The Active Forex Traders Discussion

[CarrieW]

still around! ive still be trading on that same account I opened. I am currently getting ready to reload it.

just want to see how many other traders are kicking around.

if you are trading or thinking of trading or have questions about trading(or about my personal trading) post here!

 

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[Jarnapal]

Hey CarrieW, I'm trading forex.

Right now I have long position on GU that I just opened and will leave it open for the weekend with 20SL.

 

[CarrieW]

trading over weekends is scary lol. well at least for me it is. I am a day trader.

even with a stop loss if something major happens and it opens lower then your stop loss your pretty much screwed.

gu is what? and what are you trading against? i trade spot forex its always 2 currencies against each other. i dont know anything about futures or any other types of forex trading yet. want to do this well before I branch out!

 

[Jarnapal]

trading over weekends is scary lol. well at least for me it is. I am a day trader.

even with a stop loss if something major happens and it opens lower then your stop loss your pretty much screwed.

gu is what? and what are you trading against? i trade spot forex its always 2 currencies against each other. i dont know anything about futures or any other types of forex trading yet. want to do this well before I branch out!

I trade rarely during the weekend. That's just something I want to check out with small lot size. I mean how much can the gap be in the worst scenario ? Well the GU had climbed quite high so it has to come down and make at least a correction but we had strong momentum up today and the last hours didn't give any signs for continuous down move (which usually happens after there has been strong momentum like when the market has moved for generous 200 pips and then in the slow hours it climbs back to the starting point with staircase pattern) and has a great chance opening higher on Monday.

No worries. Gu is GBP/USD, eu is EUR/USD etc.. And yep, I'm also spot forexing.

 

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[CarrieW]

very nice! (ill have to pay more attention to abrv. i totally didnt get that lol)

idk how bad it can be worst case scenario. all I know is I wouldnt want to find out! I like to have as much control over things as possible!

people stay in trades over weekends all the time when they are long term trading so maybe it wouldnt be too horrible. it would depend, like everything in forex, how large the trade is in relation to your acct size and all that goodness lol...

I trade with very little money so things can turn for me quickly, if I had a longer term trading going on it would be different. usually I am in and out in hours at the most 2-3 days

I try not to be in for major things like big news announcements and weekends ect.

I have found personally I gain more pips when I take smaller profits on short term trades. if I stay in over 2 or 3 market switches i will see too much movement and eventally it retraces all my profits away. so now(when I refill my account)I will be more strict on taking small profits rather then going for the gold so to speak. slow and steady wins the race as they say!

 

[^eagle^]

hey guys. HAvent had much time to share here but I skip through every couple fo days to read the headlines. Just thought I might share a little intel on brokers who are thumbing their noses at the CFTC and their new 50:1 leverage requirements. (20:1) on the crosses)

• U.K. brokers
  Finotec
  HY Markets
  One Financial
  
  Swiss brokers
  ACM
  Dukascopy
  MIG Bank
  Tadawul FX
  
  German broker
  Forex Web Trader
  
  Danish broker
  Saxo Bank
  
  Australian brokers
  GO Markets
  IG Markets
  
  New Zealand broker
  WSD​
  
  Good to see you still slugging it out carrie I just went live and almost fully automated. Just a few more bugs to iron out. :float:
  
  

 

[FxInvestor]

This thread is quiet and I am a bit surprised.

Anyway this is the perfect place to make my first post in a very long time. No time better than to contribute something useful in here.

I have been trading/learning and worked with fund Managers since 2003, so almost 7 years. Currently working with Forex fund managers who manage a couple of million for clients.

It is so good to see there is so much interest in forex markets as a means of growing wealth exponentially. However, talking from experience and having burnt and made a few accounts, there are few things everyone needs to learn before entering into forex markets. Even though it may seem a bit obvious, I thought I should mention it here since, most here seem oblivious to the obvious.

1) Learn, read, and try out your trading methods on a demo account with a realistic figure which mirrors your actual account.
2) There is no golden magical system, there are no magical indicators and there are no full proof systems.
3) Trading is a matter of Method, Money Management and Mind.
Neglect any one of the above and there is no doubt that you will not make it in forex markets.

