what rsi setting is best ?

megamuel

Experienced member
1,098 164
:

Megamuel you really are a diamond,:LOL:

that website was exactly what I was looking for. I Actually have Bulkowski's book .The encyclopedia of chart patterns ,and if anyone is into pattern trading its a "must read book"(y) , I work 48 hours between mon and friday and get to trade on friday as a regular stint witch leaves little time to do all the research required on the markets , I know some people say "backtest it your self"but with limited research time having you guys help point me in the right directionis a big help, Thanks again hope the hangover isnt to severe ? Tell me,, what markets do you trade ?
Why thank you, thank you. You'll remember to rep my post then.... :whistling Glad I could point you in the right direction. No hangover fortunately other than a slightly dicky stomach. I don't trade any markets at the moment! Been trading for around 9 months and was trading forex and hovering around break even but had a dispute with my spreadbetting company and stopped trading while that was going on. Just been refunded but I am going to withdraw my money and go direct instead. Good luck with your trading...

Sam.
 

megamuel

Experienced member
1,098 164
reputation on this board is more of a catwalk showing off how many buddies you have than anything else. if people new to trading believes someone posting something who has plenty of stars on his name means he knows what he is talking about would be better off listening to a monkey fart. i have given up with giving out reputation simply because i have seen plenty of names on here with tons of stars on their names handing out reputation to "pals" on posts that have nothing to do with trading at all. there might have been a time when it carried meaning but not anymore.
Not necessarily because new_trader has quite a lot of reputation but he has no buddies...
 

danpayne

Member
53 1
depends how you use it and as long as you are aware that it is lagging and dont confuse it with a leading indicator, remember the key is to get the meat of the move not all of it so laggng can be good on certain set ups
 

megamuel

Experienced member
1,098 164
I was with iii. They manipulated the price and I was taken out for a loss at which the price never reached. They then refused to refund me so I wrote them a strongly worded letter asking them if they thought that the FSA and Financial Ombudsman would think their price was a fair representation of the underlying market. They duly refunded me! Won't be doing business with them again.
 

HaloTrader

Established member
615 55
I was with iii. They manipulated the price and I was taken out for a loss at which the price never reached. They then refused to refund me so I wrote them a strongly worded letter asking them if they thought that the FSA and Financial Ombudsman would think their price was a fair representation of the underlying market. They duly refunded me! Won't be doing business with them again.
Ha bet you thought you were the man when they refuneded you .
 

HaloTrader

Established member
615 55
On a serious note. Any indicator, leading or lagging can be used effectively if fully understood by the user and using it in a way which gives you an edge - Through experience you can see what the indicator does in certain situations, for example you may find lagging to give you a late signal and therefore you could change your rules from experience to give yourself for an edge.

A real life example for example is of a friend telling me about MACD (when i was new to trading) saying to buy when it turns green or red, i investigated this and found it to be quiet late and often a move move the bar before had been hit, so i changed the entry so that i would enter after to increasing red MACD histogram bars for a long.

Don't go by teh book, learn indicators yourself and you can use them effectively. Remember also that they behave differently on different markets, for example a choppy day on the FTSE100 you'll get kained by using MACD, stochastics may be okay, EMA's will chop you up - But using pivot points may get you in and out effectively throughout the day or using standard deviation to wait for small consolidations and breakouts even on a choppy day.

To identify trending and non-trending days you have to create rules. For example i only trade if an impulse higher-time frame isn't apparent, in other words i only buy into higher time frame momentum.

RSI settings 14 are fine but check on your chosen market and furthermore investigate the signals its giving you and make your own rules about them

x
 

HaloTrader

Established member
615 55
Well it made up for feeling robbed when they robbed me!
What platform are you using now to trade DMA ?
What markets do you trade?
You swing or day-trade ;) ?

Just out of interest, since you've been learning 9 months or whatever you said... I'm similar so i'm always keen on others learnings :D
 

megamuel

Experienced member
1,098 164
I haven't opened an account yet but I am looking at either FXCM or Alpari. Both well respected brokers that you can trade through MetaTrader. Swing trade forex, tried many things including day trading stocks but found it too difficult spread betting as some of the spreads were huge and I never managed to put a succesful strategy together. Before my incident with the spreadbetting company I was swing trading forex using Andrew's Pitchforks and price action and slowly started moving my account in the right direction. Hopefully this will continue when I get back to trading but I will probably demo first!

Sam.
 

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