The Active Forex Traders Discussion

[^eagle^]

Its been pretty consistent. Just set and forget. I have it set conservatively too so I risk no more than 10%. I would like to hear more about udines london open and if he could post the indies here I may get back into it as I have carved out a little more time.

 

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[Aldo Urem]

How does Forex work?

Forex is like gambling

 

[Udine]

So I went to a Forex Webinar today at the Rich Dad website. Made me excited about getting in to it. They now want $79 for a 6 hour training class and for a practice account. I am planning to take that class and dive right in. But I am curious, CarrieW you have been at this for years, would you recommend it to others? How much time are you spending vs. how much money are you making? I don't want to be tied to my computer all day to make 1%, but is that what it takes? Thanks for the advice everyone. I have enjoyed reading all the posts here from Udine, Carriew and Garyfritz.

Jas0441,

welcome to the world of forex. Before paying for any class, I advise you to go to Forex Training Online: Learn Foreign Exchange (FX) Currency Trading (babypips.com) and go through the "school of pisology", it will help you tremendously with getting grips with the basics. If you decide then to go to a class, at least you have a big advantage. Besides you have nothing to loose, as the school is FREE.

If you have any questions, just ask.

Udine

 

[Udine]

Its been pretty consistent. Just set and forget. I have it set conservatively too so I risk no more than 10%. I would like to hear more about udines london open and if he could post the indies here I may get back into it as I have carved out a little more time.

Hi Eagle,

I will prepare a zipfile with the indies, template and some charts and see if I can attach it all here.

Udine

 

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[Udine]

Aldo Urem,

please tell me more.

Udine

 

[Udine]

weekly update

the 15M tf has been very good for me again.

friday brought me: + 24 pips, which is + 6 % to the account, which makes the weekly total +14.75 %
:banana:

Calendar week 2: +16.50 %
Calendar week 3: +30.50 %
Calendar week 4: +14.75 %

I hope I can keep this up and soon I will be decreasing my risk factor and leverage.

Have a great weekend all and next week green pips

Udine

 

[CarrieW]

I have never taken a class on forex. (self taught on the net)

I like rich dad for his first book. (my liking him stops here lol)

if the seminar is anything like any of the other ones of his I have seen and heard of I would skip it. its most likely an upsell event to some kind of software they have to trade for you or give you indicators.

that being said it is only $79 bucks so it may be worth it(just to see whats what). but I doubt it. I guarantee you will learn more from babypips then you will from that seminar.

I also suggest Rapid Forex | Online Forex Trading Tips for Currency Traders for some trading tips and advice. as for purchasing anything. I dont usually promote anything over anything else. the only things I would be comfortable reccommending are already posted in this thread and the great forex info thread also on this forum.

My trading style is different then most others I have found. I am a day trader. I am not a set it and forget the ea kind of trader. everything I do is manual. there are many many other trading styles that only take minutes a day to utilize. if you have an interest or passion for trading then I say its all worth it.

once you decide to move forward you really have to find what your personal preferences are before you can decide what kind of trader you want to be.

best of luck and if you have any specific questions I would be glad to give you any info or advice I may have.

 

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[jas0441]

Thank you CarrieW and Udine for the valuable information. CarrieW, that is exactly what ethe $79 course does, tries to sell you the $99/month software. I will take you advice and spend the 6 hours learning on my own at the sites that you have both suggested. I am sure I will have other questions before actually starting. I read that you should spend month maybe even a year, practicing with funny money first before starting. Is this true? Thanks again for the great advice..

 

[Udine]

Hi Jas,

The time you need to demo trade (funny money) all depends if you find a system/method to trade that fits your personality. You need to learn the trading platform inside out, and then you need to get 110 % confidence in yourself and your system, otherwise the mental part (which is the hardest to get under control) will play tricks on you.

Before I went live, I doubled my demo account twice, which gave me the confidence in myself and my system. But before I have been trying dozens of systems but never seemed to work for me, although they did for others.

Take your time, dont put pressure on yourself, as the markets will be there also next week, month, year.

Green pips

Udine

 

[Udine]

Indicators, scripts, EA and charts

As I mentioned in a reply to Eagle, that I would post here the indicators, scripts, EA, template and some charts. Unfortunately the zipfile is too large (4Mb) to get posted here.

Anybody interested please send me a PM and I will arrange you will get the files.

Here is one of the charts.

Udine

 

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[Udine]

Re- try: expert and script files

Here part I

Expert file and Script file

Udine

 

[Udine]

Part II

The indicators, although one is missing but I wil send it seperately, due to the limited size of the attachments.

Udine

 

[Udine]

Part III

Here the last missing indicator and the template.

You have to adjust the sound in the EA file or have to add the sound file I have attached.

Now you have averything.

If you have any questions, just ask !!

Green pips

Udine

 

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[^eagle^]

Thanks Udine. Will take some time this evening and set up. Then I have to get up around 2am to try it out. Will work on that one. LOL. As My EAs have been chugging along currently above 50% and climbing.

