The Official FOREX Thread

[SELF-MASTERY]

Also, i'm shorting the EUR/USD right now since the EMA, bolinger bands for the 5,15, and 30 minute charts indicate a likely breakout within the next few hours, and the RSI shows an overbought stock for the past couple hours. Lets see how this goes.

I've been closing too early... Imagine if I would have held my position at 115.35.

 

[SELF-MASTERY]

:cheer: +180 pips tonight:cheer:

 

[TheNewGuy]

:cheer: +180 pips tonight:cheer:

Congrats. What are you using to get these kinds of results?

 

[SELF-MASTERY]

Congrats. What are you using to get these kinds of results?

I just followed the downward trend. I got off at many stops and made several plays in between, but I decided to hold my position and trust all of the shyt that I was reading on different forum and from different people.

I wish it were this easy with real money

 

[MetalFortress]

I tried to short silver last night (XAG/USD), and ended up losing 3,500 pips, and ended up with some very high pip losses on other currencies after my initial lucky run. It did get me off my ass to go read babypips.com, though. After learning the chart patterns as well as the Elliott Wave theory, I decided to go medium-long term instead of short term, and am trading off of the 1 hour, 3 hour, and 1 day charts, due to more chart stability. As an experiment I made about 8 small deals just to see how many pips I can gain within the week to the month, and set about 40 different limit orders in anticipation of market breakouts following various chart patterns, with take-profits packed into them.

 

[SELF-MASTERY]

What indicators are you guys using to determine your trades???

 

[MetalFortress]

The same ones Angelus posted on page 1 (which he really just copy/pasted from babypips.com) plus Bollinger bands.

 

[TheNewGuy]

Oh yeah, my predictions last night were looking a little rocky for a while but I just checked this morning and this is what I got.

USD/CHF
EUR/USD
Account totals

I restarted my account with a low balance ($1,000 compared to the $100,000 that you normally start with) so my profits look pretty bad compared to most peoples. Its proportional to someone making $3,439 with the normal starting balance.

EDIT: Looking at the charts now, I'm gonna wait until the EUR/USD is oversold and then go long. It'll be oversold within the next hour I think. I'm also going to go short on the USD/CHF when its overbought (within the next half hour).

I'm looking at gold right now and dear jesus. It fluctuates 50-100 pips at a time! It looks overbought so I went short on 1,000 units... looks like I'm really screwed if I'm wrong.

EDIT 2: Just shorted USD/CHF for a 13 pip gain. Not gonna lie, a little scared with my XAG/USD deal. Its been fluctuating between -850 and -1,350 pips. Its been lingering for a while, so I'm just gonna push my take profit up and hope to come away from this in the black.

 

[TheNewGuy]

I made big profits on the EUR/USD. I went short with 50,000 , 40 000 and 20 000. My stop loss and take profit rates were different for each amount and I took profit from all of them when my positions closed.
At the moment I've gone long with 100,000 because I predict the Euro will rise in value within the next few hours. We'll see how it goes.

By the way, TheNewGuy, what's your "realized P&L" at the moment?

edit: I use the 15 min and 1h Chandlestick graph, are there any others I should consider? I haven't read anything about indicators, I just look at the graph and try to figure out a pattern and then go with what my gut tells me.

$34.15

XAG/USD is at -2,350. I'm feeling strangely confident however.Its RSI is at 68 and has been >50 for 6 hours. It looks like its forming a head and shoulders, meeting resistance at 12.2321. I feel a trend reversal coming soon.

Although... I AM the one whos 2,350 pips in the hole. So don't take my advice too seriously :nervous:

 

[Celadus]

I have a little trading experience and I'm going Series 7 Pro with Bright Trading before the end of the year. I'm no expert and I haven't made much money yet but atleast give me some consideration. I've been paper trading stocks and futures for about 8 months and I've learned a few things that cross over into forex. Hopefully I'll make enough in stocks to open a forex prop account too...

A lot of technical people think technical is the only way to go because the market is efficient. This is far from true. But, everyone on here seems to be relying solely on technical trading. Forex is really complicated and speculation in the market is mainly based on people's perception of macroeconomic trends. Technical is good for trying to catch tops and bottoms but if you learn the basics of macroecon you can spot points where volatility is likely to happen and then apply technical. No indicator will make money for you. Trading is an art.

