Forex trading mentor in Australia ?

[soccer_daemon]

Hi gurus,

Anyone here has done trading mentoring in Australia or can anyone
recommend really professional and good mentor in Australia or someone who
travels around the world doing mentoring in forex (only) trading ?

By mentoring of couse I imply that the mentoree already has certain level of
TA background and experience and some forex trading experience/exposure,
ie without having to learn from ground up.

I am seriously looking for one specifically for forex and in Australia (or who
travels to this part of the world) and preferably with license for financial
advisory service since I have spoken to a few who just teach trading but not
traders themselves.

As in my previous post I am a newbie in the sense that I have already invested
my time & money in basic/fundamental of TA and forex background and trading
but I ma having difficulty putting all the stuff I have learned together in a system
or a plan to get started, and when I get thrown a forex chart, I am usually just
can't come up with a strategy as opposed to a stock chart, which somehow
I can pick things out and start focusing on bits & pieces of TA and eventually
come to a decision whether to trade or not. But forex, I am kind of paralysed!

So in that sense, the forex trading mentor I am after is someone who is able to
assess my TA skills, experience & PROBLEM and help me develop a
system/approach for me to tackle the fx market, for as stated above, looking at
forex vs stock chart I just seem to be paralysed not knowing what to do next!

I reckon it's partly to do with the volatility & the wide range of the currency
movement itself which upsets the same approach I would have taken with
stocks.

Anyway, if anyone can help (and I am dead serious about learning from good
traders/mentors) please feel free to PM me.

Thanks
SD

 

[JumpOff]

I don't know anyone who travels to the land down under, but there are numerous people on these boards who will be willing to tell you what you what your trouble is - seriously! While you are waiting to engage a mentor, feel free to post a chart or two - with the usual TA you do for stocks, and tell us what you are thinking. - what part is confusing to you.

Forex is different than stocks - because you get such spikes (Somtimes 50 pips up and 100 pips down in the same 1 minute bar) around econ announcement times.
JO

 

[soccer_daemon]

JO

Thanks for your reply.
To give you an example looking at the attached chart, if I were to enter a trade
today on EUR/USD as if I were trading stocks, I will look at all of the following:

1) Trend is down that is obvious,
2) Below 20 and 50-day EMA, but above 200-day EMA
3) MACD cross & below zero-line
4) RSI decreasing
5) EUR break below 61.8% retracementprompted me look for next strong
support which I believe to be around 1.2960 back in Feb and next one be
1.275 and 200-day EMA.
6) Candle sticks, so far no pause of trend in sight on daily chart

Now, when factoring all the above, and if I were to trade it like stock I would
mostly likely follow the down trend and enter as follow:

entry: market close to yesterday close let's just say 1.2985 as that is the price
as of this writing.
stop: 1.3020 being a tad over 61.8% Fib retracement which is some 40 pips.
target: projected 200-day EMA or aroudn 1.29
risk/reward: 40pip:80pi = 1:2

However, my doubts are:
1) The trend has been down for past 6 or 7 days straight now without a pause
am I too late to jump on the trend ? This is another problem I always seem
to have even when trading stock. OTOH, if I have been following the market
and trend starts to change but I usually end up waiting too long for trend
change confirmation which means miss out a good initial run. I find that
sometimes it's easier for me to not follow the market but go into a new
market that is in a established trend in which case I could at least quite
objectively go with the prevailing trend and use my own criteria to decide
to trade or not.
If I have been following a market and seeing it changes trend, I can't help
having the doubt of change and wanting more confirmation = more time =
more delay = missed opportunity. This is one big part of trading that I just
can't seem to improve on and high volatility in forex doesn't help that either.
In a sense because the last trend has been ingrained into my mind
subconsciously that as much as I like to stay objective, it's hard to ignore
the visual & subconscious memory.
2) Given the wide trading range in forex, is my stop too tight ?
3) Is my projected target realistic ? I have given reasons as to why I chose
them but due to lack of experience, I don't know if it will work out.

Anyway, I guess the only thing for me to do is to paper trade it first to see if it
works and if not, why ?

