I listened to a forex presentation the other day and they said 100:1 or even 50:1 leverage is crazy and no "real trader" would use leverage that high. What do you guys think? Personally, I like taking the risk, but, you could loose your entire account pretty fast at 100:1.

Theres a difference between 100:1 on all of your account or 100:1 on just 2% of your account. 100:1 on your entire balance is crazy but not 100:1 on just 2%.

It definitely has to be 100:1 leverage on the 2%!!!! If not, I will cut my ear off !!

Just PMed you Dude007!!

Hi guys

I found a nice site which reviews some of the the best known forex brokers. If your confused about choosing a broker or looking for a trustworthy broker check this site out.
I am using FXCM at the moment which is part of Refco group for placing trades alongside metatrader quotes.

To check the reviews click on the following link

http://www.fx.labuan.net/forex-broker.html

Goodluck

Here is some free Forex lessons http://www.tradeology.com/index.html

First one is about Pivots which is very important.

A really good site this is... I just subscribed for it!! Is it more for beginners or is it suitable for pros as well??? - Note: I am not saying I am a PRO!!

I always say I can always learn something, no matter what.

\

Great stuff FinallyRetire . I checked the first course on Pivot Points which is very good. I have studied other courses by Mark McRae who has written many best selling ebooks and courses on trading. Its well worth joining the FREE subscription for any newbies or Pro's looking to strengthen their trading skills .

I think this thread is really helpful!!! Mods, do you think it is a good idea to make this a sticky???

Just a suggestion..

When the thead itself gets too big than maybe it will, it's not too hard to find just yet.

Here is some really good reading and deals with Forex Psychology, check it out http://www.118forex.com/




G/L, G/T

Wool...It is hard to read through 8 pages of this thread. There are tons of great info here.
Thank you, guys.

Great site....Helped me understand alot about using MACDs and pivot points also....Very good lessons by Mark...So far it has helped my trading alot...

I am an awful trader

Everytime I think I see a trend it seems to go the opposite way. You would think that the laws of probability would suggest that I would choose right at least 50% of the time, but NOPE

Well thts wot happened to me after the first week of trading during the newbie days. Its the most difficult phase u will go through n at times u might feel like giving up trading. DONT LET THT HAPPEN!!! Just hang in there Unclejesse. Be really strong during this phase n concentrate on developing your trading strategy further. Look into indicators that work for u n try to catch small profit 3 - 10 pips and practice. STICK TO ONE STRATEGY that u find comfortable with and devolop yourself around it . In time u will get better. Just remember PATIENCE & MIND set is the KEY .

The learning curve is huge and takes a long time. This is why they can offer the huge margin rates, 95% of the people fail and 5% make all the money. 5% of almost 2 trillion dollars a day is a lot of money for someone!

Dont just try to scalp. Picking up 10 pips is great, but look longer term as well.

AUDUSD is forming a perfect opportunity to make a good amount. I had to wipe my chart clean so you could actually see it. See a double top forming? 800 pips could easily be made if you're willing to hold for 1-2 years. Long term trends are much easier to spot, and the risk to reward is much better for the trader.

Hi Everyone

Havnt had time to update recently. Anyway for the guys who are confused about wot kinda income they can make with forex . I've copied and pasted the King of mini winners in FXCM for April. I know it takes alot of practice n effort to produce results like below but it just goes to show wot people are making in reality n gives some kind of idea on wot to expect as u become a master at it . I know some people were saying somthin like 10% per month. Well just check these results out:
---------------------------------

This month's King of the Mini winner racked up an amazing 554% one-month return!



Standing Country Name %Gain Prize Trading Record


1st Anonymous 554% $2500 View Record


2nd Anonymous 382% $1000 View Record


3rd M. Chowdhury 256% $500 View Record


4th R. Rich 230% $250 View Record


5th Anonymous 227% $100 View Record


Over $4000 in cash prizes awarded monthly. Learn more about prizes/contest rules.
-------------------------------------

All it takes is to Develop a Disciplined Trading Strategy and start small n build it up wit confidence.