Typically talking from my own experience also, everyone will go through 3 stages :

1) Newbie : excited, uninformed and trading for thrills.
2) Intermediate : Someone who is still struggling with the 3 M's, but finally the excitement and thrills are replaced by a resolve to make it in the forex markets.
3) Professionals : the very few who have made it finally. Systematic, methodical and disciplined. You could say they are almost the opposites of the previous two.

While you can make an occassional pip here and there, perhaps even a couple of hundred pips in the early stages, there is very little doubt that you will end up giving it all back and some more.

Hope this is useful for some of you. If there are still any forex enthusiasts, buzz me, it would be good to meet few people in here with same goals.

To others who are starting out, happy journey. There is a lot of hard work involved, but it will be worth it.

Glad to help anyone who might need some!

Happy and Prosperous New Year.

 

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[DeletedUser394]

I have a few questions. (I haven't read this full thread yet)

Are there any good books or websites that you'd recommend for a beginning forex trader?

Also, can you really get 50:1 leverage on your money?? :O

Thanks!

 

[Jarnapal]

I have a few questions. (I haven't read this full thread yet)

Are there any good books or websites that you'd recommend for a beginning forex trader?

Also, can you really get 50:1 leverage on your money?? :O

Thanks!

50:1 ? Actually you can even get 500:1 and that's the beauty of forex. FXOpen is one I would trust as it has strong connections with dukascopy. They use their data and FXOpen joined with dukascopy to provide more people with minimal deposits requirements for them.

 

[DeletedUser394]

HOLY CRAP! Time for me to learn currency trading!!!!

 

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[FxInvestor]

Leverage is a two edged sword.High leverage in a beginners account, its fastest way to clean out your account.

IMHO, dont even go for higher leverage. Common mistake for beginners.

If you are in need of list of ebooks regarding trading, let me know. Collected over the years. Some of them are pure gold.

Cheers

 

[Guest3722A]

Leverage is a two edged sword.High leverage in a beginners account, its fastest way to clean out your account.

IMHO, dont even go for higher leverage. Common mistake for beginners.

If you are in need of list of ebooks regarding trading, let me know. Collected over the years. Some of them are pure gold.

Cheers

I'd be interested in the ebooks! My focus is on stocks and futures but I've always wanted to learn about forex markets.

 

[DeletedUser394]

I'd be interested in the ebooks! My focus is on stocks and futures but I've always wanted to learn about forex markets.

Likewise!

 

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[^eagle^]

This thread is quiet and I am a bit surprised.

Anyway this is the perfect place to make my first post in a very long time. No time better than to contribute something useful in here.

I have been trading/learning and worked with fund Managers since 2003, so almost 7 years. Currently working with Forex fund managers who manage a couple of million for clients.

It is so good to see there is so much interest in forex markets as a means of growing wealth exponentially. However, talking from experience and having burnt and made a few accounts, there are few things everyone needs to learn before entering into forex markets. Even though it may seem a bit obvious, I thought I should mention it here since, most here seem oblivious to the obvious.

1) Learn, read, and try out your trading methods on a demo account with a realistic figure which mirrors your actual account.
2) There is no golden magical system, there are no magical indicators and there are no full proof systems.
3) Trading is a matter of Method, Money Management and Mind.
Neglect any one of the above and there is no doubt that you will not make it in forex markets.

Typically talking from my own experience also, everyone will go through 3 stages :

1) Newbie : excited, uninformed and trading for thrills.
2) Intermediate : Someone who is still struggling with the 3 M's, but finally the excitement and thrills are replaced by a resolve to make it in the forex markets.
3) Professionals : the very few who have made it finally. Systematic, methodical and disciplined. You could say they are almost the opposites of the previous two.

While you can make an occassional pip here and there, perhaps even a couple of hundred pips in the early stages, there is very little doubt that you will end up giving it all back and some more.

Hope this is useful for some of you. If there are still any forex enthusiasts, buzz me, it would be good to meet few people in here with same goals.

