Becoming a successful forex trader

[oilfxpro]

Does that mean that 5% of the 3000 do work ? If so that still gives 150 indicators worth using


Paul

Paul

I have only seen one indicator work for me the oilfxpro rsioma.
I have an indicator being coded for me at present ,it is taking 8 hours to code and 500 euros, by the time I have finished the idicator will have taken 15 hours and cost 800 euros and most likely it will work cause it is not lagging.It is a probabilistic indicator rather than a lagging indicator

I probaly suspect there are only 20 indicators worth using out of the 3,000


All the support and resistance indicators are non lagging
OILFXPRO

 

[Crap Buddist]

fade the other 2,9980 then as a cheeky ploy and this time next year Rodney...?

 

[ampro]

Hi

If you were to trade euro/usd again today ,at what level you buy or sell and why

I'm not (primarily) a daytrader, & most definitely not on this pair at these levels. I'll leave that laughable tactic to the hustlers & hotshots.

It's obviously in a state of profit paring at 5600. You got 1st level defense @ 5520-25 & secondary (trailing stop) defense @ 5480 thru 5525.

Those 2 levels are your initial compound zones (with confirmation) for continued strength. Stops will now be building & layered back from secondary defense (525-480) to 5140, the 1st real signs (on exhaustive behaviour) this thing is printing a concerted top.

But it remains a buy on dips until the initial defenses begin to dispaly exhaustion-excessive upside risk.

 

[stevespray]

10 Minute EURUSD

Hi

If you were to trade euro/usd again today ,at what level you buy or sell and why

OILFXPRO

Im not expert in EURUSD as GBPUSD is my market of choice. I can however access the charting through our system.

I just loaded it up and marked what I feel are the important areas. The red lines mark those areas. The blue line is current price.

Keep an eye on it and see how we interact with those areas.

Steve.

 

[oilfxpro]

Ampro

I was looking at buying at 1.5571 and short at 1.5598 .

with 20 stop and 20 take profit but this is not a good risk reward ratio .It should be 1 to 3...so no trade

1.5598 short because of body of hourly candles

1.5571 is support level intraday

but no trade due to r/r

OILFXPRO

 

[Trader333]

I just loaded it up and marked what I feel are the important areas

Are you willing to say why you think these are important levels ?


Paul

 

[stevespray]

Are you willing to say why you think these are important levels ?


Paul

Hi Paul,

No problem. The bars at the bottom of the chart are volume scores for each bar. You will see that I have simply cherry picked the best volume scores and examined each of those bars. If the average of that bar lines up with other 'interaction' on the chart then I mark it up.

Feel free to question if required.

Steve.

 

[oilfxpro]

Ampro

I was looking at buying at 1.5571 and short at 1.5598 .

with 20 stop and 20 take profit but this is not a good risk reward ratio .It should be 1 to 3...so no trade

1.5598 short because of body of hourly candles

1.5571 is support level intraday

but no trade due to r/r

OILFXPRO

now have a look at the chart and candles and price going to 1.5571

OILFXPRO

 

[stevespray]

now have a look at the chart and candles and price going to 1.5571

OILFXPRO

Yes - price is in consolidation or compression depending from which sides of the tracks you come.
Therefore the market is in a state of conflict - 50% of people think it's going higher whilst the other 50% think it's going lower. Which way will the market move from here??

................If any one says that they have an indicator or system that will tell you then they are a liar! All you can do is a) trade the range for your weekend pocket money, or b) sit and wait for a clearer signal, or c) Take a punt and join the 95% who will lose their money.

Steve.

 

[Trader333]

Steve,

What do you class as "other interaction" ?

You have previously said that you have a means of determining volume (which I know would be of great value in trading forex) how have you gone about making this calculation ?


Paul

 

[stevespray]

By other interaction I mean "Where do the lines look good on the chart?" For example, for the lines that I placed, many of the moves higher or lower stalled or just clipped my lines. Obviously that is hindsight but you'll be surprised how, in the future, prices and volumes 'react' when they get back to the same level.

The volume is produced by the software which is written by someone else so I dont know exactly how it is done.

Steve.

 

[oilfxpro]

proper forex trading

Hi

today's lesson

Interest rates and related news drive forex prices

Today's core CPI numbesr were dissapointing and reduce chances of U S rate increases or add to probability of further cuts in interest rates

On release of the dissapointing data the US dollar weakened

This is how forex is traded by pros......by selling usd

OILFXPRO

 

[oilfxpro]

Hi

yesterday's first spike .On news of the dissapointing CPI figures ,the price made an upward spike ,only to find sellers push the price lower

The price retreats lower and eventually closes at the top of the early spikes

A lot of traders exit the market after a profit on the initial spike ,and later return to join the orignal trend of the day .Real forex trading is about interest rates and where they are heading

Everything else is for gamblers and amateurs

OILFXPRO

 

[ampro]

Real forex trading is about interest rates and where they are heading

In the main yes. But there's also a whole lot more going on out there which affects the psychology & short-term directional sway of these instruments.

