View Full Version : Jay helping out newbies
With this thread, I will answer to the best of my skills questions from newcomers and seasoned traders alike.
No, I don't always get it right. However, I get it.
I have gone through the highs, the lows, the nail chewing moments and while it has not happened, once came really close for a margin call. I got the scars and bruises. I get roughed up sometimes.
Enjoy your portfolio and I will give yours just as much Tender Loving Care as possible.
91212Hey Jay, have you got some reccomendations on where I could learn more as a new person in the Currency Market world? Im young, but eager to learn. Any books, sites, or some other items that assisted you, or you think would help me become a better trader?
Thank you with this thread too.
91212
Hey Jay, do you have some personal reccomendations on which I could find out more as a new individual from the Foreign Exchange market? Im young, but im willing to learn. Any books, sites, or some other things that assisted you, or you believe might help me become a better trader?
Thank you for this thread too. Buy a replica of two books.
Currency trading for dummies. Sounds weird that I urge a for dummies book but that I have a copy and that I still refer to it.
The other one is Trading in the Zone by Mark Douglas. It speaks a lot about the plogy of trading.
Babypips.com has and still is helping. I lurk there but do not participate to the discussion board.
Also look up dailypfennig.com and sign around Chuck Butler's complimentary newsletter.
91212
miss on a few pips because it's a later entrance. But it's also a safer entrance. Thanks for this thread.
With Daily TF, what precisely you look for, in confirmation of change of trend. Is now is worthy of your attention. I am curious of these methodologies used by you. If too specialized It is possible to ignore.
91212
Thanks for this thread.
With Daily TF, what exactly you search for, in affirmation of change of trend. Is today is worthy of your attention. I am curious of the methodologies used by you. If overly technical It is possible to ignore. Simply put, no, it is not worthy of my attention today.
Http://img820.imageshack.us/img820/8...21111at101.png
Because of why, the image here is today's EURJPY chart on the Daily TF. The stuff there is an Ichimoku study.
Tenkan-Sen = Blue Line
Kijun-Sen = Red Line
Chikou Span = Cyan
And also to simplify the matter, the cloud or Kumo (which coincidentally, is Japanese for cloud).
There's 2 ways this trade could be entered.
1- On November 6th when the Tenkan-Sen and Kijun-Sen crossed. Was a candle on such day.
2- Wait until the Chikou Span goes under the kumo.
The first option has more pips however potentially riskier to have the trade move against you. The second option is potentially safer but offers less money. That's when it will become a personal decision on what you are familiar with.
91212
The primary choice has more pips but possibly riskier to have the transaction move . The second solution is possibly safer but offers less money. That's when it will become a decision on which you are familiar with. Thanks for comprehensive reply.
Can you ever refer to reduced TFs such as H4 to fine tune your own entries?
91212
Thank you for detailed reply.
Do you ever refer to reduced TFs like H4 to fine tune your entries? Sometimes yes. However, I spend large amounts of time away from the pc and I do not, if I do not have enough time. I wish that I could.
One thing that I forgot to mention, EURUSD is a fantastic example of a short entry that I did. There was a cross and that I went short but required just half of the place waiting to be under the kumo before adding into the place.
Http://img440.imageshack.us/img440/1...21111at110.png
Soon, if all goes as planned, I will be adding to this place.
91212
Hi Suraj. Sorry about your account.
What type of system do you wish to develop? What trading style are you comfortable with? Do you want do you want to be trading long term?
Additionally, a $100 account is not a lot of cash. Are you currently using this only to learn? Have you ever considered investing in a demo account rather?
What systems interest you and is something I would really need to know to assist you better. Thanks for your answer,
I wish to practice first instead of a demo account that I would like to start a'penny' account with a broker which will convert my $10 to as though I am trading $1000.
I would like to kindof day trade, but trade lasting 1-2 times will also do.
I dont need to perform scalping and trade in very compact timeframe nor I will have the ability to await a trade which runs for 2-3 weeks so somewhere in between.
Like each trade with 40-60pips profit target and stoploss 20-30.
Actually I found stochastic to be an excellent thing but can you indicate evn more good indiors.
Please supply some key points or key components of my trading plan.
thanks!
A system
91212
thanks for your reply,
I wish to practice first so instead of a demo account I wish to start a'penny' account with a broker which will convert my $10 to like I am trading $1000.
I would like to kindof day trade, but trade lasting 1-2 days can also perform.
I dont need to perform scalping and trade in very small timeframe nor I'll be able to await a trade which runs for 2-3 weeks so somewhere in between.
Like every trade with 40-60pips profit target and stoploss 20-30.
Really I discovered stochastic to be an excellent thing but can you indicate evn... My transactions do operate for months at a time. Maybe I'm not the individual to answer that question.