I was watching my dealbook at 2:15 on the day of a fed annoucement and when they announced an interest rate hike the dollar gained 50 pips instantly. The fed meets next week. Read up on the Fed and pay attention to economic data being released. Check out www.bloomberg.com for opinions..They are usually wrong but some economists are really good at predicting the direction, not necessarily the magnitude of a change. The last 17 or so rate hikes have been pretty easy to predict, this coming meeting is hard. That means if you get it right, you will make good gains.

The bank of japan and austraila are also thinking of raising rates.

www.investopedia.com is a good place for beginner information.

Sorry its so long. Trading excites me.
Celadus

P.S. Bible, Could you share a little on your experience at the Prop shop? I am interested to know about your take on it. Do most of the traders have previous experience in finance and investing? The shop I'll be working at charges .01 a share. A lot of people complain that its high but my style looks for moves of 30 or more cents. Considering I only have 10,000....01 a share is cheap for the bigger moves. I've tried reading over at elitetrader but there seem to be a lot of bitter unprofitable trolls...

 

[Bible_Belt]

Successful traders come from all walks of life. I saw several rags-to-riches stories. Formal finance education was rarely a factor.

Don Bright is still in business because he is smart enough to get traders to put up a deposit to insulate Bright from loss. Schonfeld and Broadway never asked traders for money, and Worldco only started doing that towards the end. What he is offering is more like extra margin than it is "proprietary trading." afaik, you get stuck with all the loss, and he gets part of the gain, as well as profits from the commission. This is a great deal for him. That does not make him a bad guy, but I get the feeling that Bright really pushes this "proprietary trader" thing as a marketing tool. He is not breaking any rules, but it is still misleading. The idea behind proprietary trading has always been that the trader does not have any capital and needs other peoples' money.

Why not just trade futures? The pattern day trader rule requiring $25K to day trade stocks forced many small day traders from stocks to e-mini's.

 

[madgame]

Successful traders come from all walks of life. I saw several rags-to-riches stories. Formal finance education was rarely a factor.

I study economics in college and I still agree, that a formal finance education really doesn't have much to do with success at trading...actually I don't really see any connection at all.

 

[OfficeSpace]

I study economics in college and I still agree, that a formal finance education really doesn't have much to do with success at trading...actually I don't really see any connection at all.

Wow, so why not become an economist madgame? Or work at a brokerage firm? Or don't you already?

 

[MetalFortress]

Good results on my holdings since Tuesday so far.

XAG/USD - 3,000 pips
GBP/USD - 99 pips
CHF/JPY - 25 pips
AUD/JPY - 19 pips (sold short)

 

[Celadus]

Bright only gets paid commission. 100% payout to the trader. They are matching all the funds I bring and I just pay them back. I would never expect someone to let me trade with no money down with no experience.

A formal education isn't required but you have to know how the economy works. I wish I had started trading at Bright instead of going to college but had studied up on economics while I was there.

Celadus

 

[SELF-MASTERY]

http://www.forex-loser.com/

 

[SELF-MASTERY]

I'm up $340 for the day. I'm treating this like poker and Im small balling by taking small profits off the table as soon as possible. I'm reading all this shyt about people earning 1000 pips on this fx forum, and I just dont have the guts for that. I would rather hold my positions for the shortest amount of time possible and run away with some money.

 

[MetalFortress]

Good results on my holdings since Tuesday so far.

XAG/USD - 3,000 pips
GBP/USD - 99 pips
CHF/JPY - 25 pips
AUD/JPY - 19 pips (sold short)

UPDATE:

XAG/USD = closed at 2500 pips
GBP/USD: closed at 78 pips
CHF/JPY = still open at 35 pips, with a continuing uptrend
AUD/JPY = still open at -6 pips

Very small investments, but the investment sizes are growing as my confidence and knowledge does. Once I double my money at least once, real money is gonna go into it. Once some of my other positions go into the positives, I'm going to stop loss them above my buying price to ensure a profit, but to give it the possibility of a much larger profit (depending on the chart pattern and/or news regarding the currency)

 

[MetalFortress]

I'm up $340 for the day. I'm treating this like poker and Im small balling by taking small profits off the table as soon as possible. I'm reading all this shyt about people earning 1000 pips on this fx forum, and I just dont have the guts for that. I would rather hold my positions for the shortest amount of time possible and run away with some money.

How do you prevent constant losses from that, though? I like medium-long holds because the charts are more consistant for 1 hour to 1 day, than short ones.

 

[Centaurion]

Uhm...to get the maximum benefit out of those sims, you should treat EVERY transaction as if it were your real money.