Forex Forum - Ask-an-Expert - GoForex

Forex Forum - Ask-an-Expert - GoForex - 8,9,10,11,13 http://www.goforex.net/forum/ en Thu, 29 Jul 2010 16:10:48 GMT vBulletin 60 http://www.goforex.net/forum/images/misc/rss.jpg Forex Forum - Ask-an-Expert - GoForex - 8,9,10,11,13 http://www.goforex.net/forum/ Spread http://www.goforex.net/forum/showthread.php?t=2381&goto=newpost Fri, 23 Jul 2010 13:57:38 GMT Presumably it is best to open a position when the spread is at its lowest? Presumably it is best to open a position when the spread is at its lowest? ]]> Beginners Forex Forum Mode http://www.goforex.net/forum/showthread.php?t=2381 Total Beginner http://www.goforex.net/forum/showthread.php?t=2380&goto=newpost Fri, 23 Jul 2010 09:35:38 GMT Hello guys I was looking through a newspaper on the train this morning as saw an add for a FOREX trading package and thought I would have a look... Hello guys

I was looking through a newspaper on the train this morning as saw an add for a FOREX trading package and thought I would have a look at it.

So I download an install this package and my screen fills with blinking numbers and charts and I think OMG, how do you decipher this lot.

Then I make a few transaction (demo only!!) and kind of get the idea.

So my question is, ho the hell do you get good enough to start playing with real money and can you trade on one currency pair to start with or should I spread the bets from day one.

Any help welcome!!!

Modee ]]> Beginners Forex Forum Mode http://www.goforex.net/forum/showthread.php?t=2380 JPY - whats expected? http://www.goforex.net/forum/showthread.php?t=2372&goto=newpost Tue, 20 Jul 2010 05:59:09 GMT JPY is very close to multi year strongest levels against USD, EUR, GBP. I think you are very short term orientated and I have no idea what will... JPY is very close to multi year strongest levels against USD, EUR, GBP.

I think you are very short term orientated and I have no idea what will happen during the next few days (just as nobody else knows) but it will be a very brave man who will continue to buy the JPY at these (86 - 88) and stronger (85 and below) levels. ]]> Beginners Forex Forum DrForex http://www.goforex.net/forum/showthread.php?t=2372 Is it possible to double your money in a day by forex trading? http://www.goforex.net/forum/showthread.php?t=2284&goto=newpost Thu, 15 Jul 2010 22:19:58 GMT IF you are risking your capital to double it in one day, it is possible but you have the same probability to loose it, thus you no more trading but... IF you are risking your capital to double it in one day, it is possible but you have the same probability to loose it, thus you no more trading but playing roulette.
Money management rules say you should risk no more than 3-6% of your account on any one given day.
And maintain at least a 1:3 risk reward ratio
:)

