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I, like you said, take advantage of much smaller time frames 1M & 5M with greater leverage. It's not scalping however it could be interpreted as such (my trades usually last between 10mins to 1hr. You cannot discount technical indicators for this time frame as fundamentals really have no basis here unless it's around news time.
Change in rates, sudden interest decisions, rumors, tremors and fundamental gaps happen everyday, all day long to prices. Just what do you think causes all of those unspoken technical trends? The only reason people aren't capitalizing on these, realizing that these too are simply unannoucement fundamental decisions by the banks.
Is because they are too busy, so busy looking at that 8:15AM - 8:30AM decision and not the cross pairs that trigger other fundamental aspects threw out daily ranges, as one small piece. Fundamentals trigger trends all day long, however unless you have inside informantion which is illegal, or a sudden unannounced rumor, there is no way in hell that you will guess when will these trends occur and that then becomes the technical trader's department.
Fundamentals trigger the markets, daily.
But, due that most of these, that other 75% arenot annouced, how traders capitalize on these is sheer luck, based off of intuition. That's if, a strick if you get in on the random trend, all indicators and judgement lining together.
It is smarter to see a report coming ahead of time, than to cross guess it and not know when it's coming threw out the day, based off of technicals.
I used to believe this too, that technicals could over look that of which is the true value of this Forex thing. The trends, the types of trends and where do they come from, randomly. They come from core trigger events, most of which are never annouced and to me that is also cheating us as a whole.
Technicals cannot guess these threw out the day, only "pick pocket" some of the move, that is. If you're good at seeing the true side of the diverge.
Hi, traders!!
Interesting thread going on here.
I like this:
Klaka
Scalp leverages, yes, this is one of our strategies: Scalp.
About leverage: it is important, of course. But for me the most important in this game is the amount of money you have in your account to start with.
If you have 200k and 1:100 leverage, you can play with 20M.
Anyway, trading FOREX is not easy. It is very hard and, above all, who decides who wins and who loses is only you. Brokers are not our friends, sure.
Nina
buy on top price.. sell on bottom price...
If you did the opposite to this on the bigger moving news announcements there can be some very profitable reversals to be made. If you play the percentages enough I believe you will catch the commercial banks off loading in that direction ie. they are looking for a clear path.Just an idea though.
the battle over fundamentals vs technicals rages on! I honestly don't see it that way. Rumours and tremors that are never released, that no one is made aware of, news that only the highest of the elites will know is possible, but not extremely probable in my opinion. I see rumours and tremors as being technical information rather then fundamental.
It's quite interesting actually I have an example -- two weeks ago North Korea tested some missiles over in the Sea of Japan. I was trading the Tokyo session when suddenly JPY hiccuped and moved roughly 30 pips, this was due to the news release that the missles had been tested. I completely agree with you in that fundamentals should never ever be discounted at any time, on any type of fundamental, however, I don't believe that "tremors" and rumours type news without any official release is likely.
I have seen many releases of news however such as the Russian central bank paying off it's debt to the Paris Club, ofcourse it needs to be in EURs so that has great impact. This ofcourse is all news that is released to the public. Not the entire public, but it's certainly possible to be privy to it.
Again in the timespan that I trade, I don't beleive that fundamentals has a huge impact unless I get caught inbetween one. My trading technique is based on this. And should I get caught that is what a stoploss is for.
We have to realize how small we are in the forex world. We are tiny little fish in a great big sea full of carnivores. So we have to be fast, agile, and ready to jump at a moments notice when these giants start to move.
I say all this only because there's just no way to know all the fundamentals that is going on. There's absolutly no way of knowing all the information possible -- and even if you did some central bank or investment bank can move the prices in the opposite direction at a whim. This also infers to technical indicators as well. Support and resistance certainly do not work, they are obsolete. Stop hunting by giant investment groups is a very real thing so drawing these pretty support and resistance lines are frankly useless.
I go back to my sentence saying that we are very small.. A small animal in the real world takes little bites and runs and hides. Then runs out, takes another bite, then runs and hides. This is how us little small forex players must play this game to survive just like the little animals of the world. Terrible analogy I know, but it works for the moment.
the battle over fundamentals vs technicals rages on! I honestly don't see it that way. Rumours and tremors that are never released, that no one is made aware of, news that only the highest of the elites will know is possible, but not extremely probable in my opinion. I see rumours and tremors as being technical information rather then fundamental.
It's quite interesting actually I have an example -- two weeks ago North Korea tested some missiles over in the Sea of Japan. I was trading the Tokyo session when suddenly JPY hiccuped and moved roughly 30 pips, this was due to the news release that the missles had been tested. I completely agree with you in that fundamentals should never ever be discounted at any time, on any type of fundamental, however, I don't believe that "tremors" and rumours type news without any official release is likely.
I have seen many releases of news however such as the Russian central bank paying off it's debt to the Paris Club, ofcourse it needs to be in EURs so that has great impact. This ofcourse is all news that is released to the public. Not the entire public, but it's certainly possible to be privy to it.