To others who are starting out, happy journey. There is a lot of hard work involved, but it will be worth it.

Glad to help anyone who might need some!

Happy and Prosperous New Year.

In addition to the above three is also the simple but overlooked matter to how much TIME you have to invest. I have been studying forex for two years now and its been a tougher road than I originally thought.

The time factor will determine what timeframe you should trade on. The less time available the higher the time frmae you have to work with. I am still not there as a full time trader but determination will get me there I am sure.

My mentor trades for 12 hours a day and averages over 300 pips a day doing some crazy shit. The thing is he has the time to trade like that. I do not. so I have had to expand on his teacing and look to higher timeframes. Not as exciting as jetting on the m1 but profitable and less emotional.

 

[FxInvestor]

Great to see this old horse of a thread is still kicking around. Everyone definitely has a story to tell regarding their trading scars and I am sure that given a year or two, most people will have their own.

So I urge everyone to invest some time to learn and apply this market for personal wealth enhancement.

Back to the books request, there are a million on Amazon, but let me share a few here which made a impact on me. Please don't debate me on this as everyone has their personal favorites.

1. Trading for a Living : Dr. Alexander Elder
2. Come into my trading room: Dr. Alexander Elder
3.Adventures of a Currency Trader : Rob Booker, one of my personal fav's
4. Trading as a business : C.Wright
5.Technical analysis of stock trends : Edwards & McGee
6.Forex Money Management : Ryan Jones, a little technical, but a superb book
7. Trading in the Zone : Mark Douglas
8. Fooled by Randomness : Nasim Taleb

There are quite a few others which may have skipped my mind, however, this should start you off.

You need to read and learn as much as possible and then forget it all except that which fits you. It is a learning curve and there is no doubt that you will have to search what kind of trader you are.

The books only point you in the right direction, however my personal opinion after reading a huge amount of books on trading is that the more you read, the more confused you get.

A new book or a new system is marketed extremely well. The sales pitch sucks you into believing that the promised land is within your reach and just for a small fee, you can sit back and just count the money increasing in your account.

But as with most things, most of these are all fluff. For me, the clarity is when I have the minimum on my screen. A degree of stubbornness is useful.

But at the same time, the best advice about trading is :

"Dont bet the house, Dont bet what you cannot afford to lose, and Dont give up".

Some websites which might be useful :

1. Forex Factory : Forex Factory
2. Elite Trader : Elite Trader - The #1 Site for Active Traders
3. Babypips : Forex Trading Online: Foreign Exchange (FX) Currency Trading Made Fun

Just hang around the forums, read, learn and practice. It is amazing the amount of information from some talented few people who are ready to give back to the trading community. I do not have any personal favorites, but personally having been in lot of forums from a long time (not any more), I have seen some systems evolve, refined and traded with great profitability and some of them are absurdly simple. Be prepared to learn and practice hundreds of hours before you think you are anywhere close to being successful.

Not everyone is lucky to fall into a perfect system or find a mentor, for most unfortunately there is a lot of struggle.

Thanks, enjoy the above.

 

[^eagle^]

Great to see this old horse of a thread is still kicking around. Everyone definitely has a story to tell regarding their trading scars and I am sure that given a year or two, most people will have their own.

So I urge everyone to invest some time to learn and apply this market for personal wealth enhancement.

Back to the books request, there are a million on Amazon, but let me share a few here which made a impact on me. Please don't debate me on this as everyone has their personal favorites.

1. Trading for a Living : Dr. Alexander Elder
2. Come into my trading room: Dr. Alexander Elder
3.Adventures of a Currency Trader : Rob Booker, one of my personal fav's
4. Trading as a business : C.Wright
5.Technical analysis of stock trends : Edwards & McGee
6.Forex Money Management : Ryan Jones, a little technical, but a superb book
7. Trading in the Zone : Mark Douglas
8. Fooled by Randomness : Nasim Taleb

There are quite a few others which may have skipped my mind, however, this should start you off.