Read this post: http://goforex.net/forum/showthread.php?t=2342 ]]> Beginners Forex Forum JMTrader http://www.goforex.net/forum/showthread.php?t=2284 Forex data stream, What is it? http://www.goforex.net/forum/showthread.php?t=699&goto=newpost Sat, 03 Jul 2010 04:35:20 GMT The great thing about free forex data is that it enables you to analyze your forex system without paying for expensive forex data. However, getting... The great thing about free forex data is that it enables you to analyze your forex system without paying for expensive forex data. However, getting something for free does have some major drawbacks, and one of these drawbacks in generally the ability to have the data customized to the end user. You get what you’re given. ]]> Beginners Forex Forum aprilsun91 http://www.goforex.net/forum/showthread.php?t=699 Swing trading vs scalping http://www.goforex.net/forum/showthread.php?t=1499&goto=newpost Wed, 30 Jun 2010 04:42:40 GMT The individual trader is able to exploit the short term stock movements without the competition of major traders. Swing traders use technical... The individual trader is able to exploit the short term stock movements without the competition of major traders. Swing traders use technical analysis to look for stocks with short term price momentum. ]]> Fundamental Analysis Mariana Usagi http://www.goforex.net/forum/showthread.php?t=1499 How to learn forex fundamental analysis? http://www.goforex.net/forum/showthread.php?t=1985&goto=newpost Tue, 29 Jun 2010 07:05:00 GMT Of course there are many reference which can let you know much about forex analysis. There are also tutorial about it but most traders use technical... Of course there are many reference which can let you know much about forex analysis. There are also tutorial about it but most traders use technical analysis to get a big picture on an investment's price history. Even fundamental traders will glance at a chart to see if they're buying at a fair price, selling at a cyclical top or entering a choppy, sideways market. ]]> Beginners Forex Forum dianamonte03 http://www.goforex.net/forum/showthread.php?t=1985 Can you make money trading FOREX ? http://www.goforex.net/forum/showthread.php?t=120&goto=newpost Mon, 28 Jun 2010 22:19:59 GMT It is a fact that people who didn't have the right knowledge and skills Trading in the Forex Marketplace suffered huge financial losses and some even went into debt. So, before you enter the Forex Marketplace, it is essential that you should have the necessary knowledge and skills as a Forex trader in order to minimize the risk of losing money and maximize the potential of making money. ]]> 9xce http://www.goforex.net/forum/showthread.php?t=120 Micro trading http://www.goforex.net/forum/showthread.php?t=1425&goto=newpost Mon, 28 Jun 2010 01:04:39 GMT it is a fact that people who didn't have the right knowledge and skills Trading in the Forex Marketplace suffered huge financial losses and some even went into debt. So, before you enter the Forex Marketplace, it is essential that you should have the necessary knowledge and skills as a Forex trader in order to minimize the risk of losing money and maximize the potential of making money. ]]> 9xce http://www.goforex.net/forum/showthread.php?t=1425 32 RULES EVERY TRADER SHOULD FOLLOW http://www.goforex.net/forum/showthread.php?t=2342&goto=newpost Fri, 25 Jun 2010 19:12:35 GMT 32 RULES EVERY TRADER SHOULD FOLLOW 1. Never risk more than 2 - 5% of your current (not initial) trading capital. 2. Always use protective stops... 32 RULES EVERY TRADER SHOULD FOLLOW

1. Never risk more than 2 - 5% of your current (not initial) trading capital.
2. Always use protective stops in each and every trade you execute.
3. Never average a loss as this can lead to disastrous outcomes.
4. Preferably you should always trade in the direction of the daily trend, holding a position against the daily trend should be done with caution.
5. Never enter or exit a trade without a good reason, you should have a well outlined trading plan and cross each signal out as it unfolds.
6. Never get in or out of the market just because you have run out of patience.
7. You should always see the market from a neutral perspective, be willing to sell as you are willing to buy. Don’t force your opinions on the market.
8. Don’t just sell because you feel the price of a commodity is too high or buy because the price of a commodity is too low.
9. Never cancel or move your stop from its initial position, the only exception is when trailing profits being captured.
10. Specialise in one currency pair at first, and when you get really good at it you can expand your portfolio.
11. As a new trader you should stay away from trading at news time because this can be very risky as the market tends to act in unexpected ways at this time.
12. Always look for signals on higher time frame charts as they provide more reliable signals with more room for errors.
13. Make your analysis with a top down approach, after confirming a signal on a higher time frame chart you should look for confirmation on lower time frames.
14. Never place a trade just because of a single indicator/ signal, always look for at least three to four events occurring at the same time to tell a story.
15. Once you loose an opportunity you should stay out and let the trade be. More opportunities will come
16. When holding a position just focus on the charts and price action, don’t pay attention to the equities window as this will only distract you from making logical decisions
17. Face your fears; don’t think about loosing when placing a trade. Simply put the trade on and let the possibilities play out. We “are” speculators after all.
18. Keep a trading journal where you record all your trades, both losses and winners. This serves as reference when analysing your progress.
19. I f a trade turns out to be looser, just forget it at that instant and move on to the next trade, as a trader you should accommodate the fact that losses are part of everyday trading, even professionals have losses and that they are only a bump on the road to success.
20. Don’t be greedy by trying to pick the exact tops and bottoms of a market, let your strategy tell you when and how to close a trade, and always be satisfied with whatever profit you bank from a trade (no profit is too small).
21. When holding/ initiating a position, don’t think about how much money you stand to make/ loose. Just focus on the task at hand and think about making sound decisions free from fear and greed.
22. There is no single trading formula in the FX market, always use dynamic strategies for different market situations, and learn to swiftly abandon a strategy/ close out your trade the moment the market stops doing what you expect it to do.
23. Never let a loss go by without learning from it, if you learn from your losses then it counts as tuition for a lesson learned, but if you let it pass without learning from it. Then it is indeed a loss.
24. Your trading plan must be followed with absolute discipline in order to succeed. The trading plan should be tailored to suit your personality, ability and resources. It should be YOUR plan and unique to your style of trading.
25. Maximize profits not the number of trades.
26. Have a scheduled time specifically for studying the markets before making trading decisions
27. Do not move with the crowd or do what everybody else is doing because the majority (95%) are usually wrong. You should look to buy when the majority are selling and sell when the majority are buying. It’s the basic law of supply and demand “it is an exchange market after all”.
28. Never blame others for your losses, always examine yourself when your trading results are poor. Only by doing so will you be able to improve personally.
29. Never doubt your trading plan, always trust and have faith in it.
30. Price has a memory; if it did something at a certain level possibilities are that it will do it again.
31. When trading the news, don’t pay much attention to the news itself but rather the charts reaction to the news. The answers are always on your charts as the impact of that news event has already been incorporated into the chart long before the news announcement.
32. You are your biggest mentor, you MUST believe in your analysis and your decisions. Only by doing so will you be able to build the necessary confidence you need to succeed in this business. ]]> Beginners Forex Forum mikehall5226 http://www.goforex.net/forum/showthread.php?t=2342 Chart periods and indicators http://www.goforex.net/forum/showthread.php?t=1757&goto=newpost Tue, 15 Jun 2010 08:58:09 GMT ---Quote (Originally by fxacs)--- Hello all, I started reading about forex trading a while ago. At the beginning I was very enthuziastic and...