Again in the timespan that I trade, I don't beleive that fundamentals has a huge impact unless I get caught inbetween one. My trading technique is based on this. And should I get caught that is what a stoploss is for.
We have to realize how small we are in the forex world. We are tiny little fish in a great big sea full of carnivores. So we have to be fast, agile, and ready to jump at a moments notice when these giants start to move.
I say all this only because there's just no way to know all the fundamentals that is going on. There's absolutly no way of knowing all the information possible -- and even if you did some central bank or investment bank can move the prices in the opposite direction at a whim. This also infers to technical indicators as well. Support and resistance certainly do not work, they are obsolete. Stop hunting by giant investment groups is a very real thing so drawing these pretty support and resistance lines are frankly useless.
I go back to my sentence saying that we are very small.. A small animal in the real world takes little bites and runs and hides. Then runs out, takes another bite, then runs and hides. This is how us little small forex players must play this game to survive just like the little animals of the world. Terrible analogy I know, but it works for the moment.No, no. It wasn't terrible analogy, your post made perfect. Suitable and straight to the point. I like the way you post, you seem like a very humble, logical and intelligent person. I just think that it's very funny, very funny how this information on unfair practices is mainstream in advertisement amoung mid league, top and superbly new traders, yet. Everyone is ignoring it.
I've started trading over a year and a half ago, being a seeker of knowledge of the game, this forex that we're playing. The rules, trials and contributions all made absolutely no sense to me, learning from mentors, or someone who 'knows the business' seemed like the true way to go. All this online bs, learn indicators, patterns, ticks, and yes even fundamental education.
It all seemed like a gaint "smoke screen" devised by brokers and telemarketers, so i simply asked and went "some who knew" alittle about the business, not forex. Real Estate. After what i've been taught, and believe me. It is very, very little. Forex being the easiest to learn, yes easiest.
I now know where, just where exactly the real money is and where most traders should consider going.
Brokering, assistant bank hedge traders, or collections entry broker.
You get the same profits, ifnot tons more than traders and you are guaranteed a win at atleast 10% everyday. Most firms have tiny commission quotas, some as small as 2.5%, daily that have to be reached.
I love trading, i really seriously do, but. There's far too many deception that just isn't worth the risk for the rewards being offered. This game is rigged, firstly. It's all digital, that's game over, right there. You sound like a verteran trader that knows his/her's stuff. And for all i know, you are very, very good and know alot of the tricks of the trades. But, i am starting to see the light.
Why cheat people on a buy/sell while risking 1 - 2%, when you could do it, manually on arbed/hedged positions at a firm, setting on your ass drinking coffee all day long, making 70%, or more a year, plus commissions?
I now see why, just why people are failing, in my opinion.
Brokers are luring people into the trading decade for three reasons.
1.) To distract them from becoming "real players" of trading theirselves *brokers).
2.) To get enough commissions to fund their own accounts in a real market, like STOCKs and equits.
3.) Because poor people are the easiest and stupidest targets to do it on.
I am considering broking, my uncle is retired, however has quite afew guides at his loft. But, damn. Trading is just damn fun, taking another idiot's money in the moneypit. But, we have to consider just which way of trading is safer and alot more worth it,
95% winning Traders (Brokers) ,or 5% Winning Traders (A Nameless few).
I have a friend who is quite profitable also, over 6 zeros in his account that was grew from 10k, but even he admitted. That most of his strongest profits don't come from the market, they come from him adding ONTO his account while scalping the buy.
Interesting discussion, let's keep it going. It's fun to see good traders speaking out into the open like this. It shows that they aren't stuck at charts all day long, ruioning their eyesight, like i have done afew times before for a miger 10 pips on a spread.
Keep the party goin.
Klaka, your posts are also very thoughtful and intelligent. It shows that you have taken your time with this forex game. I myself have been through a great many pains to finally get to the point where I feel like I know what i'm doing. It was all self taught. I never had any mentor, I truly believe that trading is one of those proffessions where only a very very few mentors will help you for free.
Trading the markets is a no holds barred, every man for himself, bite, kill, nail tooth and claw type of job. We are all out here to take eachothers money. This is the only job where you make money by taking it from someone else. You win only becuase someone else lost. I think of it like that, so therefore I'm prepared for the game of it becuase of this mindset. I know there are peope out there who are trying to get rich off of me, take my money.. Kill or be killed! The only way to survive is to become a vicious predatory carnivore devouring the young and stupid who jump into the markets thinking it's easy.
I admit, I was once very young and stupid and jumped into the markets thinking it was easy. Boy was I wrong.. After two long frustrating years I have only now begun to realize certain nuances. Realizing that you have to run with the pack of carnivores and eat and kill all those in my path.
It sounds kind of stupid I know, but this is how I see the markets now, not just forex. 9 out of 10 businesses fail, 9 our of 10 traders fail, it is just the way of things. Evolution is also this way, an animal either adapts to it's environment and learns how to survive or it dies. Mammals were one of the few animals left when the dinosaurs all died out. They survived becuase they could easily adapt, they were agile, fast, small and most of all.. jumped took a bite, and ran away.. jumped then took another bite.. then ran away.