Happy trading

Hmm!! I wonder who the 2nd prize went to!!

Found this posted on a website, really pertains to all trading but nevertheless good to go by.

Another site offering free lessons and free ebooks, check it out there is a ton of great info for free.

http://www.meta-formula.com/uts-ezine.html

G/L G/T

Read it!! Very useful info there!!!

Print this 24 point guide out and pin it next to the pc you make your trades on.



What this thread is mainly about is technical analysis. Don't forget that is only a half maybe 2 thirds of trading.
No one has mentioned fundamental analysis, which with forex include geo political events, seasonal shifts and economies data releases, which all occur daily.

UncleJesse Re your alerts: What you are looking at is Pivot points of support and resistance levels based on pairs. They are caculated at midnight GMT.
If your pair breaks the first resistance it is assuming a trend in that direction and offers the next resistance as the target for the pair to break through.
If it is going your way, adjust your stop loss to the previous support/resistance level. And again on the next break. Therefore booking profits through the session.

A pivot point is calculated by using a previous high low and close data calculation.

A very simple technical indicator is moving average (M.A) use two different time scales 20 and 5 for example, this refers to the average of the price respectively over 20 and 5 days.
Reading the signal is easy, When the 5 day average crosses above the 20 day average it signals a dip or end of a down trend. And vice versa.

Thanx for puttin up some great info Finallyretire . Well Fundamental analysis is good to use alongside technical analysis but it requires keeping up with the news everyday. If some of u have the time n are interested then go for it. It would be a good idea if someone who uses fundamental analysis add some very good links to this thread to keep up with the latest news.

If u ask me i dont use fundamental analysis at all becasue iam not interested n also dont have the time to keep up with it. All i do is just logon to my trading station n use my strategy to catch some pips. I very very happy with my progress and consistancy so i dont bother with fundamental news.


happy trading to u all

I follow the news everyday and incorporate the technical into it. Most of the time the market factors the price into the pair and if you get in before the news hits you can make some serious money. There is a lot of whipsaw action, but it can payoff. You have to take a contrarian view a lot of the time as well. Technical always comes first in any strategy for me.


G/L G/T

Wooow!! I just soak up all the posts on these pages with great interest. Thank you all for sharing your knowledge. I'm completly new to Forex and it seems to be a pretty complex materia, but I definitly will try to get into it...

Aleph

Dude007 what strategy do you use to just be able to login and trade? The only one i know of you have to wait for the indicators to line up.

Regards,

Brian

Hi Brian

Well iam using the same strategy as the one i listed in detail on page 4 of this thread. Its just a strategy that i have made up myself using all the stratagies that i have read and practiced to suit my trading style. Since then i managed to fine tune the strategy furthermore after following it in a decepline manner. I just cant beleive the way its working.

I USE METATRADER QUOTES AND PLACE TRADES ON FXCM

These are the indicators iam using:

-----------------------------------------------------------
Bollinger Band (default setting)

EMA 50 (short)

Daily Pivots (make sure u turn the Camarilla to TRUE in the properties of the indicator) .

Stochastic (Default setting)

William 36 (Default Setting)

Denapoli MACD Histogram (default setting) - This is my magic pill indicator which is a fine tuned Macd . The reason i use this is to remove whipsaws and get a clear picture of wots going on.

Finally place FIBONACCHI RETRACEMENT for the day on the chart.
-----------------------------------------------------------

Well i managed to remve a few of the indicators from my previous post.

This is wot i do

1. Look at the daily, 4hr, 1hr, 30 min and 15 mins charts to check the big picture of wot exactly is happening for the day. Also look at the 50 ema on the charts and check wether its below the currency trendline (bullish BUY movement) or above the currecny trendline (bearish SELL movement) on the 1 HOUR CHART N THE 30 MINS CHART.

2. Check between which Fibonacchi retracement level the trend is currently at e.g. 61.8 to 100. Then look at where all the pivot points are between the fib levels.


