Posted:
#1
Time for a new thread fellas..lets have another good month....dont just peek in,if anybody reading has any ???s ask away somebody will reply ASAP..
Schools out for[ex] summer....June edition
Posted:
#3
I wish id bought LB/JPY...we were calling for these prices last week,fib lines dont lie....i had this pair on Friday and closed it just because i was worried we may see more bad EU news
JPY didnt run up enough for me to add on,most i was down was around 63 pips or so,4hr setting up to cross but the shorter charts are saying it prob runs up again this may cause my 4hr to reject the cross...im almost even here so im not worried,highest she goes is 9530s,if that happens ill clean up on the pullback
Posted:
#10
Forget down 100, start thinking up 50..
They are revving the engines seriously..oil moving up, they erased 50 down points in hardly no time at all.
So far the drops since about noon are thin and the moves higher are stronger, usually a sign that they are going to run the markets into the close.
They are revving the engines seriously..oil moving up, they erased 50 down points in hardly no time at all.
So far the drops since about noon are thin and the moves higher are stronger, usually a sign that they are going to run the markets into the close.
Posted:
#11
Hey guys!!! Been really thinking about starting back up again. After being so stubborn, and getting my ass kicked a while back, I'm awful gun-shy though. Like gambling, I don't just want to tail blindly, even though I'd never bash anyone, because "I" made the decision, with "my" money........ Wishin' everyone all the best!!!!! 
Posted:
#12
Its all good SJ...just remember your margin..id open a practice account just to be fresh...dont start positions with more lots than can be managed properly..
I dont know your plans on starting bankroll but if you were to start with $2500-$3000 and started trades with two lots it would be hard toget into any real danger
Posted:
#13
Experienced Traders,
I took your advice and opened up a practice account.Began to touch the surface of the currency platform.. I had a few questions; first, in regards to Lots and lot sizes. Say for instance, USD/JPY spread is: Sell is at 92. 68^4 ; and BUY is 92.70^4 . However the lot says, 1 Lot (100,000) ; say i would want to only buy $300 worth... would i change the lot size? would i divide (sell) $300/ 92.68^4 or $300/92.70^4 (buy) ?? It is very confusing to translate $dollars to Lots, and vice versa. Also, i notice most currency has 1 lot at 100,000 ; except for XAU/USD which has 1 lot as 10.. why is that?
Second question,
In regards to choosing an entry position... I believe in technical analysis; therefore RSI, MACDs, EMA, The godly Fib retracement, etc. I understand ; however, following those indicators, highly depends on what chart you are using.
For instance, a 30 minute chart could show a MACD converging; while a 4 hr chart of the same currency shows it diverging. My point, is regardless of the chart, the patterns will occur, so when you look for an entry opportunity, what type of chart to you use? That would most likely depend on how long you would like to hold? Which in the case of a 5 minute chart, the most you could probably make is a couple pips as the pattern unfolds; as opposed to the 4 hr chart where a complete pattern to unfold is substantially more, say 40 pips?
Also, are you pure techincal analysis traders? Or long term holders? I mean, currency trading is vastly different from USM, in that in the market you look for stocks who have earnings estimates, etc. How would you trade currency using fundamentals? Countries Interest Rates?
Last question, as the qoute states 92.70^4 (buy) USD/JPY buy; is a pip defined as the exponent of the 92.70^4 which in this case is the 4.? or is a pip the 0 place on the stated qoute?
Thank you in advance, and sorry for so many questions as i am trying to get the hang of this.
And i assure you i will be in a PRACTICE account for some time...
Thanks again
I took your advice and opened up a practice account.Began to touch the surface of the currency platform.. I had a few questions; first, in regards to Lots and lot sizes. Say for instance, USD/JPY spread is: Sell is at 92. 68^4 ; and BUY is 92.70^4 . However the lot says, 1 Lot (100,000) ; say i would want to only buy $300 worth... would i change the lot size? would i divide (sell) $300/ 92.68^4 or $300/92.70^4 (buy) ?? It is very confusing to translate $dollars to Lots, and vice versa. Also, i notice most currency has 1 lot at 100,000 ; except for XAU/USD which has 1 lot as 10.. why is that?
Second question,
In regards to choosing an entry position... I believe in technical analysis; therefore RSI, MACDs, EMA, The godly Fib retracement, etc. I understand ; however, following those indicators, highly depends on what chart you are using.
For instance, a 30 minute chart could show a MACD converging; while a 4 hr chart of the same currency shows it diverging. My point, is regardless of the chart, the patterns will occur, so when you look for an entry opportunity, what type of chart to you use? That would most likely depend on how long you would like to hold? Which in the case of a 5 minute chart, the most you could probably make is a couple pips as the pattern unfolds; as opposed to the 4 hr chart where a complete pattern to unfold is substantially more, say 40 pips?
Also, are you pure techincal analysis traders? Or long term holders? I mean, currency trading is vastly different from USM, in that in the market you look for stocks who have earnings estimates, etc. How would you trade currency using fundamentals? Countries Interest Rates?
Last question, as the qoute states 92.70^4 (buy) USD/JPY buy; is a pip defined as the exponent of the 92.70^4 which in this case is the 4.? or is a pip the 0 place on the stated qoute?
Thank you in advance, and sorry for so many questions as i am trying to get the hang of this.
And i assure you i will be in a PRACTICE account for some time...
Thanks again
Posted:
#14
WP
1st Q the simplest way is to think of lots as dollars per pip. in a mini account 1 lot=$1 in a standard a 1 lot is $10/pip
2nd Q you want to use wider charts say 4 hours and daily's to get a board direction of where the pair will be going. you can then tighten the charts to see if they offer anything else.
look back in the investment section about 10 threads down theres forex resource thread with some great sites to understand how this all works.
the last q about price the the 0 is the pip spot. the .4 is 4/10's of a pip.
Posted:
#15
You need to contact customer service and have them make it a micro account..which broker did you choose?you would be looking to trade 10k lots not 100k...10k lots use around $100 of margin per lot..pairs vary though..as you customer service rep for the rates page or margin calculator..
I use a 4hr to find a trade then scale down to find a good entry..using short term charts to base a trade on is dangerous.. the tech level can move from one extreme to another without alot of pip movement
I guess im a technical trader i use crosses of the ADX indicator along with RSI and moving averages and fibs..i dont worry about intrest rates much unless its a news release..its all in the charts for me..
just put the entire price in we will know what you mean..92.704 to 92.714 would be a pip
i think i got em all...dont worry about asking question we all started the same way,im here to help...once you get a handle on things,help out the next guy
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