Anyone here trade Forex?

[van_driver]

start at 11 p.m...other times are good too but the price movements are way to slow for me

what about you?

[ws6ta]

I meant do you use 5 min charts/ 15 min charts/ 1 hour charts/ etc....

but as far as trades go I mostly start around 11 pm as well.

[van_driver]

oh sorry, yeah I usually use 15 min charts sometimes 5 min when I'm looking for less then 20 pips profit

[ws6ta]

how many lots?

[van_driver]

2-3 of 10k units on oanda

how much leverage are you doing? I'm thinking of moving up to 1:100 now

[ws6ta]

^i don't think oanda has 1:100 i have 1:50

[ws6ta]

thought i'd update this thread with three huge things I learned...

1) money management is HUGE

2) stop losses are a must

3) scalping is VERY DIFFICULT (I have switched over to using 4 hour/daily/weekly time frames)

Down 8000 for now. Hopefully will break it even one of these days LOL. EU seems to be the best pair to trade for beginners like myself. It seems to trend more then others and isn't as volatile as some other pairs.

I like using very basic indicators 50% level on fibs, trendlines, and most importantly try to go with the trend! Hardest part is when the market starts to range quite a bit. A few ppl have contacted me through PM over the past few months that I posted this thread. Forex is a VERY difficult business. The leverage will kill you (thats why I say money management is a must), but if your good at it or are willing to take the time and effort to get good at it the rewards are there. I haven't been paying as much attention to the market as I should. When news comes out the 100-150 pip move up just to come to the original spot within an hour is just horrible. It'll take out all the stops and have you wondering what the hell just happened. I missed a few excellent trades for EU in the last few days because I went to sleep and lost some motivation but after a small break I'm ready to go at it again.

this isn't about me getting rich off of trading. I have always had an interest in various markets (futures and forex mostly) but I never really planned on doing this full time until I heard that 95% of the people out there that try to trade forex FAIL. I always love a challenge so here I am

Edit: for those that want to know about using Oanda as my broker...the spreads are low, executions are fast, can be accessed from any computer and blackberry/iphone compatible, slippage isn't too bad. overall for canadians its easily the best broker to go with.

[goo3]

ouch lol..

before diving in, you COULD work on your system with fake money first. Get your batting avg to be respectable and your execution to be consistent before using real dough.

Metrics:
# of winning trades/# of losing trades
$ Gain/Loss per trade

Any new ideas, try them out and refine them in the game first.

Just my 2c.

[ws6ta]

Originally Posted by goo3

ouch lol..

before diving in, you COULD work on your system with fake money first. Get your batting avg to be respectable and your execution to be consistent before using real dough.

Metrics:
# of winning trades/# of losing trades
$ Gain/Loss per trade

Any new ideas, try them out and refine them in the game first.

Just my 2c.

i demo traded for 3 months. i turned a 100k demo account into almost 180k. the switch from demo to real money is a bitch!! plus when i was demoing the EU was trending and making everyone money now everyone is getting their ass handed to them because its stuck in a range.

[ws6ta]

fuck this shit is hard LOL

be careful boys and consider everything you invest lost when u begin otherwise you will cry!

[Carl Johnson]

what currency pairs you trade the most ws6ta?

[ws6ta]

eur/usd
gbp/usd
usd/cad
aud/usd
usd/jpy
gbp/jpy

[Ulic Qel-Droma]

Originally Posted by ws6ta

thought i'd update this thread with three huge things I learned...

1) money management is HUGE

2) stop losses are a must

3) scalping is VERY DIFFICULT (I have switched over to using 4 hour/daily/weekly time frames)

Down 8000 for now. Hopefully will break it even one of these days LOL. EU seems to be the best pair to trade for beginners like myself. It seems to trend more then others and isn't as volatile as some other pairs.