4. THIS IS THE IMPORTANT BIT - say for example the 50 EMA is below the currecny trendline on both 1 hour chart and 30 mins chart which indicates the market is goin up (bullish). Now check the Denapoli MACD Histogram ON 30 MIN AND 1 HOUR CHARTS and see it it also indicates a upward bullish trend forming if so then jump to the 1 minute chart.

5. Then u quickly look at the 1 minute chart and see where exactly the currency trandline is between the FIBONNACHI RETRACEMENT LEVEL N PIVOT POINTS. if there a gap of about 10 pips or more towards the next pivot point or fib point UP (bullish movement) then u can place a trade . if they are not u can use the stochastic and the william36 to see wots happening on the 1 min chart and wait for it to occur.

6. So remember the whole point of the gamu is u trade ONLY BETWEEN PIVOT POINTS AND FIB LEVELS if there is a 10 Pip or more gap in the direction of what the 30 minute and the 1 hour chart is showing u in regards to EMA 50 AND MOST IMPORTANTLY THE Denapoli MACD Histogram . ALWAYS PLACE UR TRADE ON THE 1 MINUTE OR 5 MINUTE CHART.

U can catch between 5 - 20 pips per trade with this strategy. Each trade takes me on avarage about 40 mins.

I've been using this strategy since 14th April and has been over 90% consistant.
PLEASE NOTE : DONT AIM TO CATCH TOO MANY PIPS IN ONE GO. Just get in and get out ASAP. Also set limits to your profits at the next pivot or fib level (which u keep the 10 pip gap for) from and a stop loss at about 30 pips. This strategy works very well on GBPUSD. I have recently strateg using them on other pairs with very good results as well .

I have posted my trading results below since i started trading demo with fxcm on 9th of april which has over 50 trades . Just look at the results from 14th april when i put this baby on FIRE .

I have also attached the latest screenshot and the indicators required below.

Enjoy





[attachmentid=907][attachmentid=908][attachmentid=909]

Wow, thanks dude.

I started out looking at the elliot wave indicators on the marketscope charts. Past performance indicates its not too bad, you just have to keep an eye on your computer.

One thing i can't figure out though about them. Right when the EWN changes you look to see if the other indicators line up, so they do so i place my trade. What I can't figure out is sometimes the ewn changes before the period is over. I'm I supposed to wait for the period to be over before i place my trade?

Regards,

Brian

Well iam not really sure because i've only worked a little with Elliot waves. I know a good place where u can find out though just goto:

http://finance.groups.yahoo.com/group/Meta...and_Indicators/

Register urself and then u can ask the group any questions u like n there would be atleast 1 person who would have an answer.

Thanks again. You are very helpful.

Regards,

Brian

hi dude, I'm a newbie to forex, i really like to learn about your forex system, can you send it to me at gladiator1708@yahoo.com. Thanks mate

I clicked on the link above and got Group not found

sorry, but your Inbox is full. I would like the copy .

i would like to have a copy also. please send me a pm

i read it all... GUYS , Pity that im not english and so. I would like to study hard and right,but,i dont understand 100% what u say,what the all the lines says,tutrial,video,really hard for me to understand something.

i need a english friend where i can stand behind him or so,but so its to hard.. pity.

So what are you stuck with??

Brilliant, if you look under dude007 name you will see he has been banned.

why?

why banned?
guys, cam somebody explain it?
i dont understand it WMA and SMA
perhaps,u can try it:

http://www.tradecurrency.ca/daytrade.htm

Can u explain mewhat does it mean:

Description: An intraday trend following trading method, using the following indicators:

5 period WMA
10 period SMA
Slow Stochastic (5,3,3)
RSI (14)

MACD (default)

Rules: Add the above indicators to your 10 minute chart. Only take trades between 8AM-12PM EST and/or 2AM-4AM EST.


BUY the exchange rate when the 5 WMA crosses up past the 10 SMA and the Stochastic is signalling up, RSI > 50 and the MACD histogram >0 and MACD averages crossed up.

