I have been trading forex for the past 2 yrs and have come up with my own little system...i use RSI,DMI lines only watching 4 hr chart.When the DMI lines are top and bottom and RSI line is top or bottom i make the play accordingly.
Its taken me several mistakes and the $11 spike in crude killed me as i was in EUR/USD and it was affected more than any other...but slowly i have made $$$$$
Was just wondering if anybody else here trades,right now is peak time 3am-11am....i see so many on here with these five dime plays and wonder if they know just how much profit could easily be turned if they studied the market for half the time they spend watching sports
If anybody else here has a forex account please reply and lets talk some trading,or anybody interested in trading Forex there are some good sites where you can open real time free practice accounts
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I have been trading forex for the past 2 yrs and have come up with my own little system...i use RSI,DMI lines only watching 4 hr chart.When the DMI lines are top and bottom and RSI line is top or bottom i make the play accordingly.
Its taken me several mistakes and the $11 spike in crude killed me as i was in EUR/USD and it was affected more than any other...but slowly i have made $$$$$
Was just wondering if anybody else here trades,right now is peak time 3am-11am....i see so many on here with these five dime plays and wonder if they know just how much profit could easily be turned if they studied the market for half the time they spend watching sports
If anybody else here has a forex account please reply and lets talk some trading,or anybody interested in trading Forex there are some good sites where you can open real time free practice accounts
when i was daytrading back in 02-03, my firm got involved in forex...i never tried it but one guy i knew did...was up for 36 straight hours watching his position. ended up losing 3600 in that time.
the firm got rid of it soon after
pips
when i was daytrading back in 02-03, my firm got involved in forex...i never tried it but one guy i knew did...was up for 36 straight hours watching his position. ended up losing 3600 in that time.
my biggest mistake was not setting a stop on a position and leaving for work...... but that wont happen again,i also screwed myself once by not bringing down my average and the pair i was in went on a downward spiral by the time i got out i was down huge
Ive been working nights so im able to make 3am plays but most of the time we[brother and myself] play from 7am-11am.......but every single night there is money to be made at 3am...its just as easy to lose $ as it is to make $,but 3am is so choppy plays just jump out.
I have a golf outing early in the morning but im gonna try to post a play tonight,im on nights next week so i will for sure be here Mon-Thur night posting what i like each night.Playing at 3am is almost always an in and out play seldom does it take more than an hour and if you set your sights alittle lower it could take even less.....i like to go for 20 pips with 2 lots...in a regular accout thats roughly $400[depending on currency traded] in a mini account thats $40
I cant cut and paste my charts from forex trader but if somebody is interested they can open a practice account and i and go over the chart to show the pattern i look for with the DMI,RSI lines.....ill try to be here at 3am
my biggest mistake was not setting a stop on a position and leaving for work...... but that wont happen again,i also screwed myself once by not bringing down my average and the pair i was in went on a downward spiral by the time i got out i was down huge
Ive been working nights so im able to make 3am plays but most of the time we[brother and myself] play from 7am-11am.......but every single night there is money to be made at 3am...its just as easy to lose $ as it is to make $,but 3am is so choppy plays just jump out.
I have a golf outing early in the morning but im gonna try to post a play tonight,im on nights next week so i will for sure be here Mon-Thur night posting what i like each night.Playing at 3am is almost always an in and out play seldom does it take more than an hour and if you set your sights alittle lower it could take even less.....i like to go for 20 pips with 2 lots...in a regular accout thats roughly $400[depending on currency traded] in a mini account thats $40
I cant cut and paste my charts from forex trader but if somebody is interested they can open a practice account and i and go over the chart to show the pattern i look for with the DMI,RSI lines.....ill try to be here at 3am
a perfect example of what im looking for on a chart happened today in EUR/USD in the 4pm block on a 4hr chart...use only the RSI and DMI lines
+DMI line is on the bottom...-DMI line near the top but has already turned an added bonus the ADX line went through the -DMI line and is at the top so a small reverse is soon to come.....RSI line has already bottomed out and is curving up
4 hr chart remember...1.3773 is the bottom of the 4pm block with 1.3824 being the top let say you got in EUR/USD at 1.3800 thats about the middle......you could have sold out for +71pips and i think its good for 100+.......i would jump in now but want to play at 3am so i will sit and watch but if the pair continues theis direction the DMI lines will form a diamond<>
a perfect example of what im looking for on a chart happened today in EUR/USD in the 4pm block on a 4hr chart...use only the RSI and DMI lines
+DMI line is on the bottom...-DMI line near the top but has already turned an added bonus the ADX line went through the -DMI line and is at the top so a small reverse is soon to come.....RSI line has already bottomed out and is curving up
4 hr chart remember...1.3773 is the bottom of the 4pm block with 1.3824 being the top let say you got in EUR/USD at 1.3800 thats about the middle......you could have sold out for +71pips and i think its good for 100+.......i would jump in now but want to play at 3am so i will sit and watch but if the pair continues theis direction the DMI lines will form a diamond<>
ok for 3 am looking at EUR/USD[buy]..down 60 pips in an hr.....also looking at USD/JPY[sell]...there will be a boatload of movement in the next 10 mins want to decide right around 3 am
ok for 3 am looking at EUR/USD[buy]..down 60 pips in an hr.....also looking at USD/JPY[sell]...there will be a boatload of movement in the next 10 mins want to decide right around 3 am
Hey bucknuts, I've always wondered about Forex. I'm always looking for new ways to make money, wanted to try the stock market, but way to volatile right now for my taste. I've heard of currency trading before, but I read you have to leverage a ton. It piqued my interest a while back when the USD was losing value compared to the CAD, so much so that CAD was worth more than the USD. I remember thinking I could have made a fortune in that period.