My apologies for being so abstract, you make some very inciteful points, and you're very right about all of them. The real money is with brokers, hedge funds, and giant investment banks. Retail forex is a trap to bring in young stupid animals like me so that we can feed the giant carnivores pockets. HOWEVER, if you have the stamina, the will, and the ability to push forward, you can survive and beat a path through the jungle taking little bites here and there growing everytime to which eventually your a giant carnivore yourself.. Lastly -- that's the thing-- the problem lies with the fact that we little animals want to grow large too fast.
I've been ranting and raving.. it's really early in the morning -- haven't had my coffee yet..
I Trade For a living - Here r some Tips
Yep.......its not easy making money in Forex, I lost 2 accounts in about a year and was down 10 K. I thought indicators and technicals were the lifeline actually there not of any use unless you put faith in the fundamentals first then use the technicals to enter and exit the trade.
Well its 3 years since the bad times and i make a good living at home trading forex. My rules r as follows:
Ego booster - Carry a Profit Trade that you can reverse against on retracments. Im holding long position USD/JPY at 109. So I take shorts against that trade when the market dips protecting my equity and strees levels.
Technicals
(Never trade more then one currency at one time and split your lot sizes)
Rule 1 - Make sure your charts r clean no clutter
2 - Understand Candlesticks
3 - Review the daily chart for inside day or outside day
4 - Review the 4 hour chart and put trendline Medium and channel (So you know if your in a buy or sell Area.
5 - Always use Pivot points and S1 R! and so on
6. - Indicators like Mac D, RSI ects. Take note of them only to confirm oversold over bought conditions, not for entry only sometimes for exit
7. for entry use the fibs and pivots and inside day or outside for trend direction. Trend direction means the waves up and down at least 6 months.
For example January JPY was at 109, and that low was not repeated in any proceeding month and the current month is 117. so on excell draw the waves up. It may look like 109 111 110 112 111 113 and so on. In that case the trend would be for long trades. S on each day I would wait for a new low and then when the currency went back up past the daily pivot line i would open a trade if the candle precedding opend above pivot and close above the pivot and enter on the next candle open if it opens above the close of the candle that opend above the pivot. That normally happens in Asia session. So i go long into Europe session then set a profit trailing stop and a target tae profit and forget about it. When i open the trade i set a reverse order below the pivot.
If there r Fundamentals that day I wait and not enter untill the results of the fundamentals can be see in the price action.
Fundamentals, What ever the result is of an actual and forecast just take your information from the price action you see in the chart. i use 15 min chart during fundamentals acnnouncment and will enter the trade on the open of the next or 2nd candle after news realeas.
Never use stop loss use reverse order hedge, stop loss will eat you alive
Hedge is easy to gt out of with profit if you have the will.
Price action is in the chart not in the indicaors. Candle stickscFib Pivots points r the best indicaors. Thats what most of the market is using to enter and exit.
Routine is critcal Routine with a plan. If you look at an hour chart and the trend is down, check the 4 hour. An up trend on an hour may just be retracement on profit taking on a four hour. Short term trends will eat you
they fail and turn around so quick. So always take trades in the direction of the longer term trend. so in a bull market be a bull and in a bear market be a bear.
One trade a day should be all you need to make a profit. If your win to loose ratio is less then 7 to 1 then take a break and go back to demo.
Before entering a trade ask your self is the price you buy or sell at good value and within the avergae range of the currency.
Dont count profits by how much you make a day, just count buy month.
Regards
This is why I enjoy reading other peoples systems like the one above. Mine is wholeheartedly completely different.
Look at the 15M chart then the 5M and then the 1M.. never more then that. Trades never last anymore then an hour or two. I trade only the GBPUSD, never look at candlesticks or fibopivot points though I do use a murray math indicator.. I religiously use a stoploss -- frankly I can't stand massive drawdowns i'd prefer to just take the loss and keep moving.
At times I take positions against the major trend, I use a lot of leverage and take few pips. I use specific indicators to tell me the health of the market.. It's direction, it's momentum, and if the momentum has decreased.. whether or not the darn thing will keep going running on nothing but thin air i.e inertia!
I try to never trade during news time -- i'm in and out.. take my profits and run. It's a lot healthier that way in my head and my heart. It's a greater feeling having small profits and keeping your losses small rather then a large drawdown for a while before the market moves in the direction you want it to move. That and frankly I don't have enough equity to sustain a large position against me for a while. Lastly I abhor paying interest, and don't rely on the money that comes with being paid interest.
It's good to see how others trade and how they prefer to do it, each and every self made self taught system is unique to the personality of the creator.
Is there someone that can help me win?
Hi,
I am a forex trader that has not managed to see success yet. I do believe that it will happen with time, but I need to make that time start sooner rather then later. In other words I need to make a living out of this starting yesterday, and all I have done is lost. I am asking for some serious assistance, maybe even taking me under their wing. I live in Aventura, FL. Maybe it would be easier for a local trader.
Thank you in advance,
David