As for a newbie. Definatley start at babypips.com/school Then after that forget everything you learned there about trading and go here.
Some of My Favorite Sam Seiden/FXStreet.com Vids - InformedTrades

Sam seiden is an expert who understands the market like no one else. Ill combine his teaching with uDines and see what happens. Not enough Hours iun the day to get in all in. My job keeps getting in the way of me making money.

 

[jas0441]

I still have a basic question. If you remember I am trying to decide to pay $79 for a 6-hour forex training class, I know that in this class they will try to upsell me to their software, Redfish. I still have a question about trading software, I could not find the answer in the School of Pipsology , is software something I will eventually want to buy and is this what you mean Udine by finding a my 'trading syle' because this will determine what software I buy? Is trading software optional, I guess is what I am asking.

 

[^eagle^]

I still have a basic question. If you remember I am trying to decide to pay $79 for a 6-hour forex training class, I know that in this class they will try to upsell me to their software, Redfish. I still have a question about trading software, I could not find the answer in the School of Pipsology , is software something I will eventually want to buy and is this what you mean Udine by finding a my 'trading syle' because this will determine what software I buy? Is trading software optional, I guess is what I am asking.

I would take the $79 and save it while learning to trade. Those paid for courses are nice but if you are willing to dig deep youcan find what they are selling you for free. The software most forex traders use is mertatrader which is free with any broker. then there are all sorts of indies and scripts you can use if you dig deep enough. I have run the gambit looking for the magic bullet and Sam Seiden is the closest thing I can find to it. I literally spent years on worthless EAs and indicators looking for the magic success to riches. the truth is it takes a real discpline and some basic knowledge of WHY the market goes up and down. (Which Sam explains very well in simple English) Once you get that the rest is just gravy.

Dont listen to anyone that isn't making money in this market. there are a lot of so called experts but couldnt trade their way out of a paper bag.

 

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[^eagle^]

Here the last missing indicator and the template.

You have to adjust the sound in the EA file or have to add the sound file I have attached.

Now you have averything.

If you have any questions, just ask !!

Green pips

Udine

OK Udine. All set up. Now wait for price to enter the "trading box". Then wait for directional arrow (get ready) Check FIFO indies and then listen for "cork pop"? Fire the script and then hang on? Have I got it? Of course being mind ful of supply and demand zones and news.

 

[Udine]

OK Udine. All set up. Now wait for price to enter the "trading box". Then wait for directional arrow (get ready) Check FIFO indies and then listen for "cork pop"? Fire the script and then hang on? Have I got it? Of course being mind ful of supply and demand zones and news.

Hi Eagle,

when in the trading box (Frankfurt open - London close) you get an arrow, you enter on the break out of the high in case of a long trade and the break out of the low in case of a short trade.

The cork pop is the sound you will hear when the Trailstop is activated and then you know you have profits. To celebrate I used the cork pop sound

Always be carefull for the Supply and demand zones and NEWS.

Any questions just ask !!

I will post some charts during the day after a trade.

Green pips.

Udine

 

[jas0441]

Point taken. Thanks Eagle. I decided not to pay for the training. You guys have pointed me in the right direction. There is so much info out there it is quite daunting. But I will give it a go, and see how far I get. Thanks again for the advice.

 

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[^eagle^]

As I mentioned in a reply to Eagle, that I would post here the indicators, scripts, EA, template and some charts. Unfortunately the zipfile is too large (4Mb) to get posted here.

Anybody interested please send me a PM and I will arrange you will get the files.

Here is one of the charts.

Udine

Ok in this chart you are showing the the arrows indicating a possible trade. Looks like you entered at the break out past the low/hi of the preceding candle. Now the 5m FIFO changed color during this time while the 15m fifo did not. Was this a 5 minute chart you weretrading from and if so do you ignore the 15m fi?fo? (240 TF actually).

LAso there are solid arrows and hollow arrows. It looks as though the hollow ones are ignored.

What is the purpose of the zigzag semaphore? I only found them useful for hanging fibs.

What are RGh and RGL? Range High and range low is what I am assuming.

 

[Udine]

Ok in this chart you are showing the the arrows indicating a possible trade. Looks like you entered at the break out past the low/hi of the preceding candle. Now the 5m FIFO changed color during this time while the 15m fifo did not. Was this a 5 minute chart you weretrading from and if so do you ignore the 15m fi?fo? (240 TF actually).

LAso there are solid arrows and hollow arrows. It looks as though the hollow ones are ignored.

What is the purpose of the zigzag semaphore? I only found them useful for hanging fibs.

What are RGh and RGL? Range High and range low is what I am assuming.

Hi Eagle,

good questions!!

signal candle is the candle wit hthe arrow. for a long you enter on the break out of the high of the signal candle and for a short vice versa.

The above chart can be considered a counter trend trade, as the "240" remained red. best is to trade when both line up.

The hollow arrows are just signals of the 123pattern indi, I dont look at those arrows.