Now, if the enter the trade and today we hit a doji, what do I do ? Do I tighten
up my stop or not or do I just leave it alone for another day before making any
change ? I usually will have a clue about doing the above with stock but with
forex and in particularly due to the volatility and wide trading range, I cannot see
my usual way of trading be very effective here without widening stops furher.

I am not asking anyone to answer my question above to help me trade. I am
just summarising the types of problems or difficulty or reality I am dealing with
and would like to know if anyone of you have had similar challenge and what
you do to overcome them,

Thanks
SD

I don't know anyone who travels to the land down under, but there are numerous people on these boards who will be willing to tell you what you what your trouble is - seriously! While you are waiting to engage a mentor, feel free to post a chart or two - with the usual TA you do for stocks, and tell us what you are thinking. - what part is confusing to you.

Forex is different than stocks - because you get such spikes (Somtimes 50 pips up and 100 pips down in the same 1 minute bar) around econ announcement times.
JO

 

[soccer_daemon]

EUR/USD chart attached

Try again here, forgot to hit upload button in the last post for attachment

SD

 

[commanderco]

SD
I do not trade Stocks, and so I would not wish to offend anyone who does
by saying that your chart and your reasoning left me with a blinding headache.

You need to catch Fx at the beginning of a move not at some arbitrary point
that may or maynot continue.

If I may, here are a few ideas to get you going.

Fix in your head that all you have is the HLC on a daily basis.
* The C is a 24hr snapshot of the market at 17.00EST and the O is the next
tic past this point.
* all indicators are a function of these 3 numbers. Not the other way around
* calculate the probability of a move.
ie after 4 down days there is a 90% probability of a reversal ( example only)
* start with something simple and remove all those indicators from your chart
and only add something to your chart when you & only you are convinced that
it directly tells a story.
remember .... HLC are sacred. Protect their clarity at all costs
* keep your mind clear it is your greatest asset. Your PC is only a machine.

* start with something simple to get you in the market, like 1st pullback.



I hope some of this may be useful.

 

[soccer_daemon]

Hi Commanderco

Thanks for your feedback man! Actually I think you are not the only person
who suggests that with fx, remove all other indicators from the chart and start
with something simple. I can only infer that the advice is based on all your
valuable experience and there is a reason to it ... do not tell me what it is as
I will try to work it out myself. YOu have already given me good enough advise.

As for your emphasis on HLC, I am just guessing that I should pay attention on
next day's key support & resistance based on today's HLC ? If so, I am also
trying to observe how well that works on a monthly and weekly basis. If not,
please kindly shed some light on that.

Thanks a million!

SD

SD
I do not trade Stocks, and so I would not wish to offend anyone who does
by saying that your chart and your reasoning left me with a blinding headache.

You need to catch Fx at the beginning of a move not at some arbitrary point
that may or maynot continue.

If I may, here are a few ideas to get you going.

Fix in your head that all you have is the HLC on a daily basis.
* The C is a 24hr snapshot of the market at 17.00EST and the O is the next
tic past this point.
* all indicators are a function of these 3 numbers. Not the other way around
* calculate the probability of a move.
ie after 4 down days there is a 90% probability of a reversal ( example only)
* start with something simple and remove all those indicators from your chart
and only add something to your chart when you & only you are convinced that
it directly tells a story.
remember .... HLC are sacred. Protect their clarity at all costs
* keep your mind clear it is your greatest asset. Your PC is only a machine.

* start with something simple to get you in the market, like 1st pullback.



I hope some of this may be useful.

 

[Buk]

However, my doubts are:
1) The trend has been down for past 6 or 7 days straight now without a pause
am I too late to jump on the trend ? This is another problem I always seem
to have even when trading stock. OTOH, if I have been following the market
and trend starts to change but I usually end up waiting too long for trend
change confirmation which means miss out a good initial run.

