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New to trading ? Start with forex.
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New to trading ? Start with forex.

  #11 (permalink)
Elite Member
Brooklyn, NY
 
Futures Experience: Beginner
Platform: Ninjatrader, Metatrader
Favorite Futures: EUR/USD
 
Posts: 24 since Feb 2010
Thanks: 12 given, 13 received

Why Range charts?


MetalTrade View Post
A simple trading technique that new users could use is :

draw support/resistance lines on a 10 or 15 range, look for breakouts

if u see a breakout go to the 5 range, WAIT until the breakout pulls back for 1 or 2 bars and then enter the trade if the next closing bar is in the direction of the breakout

one of the basic trading systems but it works very good on forex where we don't have volume info,you won't have all the trades with this system but you will increase your probability on profit massiveley and avoid overtrading

combine it with other points i mentioned in my first post

Why do you suggest range bars/charts as oppose to minute, tick, etc..?

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  #12 (permalink)
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Futures Experience: Beginner
 
Posts: 1,081 since May 2010
Thanks: 2,092 given, 595 received

rangebars are smaller timeframes than minute, it's better to catch the breakouts

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  #13 (permalink)
Member
Cheyenne, WY
 
Futures Experience: Master
Platform: ninja trader
 
Hard 8's Avatar
 
Posts: 66 since Nov 2010
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I take my hat off to any retail trader who consistently takes money out of the forex markets. I never tried because I don't need to put my hand in the fire to find out it's going to burn my flesh.

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  #14 (permalink)
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Futures Experience: Beginner
 
Posts: 1,081 since May 2010
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all trading is hard, very hard

forex is just a more simple, less complex way of trading that is why i advise it to beginners, and that is the reason i post this thread

your post has an undertone that it's almost impossible to be profitable on forex, first of all u don't know since you havent tried and secondly ofcorse u can be profitable on forex, just as hard as it is on any market, your post is bullshit

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  #15 (permalink)
Member
Cheyenne, WY
 
Futures Experience: Master
Platform: ninja trader
 
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Posts: 66 since Nov 2010
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MetalTrade View Post
all trading is hard, very hard

forex is just a more simple, less complex way of trading that is why i advise it to beginners, and that is the reason i post this thread

your post has an undertone that it's almost impossible to be profitable on forex, first of all u don't know since you havent tried and secondly ofcorse u can be profitable on forex, just as hard as it is on any market, your post is bullshit

Well, I admitted I never tried to trade forex so don't fault me for that. I don't need a weatherman to tell me which way the wind blows.

For undercapitalized retail speculators, forex may have a natural appeal since the ante is small. There are also $.05 slots in Vegas that have more money at the end of each day than they pay out.

Good luck and I hope you succeed where most fail (unless you're a bank or broker).

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  #16 (permalink)
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Do you have any idea how a Forex trader feels when it's reading your posts stating that you have no expierence at all in forex trading but that you for a fact knows that forex trading is much harder than other markets ? On the GBPUSD and the EURJPY I'm breakeven and in small profit. I don't like it that I'm missing volume info and that the DOM isn't working on 1/10th pip trading combined with a non-regulated market. I feel with hard study long term I'm better off on futures but it's way harder, I'm not breakeven on futures yet. I get better results for the moment on Forex, I have so much more to learn on the futures and that is the reason IMHO. Your posts here about forex are not really correct, sorry. Why don't you sim trade for a day these 2 currency pairs and tell me what you think ?

You need to listen to a weatherman to know which way the wind blows at ALTITUDES. So yes, you need a weatherman.

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  #17 (permalink)
Trading Apprentice
Chicago, IL. USA
 
Futures Experience: Advanced
Platform: Ninja Trader
Favorite Futures: Mini Indexes
 
Posts: 20 since Nov 2010
Thanks: 2 given, 5 received

Who is a good Forex Brokerage ?

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  #18 (permalink)
Elite Member
Wodonga Australia
 
Futures Experience: Intermediate
Platform: NT, MT4
Broker/Data: tba
Favorite Futures: tba
 
Linds's Avatar
 
Posts: 290 since Jul 2010
Thanks: 348 given, 277 received


Hard 8 View Post
Well, I admitted I never tried to trade forex so don't fault me for that. I don't need a weatherman to tell me which way the wind blows.

