Forex for Dummies 2

[tech/a]

I think this is a thread which will help more people than myself.
I hope those who managed to destroy the initial thread will have the maturity to let this thread be a valuable resource for those of us with genuine basic questions.

Thank you to those who have contributed positively so far.

 

[>Apocalypto<]

Re: FOREX for Dummies. 2

I think this is a thread which will help more people than myself.
I hope those who managed to destroy the initial thread will have the maturity to let this thread be a valuable resource for those of us with genuine basic questions.

Thank you to those who have contributed positively so far.

ask away I am happy to help!

sorry for the last thread tech

 

[Cartman]

Re: FOREX for Dummies. 2

ask away I am happy to help!

sorry for the last thread tech

nothing wrong with the last thread Apoc ---- no apologies required from where i sit

 

[Stormin_Norman]

Re: FOREX for Dummies. 2

I think this is a thread which will help more people than myself.
I hope those who managed to destroy the initial thread will have the maturity to let this thread be a valuable resource for those of us with genuine basic questions.

Thank you to those who have contributed positively so far.

how about the maturity to sift through the information you want instead of insulting those who freely provide it in the opening of a new thread?

like i said, ask a question in a thread, and let it run. everything is tangential. nothing should be pigeon-holed. all questions posed were answered, as well as other discussions those simple answers bought up.

ill leave you to it. google what you want to know. there are plenty of sites out there to explain pip values and the like.

 

[BentRod]

Found Fxwords the other day, great site for definition of terms etc.

cheers.

 

[lesm]

tech/a,

Fire away, have all your original questions been answered?

You may be interested in taking out a free subscription to Currency Trader magazine:

http://www.currencytradermag.com/subscribe/index.php

It provides a range of information on currencies, as well as statistics that you may find of interest.

Can drop 18 months worth of back issues on a CD and mail them to you if you like. Too big to email.

Cheers.

 

[tech/a]

One thing that has always put me off is the times when FX is traded.
IE when most are asleep me included.

So when do you guys trade FX?
Is it best to trade in particular sessions for particular contracts?

 

[lesm]

One thing that has always put me off is the times when FX is traded.
IE when most are asleep me included.

So when do you guys trade FX?
Is it best to trade in particular sessions for particular contracts?

I would normally start trading around 8:00pm until around midnight to 2:00am, depending on how tired or busy I am.

My preference is for the London and London/New York overlap anyway, due to higher levels of volatility and actvity. Besides sleep, work also gets in the way.

As a general rule of thumb, individual currencies have a tendency to trade more actively in their own regions trading session, eg. aud, yen, nzd, eur, gbp, usd, etc.

With the major sessions being Sydney, Tokyo, London and New York and depending on which currencies you wish to trade you can select a session to trade in that suits. Just be aware that the level of activity and volatility will vary depending on the session. But, all are tradeable.

The sleep friendly sessions for us are the first three, especially with daylight saving currently in effect. While each of the sessions have time periods where they are open in isolation they also have periods where they overlap.

The periods when the sessions overlap tend to have a higher level of activity, as well as volatility. The London/New York overlap is usually the most active and volatile.

Hope this helps

 

[kam75]

I'm learning Forex but it simply makes no sense to me (I'm someone who's been trading shares for 8 years, CFDs and options for 4).

Can some of you guys who make money trading FX please explain to me how on Earth do you determine which way the price is going to go? In shares, I've got Volume and OBV to show me buying pressure or selling pressure. In FX there ain't any of this. I'm completely blind when trading FX. Please someone Heeelp!

 

[white_goodman]

I'm learning Forex but it simply makes no sense to me (I'm someone who's been trading shares for 8 years, CFDs and options for 4).

Can some of you guys who make money trading FX please explain to me how on Earth do you determine which way the price is going to go? In shares, I've got Volume and OBV to show me buying pressure or selling pressure. In FX there ain't any of this. I'm completely blind when trading FX. Please someone Heeelp!

a lot of people use S/R and FIb, alot also use stuff like stochastics and bollinger bands (i dont udnerstand them), a lot use multiple moving averages either exponential or simple, i utilise a MACD (moving average convergence divergence indicator)... ive used VSA for shares in the past but dont use it in forex, but atm im utilising range trading so indicators dont really bother me...

if you download a demo of mt4 from a brokers site you will see all the types of indicators. Gotta be careful around news time tho as analysis can be interrupted or skewed during big economic announcement such as non farm payroll, IR announcements etc

 

[>Apocalypto<]

One thing that has always put me off is the times when FX is traded.
IE when most are asleep me included.

So when do you guys trade FX?
Is it best to trade in particular sessions for particular contracts?

Hi tech

I normally trade from 5pm to 2am Melb time. I prefer the more liquid times of the euro and us sessions. you also get the 1 hour cross over with japan and europe.

 

[CanOz]

explain to me how on Earth do you determine which way the price is going to go?

Why do you need to know this? Isn't it good enough to assume like the other FX traders, that the price may follow the current trend and all you need to do is find a place to jump on. After this, if you manage your risk and your trades, then the miracle of positive expectancy takes over.

CanOz

 

[MS+Tradesim]

For those with IB, I can offer a dynamic position sizer spreadsheet. It's offered as is...check it thoroughly. I take no responsibility if it's wrong. It only updates live when you're connected to TWS. A lot more can be done with it but I've been busy on system development.

Ensure you have the API program from IB downloaded and installed. Once installed, open TWS and turn on API/DDE. Then open the spreadsheet and do a Find/Replace all "username123" with your TWS username.

 

[lusk]

For those with IB, I can offer a dynamic position sizer spreadsheet. It's offered as is...check it thoroughly. I take no responsibility if it's wrong. It only updates live when you're connected to TWS. A lot more can be done with it but I've been busy on system development.

Ensure you have the API program from IB downloaded and installed. Once installed, open TWS and turn on API/DDE. Then open the spreadsheet and do a Find/Replace all "username123" with your TWS username.

That looks great thanks,

Best world time clock l've found to date if anyone hasn't already got it.

http://www.forexfactory.com/showthread.php?t=102905

 

[white_goodman]

That looks great thanks,

Best world time clock l've found to date if anyone hasn't already got it.

http://www.forexfactory.com/showthread.php?t=102905

wow good link...

 

[MS+Tradesim]

Bunch of useful stuff here with a lot of introductory reading. Not all good but some gems.

http://www.earnforex.com/forex_articles.php

 

[lesm]

Oanda has number of free tools available under the FXLabs Section of its website.

http://fxlabs.oanda.com/cgi/fxlabs.pl

 

[lesm]

Another Fx specific forum:

http://www.moneytec.com/forums/

 

[kam75]

Why do you need to know this? Isn't it good enough to assume like the other FX traders, that the price may follow the current trend and all you need to do is find a place to jump on. After this, if you manage your risk and your trades, then the miracle of positive expectancy takes over.

CanOz

I see what you're saying. But I thought the expectancy of a trading system changes with the market. One month it's positive, the next negative. At the moment I don't have a FX trading system that's been tried and tested to be positive for years and I have no idea of how to begin developing one. Any clues would be greatly appreciated.

 

[CanOz]

I see what you're saying. But I thought the expectancy of a trading system changes with the market. One month it's positive, the next negative. At the moment I don't have a FX trading system that's been tried and tested to be positive for years and I have no idea of how to begin developing one. Any clues would be greatly appreciated.

Google 3 ducks. Its a system that you can trade, even if its demo for a while. Then you can get other ideas. Even Stormins system, trade it on a demo and get some ideas. I've been into three x 3 duck trades tonight, all winners too.

Cheers Kam,

CanOz