posted
I Trade with Oanda.com! I like being able to preset the way I buy. That goes for any pair i choose to trade. Oanda has a tool that lets you preset your amount of pips, buy orders, sell orders and stop loose orders long b4 you place the trade. My presets are to buy 55555 units and always sell if I loose $30 and To take profits if I make $100.... so now I dont have to set this up everytime I buy/sell. I decide where I want In and "Click" and I am In and set. It is quick so if you are In the wrong way..... You are out quickly. Speed IN/OUT is a major key to making it in the FOREX.... It took me a while to figure this all out but ONANDA works great... May want to check it out.. My presets are sort of like a MACRO
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posted
yeah thats what is great about FOREX.. its the largest "market" in the world that you do not have a problem getting filled...faster then the stock market... and you can short as well as go long with no uptick rules like in stocks... and you can put a stop/loss at the same second you put a buy order so it does it simultaneously... tell me a stock broker that does that... and why dont stock brokerages come out with "demo" accounts? ...
-------------------- Let the world change you... And you can change the world.
quote:Originally posted by Hitman: I Trade with Oanda.com! I like being able to preset the way I buy. That goes for any pair i choose to trade. Oanda has a tool that lets you preset your amount of pips, buy orders, sell orders and stop loose orders long b4 you place the trade. My presets are to buy 55555 units and always sell if I loose $30 and To take profits if I make $100.... so now I dont have to set this up everytime I buy/sell. I decide where I want In and "Click" and I am In and set. It is quick so if you are In the wrong way..... You are out quickly. Speed IN/OUT is a major key to making it in the FOREX.... It took me a while to figure this all out but ONANDA works great... May want to check it out.. My presets are sort of like a MACRO
Alright I went with ONANDA, I'm checking out the charts and indicators, -really different No weekly settings, longest is day... I like a weekly chart to determine the major trend, and daily chart for exact BUYS and SELLS. So that will be something I'll have to wrestle with...
Q. I see a buy and sell ticket, but how/where is the "selling short" one?...
I'm totally new to FOREX but trade stacks rather well (see Options thread) I'd love to do in FOREX what I'm doing in Options and stocks, that is, figure out how the best way to milk this puppy
Any words of wisdom on a detailed trading system I can "tweak" around with?
Some of you really seem to have a handle on this, and the more sharp minds look over it the better it should become by reason of logic
FWIW I have my detailed system on the options thread, I left nothing out of it, would like to flop that system over to here but without Weekly charts I'm stuck in the mud right now...
posted
I have traded several practice accounts so far, i like fxdd the best. Some of these brokers are out of country and that might sway some people in who they chose as a broker, especially when they set up their real account.
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quote:Originally posted by Hitman: I Trade with Oanda.com! I like being able to preset the way I buy. That goes for any pair i choose to trade. Oanda has a tool that lets you preset your amount of pips, buy orders, sell orders and stop loose orders long b4 you place the trade. My presets are to buy 55555 units and always sell if I loose $30 and To take profits if I make $100.... so now I dont have to set this up everytime I buy/sell. I decide where I want In and "Click" and I am In and set. It is quick so if you are In the wrong way..... You are out quickly. Speed IN/OUT is a major key to making it in the FOREX.... It took me a while to figure this all out but ONANDA works great... May want to check it out.. My presets are sort of like a MACRO
That sounds like something for me - preset stuff so I can't screw myself up totally. Were the instructions for doing that pretty self-explanatory, or did someone else walk you through that?
-------------------- Study before you buy, Sell before you think about it....
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quote:Originally posted by Hitman: I Trade with Oanda.com! I like being able to preset the way I buy. That goes for any pair i choose to trade. Oanda has a tool that lets you preset your amount of pips, buy orders, sell orders and stop loose orders long b4 you place the trade. My presets are to buy 55555 units and always sell if I loose $30 and To take profits if I make $100.... so now I dont have to set this up everytime I buy/sell. I decide where I want In and "Click" and I am In and set. It is quick so if you are In the wrong way..... You are out quickly. Speed IN/OUT is a major key to making it in the FOREX.... It took me a while to figure this all out but ONANDA works great... May want to check it out.. My presets are sort of like a MACRO
That sounds like something for me - preset stuff so I can't screw myself up totally. Were the instructions for doing that pretty self-explanatory, or did someone else walk you through that?