I would still suggest a demo account for your first couple of months so that you may experiment with stochastic as well as other indiors. I mentioned that I use that too as Ichimoku.
91212
My transactions do run for months at a time. Maybe I'm not the person to answer that query.
I'd still suggest a demo account for the first couple of months so you can experiment with stochastic as well as some other indiors. I already mentioned that I use that too as Ichimoku. Thanks to assistance I will update about my account to you if I get sum successs using it.
91212
Where do you suggest I start? (For example, I don't know how to backtest any egies I develop) that I may be able to assist on this stage - MetaTrader 4 includes a tester that is OK and you can import information. This is link to thread on topic of information: https://forexintuitive.com/forex-trading-and-cfds/97917-trader-dale-daily-trading-levels.html. As stated, it is OK for time periods and / Take-Profit values, but has difficulties when these values are comparable to the magnitude of 1 minute pubs. The cause of this I guess is that it has minimal resolution of 1 minute and so can not tell for certain if the TP or SL would have been hit if both are triggered in a bar. It appears to attempt TP initially and so gives better results than reality when TP gets under about 15 pips.
MetaTrader 5 is currently available, but last time I looked you could not import external information and so appears to ben't so popular - afterall a simulation is just as great as the information.
You will find additional progr accessible and some return to tick amount, but I am not certain all are free.
MetaTrader 4 uses a simplified psuedo'C' language, whilst version 5 is more'C '.
91212
https://forexintuitive.com/forex-trading-and-cfds/97918-supply-demand-nutshell-sam.html describes a methodology that I like using.
Slow stochastic is just another one too. Thanks, I'll look at this - hope you don't mind my earlier response to somebody else's question.
Hi, jay walker, I wish to understand which type of analysis is profitable in the long run, I wish to exchange the news too, but the technical jargon and also not knowing how to filter out the paragraphs that are important from the reports issued by large men” for the news release. That imply that I must learn more about the economy and it's current shape etc, it's just overwhelmingly difficult to comprehend. Why is forex trading so hard?
91212Jay I want your opinion.
If you exchange daily and your transactions run for months sometimes, how do you handle the roster over fees?
I don't trade more than a day since I had been told that by the end of the NY session there'll be daily roll over fees, and especially for weekends. All my rankings will be briefly closed and reopened according to my broker. However, hour item?
Would appreciate your help Jay. Thanks for being there for noobs.
91212
Hello, jay walker, I wish to know which type of analysis is profitable in the long run, I want to trade the news also, but the specialized jargon and also not understanding how to filter out the sentences that are important in the reports issued by big men” for its news release. That imply that I must know more about the market and it's current shape , it's just difficult to comprehend. Why is forex trading so hard? I follow the news carefully since I am a news junkie but nevertheless base my entries/exits on technical analysis. There is lots of contradictory information in news because of what I perceive as a bias some news organizations possess. Take the auto bailout as an example. Some news organizations would argue for it and others.
I really do take news into consideration. In case a Eurozone country creates an announcement that they for example, I will consider it. However, I prefer sticking with my chart.
91212
Jay I need your opinion.
If you trade daily and your trades run for months at times, how can you manage the roster over fees?
I never trade more than a day because I had been told that by the end of this NY session there will be daily roll over fees, and particularly for weekends. All of my rankings will be briefly closed and reopened according to my broker. But how about the 24/7 hour item?
Would appreciate your help Jay. Thank you for being there for noobs. Frankly, I never considered this to be a problem.
I don't know which broker you utilize but closing/reopening a commerce would only make sense if the rollover fees are greater than the spread.
91212
lt;/pgt;Kinda depends upon where you live. In Canada I had been told by Oanda to transport around $250,000.... I am still with Oanda from the way and I never revealed I had the $250,000. Their platform is stable. Oanda specifically told you that you needed $250,000 in your account? That's the first I hear about this.
I am conscious that Oanda Canada has more rigorous demands but thats one that needs more exploring.
91212
Oanda specifically told you that you required $250,000 on your account? That's the first I hear of this.
I'm conscious that Oanda Canada has more rigorous requirements but theres one which needs more investigating.
To make certain you can cover any losses you might incur in your positions, OANDA requires sufficient security. This security is typically known as margin. Even though there is no minimum deposit required to open an fxTrade account the margin available on your account will limit the size of those positions you're able to open.
Http://fxtrade.oanda.ca/help/policies/margin-rules
There is not any mention of a $250,000 deposit necessity. Either it is a misunderstanding or a fantasy. Do you have?