The zigzag and semafore are important for a quick visual view of HH/LH/LL/HL.

you are corect for he range high and range low .

Udine

 

[Forza]

I have a question on setting stop losses in forex. Can you tell your broker to exit if the price drops 25%, or does it have to be a dollar amount, or do you always have to watch the screen and decide the exact moment when to cut the loss?

 

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[CarrieW]

the stop losses need to be in price format. I do think however you could achieve what your asking thru an ea. I will leave it to the others to explain those


as for the having to buy software. in my opinion you do not... I was under the impression when I first started that you needed to buy good charting software in order to trade and you definatley do not. I use the free charts my broker provides.

I am glad to hear you decided not to spend the money on the seminar. like I said you will get far more useful info for free over the internet. please check the links that I provided as mostly everything I have posted is free. and is very useful. the seminar would spend al 6 hours trying to convince you to buy their software and teaching you things that would most likely would be totally useless without their "indicator" that they provide for a monthly subscription or a 10k investment.

 

[Forza]

Thanks Carrie

What do you guys think is a decent percentage of correct trades on a $5k account, i.e. trades that go up?

 

[Udine]

I have a question on setting stop losses in forex. Can you tell your broker to exit if the price drops 25%, or does it have to be a dollar amount, or do you always have to watch the screen and decide the exact moment when to cut the loss?

Hi Forza,

I have the impression, that you need to start from the basics: pleae go to babypips.com/school/ there is explained everything from start to finish. Find yourself a broker who provides the MT4 trading platform and open a demo account. this way you can see for yourself what they explain in babypips.com.

For the MT4 platform you can find any indicator, script or expert advisor imaginable (also for stoplosses).

Stoplosses are a part of the moneymanagement, which is a very personal matter in trading, as it must fit your personality and trading style. Before jumping in head first, demo trade until you are able to double your account at least twice!!
Then open a live account with the smallest amount possible. If you are not able to trade consistent profitable on a small account, why do you think you could with a larger account ?? So take small steps towards your goals. the markets will be there next month also

Any questions, just ask.

Udine

 

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[Udine]

Thanks Carrie

What do you guys think is a decent percentage of correct trades on a $5k account, i.e. trades that go up?

Forza,

normally people who start in forex think about how much they can make, but the professionals analyze first the down side: how much they can loose on a trade and then decide to enter a trade, or not.

It is better to get rich slowly, than go broke spectacularly fast.

Until you find a trading method that fits your personality and you have confidence in for 110 % and in yourself, and have doubled your demo account at least twice. Then when you have kept a detailed tradelog/journalyou will know the answer to your question.

Green pips

Udine

 

[Forza]

Thanks Udine. Yeah I've been reading babypips.com a lot today. I'm surprised I could read so much of it. Perhaps this is more my thing than being entrepreneur

 

[^eagle^]

being an entrepeneur is being able to analyze risk. There are hundreds of ways to trade profitably. You have to find a style that accomdates you and your hours that you have available. Yes Udine is absolutely correct. Find out how much you are willing to lose first before you find out how well a system performs. All the best traders look at how much they could lose on thier trade based on their rules and they do not deviate from them. Once you pull the trigger you cannot "will" Price in your direction. (Except for Chuck Norris but thats a different topic). You are at the mercy of the market. So you have to find a method with acceptable losses. And only you can determine that.

Remember if you lose 10% of your account it will take 11% reward to make it back to Break even. If you lose 50% of your account it will take 100% reward to make it back. If you lose 90%
of your account it will take 900% to make it back. You cant beat that progression no matter how good your method is. Dont risk more that 10% of your account. Most people only risk 1% to 5 % tops Because of this progression.

 

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[Udine]

being an entrepeneur is being able to analyze risk. There are hundreds of ways to trade profitably. You have to find a style that accomdates you and your hours that you have available. Yes Udine is absolutely correct. Find out how much you are willing to lose first before you find out how well a system performs. All the best traders look at how much they could lose on thier trade based on their rules and they do not deviate from them. Once you pull the trigger you cannot "will" Price in your direction. (Except for Chuck Norris but thats a different topic). You are at the mercy of the market. So you have to find a method with acceptable losses. And only you can determine that.

Remember if you lose 10% of your account it will take 11% reward to make it back to Break even. If you lose 50% of your account it will take 100% reward to make it back. If you lose 90%
of your account it will take 900% to make it back. You cant beat that progression no matter how good your method is. Dont risk more that 10% of your account. Most people only risk 1% to 5 % tops Because of this progression.

I completely agree with Eagle. You need to see losses as part of doing business in forex, as this is business pure but not simple. As it is an industry with hardly any rules, you have to make your own rules.
Then comes the hardest part of it all, You need to stick to your rules and that my friend is the hardest part of trading. Brains is NOT the ticket to wealth in forex, but discipline is!!

Green pips

Udine

 

[Forza]

Yeah, a long time ago, I learned that position sizing is the most important thing, but since I wasn't actually interested in trading back then due to thinking I couldn't bare losing a lot of the time, I didn't look any further