Some are self explanatory and some you need someone to walk you through... it takes time getting used to it because you are so used to stocks and their platforms... but like i suggested try different Forex demo accounts from different brokers and use the one you think is easiest for you... and learn the basics of Forex at babypips.com .. they also have a forum where you can ask others questions though take what you hear from a forum with a grain of salt.. self educate yourself...
-------------------- Let the world change you... And you can change the world.
quote:Originally posted by Hitman: I Trade with Oanda.com! I like being able to preset the way I buy. That goes for any pair i choose to trade. Oanda has a tool that lets you preset your amount of pips, buy orders, sell orders and stop loose orders long b4 you place the trade. My presets are to buy 55555 units and always sell if I loose $30 and To take profits if I make $100.... so now I dont have to set this up everytime I buy/sell. I decide where I want In and "Click" and I am In and set. It is quick so if you are In the wrong way..... You are out quickly. Speed IN/OUT is a major key to making it in the FOREX.... It took me a while to figure this all out but ONANDA works great... May want to check it out.. My presets are sort of like a MACRO
That sounds like something for me - preset stuff so I can't screw myself up totally. Were the instructions for doing that pretty self-explanatory, or did someone else walk you through that?
Some are self explanatory and some you need someone to walk you through... it takes time getting used to it because you are so used to stocks and their platforms... but like i suggested try different Forex demo accounts from different brokers and use the one you think is easiest for you... and learn the basics of Forex at babypips.com .. they also have a forum where you can ask others questions though take what you hear from a forum with a grain of salt.. self educate yourself...
Totally agreed. I just liked the idea of figuring out my thresholds, setting it up, watching and clicking
Thanks for all of this great info everyone!
-------------------- Study before you buy, Sell before you think about it....
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1. Depth of liquidity means that this pair experiences prolonged, inconclusive tests of technical levels 2. Breakout traders need to allow for a great margin of error: 20-30 pips 3. If USD/CHF and GBP/USD have broken equivalent technical levels, EUR/USD is likely to do the same after a lag 4. Momentum indicators are well-suited 5. Reliance of short-term indicators (30-minute) exposes traders to an increased likelihood of whipsaw movement 6. MACD is well-suited because it utilizes EMA resulting in fewer false crossovers 7. When large movements under way, DMI is useful for confirming whether a trend is in place. If so, momentum indicators should be discounted and reliance might be placed on DI+/DI- crossovers
USD/JPY
1. Most politically sensitive pair 2. Heavy influence exerted by Japanese institutional investors and asset managers 3. Cluster of orders at similar price or technical levels 4. Similar clusters of stop loss orders 5. Frequent encounter with support or resistance at numerically round levels 6. Trendline analysis most fitting 7. Ideal for breakout traders who employ stop-loss entry orders on breaks of trendline support or resistance 8. Short-term trendlines can be effective 9. Heavy reliance on candlestick charts 10. Daily close candlesticks are highly reliable leading indicators 11. Trend over the medium-term 12. Look to trend following tools such as MA(21, 55 are heavily used), DMI, Parabolic SAR 13. Momentum indicators such as RSI, MACD, or stochastics should generally be avoided, especially intraday due to trending and institutional nature driving this pair (INTERESTING??) 14. Ichimoku analysis <====== YOOHOO glance ... here kitty ... here kitty!!
