I'm not sure if anyone else here in MJs trade forex but if you do let me know. I trade forex among other things but I get tired of talking with guys that are in the forex only forums.
Forex
- Thread starter layinwood
- Start date
layinwood I do not trade forex, only stocks, some options, and sometimes (not often) commodities.
however would find it intersting if you want to post in the future about the basics, and maybe some your wins and losses and the basics...
thanks
selkirk
however would find it intersting if you want to post in the future about the basics, and maybe some your wins and losses and the basics...
thanks
selkirk
Selkirk, I'm not sure where to begin with my trading. I've traded everything but I love the volitility of the Forex market.
I mainly do very short term trades, in and out in under 30 minutes but I do have some trades that last for days. I use no indicators. My trades are based off of support and resistance levels, daily pivot levels and the main part of my trading is price action(Candlestick formation made popular to most by Steve Nison). I use the 5, 15 and 30 minute charts for my trades. As of now I trade 1 standard lot so each pip(tick) is worth $10.00. I try to get between 5 and 10 pips depending on what I see going on. As some points I can be long and short at the same time. Each trade is independent of the other. I rarely close trades out in losses and never trade with stop losses(this breaks any and every rule you read about Forex trading but it works for me and that's all I care about. I can explain more about this in the future but for now I trade based of of quadrants and if my trade runs out of my quadrant I hedge going the other way until I get something strong based off of a higher chart i.e the day chart). I try for 50-75 pips a day profit but on slow days like today(holiday times) I only mae 44 pips.
I'll try and post some of my charts in the coming weeks to give examples. The style of trading I use works in any market. I can trade stocks with it and first learned to use it while trading futures. If you haven't traded Forex you should look into it. It's very hard but very profitable.
I mainly do very short term trades, in and out in under 30 minutes but I do have some trades that last for days. I use no indicators. My trades are based off of support and resistance levels, daily pivot levels and the main part of my trading is price action(Candlestick formation made popular to most by Steve Nison). I use the 5, 15 and 30 minute charts for my trades. As of now I trade 1 standard lot so each pip(tick) is worth $10.00. I try to get between 5 and 10 pips depending on what I see going on. As some points I can be long and short at the same time. Each trade is independent of the other. I rarely close trades out in losses and never trade with stop losses(this breaks any and every rule you read about Forex trading but it works for me and that's all I care about. I can explain more about this in the future but for now I trade based of of quadrants and if my trade runs out of my quadrant I hedge going the other way until I get something strong based off of a higher chart i.e the day chart). I try for 50-75 pips a day profit but on slow days like today(holiday times) I only mae 44 pips.
I'll try and post some of my charts in the coming weeks to give examples. The style of trading I use works in any market. I can trade stocks with it and first learned to use it while trading futures. If you haven't traded Forex you should look into it. It's very hard but very profitable.
I tried entering the wild wonderful world of Forex aout 5 years ago. It looked very promising, and the profits, or losses, pretty immediate compared with other traditional trading. Unfortunately I got my ass handed to me in no time and closed my account. I do think occasionaly about giving it another shot, but need more info before pissing away any more cash.
Hey Layinwood thanks for the forex info Im just getting into that market. I have a practice account Im working with. I look forward to your insight in the future.
thanks
TheDeal
thanks
TheDeal
TheDeal, one thing about Forex is there are thousands of different strategies but none of it matters compared to money management. If you can be smart with your money then you'll be ok.
I would start off by learning fib retracements and price projections based off of the fibs. After that you can study price action(candlestick patterns by steve nison is good). If you use price action based on fib retracements you will be successful.
Or if you just want to trade an make money I know a guy that has a room where he calls the trades at night. The bad thing is you have to be up at 2am est. They trade the London open because that is when the market is the busiest. I turned my father in laws friend on to the room, he had no clue about anything related to Forex and within the first 2.5 months he's taken 20k to 39k.
Forex is a lot like sports gambling, there are more people selling bs out there than there are good guys that really make money.
I would start off by learning fib retracements and price projections based off of the fibs. After that you can study price action(candlestick patterns by steve nison is good). If you use price action based on fib retracements you will be successful.
Or if you just want to trade an make money I know a guy that has a room where he calls the trades at night. The bad thing is you have to be up at 2am est. They trade the London open because that is when the market is the busiest. I turned my father in laws friend on to the room, he had no clue about anything related to Forex and within the first 2.5 months he's taken 20k to 39k.
Forex is a lot like sports gambling, there are more people selling bs out there than there are good guys that really make money.
Hey layinwood ive been gone for a couple of weeks (mother past away). I have been doing my home work. This market is so fasinating to me. Especially the rush you get...Just like gambling actually better. Anyway the more I research and read the more I understand but at the same time I realize I need to do even more homework. Thanks for the advice a couple of weeks ago. I would be interested in the room you turned your father in law on if you dont mind. Anyways happy trading. And I am up everynight at 2am. I also see you are in dallas are you a cowboy fan? I am.
thanks The Deal
thanks The Deal
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Actually I can't stand the Cowboys. Somehow, even though I grew up here, I love the Steelers.
www.f*&Excurrencyclub.com
I'm not sure if i can put up a website or not but the name is what we're talking about with currency club on it. The owners name is Rick and he's a real straight up guy. You'll find in Forex there is more BS than there is in gambling. 99% of what people claim to make is bs.
good luck with everyting. let me know if I can help in any way.
www.f*&Excurrencyclub.com
I'm not sure if i can put up a website or not but the name is what we're talking about with currency club on it. The owners name is Rick and he's a real straight up guy. You'll find in Forex there is more BS than there is in gambling. 99% of what people claim to make is bs.
good luck with everyting. let me know if I can help in any way.
Hey layin thanks for all the forex insight. You have been really helpful to a new guy in the market. I joined that club that you turned me onto last month. (Ricks the owner) I see you use a robot for some of your trading. How is that working? I have developed my own philosophy and like you say "It works for me." Any thoughts on the best auto robot.
Thanks
The Deal
Thanks
The Deal
Actually the robot I have is one I got from Rick. he callas it grid trading but if he didn't give you the program just ask him for it.
How's the club doing? I turned one of my father in laws friend on to it and he has his account up to 50k. I think he put in 19k to start. I don't get to pay attention to it like I use to, just too busy.
How's the club doing? I turned one of my father in laws friend on to it and he has his account up to 50k. I think he put in 19k to start. I don't get to pay attention to it like I use to, just too busy.