Quote:

Originally Posted by fxacs (Post 4779)

Hello all,

I started reading about forex trading a while ago. At the beginning I was very enthuziastic and everything seemed to be easy :) I made some good trades on several demo accounts ... beginner's luck of course.
I decided to go for a real account soon so I started reading some technical stuff, but as far as I go into the reading it's harder and harder.

I think I will base my trade decision on technical analysis rather than fundamental, but still not easy :)

What chart period are you using and what indicators? For the last 2 weeks I tried to identify patterns (candlestick patterns) and enforce them with some indicators like RSI and MACD on 1, 5 and 15 min charts. I can say that trading in 1 and 5 min charts it's .... too hard to do it.

So what can you advice me? What charts should I use and what indicators are best ? I want to trade like a pro not like a beginner :)

It is normal to discover that as you learn more about trading it seems to get more difficult and more complicated. But part of that is an illusion. I believe that part of success is in knowing what NOT to focus on and using hardly any indicators. There is a much easier and more profitable way to trade that gives more winning trades and bigger winning trades with smaller losses. But people will spend their lives caught in the illusion. Everyone will tell you a different thing. There are many different books and courses. ]]> Technical Analysis scottshubert http://www.goforex.net/forum/showthread.php?t=1757 How to obtain resistance and support effectively http://www.goforex.net/forum/showthread.php?t=1199&goto=newpost Tue, 15 Jun 2010 07:57:42 GMT ---Quote (Originally by tradebetter)--- Let me explain more clearly, I mean if I am doing 30 min chart for my trades, when I use the Pivot point...

Quote:

Originally Posted by tradebetter (Post 2870)

Let me explain more clearly, I mean if I am doing 30 min chart for my trades, when I use the Pivot point tool to search for resistance or support, how can I do that? Do I go the 1hr chart and enter all data for the previous day's candle? or do I calculate the average resistances and supports from the previous 3 days in daily graph? Can someone please help me out?

Thanks a lot!!

Tradebetter

If you have a pivot calculator it will work best to use the previous day's open high low and close. It makes a big difference whether the open and close are calculated on 5:00 EST or midnight. you can test them side by side and see that the midnight calculations work better or open and close are around London. Nevetheless using pivot points is a real distraction from entering and exiting a trade for more meaningful reasons. After thoroughly testing pivots for a year I now never use them ]]> Technical Analysis scottshubert http://www.goforex.net/forum/showthread.php?t=1199