Hey bucknuts, I've always wondered about Forex. I'm always looking for new ways to make money, wanted to try the stock market, but way to volatile right now for my taste. I've heard of currency trading before, but I read you have to leverage a ton. It piqued my interest a while back when the USD was losing value compared to the CAD, so much so that CAD was worth more than the USD. I remember thinking I could have made a fortune in that period.
Iceman go to forextrader.com you can open a practice account that lets you trade real time with fake $$$$$.....great way to get your feet wet
There are several sites you can go to with different platform to trade with but forex trader is my fav.....and you can open a mini account for $250........i promise youll be hooked
Iceman go to forextrader.com you can open a practice account that lets you trade real time with fake $$$$$.....great way to get your feet wet
There are several sites you can go to with different platform to trade with but forex trader is my fav.....and you can open a mini account for $250........i promise youll be hooked
i should also add at 3am not using RSI @ DMI lines..just playing pairs that have had little runs up or down that look like they r trading in a 30-50 pip range.....3am is a great time for the other markets about to open/close lots of action....but if you can find the right pair its usually less than an hour for the trade.....in and out baby
i should also add at 3am not using RSI @ DMI lines..just playing pairs that have had little runs up or down that look like they r trading in a 30-50 pip range.....3am is a great time for the other markets about to open/close lots of action....but if you can find the right pair its usually less than an hour for the trade.....in and out baby
when i was daytrading back in 02-03, my firm got involved in forex...i never tried it but one guy i knew did...was up for 36 straight hours watching his position. ended up losing 3600 in that time.
the firm got rid of it soon after
Thats what i like about forex though....he watched his trade for 36 hrs so at some point he was prob down in pips what he was looking to make on the trade......late night i shoot for 20 so if i get down 20 i will average up/down...
I will also then lower my limit to 10 or so making about the same on the trade[cause you have twice as many lots now]....doesnt always work but if your off by that much it was just a bad trade to start with.....practice and knowing times to trade forex are the keys.....3am-11am best time to make the $$$$$$$
Quote Originally Posted by KOAJ:
pips
when i was daytrading back in 02-03, my firm got involved in forex...i never tried it but one guy i knew did...was up for 36 straight hours watching his position. ended up losing 3600 in that time.
the firm got rid of it soon after
Thats what i like about forex though....he watched his trade for 36 hrs so at some point he was prob down in pips what he was looking to make on the trade......late night i shoot for 20 so if i get down 20 i will average up/down...
I will also then lower my limit to 10 or so making about the same on the trade[cause you have twice as many lots now]....doesnt always work but if your off by that much it was just a bad trade to start with.....practice and knowing times to trade forex are the keys.....3am-11am best time to make the $$$$$$$
Geez, this stuff is confusing me. Not sure what I'm doing here. Was trying out USD/CAD pair, as that's what I'm more familiar with. Already showing a loss on my first trade. Not sure what the heck I'm doing here.
Geez, this stuff is confusing me. Not sure what I'm doing here. Was trying out USD/CAD pair, as that's what I'm more familiar with. Already showing a loss on my first trade. Not sure what the heck I'm doing here.
but that wont happen again,i also screwed myself once by not bringing down my average and the pair i was in went on a downward spiral by the time i got out i was down huge
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