You need to read and learn as much as possible and then forget it all except that which fits you. It is a learning curve and there is no doubt that you will have to search what kind of trader you are.

The books only point you in the right direction, however my personal opinion after reading a huge amount of books on trading is that the more you read, the more confused you get.

A new book or a new system is marketed extremely well. The sales pitch sucks you into believing that the promised land is within your reach and just for a small fee, you can sit back and just count the money increasing in your account.

But as with most things, most of these are all fluff. For me, the clarity is when I have the minimum on my screen. A degree of stubbornness is useful.

But at the same time, the best advice about trading is :

"Dont bet the house, Dont bet what you cannot afford to lose, and Dont give up".

Some websites which might be useful :

1. Forex Factory : Forex Factory
2. Elite Trader : Elite Trader - The #1 Site for Active Traders
3. Babypips : Forex Trading Online: Foreign Exchange (FX) Currency Trading Made Fun

Just hang around the forums, read, learn and practice. It is amazing the amount of information from some talented few people who are ready to give back to the trading community. I do not have any personal favorites, but personally having been in lot of forums from a long time (not any more), I have seen some systems evolve, refined and traded with great profitability and some of them are absurdly simple. Be prepared to learn and practice hundreds of hours before you think you are anywhere close to being successful.

Not everyone is lucky to fall into a perfect system or find a mentor, for most unfortunately there is a lot of struggle.

Thanks, enjoy the above.

Yes each trader has to make his own path and find out what kind of trader he is. Im working on trading the higher timeframes and it is slowing things down for me so that I can see how my emotions get involved. Working on the dailies I am feeling boredom and have taken trades out of shear boredom knowing they were not A+ set ups. and those are the ones I lost.

If I had more time I would go back to my previous methods as they are very profitable but a lot of people cannot handle them due to sometimes you have to take a large loss. My mentor doesn't even use a stop loss. But he has the time and patience to handle trades that get away from him. I do not so I trade with one. He gets a lot of flack for doing this and has been banned form almost every forum out there but if you really applied his methods you would see why he trades the way he does. But he has the TIME to trade that way. Most of us do not.

Babypips.com/school is the best place to start learning forex. It will give you all the basics to get you started.

Also read what you can about price action. and forex market times. These are more important than any oscillator or MACD or Moving average. Forex is a lot different from stocks. Oscillators and trend tools are only guides. they are nothing compared to understanding price action (candlstick reading, candlstick additon) and understanding who is up and about trading in the world.

Im big on Chaos and and how it affects living things and forex is a living thing. a mass of people struggling over the right to buy and sell currencies. I like Bill Williams books but have abondoned most of the oscillators in favor of price action.

 

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[Guest3722A]

1. Forex Factory : Forex Factory
2. Elite Trader : Elite Trader - The #1 Site for Active Traders
3. Babypips : Forex Trading Online: Foreign Exchange (FX) Currency Trading Made Fun

Thanks for the website suggestions. Babypips and forex factory are new to me. ET can get to be draining with having to weed through all of the armchair qb's. Do you have any suggestions as to who's posts are worth reading?

I myself have over a decade of technical analysis study and am successfully applying that knowledge currently to oil futures in a sim account and my results to me are impressive. My plan I'm currently engaged in is to trade my stock account up to a level comfortable enough to transfer over to oil fulltime, while maintaining my stock account. Forex is interesting to me because it seems quite a few people are interested in it, a couple of whom I highly respect.

What I am interested in knowing is what are the benefits of trading forex vs. oil?

Oil obviously has a higher barrier to entry with the margins required to trade it, but I don't necessarily look at that as a disadvantage. Also with fx, it seems there is a lot of choice with what to trade whereas with oil, that's it.

 

[FxInvestor]

What I am interested in knowing is what are the benefits of trading forex vs. oil?

Oil obviously has a higher barrier to entry with the margins required to trade it, but I don't necessarily look at that as a disadvantage. Also with fx, it seems there is a lot of choice with what to trade whereas with oil, that's it.

