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Forex as Futures Training Ground


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Forex as Futures Training Ground

  #11 (permalink)
 HighRise1202 
houston
 
Experience: Intermediate
Platform: nt
Posts: 407 since Sep 2010
Thanks Given: 266
Thanks Received: 274

@PandaWarrior, thanks for the recommendation on targets! I embedded charts as you recommended.

Execution Score: 3
Saw an opportunity in Forex early...when final signal went go, however, I had gone back to bed. I will set an alert for next time. Same with second opportunity (a short).

Emotional Score: 4
Didn't bother me that I had missed an opportunity. I was pleased that I had observed it and that it did go as predicted.

No Trades Nov 12 2012 - YouTube




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Can you help answer these questions
from other members on NexusFi?
MC PL editor upgrade
MultiCharts
Could it be that currency futures are way easier to trade?
Currencies
Cheap historycal L1 data for stocks
Stocks and ETFs
Pivot Indicator like the old SwingTemp by Big Mike
NinjaTrader
Quant vue
Trading Reviews and Vendors
 
  #12 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
Experience: None
Posts: 3,165 since Mar 2010
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HighRise1202 View Post
@PandaWarrior, thanks for the recommendation on targets! I embedded charts as you recommended.

Execution Score: 3
Saw an opportunity in Forex early...when final signal went go, however, I had gone back to bed. I will set an alert for next time. Same with second opportunity (a short).

Emotional Score: 4
Didn't bother me that I had missed an opportunity. I was pleased that I had observed it and that it did go as predicted.

No Trades Nov 12 2012 - YouTube





Do you need the MACD to read price action? I suspect not. My original mentor told me that MACD's are always late to the party. I've never seriously considered using them since then. Just a thought......

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #13 (permalink)
 HighRise1202 
houston
 
Experience: Intermediate
Platform: nt
Posts: 407 since Sep 2010
Thanks Given: 266
Thanks Received: 274


@PandaWarrior thanks for the advice on MACDDBB's. I may wean myself away from them.

Executional Score: 4
I waited for price to come down to support and deep Fib area. However, in playing at the edge I went for a two head fakes. There wasn't really a bar setup until the forth move up, the one that did go. I calculated that this would likely be a range day, but without much certainty mostly because Forex is new for me. It turned out to be that way.

Emotional Score: 4
After two stop outs I thought, "Oh, here we go again...going to reckless abandon in sim." However, I then settled down and waited for a good combo of signals and sure enough there was a real reversal.



+ 17 [AUTOLINK]pips[/AUTOLINK] Nov 14 2012 - YouTube

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  #14 (permalink)
 HighRise1202 
houston
 
Experience: Intermediate
Platform: nt
Posts: 407 since Sep 2010
Thanks Given: 266
Thanks Received: 274

Execution Score: 4
Entered at strong support area, then held into big headlines time. Should have closed out before news.

Emotional Score: 3
Get huge urge to close when good profit level hit...and don't know WHAT to do at that point...had plenty of anxiety.



+ 10 [AUTOLINK]pips[/AUTOLINK] Nov 15 2012 - YouTube

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  #15 (permalink)
 HighRise1202 
houston
 
Experience: Intermediate
Platform: nt
Posts: 407 since Sep 2010
Thanks Given: 266
Thanks Received: 274

Execution Score: 2
Created new 5 minute chart. Fumbled around, made long trade when I wanted a short, just terrible. However, I recovered and placed the short for a nice gain. Learning about Elliott waves.

Emotional Score: 4
I feel confident about the track I'm on. Despite fumbling errors did not get too upset with myself. I stuck with my trade idea and it worked out.

+ 25 [AUTOLINK]pips[/AUTOLINK] Nov 16 2012 - YouTube

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  #16 (permalink)
 HighRise1202 
houston
 
Experience: Intermediate
Platform: nt
Posts: 407 since Sep 2010
Thanks Given: 266
Thanks Received: 274

Execution Score: 4
I caught a retrace right at the bottom with a limit order. Market went to target.

Emotional Score: 3
I get nervous when price moves to 2 time risk, and I want to exit. My target is 3 times risk.

+ 15 [AUTOLINK]pips[/AUTOLINK] Nov 19 2012 - YouTube

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  #17 (permalink)
smajdah
Sweden
 
Posts: 9 since Nov 2012
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What do you base your trades on? You really have a lot of lines on your chart

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  #18 (permalink)
 HighRise1202 
houston
 
Experience: Intermediate
Platform: nt
Posts: 407 since Sep 2010
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smajdah View Post
What do you base your trades on? You really have a lot of lines on your chart

I'm changing my trading style. Big Mike and PandaWarrior recommended simplification, also trading Forex micro lots cash for low-risk practice, i.e. $5 a trade.

I've ran into a good chat thread on Forex Factory. I've adopted Fib Channels and see them as quite effective, at least in Forex. Here's a description: Trading EURUSD only - Page 508 @ Forex Factory. The indie is in MT4. I haven't found a Fib Channel indicator for Ninja, BTW.

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  #19 (permalink)
Shaun
Brisbane
 
Posts: 5 since Feb 2013
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Thanks Received: 1

Thanks for posting this, great read. Actually might do something similar to this myself soon.. (y)

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  #20 (permalink)
 
Yuri57's Avatar
 Yuri57 
Budapest, Hungary
 
Experience: Advanced
Platform: Windows 95
Trading: YM
Posts: 286 since Feb 2013
Thanks Given: 72
Thanks Received: 108


I agree, demo trading is not very useful, one should rather trade micro lots live. I would suggest to trade a lot more not just 1 a day. When I was practicing I made 1000 trades in 2 months. You need experience.

Btw I think currencies are different to stock or bond futures, news are more frequent and pairs also affect each other, so it's much more complex to trade currencies than bonds or stock indexes.

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