If I have been following a market and seeing it changes trend, I can't help
having the doubt of change and wanting more confirmation = more time =
more delay = missed opportunity. This is one big part of trading that I just
can't seem to improve on and high volatility in forex doesn't help that either.

commanderco has offered you some very sound & sensible advice. Perhaps you might want to research/read up on reversal techniques? (1-2-3's) - with a pullback 4-5 on the shorter 5min frame??. Depends on your allotted time availability etc....that way, you'd have the opportunity of maybe catching a trend (intraday) reversal without fretting when to trigger an entry.

try rummaging thru this thread, might offer one or two idea's .

http://www.trade2win.com/boards/showthread.php?t=13451

 

[commanderco]

SD
Glad if I can be of some help.

If "next days s & r" means Pivot Points then the best thing to do is plot them and
count the number of occasions where the market breaks through these points
& the number of occasions when the market reverses.

I would suggest to you that your placement of Stops & your tactics are more
important than any formulae that people might tell you.

For your own sanity, you should try for the following

* % A is at least 50%
* no more than 2 consec losing trades.
* W/L ratio > 2.5
This will get you started and keep you in the game.

Do not worry about maximising pips in a trade, just concentrate on achieving
& improving the above ratios.

Your earnings come from leverage. It is far better to have a robust method
earning steady ratios each week. From this platform you will have the confidence
to increase the size of your trades.

 

[soccer_daemon]

Commanderco

Do you also use candlestick besides HLC ?

Candle is what I use mainly, though sometimes I do look at it in different types
just to check I if I miss something that otherwise not seen in candle.

I also look at weekly chart interval, again to sometimes catch candlestick
formation that may not show up in daily chart. That "sometimes" usually does
reveal a clue or two at top or bottom but not much when the trend is in progress. I need to combine the weekly candles with your suggestion on
HLC but on a weekly basis as well to check if I can pick up more observation ?

Finally, do pro traders often use compounding as one of their strategies ?

Thanks
SD

SD
Glad if I can be of some help.

If "next days s & r" means Pivot Points then the best thing to do is plot them and
count the number of occasions where the market breaks through these points
& the number of occasions when the market reverses.

I would suggest to you that your placement of Stops & your tactics are more
important than any formulae that people might tell you.

For your own sanity, you should try for the following

* % A is at least 50%
* no more than 2 consec losing trades.
* W/L ratio > 2.5
This will get you started and keep you in the game.

Do not worry about maximising pips in a trade, just concentrate on achieving
& improving the above ratios.

Your earnings come from leverage. It is far better to have a robust method
earning steady ratios each week. From this platform you will have the confidence
to increase the size of your trades.

 

[commanderco]

SD
I use candles because I grew up on them.
In the beginning, when I believed in magic I thought that Candles had an edge.
In fact they are no different to me than bar charts but I am now comfortable with them.
Give me a week or two & I would be just as comfortable with bar charts.

I do look at weekly charts to see what the Position Traders or Traders with a longer
vision than mine are up to. They have either a greater tolerance to pain than I have or
they are trading OPM ( other peoples money)
Never the less, I am always interested when they change direction and what effect it
might have on me.


Compounding! .... Never been that brave really.
I trade in pairs. One for points and one to run.
If the Runner does not look like a Runner, I will either stop it out or
reverse it on a stop.
The Points trade should pay for commissions and compensate for losses,
while the brave little Runner does the real work and builds the account.

I will add to a direction, but only as a "stand alone" signal going in
the direction of a previous open trade.
I will not compound as such.
My problem is that I am a lousy judge of "trend"
I can establish the beginning of a trend, but to see the middle of a trend, I must know when it is about to end.
Funnily enough, I can see the failing of a trend quite often. The problem is, I cannot
project this wonderful knowledge back to the middle of the trend. .... as a result I just stick to what little I know.

I might add that I trade CME IMM (futures) and am currently weighing up the pros & cons
of the Spot market.

feliz Pascua ( happy Easter)

 

[aussie2242]

so where are u in australia,, im a newbie and arriving back in oz soon,, dont really want to go it alone .. cheers aussie

 

[henry766]

alone is the only way aussie2242

 

[commanderco]

so where are u in australia,, im a newbie and arriving back in oz soon,, dont really want to go it alone .. cheers aussie

Cheer up old son ... there will be just you and 20 million others just like you