Eur/usd

[samuel23 10]

Hey guys, i have been trading as a newcomer ofcourse and i started with EUR/USD. There are some point where i made a good profit but now i am losing much. Can someone advise whether i should trade with different stock?? thanks

[Jack Francisco 10]

Try a different one-Gold

Gold : Buy gold above $1631, next upside targets will $1638, $1644 and $1648. Use stoploss at $1624. Am sure you will get some money

[samuel23 10]

Jack. Thank you very much, you are simply great/ I tried it and made lots of money )))

Thanks

[mohsinqureshii 10]

Hey guys, i have been trading as a newcomer ofcourse and i started with EUR/USD. There are some point where i made a good profit but now i am losing much. Can someone advise whether i should trade with different stock?? thanks

 

Welcome to FOREX WORLD

 

Many people have different opinions some of them prefer Gold some currencies - but I will recommend you to trade Currencies they are bit easy to handle but commodities are not easy.

 

Few suggestions for you.

 

Never trade without a STOPLOSS.

Think trading as a normal business - As many people take forex industry as the most profitable business in the world , It is no doubt but it is on the same time very Risky as well. Risk pay you a lot.

Take a trading break.

Check the news.

Trade with the money which you can afford to loose.

Try to learn Technical Analysis as 90 % successful traders are technical traders - there are a lot of technical indicators , learn few of them like candle stick etc and trade with your own strategy.

 

Need Help - Always Ask

 

Happy Trading

[Obsidian 10]

one giving advice to buy after the triangle broke to the downside..another making money by the prices that never touched...

[MightyMouse 12]

Welcome to FOREX WORLD

 

Many people have different opinions some of them prefer Gold some currencies - but I will recommend you to trade Currencies they are bit easy to handle but commodities are not easy.

 

Few suggestions for you.

 

Never trade without a STOPLOSS.

Think trading as a normal business - As many people take forex industry as the most profitable business in the world , It is no doubt but it is on the same time very Risky as well. Risk pay you a lot.

Take a trading break.

Check the news.

Trade with the money which you can afford to loose.

Try to learn Technical Analysis as 90 % successful traders are technical traders - there are a lot of technical indicators , learn few of them like candle stick etc and trade with your own strategy.

 

Need Help - Always Ask

 

Happy Trading

 

You might have it backwards. 90% of technical traders lose money.

[mohsinqureshii 10]

You might have it backwards. 90% of technical traders lose money.

 

Hi

 

I am surprised to hear some one saying technical traders loose. Can you please explain how ?

[MightyMouse 12]

Hi

 

I am surprised to hear some one saying technical traders loose. Can you please explain how ?

 

The bulk of people who trade use technical analysis and they lose money. Trading tools do not make a person a trader. The bulk of people who trade do not know how to trade and will therefore lose whether they use technical analysis or not.

 

On the other hand, a "newbie" could have decided to start trading the S&P in the spring of 2009 and observed price crossing over the long term moving average. Experts would have advised him that the indicator is lagging or doesn't work and that he probably would have missed most of the move already. If he was dumb enough to stay in long enough, at this point he could have had enough money to retire on if he was also dumb enough to add to the position instead of scaling out like the experts advise. The "newbie" was likely a trader to begin with.

 

If someone knows how to trade, then he can pick the tools he needs to apply to his craft.

 

I hope this makes sense to you.

[mohsinqureshii 10]

The bulk of people who trade use technical analysis and they lose money. Trading tools do not make a person a trader. The bulk of people who trade do not know how to trade and will therefore lose whether they use technical analysis or not.

 

On the other hand, a "newbie" could have decided to start trading the S&P in the spring of 2009 and observed price crossing over the long term moving average. Experts would have advised him that the indicator is lagging or doesn't work and that he probably would have missed most of the move already. If he was dumb enough to stay in long enough, at this point he could have had enough money to retire on if he was also dumb enough to add to the position instead of scaling out like the experts advise. The "newbie" was likely a trader to begin with.

 

If someone knows how to trade, then he can pick the tools he needs to apply to his craft.

 

I hope this makes sense to you.

 

I agree with you that technical analysis don't make a person trader but trading on Moving Averages or Candle Stick help in trading activity but a person not watching the external circumstances and only sticking upon Charts and others will obviously loose money.

 

History Repeats it self - That is basic quote to use charts and other technical analysis but you should have a grip on your analysis. You should be master of your feild - I have seen many people using MA , Bollinger Band, Stochastics , Trend Lines , Fibonacci , Pivot and many other tools and in this way they get confused and loose money because if one indicator will show a signal to buy the other will be giving to sell.

 

The successful traders will never do such thing they will stick on one indicator and that help them and off course he should also watch external circumstances ( News or fundamentals ) to be a successful trader.

[Obsidian 10]

...Experts would have advised him that the indicator is lagging or doesn't work and that he probably would have missed most of the move already. If he was dumb enough to stay in long enough, at this point he could have had enough money to retire on if he was also dumb enough to add to the position instead of scaling out like the experts advise. The "newbie" was likely a trader to begin with....

