thread: Directions please? :what ive been doing

What kind of trader do you believe you are/will be more ricardo?

Im very touched for the kind offer Bill, thats actually above and beyond!

You understand lately I have been retracing the older forex eduion from when I started, going over it and finding new gems. When I started 4 or so months ago it was very greek to me, however slowly it started to stick. Demo trading was the teacher in this manner because it allow me to see how things figure them out and work. Now when I go back the suggestions on ways to utilize the principles make just so much more sense eh? Perhaps much less is more after all.

Happy you have done better by sticking to that demonstration in the first place than I did. I went too soon and lost my'marbles' (pun intended )to perform after a little more than a year. Stick to demo, if this can be of any aid and treat it as a hobby for as long as you can, until you find that trading is second nature for you, you have found your way into this business. Bear in mind that for you to make money thousands of others need to loose, so try to believe that the point you are at only means there are other newbies who pay in the market one day you are able to profit from. Your task is to stay in the sport. That usually means you have to save your capital for the time when you can start making money, not loose it all along side the others. Also bear in mind that we all have to pay the brokers for the priviledge of trading. There is A Fantastic read Trading in the Zone by Mark Douglas. Read it twice . Also do visit my blog at http://flyingmoney.blogspot.com/ to find out what NOT to do. I have posted there for 2 decades and it has been the ideal tool for me in the learning process.

Good fortune

--you understand on that note its always sounded like such a bad idea to use the robotic EAs to restrain your money. Idealistic do your job for you, but Ive never seen a ea that actually works to any level.

--fundies ( that are longer duration ) --never heard of this Ill read up on it if I can find anything

I kind of hear ya: Its like rather than going on an intense to the left or the best make your own path. --bad to be fluid or mechanical in any instance.

Hi Happy...

Fundies is short for Market Fundamentals. . .ie, Economics
Visit the News section here and the Calendar pages. On the Calendar page, to the far from an announcement....you will notice a small box, click that and a pop up window will appear giving advice concerning that particular statement.

Hope that helps

what type of trader do you think you are/will be ricardo?

Hmmm I think I have been taking the swing trading route....though I also hear those intraday charts calling me, I will make a choice and I will go live at a certain stage during October or November...I am currently looking for brokers where you can exchange micro lots, so I am thinking about Oanda or FXsol...

Ricardo

Wonderful signature! Haven't heard munsoned in a while.

He , well I did not knew exactly what to write in there, and I was watching kingpin on TNT...

Hey Ricardo,

my view, if it enables you to choose a broker...I would go with Oanda, if for no other reasons than the spreads.

I utilize them as among mine....it appears you aren't going to trade news, from what I could tell....so the spreads at news should not be an issue.

To be honest, I know nothing else about FXsol, just that spreads are greater.

Hope that helps

Hey Ricardo,

My opinion, if it helps you opt for a broker...I would go with Oanda, if for no other reasons than the spreads.

I utilize them as one of mine....it seems you aren't going to trade news, from what I could tell....so the spreads in the news shouldn't be a concern.

To be honest, I know nothing else about FXsol, just that spreads are greater.

Hope that helps

Thanks for the suggestion, I have been asking at the brokers forums about Oanda and their spreads and that I see that it only occurs around news, so that shouldn't be a issue. FXsol appears to be ok so I'm almost sure that I go with Oanda.

This might be a bit off the fundamental Foreign Exchange issue, but are some of the other trading markets almost any easier to earn money (as much) on?
Stocks, options, equities, futures, etc.. .
I never actually explore anything else. I noticed analysis seems to apply to pretty much all of them. I was swayed to Foreign Exchange because it seems the least voltile: a inventory perish and could bottom out, but never if ever does a currency sputter and die.

it seems you can start Foreign Exchange with less funds: a big plus.

So finally im askin you men why select Foreign Exchange? Is my query here...

This could be a bit off the central FX topic, but are some of the other trading markets any simpler to earn money (as much) on?
Stocks, options, stocks, futures. .
I never actually explore anything else. I noticed technical analysis seems to apply to pretty much all them. I was swayed to FX because it seems the least voltile: not, although a inventory die and could bottom out if ever does a currency sputter and die.

it sounds you can begin FX with less capital: a large plus.

So finally im askin you guys why select FX? Is my question here....

Among the greatest attractions to FX is your allowable leverage. It's possible to start with less capital partially because of the leverage and partially because of nanolots and microlots. Not to mention generally no commission, only the spread.
When trading shares you will pay the spread commission. Here, in FX, you can take a 50 position for the cost of this spread. I utilize Scottrade and trade stocks too. I pay a spread, which isn't fixed, and 7$ in and 7. Makes a dollar position out of the question.
Allowed the actual price in FX may not look volatile but when compounded by leverage, even 10:1, the picture changes drastically. It is possible to blow your account very quickly here.
However, stocks are also a dangerous game when approached with little capital. Here in the U.S. you will need a 25k account to trade intraday. Anything less and you will be holding positions immediately. Now your coping with daily opening gaps.
So, in short, Forex will provide you the maximum bang for your limited buck. And that attraction high allowable leverage, is that the thing which makes this dangerous.
From my own experience I'd say you will be able to learn your lessons faster in FX, simply because the ability to play small lots allow you to participate more--with actual money in tiny quantities that is.
So far as options and futures, I am not qualified to comment but there are many here who are.
Regardless of what road you choose it is a lengthy one. Give this period and focus. When you succeed at one market, that is the opportunity. Besides, you have MM, discipline, and your trader instinct.
Among the truest posts I have read was submitted by Micro Minnie. I think.
A journey of a thousand miles starts out with a flat tire and a broken fan belt. Or something near.

Thank you for all your thoughtful answers


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Ok heres what im doing: 90 percent just me screwing around in my own/backtesting/etc.

I threw out all my indictators... I had like 20 on every chart... getting kinda rediculous.
I ask myself what is important:
Bollinger bands- that I use the constriction/opening of the size of the outer bands as good signals for entry points- just before break aways.
-stochs- always a fantastic idea to be clued into overbought/oversold.
-moving averages- finally a 365 and 175 moving average to attempt to grasp at tendencies. Only way I understand how: if 175 is over 365 its heading up, when 175 is below its moving down.

That is the part im proud of looking pretty sweet... and making my charts cluttered up again. Im plotting my support and resistance. First I go to some maximum zoomed in chart: plot support resistance, these have the most weight.
Select a diff color, go to weekly also maximum zoomed in, plot significant S R lines which didn't appear before.
Repeat it with daily charts, then my 4 hour charts. Note: From the time I got to 4h I had to make a couple of lines, most were covered.

Im not sure how amateurish this all seems, but now I look at my chart and feel like I will see whats going on a lot clearer.
-In addition to basic candlestick patterns, chart patterns (double bottom/ head and shoulders/etc), price action patterns (), etc its feelin somewhat clearer.

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-stochs- always a fantastic idea to be clued into overbought/oversold.

I've kept out of the so far as the 1KT input was excellent. So the one thing I'd love to put in a qualifiion to is the usage of Stochastics as Overbought/Oversold.

Be careful with this. I've attached an image of Cable (Daily chart) from mid-June to the end of July. You can view it shows Overbought all of the way so hoping to see that the market in this run could have cost you cash.