91212For individuals that are opening accounts with quantities of money, you want to read this. I expect that FF's admins will not mind me posting this and don't have any affiliation with the website.
http://www.learntotradethemarket.com/forex-articles/how-to-grow-a-small-trading-account-successfully
91212
http://fxtrade.oanda.ca/help/policies/margin-rules
There is no mention of a $250,000 deposit necessity. Either it's a myth or a mistake. Do you have any proof it is possible to submit backing up your claim? Hi all!
Some provinces in Canada have their own security regulations, and they need for you to have large sum or worth more than one mio in order to be eligible for trade forex. Qualify Investor Probably this is what you are thinking about.
91212
Hi all!
Some provinces in Canada have their own safety regulations, and they require you to have large sum or value more than one mio in order to qualify to trade Currency Market. Qualify Investor Probably this is exactly what you are thinking about. Any broker that would have to bargain with 10 provincial and 3 territorial legislations instead of a single federal government agency would not do business in that country.
In Canada, Oanda is regulated by the IIROC as quoted on http://www.oanda.com/corp/story/regulatory,
OANDA (Canada) Corporation ULC is regulated in Canada from the Investment Industry Regulatory Organization of Canada (IIROC). http://www.iiroc.ca/Pages/default.aspx
91212
Any broker that would have to bargain with 10 provincial and 3 territorial legislations instead of one national government agency would not conduct business in this country.
In Canada, Oanda is regulated by the IIROC as quoted on http://www.oanda.com/corp/story/regulatory, http://www.iiroc.ca/Pages/default.aspx
I'd Account with Oanda, closed because of local security regulations. Were advised by Oanda about it...
91212
I'd Account with Oanda, closed because of local safety regulations. Were advised by Oanda about it... Another dialogue for another day
91212
Another Dialogue for another day
91212hey jay,
Trading in 1hr chart and targeting tp 20-30 and sl-20 pips is considered as scalping?
91212Another question for you, Jay and please excuse my bad English.
Is there some virtue in monitoring multiple markets and looking for cross-market opportunities?
By way of example, let's say I'm following the charts together with my favorite method of TA and most of indiors are suggesting a good time for shorting GBP/USD i.e. I'm anticipating USD to fortify. On its transaction has a quantity of risk associated with it and as traders we should explore all of the opportunities to decrease risk. So, if monitoring other USD currency pairs suggests a similar opportunity for taking a position against USD in a few of these pairs, could some such implementation function as a hedge or decrease risk?
I take we are talking USD relative to 2 completely unrelated currencies also it's possible for both those above positions to conduct counter to what we're expecting.
But is there a reduced risk? Is it measurable?
What if it's a three way transaction i.e. opening multiple positions? (topic to opportunities appearing from all three markets in the exact same time)
Or am I thinking this?
91212
hello jay,
Trading in 1hr chart and targeting tp 20-30 and sl-20 pips is thought of as scalping? The definition of scalping varies widely depending on one's opinion.
I do not think it's.
91212
Another question for you, Jay and please excuse my poor English.
Can there be some merit in tracking multiple markets and on the lookout for cross-market chances?
By way of instance, let us say I'm after the charts together with my favorite method of TA and most of indiors are suggesting that a fantastic time for shorting GBP/USD i.e. I'm anticipating USD to fortify. On its transaction has a certain quantity of risk connected with it and as traders we ought to explore all of the opportunities to decrease risk. Therefore, if tracking other USD currency pairs suggests a similar... it may be but I'm not smart enough to give an opinion on this one way or the other.
Once I place a trade, I consider just the pair I'm likely my trade .
91212
It might be but I'm not smart enough to give an impression on this one way or the other.
Once I place a trade, I look at just the pair I'm going my trade . Focus!
That is probably one of those lessons I need to learn
91212
Concentrate!
That's probably one of the classes I need to learn It was.
91212
Another question Jay, for you and please excuse my bad English.
Is there any merit in monitoring multiple markets and on the lookout for cross-market opportunities?
By way of instance, let's say I am following the charts using my preferred method of TA and most of indiors are suggesting a good time for shorting GBP/USD i.e. I'm anticipating USD to fortify. On its own that transaction has a quantity of risk connected with it and since traders we should explore all opportunities to decrease risk. Therefore, if monitoring USD currency pairs suggests a similar opportunity for taking a position against USD in one of these pairs, could some implementation work for a hedge or decrease risk?
I accept we're talking USD comparative to two completely unrelated currencies and it is possible for both those above places to run counter to what we're expecting.
However, is there a lesser risk? Is it measurable?
What if it is a 3 way trade i.e. opening multiple places? (topic to opportunities arising in all three markets in the exact same time)
Or am I thinking this?
I believe you're over thinking this.
I believe what you're alluding to, is what we used to call going through the arb (arbitrage)
It really doesn't have any place in a retail traders toolbox, since the Op says,just concentrate on the chart. Arb plays require huge liquidity, and deep pockets.