GBP/USD
1. Reaction to US and UK fundamental data 2. Price action has a one-way tendency during larger moves 3. More proactive risk management 4. Watch short-term false breaks of chart levels 5. Focus on charts > 240-minutes 6. For those positioned with a move, trailing stops with Parabolic SAR are well suited 7. Longer-period oscillators can be used to highlight potential reversals or divergent price action 8. Momentum signals should be confirmed by break of trendlines, Fibonacci retracements, or parabolic levels 9. Frequently exceed 61.8 retrace, only to stall at 76.4 level. 10. Williams %R is well suited with overbought/oversold bands adjusted to -10/-90
USD/CHF
1. Trades mostly based on overall U.S. dollar sentiment 2. Leading indicator for major U.S. dollar movements 3. False break of technical levels common 4. Not unusual for price to trade 15-25 points through support/resistance before reversing 5. More proactive risk management 6. Watch short-term false breaks of chart levels 7. Focus on charts > 240-minutes 8. For those positioned with a move, trailing stops with Parabolic SAR are well suited 9. Longer-period oscillators can be used to highlight potential reversals or divergent price action 10. Momentum signals should be confirmed by break of trendlines, Fibonacci retracements, or parabolic levels 11. Frequently exceed 61.8 retrace, only to stall at 76.4 level. 12. Williams %R is well suited with overbought/oversold bands adjusted to -10/-90
posted
as long as its for free its ok.. if u have to pay for a charting program.. don't bother because most if not all Forex brokers offer it for free with all demo accounts with all the bells and whistles that go with them and then some...
-------------------- Let the world change you... And you can change the world.
posted
I Just set up a DEMO Forex trading account through CHNW (Cash Now) It is the standard PLATFORM that most other trading sights use.... I couldnt find out how to do the PRESETS as a MACRO that I was able to set up through OANDA.COM
However CHNW does have some good features, but Unless I can do Presets... I will use OANDA... I am not sure that everyone using OANDA even know that the PRESET BUY/SELL is available.... That feature was hard to locate on the website. But It works great
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(1) No commission... true/false answer: there is no commission.... However through the PIPS you do pay a cost to buy into a PAIR. (Think of a Pair simply as a TICKER SYMBOL}. You put in an order to buy "USD/URO" or whatever. USD/URO is (in simple form) a ticker symbol..... When you buy or sell basically you own it..... THE PAIR!
(2) Depending upon the PIP/Spread - When you buy/sell.................. the FIRST think that happens is: $15 to $50 is taken out of your account..... That money goes to the Company you are trading through.......... And you dont get that money back nor do you pay it again to CLOSE or EXIT your possition... The fees are paid when you Enter with the BUY or SELL order ... It is actually a Charge/Commission paid buy you to buy or sell the ticker symbol "USD/URO"...
(3) To buy certain PAIRS, the PIP can cost up to $100+ So unless you have lots of money don't trade PAIRS that have a higher than 2, 2.5, or 3 spreads..... The HIGHER the PIP = the more it will cost you to enter a position.
(4) The word PLATFORM is simply the way the PAGE looks like that you see when you pull up the website you will be trading through... It will include certain "Goodies" you use to Trade with... Different companies have different PLATFORMS and each may or maynot be different from each other.
(5) The PLATFORM you will see when you go online and enter a Trading website.... will Look really confusing.... It takes lots of time to get the PLATFORM you will be trading on.. Simplified! You must work with the PLATFORM untill you get it to where it makes since to YOU!
(6) When the Currency market is open (24/7 except weekends) You can buy and sell anytime you choose... The Forex or Foreign Exchange Market is always moving with up and down swings..... You can get in and out in seconds because there are lots and lots of traders at anytime the market is open.
(7) You look at the ups/downs and guess which way the market will head next.... If you thing the trend is UP.... You BUY the PAIR (You are not concerned with how the PAIR is trading with respect to each other- that is fixed by the market} You are only concerened with ... Will the PAIR PRICE go UP or Down.................
If you think the PAIR is going down you SELL and if the trend (After you enter) was correct the Pair goes lower -and the lower it goes... the more you make when you CLOSE/EXIT your position.. If you think the PAIR will go higher... then you enter the position with a BUY ect.
Here is how I trade..... I Enter a position on a PAIR. If I start to make money .... I wait a while then take the profit by CLOSING or EXITING my position....
