Obsidian

Daily charts...looking at the bigger picture helps, i guess

I think most of the traders have a common cycle in trading. First you think that you can do this and start with a demo account, buy when prices are going up, sell when prices are going down. Everything seems perfect for the first couple of weeks-months. You decide to open a real account. You run the trading platform with big excitement and rush to trade. Meanwhile you discover that there are plenty of indicators to tell you what to do. Your charts become full of indicators. You open a position with real money and things start getting harder. You seem to be making more mistakes. Sometimes you close trades with little profits. Since you don’t have certain rules and strategy, your account starts to melt due to different market conditions. At this point you start to search forums, web sites to tell you what to do. Finally you blow another account and blame others for their bad calls. Next you search for paid services. Of course, you get the same results. Finally either you decide to quit or learn this business...

What is moving the market: Spanish bond auction results were broadly positive French auction results due next

I think every instrument has its own characteristics so it is better to try different values and see what works best...

That may come handy to identify support/resistance zones...you can somehow see the levels that they increased their positions... for example, big portion of euro comes from eurusd so i think 1.3040-1.2950 zone will be tough to crack...

follow the green line 29770/(29770+184965)*100=13.9% bullish, ie 86.1% bearish

seems like eur crosses are supporting...if eurusd can close above 1.2820, i think we may see 1.2950/70

USD/CHF is sitting on its trend line, a close below 0.94 may push the pair to 0.9315... I guess the market wants to test 1.20 level, EUR/CHF...I am thinking of longing if that happens... Any thoughts?

time to close positions, done for today...

What is moving the market: The euro rallied broadly on Wednesday after a ratings agency appeared to soften its stance regarding its outlook on Italy, while a media report that the IMF would boost its funding capabilities also pushed the single currency higher. (source:reuters)

I was not sure about USD/CAD so did not touch it...yet only have EUR/USD and GBP/USD positions right now...

New day, new signals Let's see what we will have today... If USD/CAD can't move above 1.0150, selling pressure may increase and may test 1.0040..if bulls take the control, 1.0240 short term is pointing north atm hmmm...

There are times technical and fundamental analysis may be useless and the market goes where it wants to go. I like this saying: "The news doesn't make the market, rather the market makes the news"

I find rsi (bullish/bearish divergence) useful to find exit points

Most of the forex brokers offer demo account so that wouldn't be a problem. I remember it took about a month for me to decide which one was best for me...There are plenty of them...You should compare them and choose one... I think the most important thing is the security of your money. Probably you wouldn’t want to hand over hundreds of $$$ to a company which you can’t trust. Check to see if it is registered with any regulating authorities... Next step is to compare what they offer. Minimum deposit, trade sizes, spreads, variety of instruments etc...

Don't ignore other lines completely but remember that sum=0 Speculators Long:29770 Short:184965 Net:-155195 Commercials Long:231765 Short:50103 Net:181662 Nonreportable (small traders) long:31597 Short:58064 Net:-26467 -155195 + 181662 + -26467 = 0 The important thing to watch is how the numbers change, ie turning points, huge position changes. That should help you identify when trend is starting or ending

You can start by opening a demo account...watch the market for some time, learn how things work...learn how to analyze the market, find a suitable trading strategy...try different systems real time on a demo account...when you feel you are ready you can start trading a real account...you can try oanda if you are going to trade forex, you can trade very small amounts

Yes you should be following that green line. I don't use it as an indicator for intraday trading because that is a weekly report and it does not show pairs separately. However I find it extremely useful because it shows the main trend. I just follow those "deep pockets"

Though it would be good idea to share what see all see on the charts...There are too many pairs to watch so we may miss something... Currently positions I have-->check graph

Strategies fail: Because they are not good. The most common reason which makes them fail is they can't adapt to the change in market behavior. If you test your strategy for only trending markets, it is obvious that you will fail when you trade in a ranging market Because trader does not have the necessary knowledge or personality. Everybody can be a trader but being successful trader is totally different. If you don't have the nerves to trade your strategy, you will fail even if strategy works Because you don't choose the right strategy. Knowing and applying that knowledge on the field are 2 different things. If your patience only allows you to scalp, then you will lose when you choose a strategy that works on larger time frames Because you are dreaming to be rich without learning how to trade

I do not think it is wrong. If I am done taking profit, I wait for the next opportunity but meanwhile I keep searching as well

-I learned that prices are just numbers -I learned money/risk management is crucial -Ah and...never trade stocks!

I check the overall trend (ichimoku clouds), which way the speculators are betting (CoT report), trendlines, support/resistance lines, candlestick formations

Bulls are trying to break that wall at the moment, you have great feeling I should say:)

It depends on your strategy mostly. I prefer when market is more liquid so I trade between 7am and 9pm GMT.