91212
Another question for you, Jay and excuse my bad English.
Can there be any merit in monitoring multiple markets and on the lookout for cross-market opportunities?
For instance, let us say I'm after the charts together with my preferred method of TA and all indiors are suggesting a good time for shorting GBP/USD i.e. I'm expecting USD to strengthen. On its own that transaction has a quantity of risk connected with it and since traders we should explore all opportunities to reduce risk. Consequently, if monitoring...
I believe you're over thinking this.
I think what you're alluding to, is what we used to call going through the arb (arbitrage)
It doesn't have any location at a retail traders toolbox, since the Op says,only concentrate on the chart. Arb plays need pockets, and huge liquidity.
Well said Jazzman. Thank you for your input
Article does a fantastic job of explaining my philosophy.
Http://www.learntotradethemarket.com/forex-articles/lazy-mans-guide-to-forex-trading
It's Great to be lazy.
91212
The definition of scalping varies widely depending on one's opinion.
I don't think it's. Ok and when I watch bollinger bands for daily chart it shows buying sign where as in 1hr chart it shows sell signal what should I do? I want to target just 20-25pips profit so should I go with 1hr chart or daily?
91212
ok and if I watch bollinger bands for daily chart it shows buying signal where as in 1hr chart it shows sell signal what should I do? I would like to target only 20-25pips profit so should I go with chart or daily? You need to make a determination on which chart you want to trade. It is possible to choose one but not equally. Then plan your trade according to one chart.
91212hello jay
I would like to know your View on Using forex robot, to earn more Cash
1 pip can be enough in the event that you take a big enough risk. Yes, 125 pips may be enough in the event that you take a big position. Should you take too small a position, 100,000 pips will not be enough.
You should do what you are comfortable with. Are you comfortable forward analyzing it? I would not be but that is me and you're you.
The prudent thing to do is forward check it on a demo account. So plug it into a demo account, sit back and wait for 3 weeks and see what happens. In case it makes you money on demo at the point, then... I believe I must follow your advice and wait untill it is successfull for next three weeks in my'Cent account.
If it is still giving yield I will begin with real money.
And will you suggest me that currency pair is the most likely trending! Most of my indiors works well in trending market.
91212Jay, I've got 2 or a question for you seeing as you're being kind.
The first was going to be How much can I make? However, I will not ask that. In an area I am a expert and I constantly get questions. Just how long is a piece of string?
A variant on such question is How much do YOU make? Very fruing as I don't want to disclose my personal finances and my company accounts are private. My earnings derive from the knowledge I've accumulated over a quarter of a century, a gut instinct born of experience and, to be fair, my own shortcomings. They are not indiive of how much anyone may make.
So that I will not ask how much you make.
But I sympathise with the need to find an idea of the probability of success before committing substantial time and effort to acquiring a skill. Sometimes the question takes the kind of much does the xxx make? Without stats it's hard to answer this one.
Thus, let me put it this way: a lot of traders fail. It has very little to do with fortune. They have not acquired the knowledge / discipline / ability that was essential. But among those who've succeeded let us say we choose out a trader who drops in or near the median.
Just how much of capital is he using?
What is the maximum percentage he risks per trade?
What percentage of that capital does he apparent in profit per year?
Hello I wish to ask what moving average if use to trade keeping following matters in your mind
I'm a day trader
Look at 15m 30m and 1H charts
Trade Eurusd just
I see in book of john j murphy tht many ppl use 14 8 9 MA should be using that for intra day trading and if it be SMA or EMA
Jay, I am a newbie,Where do I begin Which books do I read. I have completed my MBA in finance and what to utilize some of my knowledge on FX trading. Is there some type of guide on becoming started.Do I combine a fx platform for started.I need your help thanks. .
Jay, I am a newbie,Where do I begin Which books do I see. I've finished my MBA in finance and everything to utilize some of my knowledge on FX trading. Is there any sort of guide on getting started.Do I join a fx platform to get started.I need your help thanks. . That country?
I can't scalp to save my life. Attempting to accommodate long term egies to brief frames to mepersonally, was a failure.
I there are individuals out there that managed to be always profitable year after year purely from scalping, I've not met them.
Someone somewhere will read this and state I'm full of everything because the last week was profitable to them and they were scalping. To those I say let's speak in five decades.
Daily is the frame that works best for me personally. In time you may learn to perform all kinds of trading, If a scalp trade pops up, I consider it. I consider it, When a swing trade sets up. If a reversal sets up, it is taken by me. If a long term day chart, top or bottom shows up, I'll take it, but I am still learning the Stay the Trade 150 pips to 250 pips and I bond the trade. The More You Learn, The More You Earn...
