slightly more choppy.


Agree, ya beat me to it I'd focus on this pair for the Asian session.

Most of the other futures currency pairs are pretty dead during Asia; a typical EUR/USD Asian session consists of about 10-20 ticks of movement. That said, it usually moves well during both London and New York sessions so opportunities are there to be had.

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  #67 (permalink)
 
Minds's Avatar
 Minds 
PERU/CALLAO
 
Experience: Advanced
Platform: Various
Broker: Various - (MC, CQG, IQFeed, IB)
Trading: US Futures and Equities, US Options, ETFs, Commodities, EUR/USD
Posts: 82 since May 2013
Thanks Given: 56
Thanks Received: 38

#3 is like a vendor...

Do you have the data on the number or traders vs the number of vendors?

The main diff between 1 and 4 is that in 1 you can use 3rd party strategies, which can hurt you own learning curve ...




cmac View Post
I'm a little confused on what the difference is between a couple of your points. My main goal is to become a full time trader. Becoming profitable and consistent is the obvious goal, it doesn't necessarily have to be with my own strategies. If I find something that some one else has created and it works for me I have no problem using it. I guess the answer to your question is a mix of 1 and 4. I'm not really sure what point 3 is saying. Thanks


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  #68 (permalink)
cmac
chicago, illinois
 
Posts: 25 since Oct 2010
Thanks Given: 55
Thanks Received: 29


Minds View Post
#3 is like a vendor...

Do you have the data on the number or traders vs the number of vendors?

The main diff between 1 and 4 is that in 1 you can use 3rd party strategies, which can hurt you own learning curve ...

Ahh now I understand. I guess the ultimate goal is point 4 but using point 1 to get started I think would be good. No interest in being a vendor or anything like that. I guess point 2 is also interesting but you didn't mention consistency or profitability in that option so I didn't choose that one.

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  #69 (permalink)
 CookieMonsta 
Singapore
 
Experience: None
Platform: MetaTrader 4
Trading: Spot Forex
Posts: 66 since Dec 2018
Thanks Given: 3
Thanks Received: 58


Rrrracer View Post
Agree, ya beat me to it I'd focus on this pair for the Asian session.

Most of the other futures currency pairs are pretty dead during Asia; a typical EUR/USD Asian session consists of about 10-20 ticks of movement. That said, it usually moves well during both London and New York sessions so opportunities are there to be had.

yep, well, if you don't mind something more volatile trying gbpjpy might work too.

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  #70 (permalink)
ELche
miami,florida
 
Posts: 29 since Feb 2019
Thanks Given: 5
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Consider yourself very lucky to not lose money in the jungle of scammers out there. Here my short list of some of them: Cyber Trading University (Fausto Pugliesse) , TradeGuider (Gavin Holmes). Stay away from Online Trading Academy just because they are SUPER expensive. Some places for you to get some free education on Order Flow. Mike Valtos Orderflow.com. Sean Kozak neurostreet.com . Chris Knox zonetraderpro.com. DO NOT BUY ANYTHING ANYWHERE UNDER MY ADVICE . I just go there from time to time to get free education. General rule if the moderator does not take live trades nor shows a broker statement , that's a huge red flag.

Good luck .
Keep me posted

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