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Looking for Forex Trader / Technical Analyst

Options
  • 13-02-2018 9:39pm
    #1
    sirfugy
    Registered Users Posts: 10 ✭


    Hi guys,

    I am trading quite a bit in options (and done a lot of stocks in the past) but would like to learn a bit more on Forex and technical indicators and learn whether it is worth wile doing more forex trading based on the leverage that you get with most brokers.

    I would love to get in contact with somebody who is experienced in forex trading and knows his technicals to learn from him or her and hopefully do my first forex trade. Happy to pay for his/her time.

    I have some very specific questions about some technical indicators but that would make this post too long and detailed. Would prefer asking 1on1.

    Thanks for reading and hopefully there's somebody that would like to help me out.

    Kind regards,
    sirfugy
    Tagged:


Comments

  • Options
    #2
    wackokid
    Registered Users Posts: 341 ✭✭wackokid


    You are most unlikely to get anybody here willing to give one on one instructions as if people have an edge they won't share it.

    You can study the forex markets and trading systems here and spend the time studying. It's absolutely free and will answer all your questions.

    www.babypips.com


  • Options
    #3
    kashfxbiz
    Registered Users Posts: 1 ✭kashfxbiz


    I am newbie in trading.
    I am part of a company which has a lot of resources for forex traders (new and advanced) including up to 180 hours of weekly live analysis and live trading.They also provide signals , Last weeks signals were 581 PIPs in profit.
    Send me a private message for more information.


  • Options
    #4
    wackokid
    Registered Users Posts: 341 ✭✭wackokid


    kashfxbiz wrote: »
    I am newbie in trading.
    I am part of a company which has a lot of resources for forex traders (new and advanced) including up to 180 hours of weekly live analysis and live trading.They also provide signals , Last weeks signals were 581 PIPs in profit.
    Send me a private message for more information.

    Very interesting and very interested.


  • Options
    #5
    syntheticjunk
    Closed Accounts Posts: 106 ✭✭syntheticjunk


    Summary:
    we need idiots with money and we need their money.


  • Options
    #6
    wackokid
    Registered Users Posts: 341 ✭✭wackokid


    syntheticjunk wrote: »
    Summary:
    we need idiots with money and we need their money.

    Very original and very clever.


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  • Options
    #7
    positivecarry
    Banned (with Prison Access) Posts: 16 ✭positivecarry


    I trade forex consistently for the past 4 years. There really is no secret to forex trading, most people come to it and over complicate it. Firstly, break it down and understand the game, sophisticated gambling. So all you need is a win rate on your trades of above 35%, which when you really become experienced you'll see it's not so hard to achieve. A risk/reward ratio of 1:2 minimum. This means your potential loss to potential profit ratio. And finally, you need the discipline to stick to the trades you planned.

    You can achieve this by trading the 5 minute timeframe for 8 hours a day with a bunch of indicators or taking 4 trades a week with pure price action. Both under the parameters will achieve profitability but then a lot of other factors come into play like psychology. 8 hours a day, winning and losing, if you can't control fear, nerves, greed, you will blow up. If you use indicators, understand they lag to price action, and you'll never get the understand the forex market as deeply as you can focusing on that. You want to put as much odds on your side as possible. Not just the ones on paper, but keeping sane, understanding the market deeply, developing experience and confidence etc.

    Use these clear points to develop a strategy that fits you, and develop on it, don't switch strategies, understand why it's not working when it does, market conditions change a lot. Nowadays we aren't as volatile as before, specifically this time of year we are a lot choppier than the start of the year. Constantly evolving.


  • Options
    #8
    wackokid
    Registered Users Posts: 341 ✭✭wackokid


    positivecarry wrote: »
    I trade forex consistently for the past 4 years. There really is no secret to forex trading, most people come to it and over complicate it. Firstly, break it down and understand the game, sophisticated gambling. So all you need is a win rate on your trades of above 35%, which when you really become experienced you'll see it's not so hard to achieve. A risk/reward ratio of 1:2 minimum. This means your potential loss to potential profit ratio. And finally, you need the discipline to stick to the trades you planned.

    You can achieve this by trading the 5 minute timeframe for 8 hours a day with a bunch of indicators or taking 4 trades a week with pure price action. Both under the parameters will achieve profitability but then a lot of other factors come into play like psychology. 8 hours a day, winning and losing, if you can't control fear, nerves, greed, you will blow up. If you use indicators, understand they lag to price action, and you'll never get the understand the forex market as deeply as you can focusing on that. You want to put as much odds on your side as possible. Not just the ones on paper, but keeping sane, understanding the market deeply, developing experience and confidence etc.

    Use these clear points to develop a strategy that fits you, and develop on it, don't switch strategies, understand why it's not working when it does, market conditions change a lot. Nowadays we aren't as volatile as before, specifically this time of year we are a lot choppier than the start of the year. Constantly evolving.

    Four trades a week with price action appeals. Can you tell us a bit more on how you select your trades? Is it based on candle shapes or daily news?


  • Options
    #9
    positivecarry
    Banned (with Prison Access) Posts: 16 ✭positivecarry


    wackokid wrote: »
    Four trades a week with price action appeals. Can you tell us a bit more on how you select your trades? Is it based on candle shapes or daily news?

    Trades are selected based on your techniques you use to analyse. So the most important thing in forex is price levels. Because forex is the most liquid market in the world, there's always a buyer/seller and the price is true to value. So when you have let's say a pullback, what makes price move is the amount of money long/short, not the amount of traders or volume, so if price pulls off a level 20 pips, it doesn't mean buyers are now in control but sellers have left, or more buyers have come through. So my advice would be place your levels on market structure, since market structure is the turning points of the market, these points are where price was most valuable to buy, or priced enough to start selling, so you'll find these points to be most accurate. Combine this with candle confirmations, trend breaks, time of the day etc, you'll get better trades.

    Don't think news events are what causes the market to move, fundamentals are priced in but not all, for example geopolitical factors like a nuclear test from north korea can't be forecasted, but things like NFP, CPI is all forecasted and priced in. Trading off a fundamentals release means the move already happened, its like buying support after it has made 75-80% of its move off it. The reason why price gets volatile around news is price moves from liquidity pool to liquidity pool, when people exit their trades we have what's called low liquidity, it means volatility, so price moves to other liquidity pools where once again the money stays long or short. That's why levels are very important because you'll see whipsaws and pushes off the same news release with the same result, it's not what truly matters to how the price moves on release


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