Jay, I've got a question or two for you seeing as you're being kind.
The very first was going to be How much can I make? However, I won't ask that. In a place completely unrelated to trading I'm a well-known expert and that I always get questions like this which can be quite fruing. How long is a piece of string?
A variant on such question is How much do YOU make? Again, quite fruing as I don't want to disclose my own finances and my company accounts are personal. My earnings are derived from the knowledge I have gathered... In my scenario, the query is really simple to answer. I personally earn $0.
Have controller but don't have ownership. It's a work in progress but if all goes according to planned, shortly, I will not even own the clothes on my back.
But I sympathise with the necessity to get an notion of the likelihood of succeeding before devoting substantial time and effort to acquiring a skill. Sometimes the question takes the form of How much does the average xxx make? Without detailed analytics it's hard to answer this one also.
So, let me put it this way: a lot of traders fail. It has little to do with fortune. They haven't acquired the required knowledge / discipline / ability. But one of those who've succeeded let us say we choose out a hypothetical trader who drops [I]at or close... The issue with how much does the average xxx make question, particularly when it comes to trading, is that it does not speak about percentages.
10 percent of $1000 is $100
1 percent of $1,000,000,000 is $10 Million
One man saying that I made $100 final year will sound like a chump compared to the man who says that I made $10 million. But the same two men boasting about their percentages and the chump function is going to be reversed.
I'm more interested to target and more interested in talking about constant percentages. Personally, I aim for 10 percent per month. A number of my transactions drag on forever because of the framework I use but it's still what I'm shooting for.
Most traders, even good ones, are undercapitalized. If one is shooting to earn a 10% return every month, you want 10 percent of what to maintain the lifestyle you have now? If ones wants $4000 to keep up with a lifestyle that is satisfying. Providing that you may earn 10 percent each month, you therefore needs at least $40,000 in capital.
Now those of you thinking Ok, I'll get $40,000 in capital and begin trading! Slow the hell down!
Demo trade. Demo trade not only to learn to a trading system but also to learn how to asses your talents as a trader. A month can you get 10 percent? A month can you get 30 percent? Or can you only get 5 percent per month? There's no right or wrong here but it's important to know what you could do as a trader.
If you're consistently getting a 5 percent return every month, congratulations! You wish to trade for a living on 5% per month and want $5000/month to reside on? Great! The math shows that 5 percent of 100,000 is 5000. Therefore, you would need $100,000 in capital.
If you don't have the capital, begin being undercapitalized and roll it on.
Additionally, demo trade to asses your comfort level on what percentages makes you comfortable. You will hear all sorts of opinions about this and none of them matter involving mine. Some of us are just not comfortable risking 10 percent of their capital while some don't give a damn risking 90% of their funding. The more you risk, the less room you've got for more transactions if something goes wrong. I typically opt for 10 percent but there are times that I'll risk more.
Sorry for the long post. I hope it helps.
hello I need to ask what moving average should use to trade keeping following things in mind
I am an intra day trader
Look at 15m 30m and 1H charts
Trade Eurusd just
I read in book of john j murphy tht many ppl use 14 8 9 MA should be using that for intra day trading and should it be SMA or EMA I am the worst intraday trader in the world. If someone with the response can chip , me and usmanp would be grateful.
I'll still attempt to answer your question how I can.
Sma is slower but can preserve your skin from fakeouts. Also, the larger the time frame, the less odds of a fakeout. Having an chart, you ought to do fine.
Jay, I am a newbie,Where do I start Which books do I see. I have finished my MBA in finance and what to utilize some of my knowledge on FX trading. Is there some type of guide on becoming started.Do I join a fx platform for started.I want your help thanks. . Trading in the zone. http://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447/ref=sr_1_1?s=booksie=UTF8qid=1353269258sr=1-1keywords=trading in the zone
Currency trading for dummies. I didn't understand they had a second edition. I'll be buying it. http://www.amazon.com/Currency-Trading-Dummies-Brian-Dolan/dp/1118018516/ref=sr_1_1?s=booksie=UTF8qid=1353269287sr=1-1keywords=currency trading for dummies
hello I need to ask what moving average should use to trade keeping following things in mind
I'm a day trader
Look at 15m 30m and 1H charts
Trade Eurusd only
I read in publication of john j murphy tht many ppl use 14 8 9 MA should be using that for intra day trading and should it be SMA or EMA I'm also an intraday trader (M1/M5) and my advice is do not use any moving averages.
In my scenario, the query is really easy to answer. I personally earn $0. Are you serious?
I take it you are investing on behalf of someone else, perhaps it's your companies. When do you intend to begin working on your own?
Hello everyone. This is a great forum and I've just joined.
I want to say hello and ask everybody a question.