If I start to loose money because I didn't pick the Trend correctly..... I get out of that position as fast as possible, because when I enter a position/pair..... My account will be $15 to to $50 short to begin with so the loss can really build up and you can loose a lot or money.....
*Rember when you enter a PAIR position whether you BUY or SELL the PAIR your out of the pocket expence it $15 - $50 UPFRONT....
So actually there is a COST to trade the FOREX eventhough is is not called a commission.
I tried to make what I said as simple as I could.... Hope I helpes a little.
I drive for JB Hunt over the road so sometimes I cant get a connection with my Laptop and It may be a while b4 I post here.
The goal is to pick your entry point right more that wrong.... which Takes lots of paper trading with a DEMO account.
THE FOREX MARKET TRADING IS LOTS SAFER THAN THE FUTURES MARKET. In the FUTURES market you can loose lots more money than you invest .... It can be a bottonless pit.. BUT in the FOREX MARKET you can NOT loose more than your original investment.... You still have to be carefull because you can get a maigin call and it is possible to loose the money you invested.... But never will you be asked to put more money in to cover any losses.
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New2Stocks.... there is no reason to go to the free chart sights you were asking about... Just set up a DEMO account with one of the FOREX websites and all the charts are on the DEMO Account. There you will see charts for PAIRS with lots of trading tools included.
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DON'T EVEN THINK ABOUT PUTTING REAL MONEY INTO A FOREX ACCOUNT AND ACTUALLY TRADING ..... Wait untill YOU can make money with a DEMO account... And you can make money consistantly.....
If you do real money trades first- you will loose ALL of your money...... REALLY FAST>..... REALLY FAST.....REALLY FAST and I do mean FAST
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quote:Originally posted by IMAKEMONEY: BIG FAST MONEY!!!
IMAKE? Do you trade on the Forex too, or just demo accounts so far? I have heard you can loose your tail (even before Hitman posted that) so I just wondered what your secret is?
-------------------- Study before you buy, Sell before you think about it....
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quote:Originally posted by IMAKEMONEY: BIG FAST MONEY!!!
IMAKE? Do you trade on the Forex too, or just demo accounts so far? I have heard you can loose your tail (even before Hitman posted that) so I just wondered what your secret is?
I said it once and I'll say it again. Go on the babypips site and learn the basics of it all as well as trade with a "Demo" account. Read the whole Babypips school program and don't skip anything even if you think you know something already. Even though Forex is similar to the stock market it is a whole different ball game because it never stops except on weekends and only temporarily since it begins again on Sunday night. So holding overnight positions in FOREX is not always advisable and if you do always always put stop/losses. There is no excuse for not putting in stop/losses. Below is the link for the Babypips School:
My name is Justin LeBlang; I work for EFX Group a Non-Dealing Desk Forex Broker. I see lots of great comments & questions about the Forex markets and Forex brokers here in the forum and I wanted to offer my experience and industry knowledge to the group.
So if anyone has anyone questions they would like to ask, please do not hesitate and I would be more then glad to respond.
quote:Originally posted by EFX_Justin LeBlang: Hello Everyone ~
My name is Justin LeBlang; I work for EFX Group a Non-Dealing Desk Forex Broker. I see lots of great comments & questions about the Forex markets and Forex brokers here in the forum and I wanted to offer my experience and industry knowledge to the group.
So if anyone has anyone questions they would like to ask, please do not hesitate and I would be more then glad to respond.
Best Regards,
OK, great...first, what's a "non-dealing desk" broker?
tia...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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It is possible to be up 30K on a demo account... But be carefull if you are using $100000 demo account 0r $50000 demo..... My thought is --- withdraw $98000 on your demo and work $2000+- and you may get a better real picture.... It Takes lots more skill to make profit with LESS money... Most people will not have $50000+ in a real account
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A non-dealing desk (NDD) broker is a firm that offers direct access (STP ECN) trading through multiple bank feeds with 100% transparency. A NDD broker will NOT have fixed spreads, will charge a commission, offer spreads down to 1/10th of pip (depending on their liquidity), will not reqoute orders during execution and if they have a true ECN, clients will be able to match orders off directly with each other.
quote:Issues in our demo environment are not a reflection of our live platform.
