Forex for Dummies

[Stormin_Norman]

5% of account per trade. lot sized varied depending on where the stop loss is.

cut losses early (even before the 5% lots of the time) and let the winners run. look for strong trends and go with them.

 

[AbundantIncome]

I couldnt find a thread this basic.

I dont need to run through Entry/Exit Risk Management etc on Forex thats to advanced!

I want to ask the really dumb/novice starter questions.

I'd like anyone who can help to answer the following.

I trade with IB with E signal live feed.

(1) What are the most liquid contracts.
(2) What are the most traded contracts---IE popular.
(3) What is the Tick value of them?
(4) What are the margin requirements / contract?
(5) What are the codes I'd log into IB? Live data feed its also fed by E signal.
(6) What are the trading times Eastern seaboard.
(7) How do you trade continuous contracts so you dont get caught having a delivery.
(8) What are the novice traps (Other than trading errors entry exit bad risk management) The sort of thing novices just dont have a clue that can bite you!

Much appreciated.
No doubt more dumb questions to come as I explore my dumbness.

Wondering why do you need E Signal live feed when IB has feed data ???

How much do you need to pay for this per month ???

Thanks

 

[AbundantIncome]

every variable i use has to be a fib number.

13.3.5 on the stoch.

55 MA on the graph.

am trying to increase my leaning exponentially ... could you elaborate more on this ???

just learnt about fibonnaci ...

thanks in advance .. :d

 

[Stormin_Norman]

Fibonacci - superstition or an underlying mechanism of the markets?

 

[AbundantIncome]

Fibonacci - superstition or an underlying mechanism of the markets?

huh ???? am talking about the indicator ??? is there a superstition around here ???

 

[AbundantIncome]

blowing an account means trading it down to 0, or close enough. IE - wasting all the money in there.

No offence, but if you think you can instantly make income trading your in for a big shock/reality check. But you'll try anyway because we all think we are better/different to all the others...

Thanks for the input. No, I have spared a little for loss in the beginning. Am having a business too but it is kinda tough in this economic climate ? I do not think I would succeed initially but hopefully in the longer terms of course. If no confidence at least, no point of trying right ???

Am trying to learn quickly that's all

Kinda tight but still can move a little so I need to learn fast and lose a few k before I can start to earn a little hopefully :d

A/I ----- serious answer here ----

if the above is the case, trading is the last thing u should be doing ---

if monies tight --- u have limited capital ---- that means u will lose cause ur trading under duress !!!

u need more money in a hurry?! ----- scrub houses down --- clean gutters ---- dunnies --- anything ----- trading aint gona do it 4 u unless u get lucky ---- and if u did get lucky first up, that would only delay the inevitable ----

when u start trading u should be using money u can afford to lose -------- have a guess why that is ?

Thanks for the kind advice. Yes, I know the harsh reality. I am coming from share trading. I just want to learn quickly the basics. Forex has this liquidity. I do not aim for too much, just a little in share, it is kinda a bottleneck atm especialy with the high commissions.

theres no such thing as a free lunch.

and go to the casino and put it all on black. at this stage youll receive better odds.

That's true. No, I am willing to put out a fight and learn as much through here and the various demo accounts to test my trading plan. Just need to set up things quickly for my trading system. That's all. Getting impatient !!!

based upon this attitude you wont succeed... if you dont have the drive to google and read things for urself you wont make it... no-one got successful by being spoon fed.

I have, that's why I got here and other forums in the first place. I kinda have a system I like to follow but I need to get things organise quickly. I need more time to test the trading plans that is all. Plus trying to put some of trading indicators you guys have been discussing to see if it works for me or not. That's why I need to know what's generally work especially from Aussie's point of view, rather than experimenting again. Do not need to reinvent the wheels. Time is very scarce these days.

But am trying a few different demo accounts. But need to consolidate them somehow though as they are a little confusing with different platforms.

Wonder why not all brokers try to meet to available platforms out there to make it easier but of course they have their wise reasons to do so ...

Thanks for the interesting discussions so far ....

 

[Stormin_Norman]

huh ???? am talking about the indicator ??? is there a superstition around here ???

depends who u ask about fibonacci numbers.

fibonacci isnt an indicator. its a number progression series.

 

[kam75]

What kind of trading system do you use Stormin_Norman?

 

[AbundantIncome]

depends who u ask about fibonacci numbers.

fibonacci isnt an indicator. its a number progression series.

thanks for the correction ...

woohoo .. a bit mind blowing trying to learn the meta trader ....

any tips etc ? how do you delete stuff on the meta trader ... right click does not do it .. hmmmm

 

[Stormin_Norman]

What kind of trading system do you use Stormin_Norman?

moving average + stochastic. its in the forex for dummies thread.

 

[CanOz]

How do you like them apples?




Cheers,


CanOz

 

[Stormin_Norman]

nice one bruv. those MA look closer then mine, but the principle is very similar. i probably would have been taking longs as the stoch moved up because it looks like an uptrend there.

but whatever gains the pips!

 

[BentRod]

How do you like them apples?




Cheers,


CanOz

I Love those apples :

 

[CanOz]

Good to see you on that one Bent! Using the break of support too, nice one.

CanOz

 

[BentRod]

Yeah...broke an ascending TL on the hourlies......any excuse to sell it!

Hopefully she is a runner like the other one

 

[AbundantIncome]

Re: Forex for Dummies ... data feeds

do we need to keep the computer on to get the updated data feed at all times ??? is there like a backfill for example in MT4 ???

not sure I would like to be up all nite and might be wise to turn the puter internet off to get rid of prying eyes plus save Earth by conserving energy ... Earth needs no more heating ...

 

[Page]

I do not know much about MT4 but there is an option in it were you get all the recent news updates.

 

[AbundantIncome]

I do not know much about MT4 but there is an option in it were you get all the recent news updates.

Hi Page

Thanks for the information.

I just look at the demo account. I just lost whopping 2400k within two days ... wowwwwwwwwwwwwwwwwwwwww

Scary scary ...

 

[AbundantIncome]

I realise one of the huge loss is due to japanese pair ... do people actually trade these big movers ??? they seem to drain the margin a lot and hence I got closed down due to small movement yet big in terms of margin.

Whats are your insights and experience ????

Thanks

 

[CanOz]

I realise one of the huge loss is due to japanese pair ... do people actually trade these big movers ??? they seem to drain the margin a lot and hence I got closed down due to small movement yet big in terms of margin.

Whats are your insights and experience ????

Thanks

What size lots are you trading? Generally i'm trading 10k to 30k lots on the major pairs. If you are trading a few 100k lots or more then you'll see some moves allright!

CanOz