SELL the exchange rate when the 5 WMA crosses down past the 10 SMA and the Stochastic is signalling down, RSI<50 and the MACD histogram <0 and MACD averages crossed down.


Try and take profits at or near key levels: rates ending with 00, 20, 40, 60, 80. **We follow 50 as a key level, but for profit taking 40 and 60 are good levels to take profit.

Stop-Loss Level: 25 pips

make this on this live chart:
http://www.dailyfx.com/FinanceChart.html?symbol=EUR/USD

Not now,but later, at 2 pm EST (new york time) the forex will be open again.
But not trade with real money, cause 2pm est is too ,see the rules above,but u can test if the indicators works.


I hope u will earn profit and help me to set it up.

I dont know why, but I'm sure it was a silly mistake. He has posted some great information here for all to use if you just go back through the posts and study it.

Brilliant, you are asking some very basic questions about charting. You need to have a understanding of technical indicators in order to even start. There are many links posted in this thead to help you get started, here are just a couple;

http://stockcharts.com/education

http://www.incrediblecharts.com/technical/easy_guide.htm

G/L

hello

on this chart:

http://www.dailyfx.com/FinanceChart.html?symbol=EUR/USD

where is SMA ?? How can i set it?

and..

for the 10 min time scale, is the period of 100 right?

I "think" you can go to "Studies" then "Moving Average" then "New" and type in 10

wow this thread is AWSOME . I am a newbie to forex but luckily i got a offline friend who is a forex trader and works as a trader. I've been learning about forex for the past 4 weeks with him and theres alot to take in . I got to say this thread has alot of useful material and its definetly the rite way to go. Its alot similiar to wot my friends been teaching me . ill keep u guys updated if i get any new stuff.

Wow Hawk, that would be pretty handy having a friend like that to show you the ropes. You are right, there is alot to take in. My friends don't even know what forex is.

Looking forward to anything you can add here in this topic.

I wish I had more time to learn this. Right now there are so many good programs popping up I am putting my money in them instead of my forex account.

Once I build up enough money, my plan is to pull out of all HYIPs and bring everything over to forex.

Well i wouldnt take all out and put it in forex. All you need to do is load a good amount in somthin like $5k and build it up slowly. I would still leave money in really good programs like PIN and studiotraffic . Just in case u have a really bad month with forex. Remember forex is very risky.

I will definetly put useful stuff up on here. Being a newbie i think the best way to learn is to take it bit by bit. What i found is that you need somone telling you exactly how things work one on one eg like somone expereinced sitting nxt to you and showing u how to trade. I know thats not possible here but what can be done is arranging a conference meeting on yahoo messenger or msn where 3 or 4 newbies can get together with somone who knows how things work and learn abit all using the same system.

Once you get the hang of how things work you can set off by yourself and learn your own stuff which suits you best. I am getting a grasp of how things work at the moment but i need abit more help from my friend. ill be meeting him a couple of times this week so i should be ready to explain a few things and help some of you here to grasp a better understanding of how things work. If 4 people get together and arrange a time i can maybe teach you guys what i know by monday next week on msn or yahoo. If your interested in this please PM ASAP. The first 4 people who PM's me will be the ones i will help first . If you dont have msn or yahoo pls make sure all of you download either yahoo or msn so we can have a conference chat next week. Also download metatrader 4 because that's what iam using at the moment.

Please note maximum of 4 people otherwise it will be too much to handle. Once you know abit u can help the others to learn too in the same way . Somtimes teaching people can help you understand the subject better.

Well, my first 2 weeks with my metatrader demoaccount made me believe that forex is the most easiest way to multiply my money. I started with a 100K account and wothin 10 tradingdays my account balance has grown up to 180K But now for the last 3 or 4 days I expirienced only losses and actually my account balance is at 130K

Thank you all for sharing your thoughts and ressources about forex. I hardly sleep at night, I'm thinking about forex all the time...

Well iam on the same boat Aleph. When u really get to understand forex the feelin u get is unbeleivable