You are correct in parts. Currency does have many options, however, unless you are some sort of a super trader who has the capacity to monitor several currencies at the same time, most usually just concentrate on one or a couple at the most.

I personally just like the GBP/USD and Eur/Usd. I dont even bother with the rest.

I have never traded the oil markets, but there are quite a few currency traders who usually follow the oil markets to get their entries.

I dont think there is any real advantage of trading oil vs currencies. Its just a matter of preference. But yes, there are some advantages that one cannot overlook.

Mainly the ability of getting out of the markets any time 24hrs/6days a week. Also the huge liquidity and leverage possible. I made a transition from trading futures to currencies and I was hooked. The trends were more smoother, sufficient volatility and the ability to trade any time was heaven sent.

I dont visit the forums any more and so I do not know how things are on the forums. But if you spend sufficient time, you will get a hang of who is talking sense and others who are just wasting time.

Despite all the information on the forums; useful or not, I think what separates good traders from poor ones is the ability to think independently. I don't think successful traders follow any particular Guru. They hone their skills through trial and error until they are trading effortlessly.

Cheers, I hope everyone had a great blast at the New Years party.

 

[^eagle^]

If you follow oil then canadian currency crosses will be a breeze for you to follow since that is their number one export and their dollar correlates very strongly with it.

 

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[CarrieW]

anyone around trading live right now?

 

[kurtyordy]

anyone around trading live right now?

yes. and well

 

[hanindo2000]

master the markets by tom william ,is great book

 

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[CarrieW]

i am back to live trading again. had some interesting things going on. I was up over 50% in my account and then lost it. still maintaining my initial investment this time.

I have found that I am very highly suggestable when it comes to trading lol. I have now decided to tune everything else out while I am in trading mode. If I had done that Id still be up 50% lol.

im interested in hearing how and what everyone else is doing!

 

[EdwardWhite]

I am about to go active again, after turning a small account into..well break even.

My biggest struggle isn't my system its my money management last time around. I'm making sure I can get this part down pat, and nailed, before attempting anything again or just half-assing it.

Im also playing around with it a bit, making risk variable, based upon volitility(using the daily chart, with ATR, kind of like the turtles traders did) , or doing something simple, like just 2% of account all the time.
i saw a book mentioned in this thread, and Im going to check that out too.

 

[CarrieW]

well I thought id post an update.

I am still trading most days in my live account. I have had lots of trades good and bad.
So far I am still at 98% of my initial investment intact.

few things ive learned.

I need to definatley adjust my profit goals for my trades.
I need to look at pips more and less at the dollars and cents.
I need to take more profits when they are on the table instead of being greedy and trying to wait for more.
every cent in profit I have made I lost with greed.

I need to slow down on the amount of trading I do.
I really should only be trading 1 or 2 pairs at a time instead of my usual 6.

Hopefully these lessons I have learned will help me in my future trading!

 

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[Samurize]

I opened an account at Zulutrade last week with 300$ and managed to get 160$ in two days, so I'm at 460$ now and hopefully I can keep it up:smug2:.

Anyone else have experience from this website and/or want to discuss strategies?

 

[linny75]

Hi im based in the uk, so i spreadbet (tax free) but metatrader 4 is a good free platform and the brokers
alpari and fxcm seem to be good.

 

[linny75]

i have traded oil and forex and i find that oil has a completely different and less predictable price movement than forex, on the intraday charts. Oil is moved by the professional traders in the city (here in uk) and tends to move
from very fast from 1 round number levels to another.

It requires a different type of trading from forex and so i find i don't like to trade oil,
in fact i'm now down to only looking at 1 currency pair the eurousd and only looking at the usdchf and gbpusd for correlation confirmation.

less is more and clarity of thought is essential.

 

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[^eagle^]

http://www.youtube.com/watch?v=tbRfYDP5P28&feature=related

 

[garyfritz]

I assume that's a bot somebody is selling? Have you traded it yourself or is this just the marketing pitch?

It's a high-percentage trader with small wins and large losses. That can work well -- I'm trading something like that myself -- as long as the losses don't get out of control. What timeframe does that test cover?