For undercapitalized retail speculators, forex may have a natural appeal since the ante is small. There are also $.05 slots in Vegas that have more money at the end of each day than they pay out.

Good luck and I hope you succeed where most fail (unless you're a bank or broker).


I see a lot of this perspective on this forum - a negative view of forex trading generally based on the 'no central exchange', 'its unregulated' idea. I dont think its warranted - there are lots of advantages of trading forex whether you area beginner or not. With any trading you have to know the characteristics of the platfroms and markets you trade. I use the much derided MT4.

fantastic position size flexibility
great choice of instruments ( 20+)
Free platforms that work
Free demo accounts
No commission( MT4) ( but you do pay the spread so beware)

There are also some things you need to be aware of:

spreads vary on different pairs ( from 0.5 ticks to 10+ ticks) and at different times of the day
volume is based only on the brokers feed - so not truly representative. Despite this it may be representative enough on the established feeds to be factored into trading decsions ( see Forex Factory VSA thread)
only the highest liquidity pairs have 'good' spreads say under 2 ticks ( Euro, pound, EuroYen, AussieDollar are a few)
spreads can vary wildly around news release and if you are in a trade then near big news dont expect to get in and out and be happy with your price
execution speeds on MT4 platforms can be slow ( like some seconds)
you should stick with reputable brokers that have been around a while
dont put all your money with any one broker
scalping methods need to stick with the very highest liquidity pairs in the highest liquidity times of day or the slippage will kill you. On this basis, I would argue that higher time frames ( M15 and above) are better.

And in general - if you cant get a method going (in sim) where you can show a profit factor of at least 1.5 over 50 or 100 consequtive trades - then you are not ready to go live yet.

Lindsay

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  #19 (permalink)
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Zchartist View Post
Who is a good Forex Brokerage ?

Dukascopy is one of the best in the business, with the lowest comissions, and you can use a 3rd party bridge to connect to Ninjatrader. It also is outside the USA (Swiss) so they don't have the regulator restrictions that USA has.

PFGbest is not bad for all around but is not the 'best'. Both are ECN so they don't trade against your trades but put your orders right on the market.

IB is also good for forex but not for small sized orders.

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  #20 (permalink)
Just starting out...
Toronto,Onaario,Canada
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES, GBP/USD
 
Posts: 1 since Nov 2010
Thanks: 0 given, 1 received


Since this is my first post here, I would like to say hello to everyone on this great forum.
I trade spot currencies exclusively for over two years, having traded stock options, ES and stocks in the past.
This is the way I see it, there are advantages and disadvantages to trading any instrument, the basics to trade any of them profitably are the same, however each instrument has its own little habits.
About a year ago when I got a little bored sitting at home all day, I decided to go and trade with one of the prop firms in my area, so I could actually talk and interact with real people. During the interview I was told that they traded stocks and ETF's exclusively and never held any positions overnight. I said no problem and asked them, given my forex experience, how easy it will be for me to adjust? They said that it should not be a problem and added that they considered currencies "risky and unpredictable" and trading stocks much "safer" I said great. They put you through a training program which I thought was pretty basic but valuable information, set you up with a 100K account and off you go. My first stock that I traded was RIMM (the darling of all day traders), wow, a gap at the open almost every day, what the heck?, the thing is already on top of a trading range on the first trade, so what do I do now? my pound never does that unless there is some major news and then it usually continues moving in that direction most of the time, well, I bought and the result was almost always the same, got stopped out. So after a few days trading I decided, I will start fading the gaps, that didn't work out too good either since my stops were too close.
After some time, I adjusted somewhat and started to trade a little better, however it never felt natural to me for some reason.
To make a long story short and despite the management wanting me to stay, I went back home to trade forex after two months there.
In retrospect, I feel, that experience helped with my currency trading, since now I am mostly a counter trend trader
(works much better in currencies). prior to that, I would always be looking to buy a dip within a trend.
I chuckle every time somebody says trading currencies is a lot more risky and unpredictable since to me its a lot more orderly and fluid, there is not as much price manipulation as in other instruments, lets face it, there is nothing more liquid that forex, not even the bond market and most importantly there are not a lot of gaps lol.
For volume studies I use mostly tick data however in the past, I used currency futures data as well. Tick data works well enough for me.
As far as brokers are concerned there is a lot of good reputable brokers out there such as some of the ones mentioned in the previous posts. I would add Interactive brokers to that collection.

Best Regards

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