...from your site's "Demo Account" ad...
Does that mean that if I open a demo account, I'm trading with/against other demo traders? To be useful to me, I'd have to see how I'm doing against the "real market." make sense?
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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SORRY HITMAN, BUT I COULD PUT THE 50K IN,BUT FOR NOW IM, STILL JUST LEARNING IT.Hitman Member
Member Rated: posted April 11, 2007 02:20 PM -------------------------------------------------------------------------------- It is possible to be up 30K on a demo account... But be carefull if you are using $100000 demo account 0r $50000 demo..... My thought is --- withdraw $98000 on your demo and work $2000+- and you may get a better real picture.... It Takes lots more skill to make profit with LESS money... Most people will not have $50000+ in a real account -------------------------------------------------------------------------------- Posts: 659 | From: Georgia | Registered: Apr 2006 | IP: Logged |
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT!
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We stat the disclaimer about Live vs. Demo mainly because we use our demo environment for testing of new order types, back end software adjustment and new rev test. This does cause the demo to become unstable, therefore not always a true reflection of how the live platform performs. As far as execution and quoting, everything should be the same, unless the demo is not working properly at certain moments.
Now I suggest to all traders Forex, stocks, futures etc, open up a live account with a broker to really test their systems. I've heard lots of stories of brokers showing one thing on demo, but offering something else completely on the live. With EFX you can open an account for as low as $400 to test the system.
quote:Does that mean that if I open a demo account, I'm trading with/against other demo traders? To be useful to me, I'd have to see how I'm doing against the "real market." make sense?
How could demo orders interact with a live marketplace? You can get real bank quotes, but obviously a real order can't hit a fake demo order. I use EFX, and it is the best platform out there by far. The disclaimer about the Demo thing is just to let you know that they do all of their platform upgrades in testing first in demo, so if there is a demo issue, it might not relate to the real platform.
By the way, for those that are news traders, check out www.fxticker.com for news and Calendar. Pretty cool new site.
FH
-------------------- ForexHarvester Harvest Your Gains
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quote:Originally posted by EFX_Justin LeBlang: Tex ~
We stat the disclaimer about Live vs. Demo mainly because we use our demo environment for testing of new order types, back end software adjustment and new rev test. This does cause the demo to become unstable, therefore not always a true reflection of how the live platform performs. As far as execution and quoting, everything should be the same, unless the demo is not working properly at certain moments.
Now I suggest to all traders Forex, stocks, futures etc, open up a live account with a broker to really test their systems. I've heard lots of stories of brokers showing one thing on demo, but offering something else completely on the live. With EFX you can open an account for as low as $400 to test the system.
Am replying to yours and the following post...
Obviously, no one wants demo data mixed in with live data...the point I'm trying to make is I want my demo results to be judged by actual market conditions, not whether I did better or worse against other demo traders...
make sense, yet?
In other words, I wanna see how my plays stack up against what really happened.
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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quote:Originally posted by EFX_Justin LeBlang: Tex ~
We stat the disclaimer about Live vs. Demo mainly because we use our demo environment for testing of new order types, back end software adjustment and new rev test. This does cause the demo to become unstable, therefore not always a true reflection of how the live platform performs. As far as execution and quoting, everything should be the same, unless the demo is not working properly at certain moments.
Now I suggest to all traders Forex, stocks, futures etc, open up a live account with a broker to really test their systems. I've heard lots of stories of brokers showing one thing on demo, but offering something else completely on the live. With EFX you can open an account for as low as $400 to test the system.
Am replying to yours and the following post...
Obviously, no one wants demo data mixed in with live data...the point I'm trying to make is I want my demo results to be judged by actual market conditions, not whether I did better or worse against other demo traders...
make sense, yet?
In other words, I wanna see how my plays stack up against what really happened.
+1 ... Exactly. I don't care about how others do but whether I am doing good or not.
-------------------- Let the world change you... And you can change the world.
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My presets are sort of like a MACRO
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