I am a college student in Japan.
Mt.Fuji is really close by and there's fresh snow on it now.
As you know, Japan is in a state of appreciation of the yen never ever experienced this market at the moment.
Lately, I thought that I would like to take this opportunity and I wish to start FX.
So I learned a little bit about the FX in college. But I am a novice on FX.
If you're the exact same position as me, from what do you start? Please give some advice to me!
Are you serious?
I take it you are investing on behalf of someone else, perhaps it's your employers. When do you plan to start working for yourself? I DO work for myself. And yes, I am serious.
Having control with no ownership can be a beautiful thing. Learn avoie.
Hi everybody. This is a very excellent forum and I've just joined.
I wish to say hello and ask everyone a question.
I am a university student in Japan.
Mt.Fuji is really close by and there's fresh snow on it today.
As you know, Japan is in a state of appreciation of the yen never ever experienced this market right now.
Lately, I thought that I want to take this opportunity and I wish to begin FX.
So I learned a little bit about the FX in school. But I am a novice on FX.
If you're the exact same position as me, by what do you begin? Please provide... #31169;#12398;#22971;#12399;#21517;#21476;#23627;# 24066;#12363;#12425;#12391;#12377;#12290;#12393;#1 2358;#12382;#12424;#12429;#12375;#12367;#65281;
Study this site. Lots of information here. Additionally, check.
The Yen is too strong. I theorize that this is precisely why Softbank acquired 70% of Sprint/Nextel from the U.S.. There has been other business acquisitions also achieved by Japanese companies. Utilize an overvalued Yen to buy assets before it comes back down.
I DO work for myself. And yes, I am serious.
Having control without possession can be a beautiful thing. Find out more about taxation avoie. I'm quite familiar with various offshore structures from trusts to cubes, but I do not quite get what you are driving in - the obvious disconnect is that you work on your own and yet make $0. Maybe you're suggesting you have arranged an offshore vehicle for trading activity which offshore automobile you do not seem to own. If that's true then, yes, then I can see that profits would break with the offshore thing with you making dividend refunds and if necessary (or perhaps rather of dividends you use the popular tax mitigation egy of back-to-back loans ).
Anyway, I did not mean to quiz you in your own personal affairs. It is just that you mentioned you weren't making any money personally from trading and that seemed strange given the extent of your experience because indied by your articles here and length of time you have been in the game.
Returning to the proportions point you raised, which can be a great one - give it to me personally in percent afterward. What's your guess about the percent profit of the median trader?
I'm quite familiar with different offshore structures from trusts to shells, but I don't quite get what you're driving at - the apparent disconnect is that you work for yourself and nevertheless make $0. Perhaps you're suggesting you have arranged an offshore vehicle for trading activity which offshore automobile you don't appear to get. Bingo!
It is just that you mentioned you weren't earning any money personally from trading which seemed strange given the degree of your experience as indied by your articles here and period of time you have been at the game. Personally, I make nothing
Returning to the proportions point you raised, and it is a good one - give it to me personally percent then. What is your bet on the percentage profit of this median trader? I really don't understand what other men and women create and can't speak for them. I take for 10 percent per month. Last month, I didn't get it. That doesn't mean I'm shooting more this month. I simply shoot for it .
You've been most helpful.
Moving on....
What's your charting program recommendation for newbies - MT4/MT5/NT/MC/something else?
You have been most useful.
Moving on....
What's your charting software recommendation for newbies - MT4/MT5/NT/MC/something else? MT4. But. . .Use another broker's chart.
For instance, if you use Oanda as your broker, use another broker's chart on MT4. And I don't use MT4 to trade for charting.
http://fxtrade.oanda.ca/help/policies/margin-rules
there isn't any mention of a $250,000 deposit necessity. Either it's a fantasy or a misunderstanding. Do you have any proof you can distribute backing up your claim? No. And that's the reason I began shopping around. I never had an issue with Oanda. I'm not in with $250,000 together but that is what I had been told by a rep from OANDA when I had been chatting together. I needed to deposit additional funds to get to $250,000 is exactly what he told me. But can I proof that was explained by him? No, I can not but I never intended to depart Oanda and I am pretty upset reading this. I have been trying Questrade and FXCM for some time for that reason.
No. And that's the reason I began shopping around. I never had a problem with Oanda. I am not in with $250,000 with them but this is what I had been told by a rep from OANDA once I had been chatting with them. I had to deposit additional funds for to $250,000 is what he told me. But can I evidence he explained that? No, I can not but I never intended to depart Oanda and I am pretty mad reading this. I have been trying Questrade and FXCM for some time for that reason. My theory is that you spoke with and idiot. I am sure they'd say something different if you called them today and spoke with someone else.
