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Posted By Topic: CURRENCIES FOREX traders       - Views: 548
8883 		02-Oct 2013 Wednesday 2:42 PM (3860 days ago)               #1
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  		Dun see much of FOREX traders here...

anyone here ? I daytrade for living. full time.






All picks are based on personal experiences and judgement calls thru odds readings and technical analysis (such as modern day football conspiracy). Teams' form, news, standings are not included in my analysis. Follow at your own discretion.

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mrnicecookie 		04-Oct 2013 Friday 5:52 PM (3858 days ago)            #2
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  		Hi,I also trade fx but with no consistency... Frown Do u have some strategy to share?

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8883 		04-Oct 2013 Friday 7:30 PM (3858 days ago)            #3
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  		quote originally posted by mrnicecookie:
Hi,I also trade fx but with no consistency... Do u have some strategy to share?



hi bro good to know fellow fx trader...

I been thru alot in this... I am consistent now but only since 3 months back...before that for 1 year...i have beeen up and down... and burnt quite a few accounts... losses about 80K.

the 80K lost i take as investment which i will slowly earn back... a matter of time. my broker is CITYindex.

I use RSI, MACD, SMA/MA, trendline and Fibonacci only.

based on my experiences and learning i have deduced a few points for consistency:

1. stick to 2-3 currency pairs max... (so in the long run you "know" them well)
2. No matter how confident, stick to the same lot size in all trades.
3. Do not hold more than 2 open positions.
4. see bigger time (1hr, 4hr, daily) frame for the overall picture... see smaller time (1/5/15mins)
frames for entry/exit.

the last point is abit subjective... depends on your trading style n your account/broker.

5. I do not put a stop loss orders while trading but I do it manually... I have a stop loss level in my head, will cut when hit. If you put stop loss orders, 9/10 times you will get stopped... therefore losses... ( how many times you see your trade get stopped out and then turned to your desired direction? )

please share your trading experiences, then we can exchange further ideas.






All picks are based on personal experiences and judgement calls thru odds readings and technical analysis (such as modern day football conspiracy). Teams' form, news, standings are not included in my analysis. Follow at your own discretion.

AsianBookie Tipsters Championship
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mrnicecookie 		04-Oct 2013 Friday 8:55 PM (3858 days ago)            #4
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  		whats yr view on AUD/JPY? Would it go up or down from here?

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windersports_88 		04-Oct 2013 Friday 11:42 PM (3858 days ago)            #5
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  		quote originally posted by 8883:
hi bro good to know fellow fx trader...

I been thru alot in this... I am consistent now but only since 3 months back...before that for 1 year...i have beeen up and down... and burnt quite a few accounts... losses about 80K.

the 80K lost i take as investment which i will slowly earn back... a matter of time. my broker is CITYindex.

I use RSI, MACD, SMA/MA, trendline and Fibonacci only.

based on my experiences and learning i have deduced a few points for consistency:

1. stick to 2-3 currency pairs max... (so in the long run you "know" them well)
2. No matter how confident, stick to the same lot size in all trades.
3. Do not hold more than 2 open positions.
4. see bigger time (1hr, 4hr, daily) frame for the overall picture... see smaller time (1/5/15mins)
frames for entry/exit.

the last point is abit subjective... depends on your trading style n your account/broker.

5. I do not put a stop loss orders while trading but I do it manually... I have a stop loss level in my head, will cut when hit. If you put stop loss orders, 9/10 times you will get stopped... therefore losses... ( how many times you see your trade get stopped out and then turned to your desired direction? )

please share your trading experiences, then we can exchange further ideas.



The point on stop gunning is very true.......they like to gun your stop when you are sleeping.
We loss about e same amount in trading......nice share. Playful Wink Playful



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Song Teo Ho 		06-Oct 2013 Sunday 8:23 PM (3856 days ago)            #6
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  		I dun trade forex, but I use the same technical studies that bro 8883 for bonds and indexs future.

If one is a scalper one does not need to have a strong view on the market though general understanding is require. Technical analysis is all you need. My favorite is DMI.

Just to share one idea, if the 1 min chart give you a buy signal, and the 5 mins, 15 mins and hourly also give a buy signal, then this is a strong buy then can long more. But if the 1 and 5 mins say buy while the 15 mins and hourly is still negative then its not a strong buy therefore long smaller or wait to short.

Cheers



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8883 		07-Oct 2013 Monday 3:00 PM (3855 days ago)            #7
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  		quote originally posted by windersports_88:
The point on stop gunning is very true.......they like to gun your stop when you are sleeping.
We loss about e same amount in trading......nice share.



haha... another point... I cash out my profit almost everyday... "reset the account value" instead of snowballing the money... make the broker busy.

This way I start from scratch everyday.. and get better consistency/discipline. Profit realised is in fact when the cash in on hand, not when its settled in your trading account.






All picks are based on personal experiences and judgement calls thru odds readings and technical analysis (such as modern day football conspiracy). Teams' form, news, standings are not included in my analysis. Follow at your own discretion.

AsianBookie Tipsters Championship
 Member of Team:
 LET'S WIN TOGETHER TEAM
(Est. Dec 2009)
Team Ranked: #4 - Team Score (Top 50 Members): AB$ 76,750,937 Total Members: 3711
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