 

Guess there are lots of these type of experts are working at JP Morgan:rofl:

[samuel23 10]

Thanks a lot guys. These have been really helpful to me. However, i am used trading with EUR/USD and sometimes i want a different challenge. Wha will you guys recommend me, shall i trade with it only or should i try a different stock. If you have any advice this will help me a lot.:helloooo:

[JMB 10]

TA is IMHO the only way to objectively take action from and enter into a trade with a real plan that you follow consistently. This is also the only way you can realize if your plan works or not. At leat you can put some numbers to your trades (even proffesional BlackJack players have an objective system with technical rules, they can't take the dealers word for it). Everything that happend in the market (fundamentals included), is happening in the market (fundamentals included) and will happen in the market (fundamentals included) is already considered and taken into account on a price chart. For this reason you can put a plan towards the future with Technical/Objective analysis. How can anyone make a consistently profitable trading plan/system by looking at the news on CNBC?? You cannot just say: Ok of Bernanke says the buzzword "Interest rate" i will short. The experts you see on TV who are giving you their view on the markets are probably working for an institution/bank/fund that looses when you win.

 

Just giving my opinion and i'm definately not an expert here.

Is it not funny when the experts say that a certain market is very strong and bullish that always two things happen: Your spread widens for about the double or triple and after that the market drops like a brick in mid air.

 

Well,....my

[Obsidian 10]

ECB left rates unchanged..wondering what Draghi will say...

[DanielM 10]

ECB left rates unchanged..wondering what Draghi will say...

 

I think reactions of ECB are weak and slow . We can see this right now in " banking control" this is weak because markets want see fast , strong and smart decisions. And bank control in 2015 isn´t it.

[Obsidian 10]

Bernanke is done...qe3 dreams are gone...

[jimbo320 10]

Bernanke is done...qe3 dreams are gone...

 

Nah. Just postponed until the next crisis (grexit).

[Obsidian 10]

Nah. Just postponed until the next crisis (grexit).

 

yea didn't mean for a long time, I should have said till fomc meeting :rofl:

[samuel23 10]

Thanks a lot as i have got many good advice from traders here. I will implement it and try to make my level best in forex as it was something not easy for me. I can see that many people is making forex their second work now and some is completely devoted in it and this is their way of earning money. Do you think it is reliable?

[Obsidian 10]

Thanks a lot as i have got many good advice from traders here. I will implement it and try to make my level best in forex as it was something not easy for me. I can see that many people is making forex their second work now and some is completely devoted in it and this is their way of earning money. Do you think it is reliable?

 

of course there are exceptions but think about how long it takes to learn a profession...

[samuel23 10]

Good say mate, it will surely takes a lot of time to be an expert trader. But if you are devoted i can say that you will someday find your goal. Am trading forex for quite a time now and everyday am leaning something new and i dont know whether my learning will stop one day in this field. I presume that it the same for you as well or you are already an expert trader Sometime you are disappointed with Forex as it is not always the same. Here each day is different

[BlueHorseshoe 10]

The bulk of people who trade use technical analysis and they lose money. Trading tools do not make a person a trader. The bulk of people who trade do not know how to trade and will therefore lose whether they use technical analysis or not.

 

The two of you appear to be discussing two completely different propositions here, each of which can be true:

 

1) 90% of profitable traders are technical traders

2) 90% of technical traders are not profitable traders

 

Of 1000 traders, 500 trade technically, and 500 trade non-technically. Of the 500 technical traders, 50 are profitable, and 450 (90%) are not profitable. Of the 1000 traders, 55.5 recurring are profitable, and 944.4 recurring are not profitable. Of the 55.5 recurring who are profitable, 50 (90%) are technical traders.

 

BlueHorseshoe

[BlueHorseshoe 10]

You could visualize what I have described above as a Venn diagram in which the set of profitable traders mostly overlaps the set of technical traders, but overlaps little of the set of all traders. With profitable traders in green and non-profitable traders in red, it would look something like this:

 

 

And now I need more coffee . . .

 

BlueHorseshoe

[MightyMouse 12]

The two of you appear to be discussing two completely different propositions here, each of which can be true:

 

1) 90% of profitable traders are technical traders

2) 90% of technical traders are not profitable traders

 

Of 1000 traders, 500 trade technically, and 500 trade non-technically. Of the 500 technical traders, 50 are profitable, and 450 (90%) are not profitable. Of the 1000 traders, 55.5 recurring are profitable, and 944.4 recurring are not profitable. Of the 55.5 recurring who are profitable, 50 (90%) are technical traders.

 

BlueHorseshoe

 

I don't know if 90% is a real percentage or not. It is the one that most people use as meaning almost all. I would be more comfortable with 99%.

 

My commentary is on the need to know how to trade before you use trading tools.

I don't know how you can be a trader without being technical. In some way shape of form, we have to decipher data.

Edited June 13, 2012 by MightyMouse

[BlueHorseshoe 10]

I don't know if 90% is a real percentage or not. It is the one that most people use as meaning almost all. I would be more comfortable with 99%.

 

My commentary is on the need to know how to trade before you use trading tools.

I don't know how you can be a trader without being technical. In some way shape of form, we have to decipher data.

 

Hi MM,

 

I realise that 90% is an arbitrary figure (as were the others I invented) - I was just making the mildly pedantic point that yours and Mohsinqureshii's statements aren't mutually exclusive.

 

BlueHorseshoe

[samuel23 10]

Indeed Obsidian, to make this a profession it will surely takes a lot of time but nothing is impossible :haha:. We need a very good knowledge of forex and also always use fundamental and technical analysis in order to improve our trade. Hopefully somedy we will all become an expert traders, with big profits