And I don't use MT4 to trade, only for charting. Why not?
And what's the alternative? Do brokers offer their bespoke platforms and is that preferable for the trading side of things?
Why not?
And what is the solution? Do brokers provide their bespoke platforms and is that preferable for the trading side of things? Because honestly, stories I heard enough tales of delays, slippage and charts freezing it scares the living daylights out of me.
In addition, it helps to see whether there's a discrepancy in charts between two brokers. It happens.
So what do u suggest to do intra day trading like see the graphs M1 and M5 and how to go for commerce?
I'm also an intraday trader (M1/M5) and my advice would be do not use any moving averages.
My theory is that you talked with and idiot. I am sure they would say something different should you called them today and talked with someone else. Yeah most likely. I called them today and they confirmed what you where saying. So, I am back at Oanda (feeling somewhat absurd but hey... )
Jay, I feel the need to get a calculator that is good. Provided a currency pair, spread, position size etc., it needs to be in a position to supply, at a glance, the real volume of currency at stake, the adverse balance with the position will open (i.e. spread x the size of drama ), the swap, the amount of profit/loss which will be reached at the stop/limit level and such. Preferably it would offer an option on base currency and the capability to switch between currencies.
Does anything like that exist?
Jay, I feel the need for a good calculator. Provided a currency pair, disperse, position size etc., it should be able to supply, at a glance, the real quantity of currency at stake, the adverse balance with which the position would open (i.e. disperse x the size of play), the swap, the amount of profit/loss which will be reached at the stop/limit amount and such. Preferably it would supply an option on base currency and the capability to switch between currencies.
Does anything like this exist? Not to my understanding. It could be a good tool to get. Everybody knows of one?
Hi Jay, how we can rise out of bankruptcy?
I played a real account twice
and both are gone today
Which are the most effective free sites for news comment (with adequate analysis)? Too many seem to offer only a drab analysis of the charts and point out support / resistance / fib level - I could already see everything in my charts and do not need a third party to draw lines for me personally and drone on endlessly about what might happen if the reverse doesn't occur.
I am searching for information that I do not get in my charts.
What about paid sites?
Hi Jay, how we could rise from bankruptcy?
I played with a true account double
and are gone now Seriously, for real? Both accounts have been gone into the stage you had to really go through the steps of declaring bankruptcy? Or are you using the term bankruptcy broadly in the sense which you just lost your trading account.
The difference is huge.
If it's only an issue of getting dropped an account, I would say cut your losses and also demonstration trade rather than placing money in an account. Don't just learn to trade but study the plogy of trading. Particularly study plogy of gambling. Learn your weaknesses and strength and focus on your strong points.
If it's a matter of going through the court system for bankruptcy related matters, speak with a credit counsellor if you don't have one already. A course on financial management in that case will be strongly suggested.
What are the best free websites for news comment (with decent analysis)? Too many seem to offer only a drab analysis of these charts and point out support / resistance / fib level - that I can already see all that in my charts and do not need a third party to draw lines for me and drone on endlessly about what might happen if the opposite does not happen.
I am looking for information I do not get in my charts.
What about paid sites? Websites I check out every day are:
http://www.maxkeiser.com
http://www.kingworldnews.com
http://www.zerohedge.com
http://jessescrossroadscafe.blogspot.com
http://www.dailypfennig.com/ lt;--free e-newsletter each weekday
Read/listen to anything you can find from Dr. Marc Faber and Jim Rogers.
Do not spend hours on each site but just a few minutes. From that point, you will see a picture emerge.
Thank you. I enjoyed the Max Keiser among the very best. I love his style.
I've a question about backtesting while I wait to find out if anyone has any news websites to add to your suggestions or, in fact, if anyone can make a suggestion to get a calculator (I did consider a spreadsheet but it would need to have live information to be of any use and I can not figure how to get live information in an xls).
Backtesting is all very good but it sounds a bit pointless - or misleading - when its outcomes aren't taken with some fundies such as interest rate rises and political unrest/war/planes crashing into buildings. Even to be of moderate usage, backtesting a egy would need to account for national holiday type factors. This historical information can be obtained. Is there any backtesting system which highlights these events on the deadline. . .and that the degree of the - impact on prices/volume/volatility?
Jay some how I've got a way to make 10% daily with zero risk, but I dont have money to invest, neither I could take loan or ask money from any relative, what would u suggest me?
Thank you. I enjoyed the Max Keiser among the best. I love his style.
I've a question on backtesting while I wait to find out if anybody has any news websites to grow your suggestions or, in reality, if anyone can make a proposal for a calculator (I did consider a spreadsheet but it might need to have live data to be of any use and that I can not figure how to get live data into an xls).