I like using very basic indicators 50% level on fibs, trendlines, and most importantly try to go with the trend! Hardest part is when the market starts to range quite a bit. A few ppl have contacted me through PM over the past few months that I posted this thread. Forex is a VERY difficult business. The leverage will kill you (thats why I say money management is a must), but if your good at it or are willing to take the time and effort to get good at it the rewards are there. I haven't been paying as much attention to the market as I should. When news comes out the 100-150 pip move up just to come to the original spot within an hour is just horrible. It'll take out all the stops and have you wondering what the hell just happened. I missed a few excellent trades for EU in the last few days because I went to sleep and lost some motivation but after a small break I'm ready to go at it again.

this isn't about me getting rich off of trading. I have always had an interest in various markets (futures and forex mostly) but I never really planned on doing this full time until I heard that 95% of the people out there that try to trade forex FAIL. I always love a challenge so here I am

Edit: for those that want to know about using Oanda as my broker...the spreads are low, executions are fast, can be accessed from any computer and blackberry/iphone compatible, slippage isn't too bad. overall for canadians its easily the best broker to go with.

http://www.revscene.net/forums/stock...highlight=meet

this woulda been for you man! you need to paper trade and get a good system going before u dip any more money in this man.

[ws6ta]

Originally Posted by Ulic Qel-Droma

http://www.revscene.net/forums/stock...highlight=meet

this woulda been for you man! you need to paper trade and get a good system going before u dip any more money in this man.

lol i know but unless I use real money i never take his shit seriously. its too easy to make money on demo when 10-15k swings mean nothing.

[van_driver]

Originally Posted by Carl Johnson

what currency pairs you trade the most ws6ta?

if u ask me, i would only trade 1 currency pair, maximum 2 currency pairs and thats it. Take that one currency pair and literally fuck it till you love it. I tried trading several pairs together but you just lose the flow of it and personally it was way too hard for me to fully understand more then 1 currency pair at a time. Not to mention you lose a shitload of money.

Right now im trading nothing but EUR/USD and as a practice i go back a couple months on the graphs and look at each candlestick and try to predict what will happen in the next candlestick and check what actually did happen, trust me if you do that for enough candlesticks you learn and see the pattern.

Also do A LOT of research. No matter how much research you think you've done, it's never gonna be enough. Keep researching and keep practicing and testing your trading system. With enough hard work and dedication you'll eventually land on something.

Good luck and remember, just like any other profession, its FUCKING HARD to make money trading FOREX.

[!SCEPTER300R]

im using FXCM , and globeFX ... mostly Eur/usd and aud/usd

[van_driver]

anyone out there doing this? I miss forex

[ws6ta]

becoming a professional trader is one of the hardest professions out there make no mistake about it. PRACTICE/DEMO TRADE for about 6 months before you put real money on the line. this shit will make you cry FAST if you do not know what you are doing. I'm thinking about the audemars piguet I could have gotten LOL. anyways its tough to not just give up on this. I've been at it for almost 8-9 months now. I'm not giving up yet though. I will try for another 3-4 months to see if I can get a better grasp on things.

vandriver check ur pm

[kaitamasaki]

I use fxpro, on 200 leverage right now. Just trading 0.1 lots ($10,000).
I see making money in forex as easier than equities at times, since there are more "strategy guides" lying around... hehehe. But in the end its still up to your emotions and discipline.

[TouringTeg]

ws6 interesting info. It is a lot like gambing where you shouldn't put up anything you can't afford to lose.

Which site did you use to do the demo at? I'd like to get into it. I follow currencies like a hawk on xe.com want to learn how to trade on Forex.

Thanks

[van_driver]

been a while since anyone posted in this thread. any updates? new techniques? anything?

I got screwed over on friday because I completely forgot it was the first
friday of the month and non-farm payroll data comes out on the first
friday of each month!

[waddy41]

Can someone please explain how non-farm payroll affects forex?

TIA

[van_driver]

Basically its the day the monthly report of employment in the U.S comes out.
(first friday of the month)
From the data it tells you if unemployment increased or decreased.
Usually its a good idea not trade when its coming out because of the high volatility
of the prices. It comes down to if you like trading in a volatile market or not. Personally,
I try not to and usually turn off my computer thursday then turn it back on sunday night but it comes down to what kind of trader you are.

I'd say it's one of the best non-chart indicators out there and its basically the only
news I wait for because I think everything else you can tell from the charts because
technical analysis (charts) reflect fundamental analysis (news reports).

For more information on it you can read up on it here:

http://www.investopedia.com/articles...t.asp?viewed=1

Cheers

[van_driver]

no one digging forex anymore? LOL

[waddy41]

not the way you do...
I just buy and hold.....low risk low return....