Day Trading & Forex Forum

Paul Wilson

I would like to learn more about trading FX. All I know about the market are the very basics. So far my learning has gone as far as some of the learning zone articles and wikipedia.

I will be putting an order in with amozon soon for some new literature. Would any seasoned(profitable) traders like to give me any suggestions?

The same with internet resources. Please don't be shy.

I do have a few specific questions too...

Number 1.

I understand most brokers have their own charting packages. Are these acually any good? Or do you chart with third party programs? If so any recommendations? I use sharescope for my swing trading, I guess this isn't much cop?

Number 2.

I understand the price of currency can be influenced by specific political or economic dates. For example interest rates?(please correct me if I am wrong, as mentioned earlier, I am clueless about this game)

Where is this information found? I also think I read some where about some times of day being better than others for trading. Is this true?

Thanks - Paul.

julian

Most of what u need is here on the site, lots of stuff about data feeds.Data via a broker often is not as good as direct. I use esignal which is competitive, top of the range is rueters or cqg. Mine costs about £80 for all forex and some futures. Yes forex is affected by news but only affectsintraday and scalping style of traders. Good luck

counter_violent

cheers
cv

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Time Series Modelling....It's The Future !

fayalac

The web is full of free resources, you will easily find it.
The basic problem you will have to face is the time frame on which you feel reliable to trade.
Other matters that will afect you are:
1) the currency pair to trade, most people trade with eur/usd for many reasons, i personally feel more confortable with usd/yen for the hours i can trade, you will have to find your best way/pair to trade.
2) every broker provides you with a powefull set of charts that will support you with the technicall analysis requiered to trade, the problem will be to stablish which tools are more efficient according to your trading technique, remember it is supposed to be profitable, otherwise leave it, it wont be for you.
3) economic events as you already said, you will find many resources, news and analysis at dailyfx.com, i insist it will depend on your own sistem and technique.
Good luck

rols

This is an excellent fountain of knowledge.

Don't be put off by the title.

Forex Training & Education: Beginner Foreign Exchange Currency Trading

Bon voyage!

millsy500

Heres a good read. Bird watching in lion country.

Jedi08

All depends on your timeframe. If you have a longer term view and can afford some short term pain simply look at the fundamentals of the two economies; look at the interest rate cycles and level of inflation that persists. There were some easy calls towards the end of 07 -namely shorting the dollar and stirling and longing the resource currencies. I was fortunate to long the EURGBP and short GBPSGD for a very nice ride. Also sentiment is very important and is a large driver, a case in point is the dollar at the moment- net longs have now increase net short against the euro on options, this is the named the 25 delta risk reversal ratio (sounds more complicated than it is) I find this a good indicator of sentiment and recent opinion suggests this may be a turning point...Though I would be cautious to long the dollar against anything yet...

Shorter term, havn't had a great deal of experience. Find a technical analysis trategy that works, Demark is looking very interesting, but think the best strategy to find what works is trial and error. Start of betting small. You will learn a lot more from your mistakes than from your gains. Good Luck!

Dow Predator

How to become a Trader :

You only need to master one trading setup to be a consistently profitable trader.

Screen time will allow you to master one setup.

After you have mastered one setup "own it " you can add another setup.

This can be an ongoing process developing your own style.

The best setup to begin with is the one that you see and understand easiest. If you are forcing yourself to learn a setup because you believe another person is successful using it you may be taking the longer route to profitability.
We are all different . Our brains and personalities will gravitate to different setups. This is also true of exit techniques.
Most traders I hear from lengthen their road to profitability by trying to apply too many concepts before owning the first one.
They have studied a myriad of techniques but have yet to master any. This allows them to talk about trading but unable to consistently trade profitably.
The first decision to make is; do you desire to be a counter trend trader? or a with the trend trader? Eventually, you can be both.
At the beginning, or a new beginning perhaps, you will do best choosing to master a setup and follow the trend.
If you have been at this game for awhile and are not yet consistently profitable you know what I am saying is correct.

This site contains trading techniques and setups with the intent that it will aid you in creating "your" trading style.
My personal trading style is a combination of various styles and setups. I trust this website will be an exercise in my personal understanding of my own style allowing all to benefit.

PICK ONE, MASTER IT, BE CONSISTENTLY PROFITABLE

I learned alot from this site >>
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