Backtesting is very fine but it seems a bit pointless - or misleading - when its outcomes aren't taken together with some fundies like interest rate rises and governmental...
for an EA to be any good it has to have the ability to beat 2008, 2009 and 2010 quarter by quarter compounded (or resetting balance after each quarter)
there was a crazy 2000-3000 pip moves there
you need to treat it as though tomorrow you started the EA and 2008/2009 happened immediately, would the account get through that period? I concur wholeheartedly with what said there.
I can't talk for him and when he sees this, I expect he will react. But I feel it's reasonable to say that testing in real time, on a demo account for at least a quarter or two would make sense.
jay some how I have got a way to earn 10% each day with zero risk, but I dont have cash to invest, neither I could take loan or ask money from any relative, what do u suggest me? Do not take this the wrong way. But if I did not know better, I would think you are trolling.
10 percent a day without a risk? There is no such thing in almost any market anywhere in the world.
And without cash to invest? No cash to invest is zero. 10 percent of zero is still zero no matter if you compound it annually, monthly or daily.
Get a job, get a little cash and get several books (see posts above for what I propose ) and browse them. After you've done this, get a demo account and use it for several months. 3 months as a minimum. I would even go so far as saying 6 or 9 months.
After you receive success there, only then do you think of placing money in a single account.
Don't take this the wrong way. However, if I didn't know better, I would think you are trolling.
10 percent a day with zero risk? There is no such thing in any market anywhere in the entire world.
And without money to invest? No money is zero. 10 percent of zero is still zero no matter if you compound it yearly, monthly or daily.
Get a job, get some money and find some books (see posts above for what I propose ) and read them. After you have done that, get a demo account and use it for a long time. 3 months as a minimum. I would even go as far as... no precious I'm not a troll, but if some how I'll manage some money, I will personally email u my progress : )
no precious I am not a troll, but if some how I will manage some money, I will email u my progress : ) You can't begin with zero money regardless of what market you're in.
I cannot talk for him and when he sees this, I hope he will react. But I believe it is fair to say that analyzing in real time, on a demo account for no less than a quarter or 2 could make sense. It would surely be a wise way to proceed. However, an even better way, it seems to me, is to convince oneself on a backtest prior to employing a demo account.
Thanks for reminding me of R2R's post - and, incidentally, I discovered much insight from his quit making trading complied thread - but, he reinforces the point I was making about need for backtesting to include wider data than just the charts. Black swan events can cause odd trading requirements, higher volatility etc.. A system which takes these into account to warning against entering the market can't be backtested correctly on a platform that's oblivious to those major external influences.
It'd surely be a prudent way to proceed. However, a much greater way, it seems to me, would be to convince yourself on a backtest prior to employing a demo account. A former backtest is simply healthy.
Thank you for reminding me of R2R's post - and, incidentally, I found much insight from his stop making trading complied thread - however, he reinforces the point I was making about need for backtesting to include wider data than only the charts. Black swan events can cause unusual trading conditions, high volatility etc.. A system which takes these into account to caution against entering the market can't be backtested correctly on a platform that's oblivious to these major external... Black Swan is among the most significant terms in trading now.
Every trade which goes against someone does not a Dark Swan even make.
The black swan theory or theory of black swan events is a metaphor which refers to an event that is a surprise (to the audience ), has a major effect, and after the simple fact is frequently inappropriately rationalized with the benefit of hindsight.
The theory was developed by Nassim Nicholas Taleb to describe:
The disproportionate function of high profile, hard-to-predict, and rare events which are beyond the realm of normal expectations in history, science, finance, and technologies
The non-computability of the probability of the consequential rare events...
http://en.wikipedia.org/wiki/Black_swan_theory
One attempting to wrap his mind around Black Swan theory and how to predict it will lose focus of trading itself. There's another say to say it; Shit happens! If money management is done correctly, an individual can survive such event. It's like driving in a blizzard, in case you can't do it, wait till it settles down.
Hello Jay I Have to ask one question
When some reports are Published with High Impact Using a Gap in actual and forecast but the markets don`t Respond much to them how can that be Understand if the market is going to Respond that thing or not we cud Put a position Nicely in time
Hello Jay I need to ask one question
When a few reports have been published with higher Impact with a gap in actual and prediction however, the markets don`t react much to them how can that be understand whether the market is going to react that thing or not we cud put a position well in time I am a technical trader. A news trader will have a different view. Feel free to pitch in.
Lots of those news are already factored in. So by the time they come out, the price already transferred. Sometimes, the news is contrary to what has been anticipated and a sudden reversal comes up.
Well on technical aspect I use
fibo enthusiast fibo retracement levels and RSI to find divergence do you believe is a fantastic way to trade?Or what else should I do to get a better picture of where the market would be going
I trade with rum does this count?
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