Premature liquidations & the hand over of scared money for one....rumors & chatter for another.

Take yesterday for instance. How much of that shunt off your 5690 high print bar was down to the rumor that ECB officials were on the phones to a few prominant desks checking rates & volumes?

Word certainly didn't take long to filter thru to lower tier ears as prices began unwinding the spike & chase to fresh highs. The wily old foxes maybe wouldn't have been sucked in to the chatter, given it filtered thru into the Friday European afternoon shift......

but it doesn't matter that the whispers were-are true or not. It's a nervy field of play out there at current levels, & it don't take much to spook these hustlers.

It won't unduly affect the slightly longer timeframe participants. They can ease back a little & watch all the hullabaloo unfolding, but it sure impacts on the fast money crowd & the micro timeframe hotshots.

Psychology is the name of this game mister. Looking out for the nervy & premature liquidation...then soaking it all up as/if the demand (or supply) dictates.

 

[oilfxpro]

Psychology is the name of this game mister. Looking out for the nervy & premature liquidation...then soaking it all up as/if the demand (or supply) dictates.

Ampro

Two of the best books are written by psychologists

Trade Your Way to Financial Freedom - Google Book Search


Trade Your Way to Financial Freedom - Google Book Search

coming into my trading room by Elder

Oilfxpro

 

[oilfxpro]

Hi

Today's lesson

http://www.trade2win.com/boards/for...oming-successful-forex-trader.html#post403436

Are you finding that your charts are not telling the full story? Timing off - again and again? Stop too close - again and again? Dollar fell on 'good' news - how could it - again?

Now look at yesterday's spikes and previous spikes here

http://www.trade2win.com/boards/for...ing-successful-forex-trader-6.html#post405662

If USD was in a interest rate increasing mode ,the spikes set ups and eventual rally would not have worked.The preeceeding trend in both cases would not have occured.

If you look at chart patterns, the same chart pattern can have two different outcomes.

Chart patterns work more effectively when used with fundamental anylysis.Look at the image below with upward spikes , the upward trend failed to materialise because of fundamental reasons ,like U S dollar was in an interest rate increasing mode .What this proves is chart patterns should be applied with fundamental anylysis

OILFXPRO

 

[oilfxpro]

Hi

Another lesson

Avoid failed gurus

Lesson 2 from "bird watching in lion country"

It still amazes me every time I search "forex trading" or "forex training" to see all the new forex trading "experts" out there. Another day, another expert, all vying to reach the top of the heap. And each one has got ANOTHER easy money-making forex trading system.


Doesn't it irritate you that once you probe a little deeper the "experts", "trainers" and "course providers" are mostly failed traders turned "mentors", or Internet marketers? Aren't you frustrated by the fact that you only find copies of web pages you have seen many times before? Rehashed in a new form, but with the same old stories.

Avoid all these idiots on message boards who have a following of idiots.

StrategyBuilderFX

OILFXPRO

 

[theSnaggle]

You're just another guru, man

I've been following this thread for some time. Suggestion: Stop tearing everyone else down and start putting more effort into writing something substantive. Honestly. I don't read the forums you talk about -- I swore them off a long time ago. But you're approach here is not so different from theirs. You have a point of view. You have a lot of confidence in your point of view. You presume to think that "lessons" are needed. That is all okay. There is more than one way to trade the spot markets. But why do you so jealously guard your personal truths? You pull statistics out of your @$$ as if you have done the studies yourself. 95% this...80% that...etc. You better be ready to prove that stuff the next time around -- and not with some silly anecdotes. (Read: It's all bull.)

Another suggestion: Just concentrate on your trading and be a little more humble about comparing your perspective to those of other traders. This humility will carry over into your trading and, methinks, will make you better at it. Writing from this perspective will open up the conversation to perhaps include insights you never knew you had -- and you get the added bonus of encouraging other traders (like Steve-O above) to share their own in meaningful detail. (Although I am skeptical of any notion that we can accurately gauge volume in the FX spot markets until the next BIS report. Order flows on the day, perhaps, but not volume. Order flows are helpful, in any case.)

I have gone through six pages of cliches, half-assed stats, and self-aggrandizing pejoratives. If you are indeed a pro, I know you can do better.

And by the way, what you thought you coined as "relational" analysis already has a name -- "rational" analysis. (Murphy, circa 1985, I believe.)

Cheers
The Devil's Advocate

 

[Trader333]

Avoid failed gurus

What about gurus who have not yet failed ?


Paul

 

[oilfxpro]

What about gurus who have not yet failed ?


Paul

Paul

Probaly another failed Guru using internet anonymity and using different identity.

Just for your info " I am not a guru ".This thread is run for new traders , hopefully it will help many new traders.

Here is a thread on chart patterns by one of the gurus

Don`t read this thread..Make Money with it. - Forex Trading

I would like to see more posters posting charts with /without relatiional anylysis
OILFXPRO